(1) A mortgagee and a chargee shall by virtue of this Act have the following
powers to the like extent as if they had been in terms conferred by the
instrument creating the mortgage or the covenant under which the charge arose
but not further, namely--
(a) A power to sell or to concur with any other
person in selling the mortgaged or chargedproperty, or any part thereof,
either subject to prior charges or not, and either together or in lots, in
subdivision or otherwise, by public auction or by private contract, subject to
such conditions respecting title or evidence of title or other matter as the
mortgagee or chargee thinks fit, with power to vary any contract for sale, and
to buy in at an auction or to rescind any contract for sale, and to resell
without being answerable for any loss occasioned thereby.
(b) A power at any
time after the date of the instrument to insure and keep insured against loss
or damage by fire any building or any effects or property of an insurable
nature whether affixed to the freehold or not being or forming part of the
mortgaged or chargedproperty, and the premiums paid for any such insurance
shall be a charge on the mortgaged or chargedproperty in addition to the
money secured by the mortgage or charge, and with the same priority and with
interest at the same rate as that money.
(d) A
power, while the mortgagee or chargee is in possession, to cut and sell timber
except trees planted or left standing for shelter or ornament, or to contract
for any such cutting and sale, to be completed within any time not exceeding
twelve months from the making of the contract.
(e) A power to sever and sell
fixtures apart from the balance of the mortgaged or chargedproperty.
(f) A
power to sell any easement, profit à prendre, right, or privilege of
any kind over or in relation to the mortgaged or chargedproperty.
(2) The
provisions of this Act (except section 111(5) and the provisions of
section 111 relating to notice or lapse of time where default is made in the
payment, in accordance with the terms of the instrument creating the mortgage
or the covenant under which the charge arose, of any principal, interest or
other money) relating to the foregoing powers comprised either in this section
or in any subsequent section regulating the exercise of those powers may be
varied or extended by the instrument, and as so varied or extended shall, as
far as may be, operate in the like manner and with all the like incidents,
effects, and consequences as if such variations or extensions were contained
in this Act.
(3) Subsection (1) applies only if and as far as a contrary
intention is not expressed in the instrument, and shall have effect subject to
the terms of the instrument and to the provisions therein contained.