Where a loan has been made by the Agricultural Mortgage Corporation Limited1, for defraying the expenses of an improvement of any specified kind2, and the loan is, under the terms of the mortgage securing the loan, repayable by instalments, the repayment secured by the mortgage is deemed to constitute an improvement rentcharge which may be redeemed out of capital money, and when it is so redeemed the tenant for life must maintain and insure the improvement3.
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