Purchasers. tively, and for their respective heirs, executors, PURCHASES. and administrators, do hereby covenant, grant, Vendor to Jointdeclare, and agree, with and to each other, and the heirs and assigns of each other, in the manner following (that is to say), that in case either of them the said parties, his heirs or devisees, shall at any time hereafter be desirous of selling or disposing (other than by will), of his moiety, or other part or share, or estate or interest, of or in the hereditaments and premises so hereinbefore conveyed to them as joint-tenants (or as tenants in common, as the case may be), or mentioned or intended so to be as aforesaid, or of any part thereof, he and they respectively shall and will, before any such sale or disposition shall be made, or any contract entered into for that purpose, give, or cause to be given, unto the other of them, his heirs or devisees, three calendar months notice, in writing, under his or their hand or respective hands, of his or their wish or intention to sell or dispose of the same; and that upon such notice given by either of the said parties, his heirs or devisees, the other of them, his heirs or devisees, shall be at liberty to contract for, and shall or may become the purchaser of such moiety, part, share, or interest, of or in the said premises, concerning which such notice shall have been given as aforesaid, in preference to and before any other person or persons whomsoever, at and for a reasonable price or sum, to be paid for the same by such party, his heirs, executors, or administrators, so that such party, Vendor to Joint- In case of difference as to to be made to arbitrators. PURCHASES. his heirs or devisees, shall make application, or give notice to the other of them, his heirs or devisees for that purpose, before the end of one calendar month next after such notice of sale or disposition shall have been given to him or them. AND it is hereby further declared and agreed by value, reference and between the said parties, that if they or their respective heirs or devisees shall not agree between themselves, with respect to the price or sum to be paid or given for the said premises, then and in such case the same shall be referred to the determination of two indifferent persons, one to be named by each of the said parties within fourteen days next after such disagreement shall have taken place, and shall have been signified by either of them to the other in writing under his hand; and in case the said arbitrators shall differ in opinion concerning the value of or price to be paid or given for the said premises, then such two persons shall nominate one other indifferent person as umpire, to determine or assist them in determining the same; and in case such two persons cannot agree upon, or shall refuse or decline, for the space of twenty-one days next after reference shall be made to them as aforesaid, to appoint such umpire, then the person whom his Majesty's Attorney-General, for the time being, shall ap point or name for that purpose, on application to him made by either of the said parties, shall by such appointment or nomination alone be fully constituted a lawful umpire concerning the pre Vendor to Joint- mises, in like manner as if he had been appointed Purchases. by or together with the said arbitrators first named, and the award, determination, or judgment of the said two arbitrators, so to be named as aforesaid, either alone or together with the said third person or umpire, or of the said third person, and either of the said two arbitrators first named, shall be conclusive and binding upon each of the said parties, his heirs, devisees, executors, administrators, and assigns, so that such award or determination be put into writing, and be signed by the said arbitrators, or the said umpire, or by any two of them, and be ready to be delivered to the said parties at or before the end of one calendar month next after reference shall have been made to them or him as aforesaid; and it is hereby further declared and agreed, that the price or valuation which shall be so fixed or ascertained, and adjudged or awarded to be paid or given, as or for the value or purchase of or for the share or interest of or in the said hereditaments and premises as aforesaid, shall be forthwith paid for the same by the party desiring to become the purchaser thereof; and that good and sufficient conveyances and assurances in the law, to be prepared at the expense of the purchaser, his heirs or assigns, by his or their counsel, shall forthwith be executed by the vendor of the same premises to the purchaser or purchasers thereof, or to such person or persons as he or they shall direct or appoint in that behalf; and for the better enforcing the performance of the said arbitrament or award, Vendor to Joint- PURCHASES. it is hereby further declared and agreed, that the reference or submission for or respecting the same, shall at the instance of either of the parties interested therein, be made a rule of one of his Majesty's courts at Westminster, according to the statute in such case provided (1); and for the true performance of this present covenant and agreement, each of the said parties to these presents doth hereby bind himself, his heirs, executors, and administrators, to the other of them, his heirs, executors, administrators, and assigns, in the penal sum of £ of lawful money of the United Kingdom of Great Britain and Ireland, of English value and currency, to be paid as for or in the nature of fixed, ascertained, and liquidated damages (2). IN WITNESS, &c. Rule of court. Nomine pænæ. Provisoes, &c. 1 Execution, &c. (1) It is proper in a clause of reference to arbitration to provide that either party should be at liberty to make the submission a rule of court, as an examination of the witnesses relative to the subject may be taken on oath before a judge of the court of which the rule is obtained. (2) As to nomine pœnæ, see ante, p. 15. n. (30). If there be an outstanding term which is intended to be assigned to attend the inheritance, it may be done here, see ante, No. XXVIII. p. 411. and ib. n. (1).—409. n. (2).—419. n. (1). et seq. For various provisoes, &c. to be inserted when required by particular circumstances attending the title, or by agreement of parties, see ante, No. XVI. p. 160, et seq. * * As to the execution, attestation, or receipt for consideration money, &c. &c. see ante, No. XV. p. 158. n. (82); No. XVI. p. 184, n. (28), et seq.; and see also INTRODUCTION, p. xliv, and 1. PURCHASES. Vendor to Trustees of a Settlement or No. XXX. Conveyance by a Vendor to Trustees purchasing Lands under a Power in a Marriage Settlement, authorising them to invest Money upon Land. Variations where the Purchasers are Trustees or Executors of a Will, &c. &c. as below (1). Will. (1) If the vendor be tenant in tail, see ante, No. XXII. If tenant for life, see ib. No. XXIII. If he be entitled in remainder or reversion, see ib. No. XXIV. If the conveyance be of an equity of redemption only, see ib. No. XXV. If of a moiety or other undivided part, see ib. No. XXVI. (2) If the vendor be married, and his wife be entitled to dower, make her a party with her husband, as Vol. II. No. XXXI. If the vendor took the estate with limitations to a trustee to prevent dower, make such trustee a party of the second part, as Vol. II. No. XXXIV. Tail. Life. Reversion. Equity of redemption. Moiety, &c. Wife. |