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Estate of Mortgagees to vest in Commissioners on Payment of Principal and Interest;
or if such Principal and Interest exceed the Value of the Property, then on Payment of the Value.
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LXXXII. And be it enacted, That if any Person shall have any Mortgage or be entitled to any Sum of Money charged on any Land taken or purchased under this Act, then, on Payment of the Principal and Interest due thereon, or in case a Part only of any Land subject to such Charge or Mortgage be so taken or purchased, then a proportionate Share of such Principal and Interest, (to be ascertained, in case of Dispute, in the Manner an herein-before provided for ascertaining the Value of Land taken or purchased for the Purposes of this Act,) to such Mortgagee or Person entitled thereto, or into the Bank of Ireland, for the Use of the Mortgagee or other Person entitled thereto, all the Estate of the said Mortgagee or other Person, and of every Person in Trust for him, in the Land or the Portion of Land so taken or purchased, shall vest in the Commissioners, and they shall be, deemed to be in the actual Possession thereof, free from the same Mortgage or Charge, to all Intents and Purposes whatsoever: Provided always, that if the Money and Interest due in respect of any Mortgage or Charge on any Land purchased or taken under this Act shall amount to more than the Value of the Premises charged therewith, or such of them or of such Part thereof as shall be purchased or taken under this Act, then upon Payment to such Mortgagee or Person, or into the Bank, in manner herein-before mentioned, of the Sum to be ascertained as the Value of the Estate or Interest so mortgaged or charged on the Land, or Part thereof, so to be taken and purchased as aforesaid, all the Estate of the said Mortgagee or Person as aforesaid, and of every Person in Trust for him, in the said Land, or any Part thereof, the Value whereof shall have been so ascertained and paid as aforesaid, shall vest in the Commissioners, and they shall be deemed to be in the actual Possession of the said Lands, to all Intents and Purposes whatsoever, freed from such Mortgage or Charge as aforesaid; and the Mortgagor or other Person entitled to redeem shall be and is hereby barred and foreclosed from all Right and Equity of Redemption of and in the same Land, or Portion of Land.
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