| Content Description | First Party: John Henry Fox the younger [the borrower].
Second Party: Henry P.A.D. [Pelham-Clinton] 7th Duke of Newcastle [under Lyne, the mortgagee].
In consideration of the sum of £1800 paid to (1) by (2) for Merryfields Farm [see recitals below, and entry for Ne 6 D 2/42/314]; property conveyed to (2) for securing the repayment of the £1800 with interest at the rate of 5 1/2 percent per year, on 17 Sep. [1918]; if any of the principal money remains owing after that date then (2) must pay interest at the same rate by half yearly payments on 17 Mar. and 17 Sep. every year.
Contains various provisos including the maintenance of the property by (1), and the reduction of the rate of interest for the time being to 4 1/2 percent so long as (2) pays at least £50 and other terms are not breached, etc.
Recitals: (a) fact that Merryfields Farm was conveyed from (1) to (2) by an indenture dated 16 Mar. 1917; and (b) fact that (1) has agreed to advance the sum of £1800 to (2) upon repayment thereof and interest. |