A418
Ord. No. 62/84
3.
4.
CONVEYANCING AND PROPERTY
Interest shall be calculated and shall be paid in the following manner-
(a) at such rate as may be notified from time to time by the Lender to the Borrower from the time any part of the Facility shall have been advanced until repayment thereof;
(b) on the daily balance from time to time outstanding with monthly rests until
full discharge; and
(c) on the last business day of each month or on such date or dates as may be
determined at the sole discretion of the Lender.
The Borrower irrevocably appoints the Lender and any receiver or receivers appointed by the Lender by way of security jointly and each one of them severally to be the attorney of the Borrower (with full power of substitution) and in his name or otherwise on his behalf and as his act and deed to sign seal execute deliver perfect and do all deeds and instruments acts and things which may be required or which the Lender or any such receiver or receivers shall think fit for carrying out any obligations imposed on the Borrower hereunder or for performing any sale lease charge or dealing by the Lender or by any such receiver or receivers or for giving to the Lender the full benefit of this security.
5.
This Legal Charge is in addition to and shall not affect or be affected by any other security or guarantee which the Lender may now or at any time hold or take from the Borrower or from any other person in respect of the Facility.
6.
There are incorporated herein as if they were herein written the covenants on the part of the Borrower set out in Part C of the Second Schedule to the Conveyancing and Property Ordinance 1984.
CONVEYANCING AND PROPERTY
Ord. No. 62/84
A419
FOURTH SCHEDULE
[s. 51.]
POWERS OF MORTGAGEE AND RECEIVER
1. To insure the mortgaged land or any part thereof for any sum not exceeding its full reinstatement value, and any money paid for such insurance shall be a charge on the mortgaged land in addition to the mortgage money, with the same priority, with interest at the same rate as the mortgage money; and the mortgagee shall account to the mortgagor for all money received by him on an insurance effected on the mortgaged land.
2.
3.
To take possession of the mortgaged land and, for that purpose, to take any legal proceedings.
To do all things necessary or desirable to preserve, maintain and manage the mortgaged land.
4.
To lease, surrender and accept the surrender of leases of, the mortgaged land.
5.
To exercise any powers or rights incidental to the ownership of the mortgaged land.
6.
To settle, adjust, refer to arbitration, compromise and arrange any claim, demand or dispute relating to the mortgaged land.
7.
8.
1.
The Property
(a) Description and address:
SCHEDULE
(b) Lot number, sections, undivided shares etc.:
(c) Exceptions, and reservations, etc.:
(d) Easements and other appurtenant rights, if any:
2.
The Crown Lease-
(a) Date:
(b) Parties:
(c) Term:
(d) Property:
SIGNED SEALED AND DELIVERED etc.
FORM 6
L.S.
Receipt on discharge of a Charge
The Lender acknowledges receipt of all money secured by the annexed/within written Charge.
Dated.
[Signature]
or
[Seal]
9.
To bring, prosecute, enforce, defend, compromise and abandon any claim, action, suit or proceeding in relation to the mortgaged land.
To sell and assign the mortgaged land, subject to any prior estates, interests and rights to which the mortgaged land is subject, but free from the mortgage and all other estates, interests and rights to which the mortgage has priority, in such manner and subject to such lawful conditions as the mortgagee or receiver thinks fit; with power to vary or rescind any contract for sale, buy in at any auction and to resell without being answerable to the mortgagor for any loss occasioned.
To do all things necessary or desirable for realizing the mortgaged land.
10. In the case of any equitable mortgage over the mortgagor's interest in the
mortgaged land and in any agreement of purchase of that land-
(a) to comply and require compliance in all respects with that agreement;
(b) to accept the assignment to the mortgagor;
(c) to execute a legal charge over that land in favour of the mortgagee in such form and containing such covenants and provisions as the mortgagee may require; and
(d) to sign, seal, execute, deliver, perfect and do all other deeds, instrument acts and things which may be required or which the mortgagee or receiver shall think fit for carrying out any obligation imposed on the mortgagor under the mortgage or for carrying into effect any sale, lease, charge or dealing by the mortgagee or receiver or for giving to the mortgagee the full benefit of that charge.
11. The powers mentioned in paragraphs 2 to 9 shall not be exercisable unless-
(a) notice requiring payment of the mortgage money has been served on the mortgagor, or on one of the several mortgagors, and default has been made in payment of the mortgage money or part thereof for one month after such service; or
(b) interest under the mortgage is in arrear and unpaid for one month after
becoming due; or
(c) there has been a breach of a provision, express or under this Ordinance, of the mortgage other than a covenant for payment of the mortgage money and interest.
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