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Where an heir of entail in possession of an entailed estate . . . F1 shall execute improvements on such estate subsequent to the passing of this Act, and obtain decree for three fourth parts of the sums expended thereon, in terms of the M1Entail Improvement Act, 1770, and shall also obtain the authority of the court as after mentioned, it shall be lawful for such heir of entail to execute, in favour of any party he may think fit, a bond of annual rent in ordinary form over such entailed estate or any portion thereof, binding himself and his heirs of tailzie to make payment of an annual rent during the period of twenty-five years from and after the date of such decree, or during such part of the said period of twenty-five years as may remain unexpired at the date of such bond, such annual rent not exceeding the sum of seven pounds two shillings for every one hundred pounds of the whole of the sums expended as aforesaid, and so in proportion for any greater or less sum, and being payable half-yearly by equal moieties at the terms of Whitsunday and Martinmas, beginning the first term’s payment at the first term of Whitsunday or Martinmas after the date of the bond, for the proportion of annual rent then due, with legal interest, and penalties in case of failure.
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