Mar. 3.] THE NEW ZEALAND GAZETTE. 737

Form No. 5.

DEBENTURE.

No. [Name of Association.]

Debenture for £ payable at the Public Trust Office, at Wellington, New Zealand, on the day of 19 , issued by the Association under “The Land Settlement Finance Act, 1909.”—Guaranteed by the Government of New Zealand.

On presentation of this debenture at the office of the Public Trustee, at Wellington, New Zealand, on or after the day of , 19 , the bearer thereof will be entitled to receive £ , together with such interest, computed at the rate of per centum per annum, as may be found unpaid on the before-mentioned date in accordance with the indorsements of interest-payments made hereon.

Interest hereon at the rate of per centum per annum is payable half-yearly on the and in each year at the office of the Public Trustee, Wellington, New Zealand. The amount of interest paid is to be indorsed on the back hereof by the person making such payment.

The association may at any time after the expiration of five years from the date of issue hereof, on giving six month’s notice in writing to the Public Trustee of its intention to do so, pay off the principal, and interest thereon shall cease from the date of the payment-off.

Interest on this debenture will cease after the day when the payment falls due, unless default is made in payment.

The seal of the Association was hereto affixed this day of by the Public Trustee, as agent on behalf of that association.

, Public Trustee.
, Member of the Public Trust Office Board.

This debenture is guaranteed by the Government of New Zealand under “The Land Settlement Finance Act, 1909.”

[Officer of the Treasury appointed to sign on behalf of the New Zealand Government.]

[On back.]

Due, Amount. Office Date-stamp to be affixed. Signature of Paying Officer.
——

Form No. 6.

STATUTORY MORTGAGE UNDER “THE PROPERTY LAW ACT, 1908,” AND “THE LAND SETTLEMENT FINANCE ACT, 1909,” AND THE REGULATIONS MADE THEREUNDER.

Mortgagor :
Estate :
Land :
Mortgagee : The Land Settlement Association, incorporated pursuant to Order in Council dated the day of , 19 , and issued under “The Land Settlement Finance Act, 1909.”

Principal sum :
Date of advance : The day of , 19 .
Rate of interest : pounds per centum per annum, subject as hereinafter appears.
How payable : The days of and in each and every year.
How and when principal sum to be repaid : The day of , 19 , subject as hereinafter appears.

Special Covenants and Conditions.

1. The mortgagor will at his own sole expense keep the said land free and clear of all noxious plants and weeds, and from rabbits and noxious vermin.

2. The mortgagor will keep in good repair and condition, so as to be properly secure, all fences on or around the said land mortgaged, and will keep all hedges properly trimmed and in good condition, and will keep the said land properly and efficiently cleared.

3. As often as any standing bush is felled on the said land the mortgagor will fell the same in a proper manner and at the proper season, and will thereafter burn the said bush at the proper season and with due precaution, and sow the said land so cleared at the proper time with good “English grasses.”

4. Generally the mortgagor will well use and farm the said land in a proper and husbandlike manner, and will not permit the same to deteriorate in value for any want of proper care and attention.

5. The mortgagor will duly and punctually pay all rates, taxes, assessments, and other outgoings from time to time payable in respect of the said lands.

6. Provided always and it is hereby agreed and declared that if default is made by the mortgagor for a period of one month in the full and punctual payment of any instalment of interest, additional interest at the rate of 1 per centum shall thereupon become payable on the principal money for the period in respect of which the interest so in arrear has accrued pursuant to section 18, subsection (6), of the hereinbefore-mentioned Act.

7. It is hereby further agreed and declared that if on every day hereinbefore appointed for payment of interest until the day of , one thousand nine hundred and , or within one month next after each of the said days respectively, the mortgagor pays to the mortgagee interest on the said principal sum at the rate hereinbefore in that behalf mentioned up to the same days of payment respectively, and performs and observes all the covenants and agreements herein contained or implied and on the part of the mortgagor to be performed or observed, except the covenant for payment of the said principal sum hereinbefore contained, the mortgagee will not, before the said day of , one thousand nine hundred and , call in the said principal sum or any part thereof.

8. The mortgagor may, before the said day of , 19 , repay the principal money by such instalments and at such times as he from time to time thinks fit: Provided that he shall in every year from the date of the mortgage pay such part of the principal money as amounts, together with the interest paid by him in that year, to six pounds per centum of the principal money owing at the commencement of that year.

9. And it is hereby agreed and declared that, until at least one-third of the principal money has been paid to the mortgagee, the mortgagor or any person claiming through or under him shall not be capable (without the prior consent in writing of the Minister of Finance given on the recommendation of the Land Board of the district in which the land is situate) of alienating, mortgaging, charging, or leasing the land or any part thereof, or of creating otherwise than by will any right, title, estate, or interest (whether legal or equitable) in the land or any part thereof.

10. And it is hereby agreed that until at least one-third of the principal money has been paid to the mortgagee the mortgagor or other person entitled for the time being to the possession of the land shall continuously reside thereon, except in so far as he is for the time being exempted from such requirement by the warrant in writing of the Minister of Finance granted on the recommendation of the said Land Board.

11. And it is expressly declared that so long as any moneys remain owing on the security of this mortgage it shall not be lawful for the mortgagor or any other person to remove any minerals from the land or to commit any other species of waste in respect of such land.

12. It is hereby declared that on the breach of any of the conditions in paragraphs 9, 10, or 11 hereof it shall be deemed to be a breach of the covenants and conditions hereof, and the mortgagee may thereupon exercise all powers arising on breach of the conditions of this mortgage.

13. And it is hereby expressly declared that the power of sale and incidental and subsidiary powers vested in mortgages by law and implied herein shall be modified so that such power of sale and such incidental and subsidiary powers may be exercised by the mortgagee without making any demand, giving or leaving any notice, or waiting any period or periods whatsoever, or doing or seeing to the doing or happening of any other act or thing, anything implied by law to the contrary notwithstanding.

14. Subject to the foregoing provisions hereof the covenants and provisions implied in mortgages by “The Land Transfer Act, 1908,” “The Property Law Act, 1908,” and “The Land Settlement Finance Act, 1909,” shall be deemed to be implied and incorporated herein.

And for the better securing to the said Land Settlement Association as mortgagee the payment of the said principal sum, interest, and other moneys I hereby mortgage to the mortgagee all my estate and interest in the said land above described.

As witness my hand, as mortgagor, this day of , 19 .

, Mortgagor.

Signed by the said , as mortgagor, in the presence of .

Witness : .
Occupation : .
Address : .

J. F. ANDREWS,
Clerk of the Executive Council.