Public Notices

Lyttelton Times, Volume XXXVII, Issue 3572, 28 June 1872, Page 3

Public Notices

kcurred in or on account of tlic collection of the rents and profits of the said mortgaged premises, or the sale or attempted sale or sales thereof, or in anywise relating to the exercise of the powers in the said mortgage; and in the next place, shall retain and reimburse the said Association all such principal money, subscriptions, lines, and other payments as shall bo then due, owing, and payable by such member, under and by virtue of these rules or the said mortgage, and shall pay the surplus (if any) to the said member, or as ho shall appoint. And that the receipt of the Board of Directors or Manager of the said Association shall be a suflleicnt discharge to all tenants and purchasers paying any moneys to the Board of Directors or Manager, without their being accountable for the misapplication or non-application thereof. And that no purchaser or purchasers shall bo bound to enquire into the propriety or regularity of any such sale or sales, nor whether any such default shall have been made. And that until the said mortgaged premises shall be so sold and conveyed, the Board of Directors shall have full power to let and demise the same or any part thereof for such term of years, at such rent, and upon such conditions of entry as they shall think fit.

No property shall be deemed sufficient security for moneys to be advanced which shall be subject to any previous mortgage, except to the Association.

Whenever a loan shall be made to any Trustee, the mortgage shall be made to the other Trustee* for the time being. If from any cause whatever, any loan granted by the Board of Directors shall not be completed by the applicant executing a mortgage over the security proposed by him, such applicant shall pay to the Board of Directors a fine or sum equal to one month’s payment upon the amount of such loan, according to the class of Table B under which he shall have applied, and sub-section 2 of liule 15.

When any member shall be desirous of building, he shall be entitled to receive the moneys agreed to be advanced to him in such sums and at such times as the Board of Directors may appoint, upon executing his mortgage.

Should any member, after receiving any portion of his loan or advance, not proceed to complete and finish any biddings upon which the same shall have been advanced, to the satisfaction of the Board of Directors of the Association, the manager shall give seven days’ notice, in writing, to such member of their intention either to sell such premises in the manner hereinbefore provided, or to employ some person or persons to finish and complete the same at the cost and charges of such member ; and upon the expiration of such notice, they shall be at liberty so to do, and to advance and J3ay the sum and sums of money requisite for such purposes accordingly; and the premises shall be charged with such further sums, with interest at such rate as the Directors shall from time to time determine, as if such sums had formed part of the advance to such member. If a sale shall be made, and a surplus remain after paying all the money due to the Association and all incidental expenses, it shall be paid to such member.

On payment to any member borrowing upon the security of bis shares, be shall transfer his scrip for such shares to the trustees of the said Association, for which he shall pay the usual transfer fee to the Association.

All buildings mortgaged to the Association shall be insured from loss or damage by fire, in the names of the Trustees, for such amount as the Board of Directors shall think necessary, by and at the expense of the mortgagor; and the policy and renewal receipts shall be deposited with the deeds. Should the mortgagor fail to do so, the Manager shall be at liberty to insure the property in the name of the Trustees, or (if already insured) may pay the premium due on such policy out of the Association’s funds; but the money so expended, together with a fine of one shilling per month in the pound, shall be paid to the Association by the mortgagor. If the mortgagor is not bound by covenant to insure in any particular olfice, the insurance may be effected in any Fire Insurance Office, subject to the approval of the Board or Directors. Each member who shall have mortgaged any property to the Association shall bo required to give immediate notice, in writing, to the Manager of any trade carried on in any part of his premises, or of any stove, furnace, or any article erected therein, or of any sue* similar change in the character or occupation of the adjoining properties, which would in any way affect the validity of the policy of insurance. Any member neglecting to give such notice shall pay such fine as the Board of Directors may determine, not exceeding 10s per week nor lees than Is per week, for each share advanced. The Board of Directors shall, as often as tin 7 may deem requisite, appoint one or more 1 f their number to obtain all the information they can with respect to trades, ecc., carried on in or about such property ; and the member shall permit the Directors so appointed to inspect the mortgaged premises, and reimburse them all reasonable expenses. Whenever any property mortgaged to the Association shall sustain damage by fire, the Board of Directors for the time being shall receive the amount recoverable for the damage so sustained, from the Insurance Office in which such property shall have been insured, and shall give a receipt for the same, which receipt shall be a sufficient discharge to the person or persons liable by virtue of any policies of insurance to pay such money, and the same shall be applied according to the covenant (if any) under which sueli insurance was effected; but if none, then the Board of Directors shall have the opition of appropriating such money in payment and satisfaction of the money secured by the mortgage of the premises which shall have sustained such damage, or of repairing the damage so sustained, and returning any surplus to the mortgagor.