S.I. No. 212/1996 - Harbour Authority (Mortgage) (Amendment) Regulations, 1996.

1. In consideration of the payment by the Mortgagee to the Authority of the sum of money specified in Appendix II hereto (the receipt and payment whereof the Authority doth hereby acknowledge) the Authority hereby covenants with the Mortgagee to pay to the Mortgagee the said sum of money together with interest thereon at the appropriate rate at the times and in the manner specified in the Second Schedule hereto ar at such times and in such other manner as may from time to time be agreed by the Mortgagee with the Authority. The date for repayment and for payments of interest currently agreed by the authority with the Mortgagee are those specified in the Second Schedule hereto.

2. (

a

) The Authority, as Beneficial Owner, hereby Grants and Conveys unto the Mortgagee ALL THAT the unregistered lands of freehold tenure, if any, specified in the First Schedule hereto TO HOLD the same unto the Mortgagee in fee simple subject to the proviso for redemption hereinafter contained, and likewise as Beneficial Owner hereby Demises unto the Mortgage ALL

THAT the unregistered lands of leasehold tenure, if any, specified in Appendix I hereto TO HOLD the same unto the Mortgagee henceforth for all the residue, or respective residues, now unexpired of the term or terms of years grants by the Lease or Leases specified in Appendix I hereto save the last three days of each such term, but subject to the proviso for redemption hereinafter contained PROVIDED that if the Authority shall in accordance with the provisions hereof pay to the Mortgagee all monies for the time being owing on this security then and in any such case the Mortgagee will at any time thereafter at the request and cost of the Authority duly discharge this security.

(ii) The Authority hereby declared that it shall henceforth stand possessed of the reversion or respective reversions hereby reserved in respect of such of the unregistered lands specified in Appendix I hereto as are of leasehold tenure in trust for the Mortgagee subject to such equity of redemption if any, as may for the time being be subsisting therein by virtue of these Presents and to dispose thereof as the Mortgagee shall direct and authorises the Mortgagee to appoint a new Trustee or new Trustees of the said reversion or reversions and in particular at any time or times to appoint such new Trustee or new Trustees in place of the Authority or any Trustee or Trustees appointed under this power as if he or they were incapable of acting in the trust thereof hereby declared and the Authority irrevocably appoints the Secretary for the time being of the Mortgagee the Attorney of the Authority in its name or on its behalf at any time to assign the same reversion to the Mortgagee or as the Mortgagee may think fit subject to such equity of redemption, if any, as may be subsisting for the time being as aforesaid and to do and execute all deeds, instruments, acts and things necessary or proper for that purpose.

(

b

) The Authority as Beneficial Owner hereby Charges ALL THAT AND THOSE the registered lands, if any, specified in Appendix I hereto with payment of the principal sum, interest and other monies hereby covenanted to be paid or otherwise expressed to be charged on the Mortgaged Property and hereby Consents to the registration of such Charge as a burden on the Folio or Folios specified in Appendix I.

3. The Authority, for itself, its successors and assigns hereby Covenants with the Mortgagee, to the intent that these covenants shall be binding and subsisting so long as any monies remain owing by the Authority to the Mortgagee:—

(

a

) To keep the Mortgaged Property, including all conduits, drains, pipes, wires and installations and connections in or serving the same, in good and substantial order repair and condition.

(

b

) During the continuance of this security, to insure and keep the Mortgaged Property insured against loss or damage by fire and other usual perils, under a comprehensive policy, in the full reinstatement or cost thereof, including a sum to cover professional fees in the event of fire, in an Insurance Office of repute empowered to carry on business in Ireland, in the joint names of the Authority and the Mortgagee, and to duly and punctually pay all premiums and monies necessary for effecting and keeping up such insurance when the same shall become due, or within one week thereafter, and upon being called so to do by the Mortgagee to produce to the Mortgagee the policy or policies of such insurance and the receipts for the payment of all premiums, and if the Authority shall fail or neglect to perform its obligations under this clause the Mortgagee may insure the Mortgaged Property, and the sums paid by the Mortgagee for that purpose shall be properly recoverable from the Authority.

