NEW TERRITORIES REGULATION.
No. 34 of 1910.
1181
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 in this Ordinance other than a covenant for payment of the mortgage money and interest;
(2) to insure the mortgaged property or any part thereof to insure, 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.
chasers from
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 authorize 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 unauthorized, improper or irregular exercise of the power of sale shall have his remedy in damages against the person exercising the power.
of sale.
44. Any money received by a mortgagee from the sale, 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, interest and costs due under the mortgage, and the residue (if any) shall be paid to the person entitled to the mortgaged property or authorized to give receipts for the proceeds of sale thereof.
1
45. The receipt in writing of a mortgagee shall be a sufficient discharge for any money arising under the power of sale conferred by this Ordinance, and no person paying or transferring...
NEW TERRITORIES REGULATION.
No. 34 of 1910.
1181
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 in this Ordinance other than a covenant for payment of the mortgage money and interest;
(2) to insure the mortgaged property or any part thereof to insure. 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.
chasers from
43. When a sale is made under a power of sale conferred by Protection this Ordinance, the title of the purchaser shall not be impeached of pur- by reason that no case had arisen to authorize the sale or that mortgagees. due notice was not given or that the power was otherwise improperly or irregularly exercised; but any person damnified by an unauthorized, improper or irregular exercise of the power of sale shall have his remedy in damages against the person exercising the power.
of sale.
44. Any money received by a mortgagee from the sale, after Application payment and discharge of prior incumbrances (if any) to which of proceeds 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, interest and costs due under the mortgage, and the residue (if any) shall be paid to the person entitled to the mortgaged property or authorized to give receipts for the proceeds of sale thereof.
1
45. The receipt in writing of a mortgagee shall be a sufficient Mortgagee's discharge for any money arising under the power of sale con- receipt a ferred by this Ordinance, and no person paying or transferring discharge.
sufficient
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