old trustee. dower], and his heirs, during the life of the said [purchaser], In trust for him the said [purchaser], and his assigns, during his life, and to prevent the wife of the said [purchaser] from being entitled to her dower out of or in the premises, or any part thereof, and after the determination of the estate so limited, in use to the said [new trustee to bar dower] and his heirs, during the life of the said [purchaser] as aforesaid, To the use of the said [purchaser], his heirs and assigns, for ever. And the said [old trustee] doth, for himself, his heirs, Covenant executors and administrators, covenant and declare, with against incumbrances, by the and to the said [purchaser], his heirs, appointees and assigns, hath not at any time heretofore done, committed or executed, or knowingly permitted or suffered or been party or privy to any act, deed, matter or thing whatsoever whereby the said messuages and other hereditaments hereby appointed and released can, shall or may be charged or incumbered in title, estate or otherwise howsoever. And the Covenants for said [vendor] doth, for himself, his heirs, executors and administrators, covenant and agree with the said [purchaser], his heirs, appointees and assigns, that notwithstanding any Power is good. act whatsoever done or suffered by him to the contrary, the power herein-before exercised, or intended so to be, is effectually created by the said in part recited Indenture of release of the and that the same is, at the time of executing these presents, in full force, and in nowise become void or voidable; and that notwithstanding any such act as day of title. aforesaid, he the said [vendor] and [old trustee] respectively Good right to now have good right to appoint and release the premises appoint. unto the said [purchaser], To the uses and in manner For quiet enaforesaid, And that it shall be lawful for the said [pur- joyment. chaser], his heirs, appointees and assigns, at all times hereafter, peaceably to enjoy the same premises, and to receive the rents and profits thereof, without any interruption by the said [vendor], or his heirs, or by any other per sons lawfully or equitably claiming by, from or under or in trust Free from infor him, them or any of them, And that absolutely discharged cumbrances. or otherwise by the said [vendor] sufficiently indemnified from and against all conveyances, charges and incumbrances made or suffered, or hereafter to be made or suffered, by him or his heirs, or by any other person or persons lawfully or assurance. And for further equitably claiming or to claim by, from or under or in trust for him, them or any of them And that he the said [vendor], and his heirs, and all persons claiming under or in trust for him or them, shall and will, upon the request and at the expense of the said [purchaser], his heirs, appointees or assigns, execute all such further assurances as may be required by him or them for appointing, releasing and conveying the premises to the uses herein-before limited and declared. IN WITNESS, &c. XXXI. RELEASE OF AN EQUITY OF REDEMPTION. (a) Mortgagor Recital, that all interest paid on the mort gage. Contract for vendor releases. THIS INDENTURE, made the day of, in the year of our Lord, BETWEEN the within named (Mort- Parties. gagor) [vendor] of the one part, and the within named (Mortgagee) [purchaser] of the other part: WHEREAS all Interest on the within mentioned sum of 5007. hath been paid up to the day of the date of these presents, as he the said [purchaser] doth hereby admit and acknowledge: AND WHEREAS the said [purchaser] hath contracted and agreed purchase. with the said [vendor] for the absolute purchase of the equity of redemption of, and in the within mentioned lands and hereditaments, with their appurtenances, free from all incumbrances, at or for the price or sum of 300l.: Now THIS IN- Witness, DENTURE WITNESSETH, that in pursuance and performance of the said agreement, and in consideration of the sum of 3007. of lawful money of the United Kingdom of Great Britain and Ireland to the said [vendor] in hand well and truly paid by the said [purchaser], at or immediately before the sealing and delivery of these presents, the receipt of which said sum of 3007. he the said [vendor] doth hereby acknowledge, and of and from the same and every part thereof doth acquit, release and discharge the said [purchaser,] his heirs, executors, administrators and assigns, and every of them, for ever, by these presents, He the said [vendor] HATH remised, released, and for ever quitted claim and discharged, and by these presents DoTH remise, release, and for ever quit, claim and discharge, unto the said [purchaser], his heirs and assigns, ALL that the right and equity of redemption of him the said Equity of re[vendor], or his heirs, of and in ALL and singular the mes- demption in (a) See ante, page 104. note (a), as to an Equity of Redemption generally; and why it is usually conveyed by lease and release. mortgaged premises. To hold to the purchaser in fee. Covenant for title. Good right to convey. For quiet enjoyment. suages, lands, tenements and hereditaments in the within written Indenture particularly mentioned and described, with their appurtenances, AND of and in all houses, (general words,) and the reversion, &c., and all the estate, &c., (see ante passim,) TO HAVE AND TO HOLD the same unto the said [purchaser], his heirs and assigns, for ever. And the said [vendor] doth, for himself, his heirs, executors and administrators, covenant and agree with the said [purchaser], his heirs and assigns, that notwithstanding any act done or suffered by him the said [vendor] to the contrary, he the said [vendor] hath (6) full power to (release equity of redemption of and in the said messuages, lands, tenements and hereditaments, unto the said [purchaser,] his heirs and assigns, in manner aforesaid; and that it shall be lawful for the said [ purchaser], his heirs and assigns, at all times hereafter, peaceably to enjoy the said equity of redemption of and in the said messuages, lands, tenements and hereditaments, and the rents and profits thereof, without any interruption from him the said [vendor], or his heirs, or by any other person or persons lawfully or equitably claiming by, from or under or in trust for him, them or any of them, And that absolutely discharged or otherwise by the said [vendor], his heirs, executors or administrators, sufficiently indemnified from and against all conveyances, releases, charges and incumbrances made or suffered, or hereafter to be made or suffered, by him or them, or by any person or persons lawfully or equitably claiming or to claim by, from or under or in trust for him, them, or And for further any of them; And that he the said [vendor], and his heirs, and all persons claiming under him or them, shall and will, upon the request and at the expense of the said [purchaser], his heirs or assigns, execute and make all such further releases and assurances as may be required by him or them for releasing the said equity of redemption of and in the said hereditaments and premises unto the said [purchaser,] his heirs and assigns, in manner aforesaid. IN WITNESS, &c. (c) Free from incumbrances. assurance. (b) The seisin being already in the purchaser by virtue of the mortgage deed, the covenant that "the vendor is seised in fee" is omitted. (c) The effect of the deed will be, that the mortgagee, the purchaser, will be seised in fee of the hereditaments, free from the mortgage. It is frequently the practice to add a release of the mortgage debt on a conveyance or release of an equity of redemption, but this is unnecessary. Inasmuch as this release is in consideration (implied) of the money already due on the mortgage, as well as the consideration expressed now to be paid, it seems that, under the 11th direction of the Stamp Act, "Conveyance," the ad valorem duty on the aggregate amount of the two sums will be payable. The words of that direction are, "On a conveyance in consideration of a sum of money then due to the purchaser, or subject to a mortgage or other gross sum, to be paid by the purchaser, the ad valorem duty shall be paid on the debt or gross sum in the same way as if such debt or sum formed part or the whole of the consideration money." |