(

c

) Duly and punctually to pay all rates and charges now, or at any time hereafter, to be charged upon or payable in respect of the Mortgaged property, or any part thereof, and duly and punctually to pay the rent, if any, reserved and to perform and observe the covenants on the part of the Grantee or Lessee and conditions contained in the Grant of Lease, if any, under which the authority holds the Mortgaged Property or any part thereof, and on request being made by the Mortgagee in that behalf to deliver the receipts for every such payment to the Mortgagee, and if the Authority shall at any time make default in payment of the said rates or charges or rent, or any part thereof, or in performance and observance of the said covenants and conditions, it shall be lawful for the Mortgagee to pay the same and to do such things as may be necessary to comply with such covenants and conditions, and any such monies so expended by the Mortgagee shall be properly recoverable from the Authority.

(

d

) To pay the Mortgagee all monies hereby secured, with interest at the appropriate rate.

Provided that if the authority shall commit or suffer any breach of the foregoing covenants, then all and every the powers and remedies conferred on Mortgagees by the Conveyancing Acts, 1881-1911 shall, subject to the proviso hereinafter contained, immediately become exercisable by the Mortgagee.

4. IT IS HEREBY AGREED AND DECLARED by and between the Authority and the Mortgagee as follows:—

(

a

) The restriction imposed on the right of consolidation or mortgages contained in Section 17 of the Conveyancing Act, 1881 shall not apply to this security.

(

b

) The Mortgagee shall not exercise the power of sale conferred by the Conveyancing Act, 1881 until the Authority has made default hereunder, and the Mortgagee has served notice in writing by registered post on the Authority and on the Minister for the Marine or the Minister then exercising the powers and functions now exercised by the Minister for the Marine, at his Principal Office, specifying the breach by the Authority and specifying the balance of the principal sum then due by the Authority to the Mortgagee and specifying the amount which is then required to discharge this Mortgage and what further sum would be required on the expiration of one month from the date of service of the said notice to then discharge this Mortgage, and one calendar month has elapsed from and after the date of service of the Notices aforesaid, and monies hereby secured remain owing to the Mortgagee; the provisions of Section 20 of the Conveyancing Act, 1881 shall not apply hereto.

(

c

) The Authority shall be entitled to remain in occupation and possession of the Mortgaged Property unless and until a default has been made by the Authority hereunder.

(

d

) The Mortgagee shall be entitled, from time to time, to vary the appropriate rate in accordance with that specified in Appendix IV hereto; any increase in the appropriate rate shall take effect after service by the Mortgagee on the Authority, of notice in writing and in the case of a decrease in the appropriate rate from the date specified in the notice of reduction. In the event of any dispute arising between the Authority and the Mortgagee as to whether any increase in the interest rate specified in a notice of increase of the interest rate served by the Mortgagee is excessive, the dispute, if any, shall be referred to the Arbitration of a person to be appointed by the then Minister for Finance, whose finding shall be binding on the parties.

(

e

) The Authority shall, at any time, be entitled to redeem this Mortgage without premium or penalty by giving to the Mortgagee one month's notice in writing and paying and discharging, on the expiration of the said period of one month, all monies then due to the Mortgagee and hereby secured.

(

f

) The Authority, insofar as it may lawfully do so, hereby irrevocably appoints any Receiver appointed by the Mortgagee hereunder to be the Attorney of the Authority for the Authority and in its name and on its behalf and as its act and deed to execute, seal or otherwise perfect any deed or assurance, agreement, instrument, or act which may be required or may be deemed proper for the purposes of carrying out any of the powers conferred on a Receiver by the Conveyancing Act, 1881-1911.

(

g

) Any notice required or authorised by these presents, or by statute to be given or to be served on the Authority or the Minister for the Marine, or any Minister, shall be in writing and shall be sufficiently served if it is served in any manner in which a notice may be served on a Mortgagor under Section 67 of the Conveyancing Act, 1881, or if it is sent by registered post to the Principal Office of the Authority or, in the case of a notice to be served on a Minister, if it is sent by registered post to his principal office, the same shall be deemed to have been delivered on the date on which the same was sent.

5. The address of the Mortgagee in the State for service of notice, and its descripton are

6. IT IS HEREBY CERTIFIED by the Mortgagee that such consent, if any, as is necessary under

Section 45

of the

Land Act, 1965

has been obtained to this transaction, and that any conditions attaching thereto have been complied with.

