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Estimated Expense to be raised on Mortgage.
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XIX. That it shall be lawful for such Person or Persons empowered to entertain Memorials as aforesaid, upon the Confirmation of any such Report recommending that any such Building or Improvements shall be made, by Mortgage of the Demesne, Mensal, or Glebe Lands, Tithes, Rents, and other Profits and Emoluments arising from such See, Benefice, or Preferment, to raise such Sum as the said Estimate may amount to (together with the Costs of such Commission of Inquiry and Report) after deducting the Value of any Timber or other Materials which may be thought proper to be sold, such Sum not exceeding in the whole Two Years net Income of such See, Benefice, or Preferment, to be calculated in manner aforesaid; which said Mortgage shall be made to the Person or Persons advancing the Money so to be raised for the Term of Thirty-five Years, or until the Principal Money, with Interest for the same, and the Costs of recovering the same, shall be paid and satisfied in manner herein-after mentioned, and shall be by Deed or Deeds in the Form or to the Effect in that Behalf contained in the Schedule to this Act annexed, and shall be effectual to bind such Ecclesiastical Person and his Successors until said Principal Money, Interest, and Costs shall be fully paid and satisfied; and such Mortgagee shall execute a Counterpart of such Mortgage, to be kept by the Ecclesiastical Person holding such See, Benefice, or Preferment for the Time being, and a Copy thereof shall be registered in the Registry of the Diocese.
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