CAP. 97]
[s. 32 cont.]
Implied covenant on mortgagee, trustee, etc. New Territories.
condition or agreement by him (either expressed or implied), re-enter upon the said premises the subject-matter of the lease, or any part thereof in the name of the whole, and thereupon the said lease shall absolutely determine and become void. [40]
33. In any conveyance under this Ordinance where any conveyance by person is expressed to convey as mortgagee or trustee or as personal representative of a deceased person, or under an order made under this Ordinance or by any court, then the following covenant only, which shall be deemed to extend to such person's own acts only, shall be implied:
Powers of mortgagee:
that the person so conveying has not executed or done or knowingly suffered or been party or privy to any act, deed or thing, whereby or by means whereof the subject-matter of the conveyance or any part thereof is or may be impeached, charged, affected or incumbered in title, estate or otherwise, or by means whereof the person who so conveys is in anywise hindered or prevented from conveying the subject-matter of the conveyance, or any part thereof, in the manner in which it is expressed to be conveyed. [41]
34. A mortgagee and any person entitled to give a receipt for the mortgage money, where the mortgage is made in accordance with Form B in the Schedule, shall have the following powers to the like extent as if they had been conferred by the mortgage deed but not further—
to sell:
(a) 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 provisions 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
80
CAP. 97]
[s. 32 cont.]
Implied
covenant on
mortgagee, trustee, etc.
New Territories.
condition or agreement by him (either expressed or implied), re-enter upon the said premises the subject- matter of the lease, or any part thereof in the name of the whole, and thereupon the said lease shall absolutely determine and become void. [40]
33. In any conveyance under this Ordinance where any conveyance by person is expressed to convey as mortgagee or trustee or as personal representative of a deceased person, or under an order made under this Ordinance or by any court, then the following covenant only, which shall be deemed to extend to such person's own acts only, shall be implied:
Powers of mortgagee :
that the person so conveying has not executed or done or knowingly suffered or been party or privy to any act, deed or thing, whereby or by means whereof the subject-matter of the conveyance or any part thereof is or may be impeached, charged, affected or incumbered in title, estate or otherwise, or by means whereof the person who so conveys is in anywise hindered or prevented from conveying the subject-matter of the conveyance, or any part thereof, in the manner in which it is expressed to be conveyed.
[41]
34. A mortgagee and any person entitled to give a receipt for the mortgage money, where the mortgage is made Sched. Form B. in accordance with Form B in the Schedule, shall have the following powers to the like extent as if they had been conferred by the mortgage deed but not further—
to sell:
(a) 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 provisions 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
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