IN WITNESS whereof the parties aforesaid have caused their respective Common Seals to be affixed hereto the day and year first herein WRITTEN.

APPENDIX I

MORTGAGED PROPERTY

ALL THAT AND THOSE

HELD

APPENDIX II

APPENDIX III

INITIAL RATE OF INTEREST

The rate of % per annum.

APPENDIX IV

PRESENT when the Common Seal

of

was affixed hereto:—

PRESENT when the Common Seal

of

was affixed hereto:—

SECOND SCHEDULE

THIS INDENTURE made the day of One Thousand Nine Hundred and BETWEEN having its registered office at , Harbour Authority, (hereinafter called the "Authority", which expression shall, where the context so admits or requires, includes its successors and assigns) of the one part and having its registered office at (hereinafter called the "Mortgagee") of the Other Part.

WITNESSETH that in consideration of the sum of IR£ now paid to the Authority by the Mortgagee (the receipt and payment whereof the Authority hereby acknowledges), the Authority hereby assigns unto the Mortgagee ALL AND SINGULAR the chattels and things specified in Appendix I hereto and now at or on the Authority's premises at (hereinafter called "the Harbour") TO HOLD the same and every part thereof, unto the Mortgagee, its successors and assigns by way of security for payment of the said sum of IR£ , and interest thereon at the rate of % per annum, which said rate of interest is subject to variations in manner specified in Appendix II, and which said rate of interest applicable from time to time is hereinafter referred to as "the appropriate rate".

B. The Authority, for itself, its successors and assigns, hereby COVENANTS with the Mortgagee, its successors and assigns as follows:—

(1) To pay to the Mortgagee on the day of 19 , the said sum of IR£ (hereinafter called "the principal sum"), and in the meantime, to pay interest on the principal sum; at the appropriate rate by monthly payments, payable on the day of each month, the first payment to be made on the day of 19 .

(2) In the event of payment of the principal sum not having been made by the Authority to the Mortgagee on the said day of 19 , to pay to the Mortgagee, on demand in writing from the Mortgagee, the said principal sum or the balance then outstanding as the case may be, and pending such demand, to pay the same by monthly instalments, together with interest on the balance outstanding for the time being of the principal sum at the appropriate rate, such monthly payments to be paid on the day of each month.

(3) To insure, and keep the said chattels insured in the full replacement value thereof in an insurance office of repute empowered to carry on business in Ireland, in the joint names of the Authority and the Mortgagee, and to pay all premiums necessary for that purpose within fourteen days of the same becoming due, and upon request from the Mortgagee, to produce to the Mortgagee or its agent, the said policy of insurance and the receipt for the payment of the last premium payable in respect thereof.

(4) To repair and keep the said Chattels in good order repair and condition, and properly maintained.

C. It is hereby agreed that the Mortgagee may vary the Appropriate Rate from time to time in the manner specified in Appendix II any increase or reduction in the appropriate rate shall take effect, in the case of an increase in the appropriate rate, from the gale day next succeeding one calendar month after service by the Mortgagee on the Authority of notice in writing of the increase in the appropriate rate and in the case of a decrease in the appropriate rate, from the date specified in the notice of reduction served by the Mortgagee on the Authority, which date shall not be later than fourteen days after the date of service of the said notice of decrease, and in the event of no date being specified in the said notice of decrease, or being a date subsequent to the date that is fourteen days after the date of service of the notice of decrease, from the date of service of the Notice to decrease itself. In the event of any dispute arising between the Authority and the Mortgagee as to whether any increase in the interest rate specified in a notice of increase of the interest rate served by the Mortgagee is excessive the dispute, if any, shall be referred to the Arbitration of a person to be appointed by the then Minister for Finance, whose findings and decision shall be binding on the parties.

D. PROVIDED ALWAYS AND IT IS HEREBY AGREED AND DECLARED by and between the Authority and the Mortgagee that if the Authority shall make default in payment of the said principal sum, or interest hereby secured, at the times herein respectively provided for payment thereof, or if the Authority shall fraudulently either remove or suffer the said chattels, or any part thereof, to be removed from the Harbour, or if execution shall have been levied against the goods of the Authority under any Judgement at law, and in any such case, it shall be lawful for the Mortgagee, its successors and assigns, and the Authority doth hereby expressly authorise and licence the mortgagee, by itself, its servants or agents, to enter in and upon the Harbour and to seize and take possession of the said chattels, and after the expiration of one calendar month after service by the mortgagee on the Minister for the Marine, or the Minister then carrying out the duties and functions now carried out by the Minister for the Marine, and on the Authority, of notice in writing of the default by the Authority and specifying the amount then due by the Authority to the Mortgagee, it shall be lawful for the Mortgagee, if the default shall not have been made good within the said period of one calendar month aforesaid, to sell the said goods and chattels.

