Regulation of exercise of power of sale

(1) A mortgagee shall not exercise his right to an order for sale of the mortgaged property conferred by this Act unless and until, (a) notice in writing requiring payment of the mortgage money has been served on the mortgagor or one of two or more mortgagors, and default has been made in payment of the mortgage money, or of part thereof, for three months after such service; (b) some interest or instalment of principal money due under the mortgage is in arrears and unpaid for fourteen days after it became due; or (c) there has been a breach of some covenant contained in the mortgage deed or of some provision of this Part, and on the part of the mortgagor, or of some person concurring in making the mortgage, to be observed or performed, other than a covenant for payment of the mortgage money. 58 (2) A mortgagee shall not exercise his power of sale under section 69 of this Act unless and until, (a) notice in writing requiring payment of the mortgage money has been served on the mortgagor or one of two or more mortgagors, and default has been made in payment of the mortgage money, or of part thereof, for three months after such service; (b) some interest or instalment of principal money due under the mortgage is in arrears and unpaid for fourteen days after it became due; or (c) there has been a breach of some covenant contained in the mortgage deed or of some provision of this Part, and on the part of the mortgagor, or of some person concurring in making the mortgage, to be observed or performed, other than a covenant for payment of the mortgage money; and (d) he has given at least two months’ notice of his intention to exercise his power of sale by publication thereof in three issues of the Gazette and of one newspaper circulating in the country.