Variations where it is for the Vendor's own life, and where for the life of another. ARTICLES (2 v). AND the said (vendor) doth promise and agree to deliver unto the said (purchaser), within the space of one calendar month from the date hereof, a full and satisfactory abstract (3 v) of the title of Estate for life. (1) If the contract be entered into by an agent for either Purchase, &c. party, See ante, No. II. p. 19, n. (1). by an agent. Money in the funds. (2) If the consideration be an annuity to be paid to the Annuity. vendor during his life, See ante, No. II. p. 21, n, (5). If it be a transfer of money in the funds, See ibid. (3) If the estate be holden during the life of a third person, say, "Of the title of him the said (vendor) to an estate of freehold in the said premises during the natural life of the said (cestui que vie)." Estate pur autre vie, VOL. I. F PURCHASES. him the said (vendor) to the said premises during the term of his natural life. AGREEMENTS. and appear at insurance office, AND to appear in person at any office or place Estate for life. of insurance within the cities of London or Westminster, if he shall be required so to do by the said (purchaser), and send to such office sufficient vouchers or certificates of the state and condition of his health, for the purpose of enabling the said (purchaser) to insure any sum or sums of money upon the life of him the said (vendor), if he shall think proper so to do. and on receiving purchase money to execute conver ance, and deliver title deeds. All persons iuterested to join. Annuity. Incumbrances. now next ensuing, upon receiving from the said (purchaser) the said sum of £ (4), to execute proper conveyances and assurances of the said premises unto the said (purchaser), his heirs, executors, administrators, or assigns, or as he or they shall direct, during the life of the said (vendor), free from all incumbrances (5 v). AND on the completion of the said purchase, deliver over unto the said (purchaser) all deeds and other evidences of the title of the said (vendor) to the said premises, to the possession or custody whereof he is so intitled as tenant for life as aforesaid. AND it is hereby agreed that all persons in any (4) If the consideration be an annuity to be paid to the vendor during his life, See ante, No. II. p. 24, n. (9). If the consideration be a transfer of money in the funds, See ibid. n. (8). (5) If the premises are subject to any incumbrance, See ante, No. II. p. 25, n. (11). AGREEMENTS. way interested (6) in the said premises, or intitled PURCHASES. to any legal or equitable estate or interest therein during the life of the said (vendor), shall, if required, join in the said assurances according to their respective estates and interests. Estate for life. contain usual AND it is further agreed that all such convey- Conveyance to ances and assurances as aforesaid, shall contain all covenants... usual and other proper covenants for the title, quiet enjoyment, and further assurance, of the said premises, and shall be prepared by and at the expense (7) of the said (purchaser). execution of AND the said (purchaser) doth hereby promise Purchaser on and agree, upon the execution of such conveyances conveyance to and assurances as aforesaid, to pay unto the said money. (vendor) the said purchase money, or sum of £ in lawful current money of Great Britain, or notes of the Governor and Company of the Bank of England (8 v). (6) See ante, No. I. p. 5, n. (9). (7) See ante, No. I. p. 6, n. (11). pay purchase sum if rever (8) As a particular estate is generally of less value if sold Vendor to reseparately, than it would be if annexed to the reversion, there ceive a further may be added a clause providing for the payment of a further sum to the vendor, if he procure the reversioner to part with his interest in the premises to the purchaser. "THAT in case the said (vendor) shall, within the space of calendar months from the date hereof, procure the person or persons who for the time being shall be intitled to the immediate reversion of the said premises, expectant upon the decease of the said (vendor), to sell and dispose of the same to the said (purchaser), at or for a price not exceeding the sum of £, he the said (purchaser) shall and will thereupon pay to the said (vendor) the further sum of £ for the estate and interest so now agreed to be purchased as aforesaid." sioner join. PURCHASES. AGREEMENTS. Estate for life. If purchase not completed on day appointed, articles to be void. Or if title be defective. AND (purchaser to be entitled to rents from last quarter day), See ante, p. 29. AND further that in case an abstract shall not be delivered to the said (purchaser) by the said (vendor), within the said space of one calendar month from the date hereof, or the said conveyance shall not be perfected by the said day of then the contract hereby entered into shall be wholly void (9) to all intents and purposes, it being the true intent and meaning of the parties hereto that a strict observance of the time hereinbefore appointed for the completion of the said purchase, shall be deemed as of the essence of the said contract, without reference or appeal to any Court of Law or Equity (10 v). AND further that if all persons interested in the Purchaser at quish, if rever (9) See ante, No. IV. p. 52, n. (20). (10) If the agreement for the purchase be entered into by the liberty to relin purchaser upon an understanding that the person intitled to the reversion will also dispose of his interest, there may be added a clause enabling the purchaser to relinquish the contract, if the reversioner refuse to concur, in which case say, sioner will not join. “PROVIDED nevertheless that in case the person or persons who for the time being shall be intitled to the immediate reversion of the said premises, expectant upon the decease of the said (vendor), shall not, within the space of three calendar months from the date hereof, execute a valid assurance of the said reversion to him the said (purchaser), as for a clear estate in fce simple, upon being tendered the sum of £ for the purchase thereof, the said (purchaser) shall be at liberty to relinquish the said purchase on giving to the said (vendor) notice in writing of his desire so to do, and doing all necessary acts to reassure the said premises unto the said (vendor) free from all intermediate incumbrances." AGREEMENTS. Estate for life. said premises, or intitled to any legal or equitable PURCHASES. estate therein, shall not join in the said conveyance, or if the said (vendor) shall become a bankrupt (11), or derive his title under a will not proved per testes, and the heir at law of the devisor shall refuse to join in the conveyance (12), then and in either of the said cases this present contract shall, at the option of the said (purchaser), be absolutely void, unless such defect shall extend to a very any inconsiderable part only of the premises, or to an outgoing not exceeding £ per annum, in which case a reasonable abatement shall be made by the said (vendor) in respect thereof. And it is hereby agreed that in case the said contract shall be abandoned for defect of title, all reasonable costs and expenses paid or sustained by the said (purchaser) in investigating the said title, or in insuring the said premises against loss by fire, but not in insuring the life of the said (vendor) (13), shall be borne and paid by the said (vendor) (14 v). (11) See ante, No. I. p. 10, n. (21). (12) See ibid, p. 11, n. (22). (13) As any insurance which the purchaser may think proper to effect on the vendor's life is a voluntary act and solely for his own security, without being in any degree beneficial to the vendor, it does not appear to be reasonable that it should be made a burthen upon the vendor in the event of the contract going off. But with respect to the investigation of the title, and insurance of the premises against loss by fire, the first is a sort of necessary obligation imposed upon the purchaser, and should the purchase be relinquished for defect of title, will be beneficial to the vendor, by enabling him to guard against or remove the objections on a future sale, and the benefit of the insurance will in such case wholly devolve upon him. Expense of insuring vendor's borne by the purchaser. life should be |