Section 95 — Property Law Act 2007: Covenants implied in mortgages over land

95 Covenants implied in mortgages over land (1) Every mortgage over land contains the implied covenants, conditions, and powers set out in Part 1 of Schedule 2 to the extent that they are relevant in the circumstances. (2) Subsection (1) applies unless a contrary intention is expressed (whether in the mortgage or otherwise) in accordance with section 279(2) . (3) Every registered mortgage over land under the Land Transfer Act 1952 that comes into operation before 1 January 2008 contains an implied power of the mortgagee, upon the mortgagor’s default, to enter into possession of the mortgaged land. (4) The power under subsection (3) may be exercised only— (a) after the expiry of the period specified in the notice required by section 119 or with the leave of a court granted under section 126 ; and (b) in accordance with subpart 6 . (5) Subsection (4) is subject to sections 127 and 175 . Compare: 1952 No 51 s 78 ; 1952 No 52 s 106