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PROPERTY LAW ACT 1974 - SECT 78
Implied obligations in mortgages
78 Implied obligations in mortgages
(1) In every instrument of mortgage there shall be implied on the part of the
mortgagor the following obligations— (a) that the mortgagor will pay the
principal money and interest secured according to the rate and at the times
and mentioned in the mortgage without any deduction whatever;
(b) that the
mortgagor will keep all buildings and other improvements erected and made upon
the land in as good and substantial repair as the same were in at the date of
the mortgage, and that the mortgagor will permit the mortgagee at all
convenient times, until such mortgage is redeemed, with or without agents, to
enter into and upon such land to view and inspect the state of repair of such
buildings and improvements.
(2) An obligation implied because of this section
shall, if the mortgage is by deed, take effect as a covenant on the part of
the mortgagor.
(3) This section applies only if and as far as a contrary
intention is not expressed in the instrument of mortgage, and shall have
effect subject to the terms of the instrument, and to the provisions contained
in the instrument.
(4) Subject to subsection (3) , an obligation implied by
this section shall have effect as if it were in terms contained in the
instrument of mortgage.
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