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Persons having certain Interests may qualify to be Owners.
Who shall be entitled to Loan where several Persons have an Interest in the Land.
No Loan to be granted except upon Security.
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VII. And be it enacted, That any Person seised or possessed of any Land under any Lease, reserving Rent for Two or more Lives in being at the Time of the Application, or for any Term of Years determinable on any Two or more Lives in being at the Time of Application, or for any Term of Years absolute, whereof there shall be at the Time of Application Twenty-five Years or more unexpired, who shall apply, under the Provisions of this Act, and shall give such Security as the said Commissioners of Public Works shall direct, for the Payment of the annual Amount of any Rent-charge which may become chargeable on such Land in respect of any Loan to be made under the Provisions of this Act by the Person so applying, his Executors; Administrators, or Assigns, during the Continuance of the Residue of such his Estate or Interest in the said Lands, or for so many Years as such Rent-charge under this Act shall be payable, if his Interest shall so long continue, may be deemed the Owner of such Land under the Provisions of this Act; and, unless specially provided by the Terms of holding, no such Application as aforesaid, nor any Act or Proceeding consequent there-upon under this Act, nor the charging of any Rent-charge on such Land shall be construed as a Breach of any Covenants or Conditions, subject to which any Person applying under this or the last preceding Clause may hold the Land: provided always, that in case there shall be several Persons having such Interest as last-mentioned in the Lands, the Person entitled to apply for a Loan under the Provisions of this Act, or in case there shall be several such Applicants, the Person to be preferred shall be the Person in actual Occupation of the Lands, or in his Default, then the Person whose Estate or Interest in remainder or reversion shall be nearest to or above that of the actual Occupier; so always that no Loan shall be granted to any Applicant under this Provision except upon such Security as before mentioned being given for the Payment of any Rent-charge chargeable under this Act by the Person to whom any Loan shall be granted during the Continuance of the Residue of his Estate of Interest in the Land, or for each other Period as before mentioned; and no such Loan shall be granted to any such Applicant as aforesaid except he shall state in his Application for the same the Name and Address of his immediate Landlord, or Person entitled to the next Estate or Interest in the Land on the Determination of his Lease, and shall have given Notice to such Landlord or Person of his Intention to apply for such Loan, and shall satisfy the said Commissioners that such Notice has been given.
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