Rights incident to interest of mortgagee

(1) A mortgagee shall by virtue of this Act have the following rights, to the like extent as if they had been in terms conferred by the mortgage deed, but not further, namely, (a) a right, where the mortgage money has become due and has remained unpaid, to apply to the court for an order for the sale of the mortgaged freehold or leasehold; (b) a right in the alternative, notwithstanding anything contained in this Part, to obtain in an action for debt a judgment against the on the contained in the deed to pay the mortgage money which has become due and remained unpaid, which judgment shall be exigible against any property, real or personal, of the mortgagor under the Supreme Court Rules, although that property is not mortgaged under the deed; (c) a right, at any time after the date of the mortgage deed, to insure and keep insured against loss or damage by fire or hurricane any building or any effects or property of an insurable nature, whether affixed to the freehold or not, being or forming part of the property or an estate or interest therein which is mortgaged, and the premiums paid for any such insurance shall be a charge on the mortgaged property or estate or interest, in addition to the mortgage money, and with the same priority and with interest at the same rate, as the mortgage money; (d) a right, in the alternative, at any time after the date of the mortgage deed, to require the mortgagor to insure and keep insured against loss or damage by fire or hurricane any building, or any effects or property of an insurable nature, whether affixed to the freehold or not, being or forming part of the property or an estate or interest therein which is mortgaged, at the mortgagor’s expense and to assign the policy or policies therefor to him (the mortgagee) to be held as security during the continuance of the mortgage; and (e) a right, if the mortgaged property consists of an interest in income, or of a rent charge or of an annual or other periodical sum, to appoint a receiver of the income of the mortgaged property, or any part thereof. (2) Notwithstanding anything contained in paragraph (b) of subsection (1) of this section, a sale of the mortgaged property shall only be effected by and under an order for sale obtained in accordance with this Part. (3) The provisions of this Part relating to the foregoing rights, comprised either in this section, or in any other section regulating the exercise of those rights, may be varied or extended by the mortgage deed 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. (4) This section shall apply only if and as far as a contrary intention is not expressed in the mortgage deed, and shall have effect subject to the terms of the mortgage deed and to the provisions therein contained.