Section 120 — Property Law Act 2007: Form of notice under section 119

120 Form of notice under section 119 (1) The notice required by section 119 must be in the prescribed form and must adequately inform the current mortgagor of— (a) the nature and extent of the default; and (b) the action required to remedy the default (if it can be remedied); and (c) the period within which the current mortgagor must remedy the default or cause it to be remedied, being not shorter than 20 working days after the date of service of the notice, or any longer period for the remedying of the default specified by any term that is expressed or implied in any instrument; and (d) the consequence that if, at the expiry of the period specified under paragraph (c), the default has not been, or cannot be, remedied,— (i) the amounts secured by the mortgage and specified in the notice will become payable; or (ii) the amounts secured by the mortgage and specified in the notice may be called up as becoming payable; or (iii) the powers of the mortgagee or receiver specified in the notice will become exercisable; or (iv) more than 1 of those things will occur. (2) A notice required by section 119 may specify that the action required to remedy the default includes the payment (whether to the mortgagee or receiver) of a specified amount, being the reasonable costs and disbursements (whether of the mortgagee or receiver) in preparing and serving the notice. Compare: 1952 No 51 s 92(1A), (2)