44
CAP. 97]
[s. 30 cont.]
Transfer of mortgage. Effect.
Sched. Form D.
New Territories.
(a) that it shall be lawful for the mortgagee, as from the date of the mortgage, if not receiving any interest on the mortgage money, to enter into possession of the property conveyed and thenceforth quietly to hold, occupy, enjoy and take the same and all benefits and advantages accruing in respect thereof without in any way accounting to any person whatsoever in respect thereof, and without any interruption by any person until the time when such mortgage is redeemed;
(b) that the mortgagee will on demand refund to the mortgagor all sums paid by the latter on account of any Crown rent or taxes payable in respect of the property conveyed during the possession of the mortgagee, and that the mortgagee will during such possession indemnify the mortgagor against the non-performance and non-observance of the covenants and conditions, so far as they relate to the property conveyed, contained in the Crown lease, licence or grant under which such property is held.
(2) The following further provisos shall also be deemed to be included-
(a) that on the mortgagor paying to the mortgagee the principal money (without interest) and all costs lawfully due to the mortgagee in respect of the mortgage, the mortgagee will at the request and cost of the mortgagor release the mortgaged property to the mortgagor as in this Ordinance is provided;
(b) that the mortgagor shall not be entitled to redeem the mortgage except on giving three months' notice in writing to the mortgagee of his intention so to do.
[38]
31. A transfer of mortgage made in Form D in the Schedule shall have effect as follows-
(a) there shall be vested in the person to whom the mortgage is expressed to be transferred (hereinafter called the transferee) the right to demand, sue for, recover and give receipts for the mortgage money
78
44
CAP. 97]
[s. 30 cont.]
Transfer of mortgage. Effect.
Sched. Form D.
New Territories.
(a) that it shall be lawful for the mortgagee, as from the date of the mortgage, if not receiving any interest on the mortgage money, to enter into possession of the property conveyed and thenceforth quietly to hold, occupy, enjoy and take the same and all benefits and advantages accruing in respect thereof without in any way accounting to any person whatsoever in respect thereof, and without any interruption by any person until the time when such mortgage is redeemed;
(b) that the mortgagee will on demand refund to the mortgagor all sums paid by the latter on account of any Crown rent or taxes payable in respect of the property conveyed during the possession of the mortgagee, and that the mortgagee will during such possession indemnify the mortgagor against the non-performance and non-observance of the covenants and conditions, so far as they relate to the property conveyed, contained in the Crown lease, licence or grant under which such property is held.
(2) The following further provisos shall also be deemed to be included-
(a) that on the mortgagor paying to the mortgagee the principal money (without interest) and all costs lawfully due to the mortgagee in respect of the mortgage, the mortgagee will at the request and cost of the mortgagor release the mortgaged pro- perty to the mortgagor as in this Ordinance is provided;
(b) that the mortgagor shall not be entitled to redeem the mortgage except on giving three months' notice in writing to the mortgagee of his intention so to do.
[38]
31. A transfer of mortgage made in Form D in the Schedule shall have effect as follows-
(a)
there shall be vested in the person to whom the mortgage is expressed to be transferred (hereinafter called the transferee) the right to demand, sue for, recover and give receipts for the mortgage money
78 -
No comments yet.
Private notes are available after approval.