1964_CONVEYANCING_AND_PROPERTY_ORDINANCE — Page 43

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CAP. 219]

Conveyancing and Property

[1988 Ed.

9.

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, instruments, 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. (Amended, 31 of 1988, s. 29)

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.