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Tenants enabled to mortgage, in order to raise Purchase Money; or to give a Mortgage in lieu of Money.
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CLV. And be it further enacted, That whenever it shall happen that any immediate and superior Tenant of such Lands, or any other Tenant or Person having any derivative Estate or Interest in such Lands and Premises immediately or mediately from, through, or under any such immediate superior Tenant of such Lands, (other than and except Tenants at Rack Rent for Years, or from Year to Year, or at Will,) shall be unable or unwilling to pay or advance such Sum or Sums of Money as shall be ascertained, agreed, or adjudged as aforesaid to be payable by any such Person or Persons respectively for or on account of such Purchase Money or Contribution in respect of such Purchase Money as aforesaid, it shall and may be lawful for any of such Persons, in lieu of paying or advancing any such Sum or Sums of Money respectively, or the whole Amount thereof respectively, to grant to the Person or Persons respectively entitled to receive any such Sum or Sums of Money, or to any other Person or Persons who shall be willing to advance such Sum or Sums of Money, a Mortgage of the said Lands and Premises so held or possessed by him or them respectively, or of their respective Estate or Interest therein, (subject nevertheless to such annual Rent as aforesaid, and to any Head Rent payable thereout,) for securing the Payment of such Sum or Sums of Money so to be paid by him or them respectively, with Interest thereon at the Rate of Five Pounds by the One hundred Pounds Sterling for a Year, or for securing the Payment of so much of such Sum or Sums of Money as shall not be paid or advanced; or (for the Purpose of paying and satisfying such Sum or Sums of Money, or raising Money to pay and satisfy the same,) to sell and convey to such Person or Persons respectively entitled to receive such Sum or Sums of Money, or to any other Person or Persons who shall be willing to advance such Sum or Sums of Money upon the Purchase thereof, and to their respective Heirs, Executors, Administrators, and Assigns, such Part or Parts of such Lands and Premises belonging to them respectively, or his or their respective Estate or Interest therein, (subject to such annual Rent as aforesaid, and to any Head Rent payable thereout,) as shall be equivalent in Value to such Sum or Sums of Money so to be paid, or to such Portion thereof as shall not be paid or advanced; and any such Mortgage, Sale, or Conveyance of any such Lands and Premises, or of any Estate or Interest therein, granted, made, or executed in manner and for the Purposes aforesaid, and when the Money (if any) raised thereby shall have been applied to the Purposes aforesaid, shall (subject always to such annual Rent as aforesaid, and to any such Head Rent as aforesaid,) have Priority and Precedence in Law and Equity, as against such granting and executing Party, and all Persons claiming the same Estate or Interest, or claiming from, through, or under or after him, over all other Charges and Incumbrances or Estates affecting the said Lands and Premises so mortgaged, sold, or conveyed, or affecting the Estate and Interest therein of the Person or Persons so granting such Mortgage or executing such Sale or Conveyance; and if any such Mortgage, Sale, or Conveyance shall be made for the Purposes aforesaid by any such immediate and superior Tenant of such Lands, in lieu of Payment of such Purchase Money as aforesaid, the same shall be made or executed to or to the Use of His Majesty, His Heirs and Successors, or to any Commissioners or Persons by him or them appointed, to the Use of His Majesty, His Heirs and Successors: Provided always, that the Title of any of such Lands and Premises, when so mortgaged, sold, or conveyed to His Majesty, His Heirs or Successors, shall not be impeached by reason of any Defect therein whatsoever: Provided also, that if any such Mortgage, Sale, or Conveyance as herein-before mentioned shall have been made or executed to the Person or Persons respectively entitled to receive any such Contribution in respect of any such Purchase Money as aforesaid, the granting, making, and executing the same shall be deemed a sufficient Compliance with any Order of any such Court for Payment of any such Contribution by the Person or Persons making or executing such Mortgage, Sale, or Conveyance as aforesaid, any thing herein contained to the contrary notwithstanding.
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