412
THE NEW ZEALAND GAZETTE.
[No. 14

or for the time being bound by this security, and that both before and after such wool is shorn. And all milk which shall be produced during the continuance of this security from any cows comprised in or for the time being bound by this security (excluding however, the milk used or required by the grantor(s) for his (their) personal or household consumption). And also the said brands, earmarks, and marks shown above (being the brands, earmarks, and marks, of the grantor(s) ) and the exclusive right to use the same for branding, earmarking, or marking stock, as well as all instruments for the time being and from time to time used by the grantor(s) for branding, earmarking, or marking stock. And also the crops now sown or grown or during the continuance of this security to be sown or grown in or upon the lands and premises of the grantor(s) mentioned in the First Schedule hereto. And also all and singular the implements of husbandry, farming plant, and other chattels mentioned and described in the First Schedule hereto. And also all stock and chattels whatsoever which shall hereafter be acquired by the grantor(s) whether in addition to or in substitution for the stock and chattels described in the First Schedule hereto or otherwise covered by this security or any of them and shall be used in or about the business for the time being carried on or to be carried on by the grantor(s) upon the lands mentioned in the First Schedule hereto or any other lands as aforesaid to hold unto the grantee by way of mortgage, and for securing the repayment by the grantor(s) to the grantee of the said advance and interest thereon as hereinafter provided :

And this deed further witnesseth that it is hereby covenanted, agreed, and declared by and between the parties hereto as follows :—

1. The grantor(s) will repay to the grantee the amount of the advance in such manner that—

   (a) At the expiration of one year from the date hereof not more than ninety per centum of the said advance shall remain unpaid ;
   (b) At the expiration of two years from the date hereof not more than seventy-five per centum of the said advance shall remain unpaid ;
   (c) At the expiration of three years from the date hereof not more than fifty-five per centum of the said advance shall remain unpaid ;
   (d) At the expiration of four years from the date hereof not more than thirty per centum of the said advance shall remain unpaid ;
   (e) At the expiration of five years from the date hereof the whole of the balance of the advance shall be repaid :

Provided that in the event of the lands described in the First Schedule hereto, or of the whole or any part of the grantor(s) interest therein being sold, transferred, or otherwise disposed of by the grantor(s), the grantor(s) will immediately pay to the grantee all principal, interest, and other moneys hereby secured or secured by any security collateral herewith.

2. That the grantor(s) will pay interest on the moneys hereby secured at the rate of seven pounds per centum per annum, reducible as hereinafter mentioned, by half-yearly payments on the day of , and the day of in each year, such interest to be computed from the date hereof, and the first of such payments to be made on the day of , 19 : Provided always and it is hereby agreed and declared that if the grantor(s) shall within fourteen days next after any of the days hereinbefore mentioned for payment of interest pay to the grantee interest on the said advance, or on so much thereof as shall remain unpaid for the time being, at the rate of six pounds ten shillings per centum per annum, all interest, principal, and other moneys which may previously have fallen due hereunder or under any security collateral herewith being then paid, and all covenants and conditions herein contained or implied on the part of the grantor(s) being duly observed and performed, the grantee shall accept payment at the rate of six pounds ten shillings per centum per annum for every half-year for which such interest shall be paid as aforesaid.

3. All costs, charges, and expenses incurred by the grantee in or about the preparation, execution, registration, renewal of registration, or release of these presents, or of any security collateral herewith given to secure the payment of the moneys intended to be hereby secured or of any part thereof, or in or about the exercise or enforcement or attempted exercise or enforcement of any power, right, or remedy conferred upon the grantee by law or by these presents or by any such collateral security or otherwise reasonably incurred by the grantee owing to default in payment of any moneys intended to be hereby secured, or the breach of any covenant on the part of the grantor(s) herein expressed or implied, or with a view to the protection or preservation of the property comprised in this security or any security collateral herewith, shall be paid by the grantor(s) to the grantee upon demand and until payment shall be deemed to be part of the principal moneys owing under and secured by these presents, and shall bear interest accordingly computed in each case from the time when the same shall be respectively incurred.

4. The books of the grantee shall be prima facie evidence of the amount for the time being owing on the security of these presents and of all other particulars entered in such books, and shall be admissible as evidence accordingly in all Courts of justice and before all persons acting judicially.

5. All moneys received by the grantee from or on behalf of the grantor(s) from sales of stock, wool, crops, produce, or other chattels or otherwise may be appropriated as the grantee may determine towards the reduction of the indebtedness for the time being of the grantor(s) to the grantee, and the entries in the books of the grantee shall be conclusive evidence of such appropriation.