Implied covenants by mortgagor

(1) There shall be deemed to be included, and there shall by virtue of this Act be implied, in every mortgage deed made under this Act, (a) a covenant with the mortgagee by the person therein expressed to charge as mortgagor to the effect that the mortgagor will, on the stated day, pay to the mortgagee the stated mortgage money, with interest thereon in the meantime at the stated rate, and will thereafter, if and as long as the mortgage money or any part thereof remains unpaid, pay to the mortgagee (as well after as before any judgment is obtained or order for sale made under the mortgage) interest thereon, or on the unpaid part thereof, at the stated rate, by equal half-yearly payments, the first thereof to be made at the end of six months from the day stated as the date of the advancement of the principal money; (b) a covenant with the mortgagee to the effect that if the mortgagor pays to the mortgagee the stated mortgage money, with interest thereon in the meantime at the stated rate, the mortgagee at any time thereafter, at the request and cost of the mortgagor, shall discharge the mortgaged property or assign the benefit of the mortgage as the mortgagor may direct; (c) a covenant with the mortgagee that the mortgagor will 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 mortgaged property, at his own expense and will assign the policy or policies therefore to the mortgagee; (d) a covenant with the mortgagee that the mortgagor will during the subsistence of the mortgage keep the buildings, messuages and other erections on the mortgaged land in such reasonable state of repair as will prevent deterioration of the same, and will permit the mortgagee or his agents at all reasonable times to enter upon the mortgaged land for the purpose of viewing the state of repair thereof; and 51 (e) a covenant with the mortgagee that the mortgagor will pay all taxes and rates levied and charged on the mortgaged land as and when the same becomes due, and that he will produce for inspection by the mortgagee or his agents the receipts for the same if required to do so. (2) The mortgagor and the mortgagee may in the mortgage deed include any other lawful covenant affecting the mortgage as well as exclude from the mortgage any of the covenants implied in subsection (1) of this section which they may think fit.