1846
to sell;
to insure.
Protection of purchasers from mortgagees.
Application of sale.
No. 34 of 1910. NEW TERRITORIES REGULATION.
(1) where the mortgage money has become due to sell and convey the mortgaged property, 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 any contract for sale, buy in at any auction, and rescind any contract for sale, and to re-sell without 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) to insure the mortgaged property, or any part thereof, for any sum not exceeding the 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.
43. When a sale is made under a power of sale conferred by this Ordinance, the title of the purchaser shall 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 his remedy in damages against the person exercising the power.
44. Any money received by a mortgagee from the sale, of proceeds after payment and discharge of prior incumbrances (if any) to which the sale is not subject, shall be applied first in payment of all proper costs and expenses incurred by him on such sale, secondly, in payment of the mortgage money,
1846
to sell;
to insure.
Protection of purchasers from mort- gagees.
Application
of sale.
No. 34 of 1910. NEW TERRITORIES REGULATION.
(1) where the mortgage money has become due to sell and convey the mortgaged property, subject to prior charges, estates and interests (if any) to which the mortgaged prop- erty 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 any contract for sale, buy in at any auction, and rescind any contract for sale, and to re-sell without 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 inortgagors, or left on the mortgaged premises, and default has been made in payment of the mortgage money or part thereof for one mouth after such service, or some interest, un- der 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 then a covenant for payment of the mortgage money and interest;
(2) to insure the mortgaged property, or any part thereof, for any sum not exceeding the amount of the mortgage mon- ey, 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.
43. When a sale is made under a power of sale conferred by this Ordinance, the title of the purchaser shall 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 his remedy in damages against the person exercising the power.
44. Any money received by a mortgagee from the sale, of proceeds after payment and discharge of prior incumbrances (if any) to which the sale is not subject, shall be applied first in pay- ment of all proper costs and expenses incurred by him on such sale, secondly, in payment of the mortgage money,
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