E. The proceeds of sale shall be applied by the Mortgagee firstly in defraying the costs of sale, and secondly in discharge of any part of the principal sum and interest then due to it, and the balance shall be paid to the Authority.

F. Provided Always that the chattels hereby assigned shall not be liable to seizure or to be taken possession of by the Mortgagee for any cause other than those specified in Section 7 of the Bills of Sale (Ireland) Act, 1879, Amendment Act, 1883.

IN WITNESS whereof the parties aforesaid have caused their respective Common Seals to be affixed hereto the day and year first herein WRITTEN.

APPENDIX I

INVENTORY OF CHATTELS

APPENDIX II

INTEREST RATE VARIATION

PRESENT when the Common Seal

of

was affixed hereto:—

PRESENT when the Common Seal

of

was affixed hereto:—

GIVEN under my Official Seal, this 11th day of July, 1996.

SEAN BARRETT,

Minister for the Marine.

EXPLANATORY NOTE.

The Regulations relate to a mortgage to facilitate the purchase of a tug by Dublin Port and Docks Board.

7. Regulation 6 of the 1949 Regulations is hereby amended—

(

a

) by the deletion of paragraph (3) thereof, and

(

b

) in paragraph (5) by the substitution for "five shillings" of "£2".

FIRST SCHEDULE.

THIS INDENTURE OF MORTGAGE AND CHARGE made the day of One Thousand Nine Hundred and Ninety Six made between , having its registered office at , Harbour Authority, (hereinafter called "the Authority", which expression shall, where the context so admits or requires, include its successors and assigns) of the First Part and having its registered office at (hereinafter called "the Mortgagee", which expression shall, where the context so admits or requires, include its successors and assigns) of the Second Part.

WHEREAS:—

A. In these Presents, and the several Schedules hereto, the following words shall, where the context so admits or requires, bear the following meanings:—

(

a

) "The Mortgaged Property" means the hereditaments and premises specified in Appendix I hereto, with any buildings now or hereafter erected or in the course of erection thereon;

(

b

) "The Principal Sum" means the sum of money specified in Appendix II hereto now advanced by the Mortgagee to the Authority, together with all sums paid by the Mortgagee in respect of this security pursuant to the powers herein contained and which may from time to time be outstanding hereunder.

(

c

) "The Appropriate Rate" means the rate of interest payable from time to time by the Authority on the principal sum to the Mortgagee; the rate of interest to be initially charged by the Mortgagee is specified in Appendix III hereto, but is subject to variation in the manner specified in Appendix IV.

(

d

) "Month" means calendar month.

B. The Authority is absolutely entitled to the Mortgaged Property for all the estate and interest specified in Appendix I hereto, and insofar as the same consists of registered land the Authority is the Registered Owner thereof or is the person entitled to be registered as owner thereof, subject, in all cases, to such yearly rents, if any, and to such encumbrances, if any, as are specified in Appendix I hereto, but otherwise free from encumbrances.

C. The Mortgagee has agreed to advance the sum specified in Appendix II hereto to the Authority and may hereafter, at the request of the Authority, make further advances to the Authority (but not so as to imply any obligation not otherwise subsisting on the mortgagee to pay any such further advance) upon having such security as is hereinafter contained.

NOW THIS INDENTURE WITNESSETH as follows:—

S.I. No. 212 of 1996.

HARBOUR AUTHORITY (MORTGAGE) (AMENDMENT) REGULATIONS, 1996.

I, SEAN BARRETT, Minister for the Marine, in exercise of the powers conferred on me by

section 126

of the

Harbours Act, 1946

(No. 9 of 1946), and the Communications (Transfer of Departmental Administration and Ministerial Functions) Order, 1987 (

S.I. No. 91 of 1987

), hereby make the following Regulations