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Mortgagees not in possession to assign and convey.
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35. All and every person or persons who shall have any mortgage or mortgages upon any land, ground, houses, tenements, or hereditaments to be taken or used for the purposes of this Act, not being in possession thereof by virtue of such mortgage or mortgages, shall, on the tender of the principal money and interest due thereon, together with the amount of six calendar months interest on the said principal money, by the said Commissioners, or by such person or persons as they shall appoint, immediately convey, assign, and transfer such mortgage or mortgages to the said commissioners, or to such person or persons as they shall appoint; or in case such mortgagee or mortgagees shall have notice in writing from the said commissioners, or from such person or persons as they shall appoint, that they will pay off and discharge the principal money and interest which shall be due on such mortgage or mortgages, at the end or expiration of six calendar months (to be computed from the day of giving such notice), then, at the end of such six calendar months, on payment of the principal and interest so due, such mortagee or mortgagees shall convey, assign, and transfer his, her, or their interest in the premises to the said commissioners; and in case such mortgagee or mortgagees shall refuse to convey and assign as aforesaid upon such tender or payment, then all interest on every such mortgage shall from thenceforth cease and determine: Provided always, that in case the sum due upon any such mortgage or mortgages, with all interest due thereon, shall amount to more than the real value of the premises, to be ascertained, settled, and adjusted by a jury as aforesaid, then the said commissioner shall not be liable to pay the mortgagee or mortgagees more than the real value of such premises so ascertained as aforesaid: Provided also, that in case any mortgagee shall neglect or refuse to convey or assign as aforesaid, then, upon payment of the principal money and interest due on any mortgage as aforesaid into the Bank of Ireland, at the end of six calendar months from the day of giving such notice as aforesaid, for the use of the mortgagee or morgagees, the cashier or cashiers of the said bank shall give a receipt or receipts for the said money in like manner as herein-before directed in cases of other payments into the said bank; and thereupon all the estate, right, title, interest, use, trust, property, claim, and demand of such mortgagee or mortgagees, and of all and every person or persons in trust for him, her, or them, shall vest in the said commissioners, and they shall be deemed to be in the actual possession of the premises comprised in such mortgage or mortgages.
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