Any lawyers out there, please?

[BassinghamTerrier]

Hi all

First off, I will apologise if I have posted this in the wrong 'area' as I wasn't quite sure where to put it.
It's not that I can't read (most) of it... it's more that I simply don't understand much of it.
Far too much 'legalese' or 'lawyer-speak' for my liking!

To me, it looks like Matthew Winn and William Foottit have entered into a mortgage agreement with Thomas and Richard Garton (Lincoln tobacconists) to borrow £2,600.
I think that Winn is bound to pay back £1,300 plus interest at the rate of 5% per annum on 21st February.

As far as I can see...

Have Winn and Foottit borrowed £2600 between them?
Or are they lending?
And how does William Ellis of Cherry Willingham fit into the deal?

In spite of the document being stamped "1840" it's definitely 1844 because "the eighth year of the reign of our Sovereign Lady Victoria" began on 20th June, 1844.

All and any help gratefully received!