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Persons not seised in Fee Simple may raise Money by Mortgage for purchasing and extinguishing Quit Rents.
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X. And whereas Persons may be desirous of purchasing such Rents, in order that the same may cease or be extinguished, who may not be seised in Fee Simple of the Honors, Manors, Towns, Lands, Rectories, Tithes, Fairs, Markets, Ferries, Tenements, and Hereditaments out of which the Rent or Rents which they may be desirous of purchasing are payable; be it therefore enacted, That in such Case it shall and may be lawful for every such Person, by any Deed or Deeds in Writing, to raise any Sum or Sums of Money not exceeding the Amount of the Purchase Money paid for such Rent or Rents, and the said Fees thereon, and the Expence of such Purchase, by Mortgage of the Towns, Lands, Rectories, Tithes, Fairs, Markets, Ferries, Tenements, and Hereditaments, or by Sale of a sufficient Part thereof, or otherwise to charge and incumber the same with such Sum or Sums and the Interest thereof, and to dispose of the same in such Manner as he or they shall think proper; and every such Sale or Mortgage, Charge and Incumbrance, shall be good and valid in the Law against every Person in Remainder or Reversion in or to the Premises so sold, mortgaged, charged, or incumbered, and all other Persons entitled to or claiming any Debt, Charge, and Incumbrance affecting the Premises so sold, mortgaged, charged or incumbered, and shall have Priority thereto.
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