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LANDS CLAUSES CONSOLIDATION ACT 1845 - SECT 114

Compensation to be made in certain cases if mortgage paid off before the stipulated time.

114. Provided always, that in any of the cases herein-before provided with
respect to lands subject to mortgage, if in the mortgage deed a time shall
have been limited for payment of the principal money thereby secured, and
under the provisions herein-before contained the mortgagee shall have been
required to accept payment of his mortgage money, or of part thereof, at a
time earlier than the time so limited, the promoters of the undertaking shall
pay to such mortgagee, in addition to the sum which shall have been so paid
off, all such costs and expences as shall be incurred by such mortgagee in
respect of or which shall be incidental to the re-investment of the sum so
paid off, such costs, in case of difference, to be taxed, and payment thereof
enforced, in the manner herein provided with respect to the costs of
conveyances; and if the rate of interest secured by such mortgage be higher
than at the time of the same being so paid off can reasonably be expected to
be obtained on re-investing the same, regard being had to the then current
rate of interest, such mortgagee shall be entitled to receive from
the promoters of the undertaking, in addition to the principal and interest
herein-before provided for, compensation in respect of the loss to be
sustained by him by reason of his mortgage money being so prematurely paid
off, the amount of such compensation to be ascertained, in case of difference,
as in other cases of disputed compensation; and until payment or tender of
such compensation as aforesaid the promoters of the undertaking shall not be
entitled, as against such mortgagee, to possession of the mortgaged lands
under the provision herein-before contained.

And with respect to lands charged with any rent service, rent-charge, or chief
or other rent, or other payment or incumbrance not hereinbefore provided for:

© 1845 Crown Copyright

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