THE HONGKONG GOVERNMENT GAZETTE, OCTOBER 28, 1910. 509
(1.) A power where the mortgage money has become (1) Power
due to sell and convey the mortgaged property, to sell.
:
subject to prior charges, estates and interests (if any) to which the mortgaged property is subject, but free from all other estates, interests and rights to which the mortgage had priority, in such manner and subject to such conditions, not being at variance with the meaning of this Ordinance, as he thinks fit, with power to vary auy contract for sale, buy in at any auction, and rescind any contract for sale, and to re-sell with- out being answerable for any loss occasioned thereby Provided that a Mortgagee shall not exercise the power of sale unless and until- notice requiring payment of the mortgage money has been served on the Mortgagor, or on one of the several Mortgagors, or left on the mortgaged premises, and default has been made in payment of the mortgage money or part thereof for one month after such service, or some interest under the mortgage is in arrear and unpaid for one month after becoming due, or there has been a breach of some provision contained in the mortgage deed or under this Ordinance, other than a covenant for payment of the mortgage money and interest.
(2.) A power to insure the mortgaged property, or (2) Insur- any part thereof, for any sum not exceeding the ance. amount of the mortgage money, and any moneys paid for such insurance shall be a charge on the mortgaged property in addition to the mortgage money, and with the same priority, and with interest at the same rate as the mortgage money. The Mortgagee shall account to the Mortgagor for all moneys received by him on an insurance effected on the mortgaged property.
from Mort-
agees,
43. When a sale is made under a power of sale con- Protection of ferred by this Ordinance the title of the purchaser shall purchasers not be impeached by reason that no case had arisen to authorise the sale, or that due notice was not given, or that the power was otherwise improperly or irregularly exercised; but any person damnified by an unauthorised, improper or irregular exercise of the power of sale shall have lis remedy in damages against the person exercising the power.
44. Any money received by a Mortgagee from the sale, Application after payment and discharge of prior incumbrances (if of proceeds any) to which the sale is not subject, shall be applied first of sale. in payment of all proper costs and expenses incurred by him on such sale, secondly, in payment of the mortgage money, interest and costs due under the mortgage, and the residue (if any) shall be paid to the person entitled to the mortgaged property, or authorised to give receipts for the proceeds of sale thereof.
sufficient discharge.
45. The receipt in writing of a Mortgagee shall be a Mortgagee's sufficient discharge for any money arising under the power receipt a of sale conferred by this Ordinance, and no person paying or transferring the same to the Mortgagee shall be con- cerned to enquire whether any money remains due under the mortgage.
46. Where all moneys due under or in respect of any Satisfaction mortgage have been paid off or the said mortgage has been of mortgage. otherwise fully satisfied a receipt by the Mortgagee in the Form F in the Third Schedule to this Ordinance, endorsed on the mortgage, and signed in the presence of and attested by the Land Officer, sball vest in the Mortgagor or other persons deriving title by, through or uuder him, the property comprised in such mortgage, freed and absolutely discharged from the said mortgage and all claims and demand in respect thereof.
47. A receipt for any consideration money or other con- Receipt in sideration embodied in a deed shall be a sufficient discharge body of to any person paying the same without any further receipt, deed to be and shall in favour of any subsequent purchaser not having notice that the same was not in fact paid or given be sufficient evidence of the payment thereof.
sufficient,
M