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Provisions to be contained in Mortgages for Payment of Principal and Interest.
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IV. And be it enacted, That all Monies advanced shall be secured to be repaid by every such Mortgage as aforesaid, with Interest after the Rate not exceeding Three Pounds Ten Shillings per Centum per Annum on the Principal Sum there-by secured from the Time of advancing the same, by equal half-yearly Payments, the first of such Payments to be made at the Expiration of Six Calendar Months from the Date of every such Mortgage, and if such Interest shall be duly paid half-yearly then no Part of the Principal secured by any such Mortgage shall be required to be repaid for Ten Years from the Date of every such Mortgage, and after the Expiration of Ten Years from the Date of every such Mortgage, and during such Time as the Principal and Interest Monies shall be punctually paid half-yearly as herein-after mentioned, the said Principal Sum advanced shall be repaid, with Interest, in manner following; that is to say, there shall be paid half-yearly as from the Expiration of the said Ten Years the Sum of Two Pounds Ten Shillings per Cent. on the Principal Money originally advanced, and a sufficient Part of such half-yearly Payments shall be first applied in discharge of the Interest from Time to Time accruing due on that Part of the Principal Sum which shall from Time to Time be unpaid, and the Residue of such half-yearly Payments shall be applied in discharge of the Principal Money secured until the whole thereof, with Interest thereon, shall be paid off.
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