Section Sch2-10 — Property Law Act 2007: Mortgagee may remedy defaults of mortgagor

10 Mortgagee may remedy defaults of mortgagor (1) This clause applies if the mortgagor fails to do punctually any of the acts or things that the mortgagor covenants to do under— (a) the mortgage; or (b) any mortgage or other encumbrance over the mortgaged land having priority over the present mortgage; or (c) any covenant referred to in this Part; or (d) any lease upon which the mortgagor holds the mortgaged land. (2) The mortgagee may, but is not required to, do the covenanted act or thing referred to in subclause (1) on behalf of the mortgagor. (3) The following are repayable to the mortgagee by the mortgagor upon demand: (a) all amounts expended by the mortgagee in terms of subclause (2): (b) all amounts expended by the mortgagee in lawfully exercising or enforcing, or lawfully attempting to exercise or enforce, any power, right, or remedy contained or implied in the mortgage. (4) In subclause (3), upon demand means upon demand for payment of the amounts referred to in that subclause being made to the mortgagor by a notice in writing signed by the mortgagee or by an agent of the mortgagee. Compare: 1952 No 51 Schedule 4 cls 5, 7, 12, 16