Agreements implied in charges

There shall be implied in every charge, unless the contrary is expressed therein, agreements by the chargor with the chargee binding the charger– (a) to pay the principal money on the day therein appointed and, so long as the principal sum or any part thereof remains unpaid, to pay interest thereon at the rate and on the days and in the manner therein specified; (b) to pay all rates, taxes and other outgoings which are at any time payable in respect of the charged property; (c) to repair and keep in repair all buildings and other improvements upon the charged land or comprised in the charged lease, and to permit the chargee or his agent, at all reasonable times and after reasonable notice to the chargor, to enter the land and examine the state and condition of such buildings and improvements; (d) to insure and keep insured all buildings upon the charged land or comprised in the charged lease against loss or damage by fire or hurricane in the joint names of the chargor and 50 chargee with insurers approved by the chargee to the full value thereof; (e) in the case of a charge of agricultural land, to farm the land in accordance with the rules of good husbandry; (f) in the case of a charge of land or of a lease, not to lease the charged land or any part thereof, or sublease the whole or any part of the land comprised in the charged lease for any period longer than one year without the previous consent in writing of the chargee, but such consent shall not be unreasonably withheld; (g) not to transfer the land, lease or charge charged or any part thereof without the previous written consent of the chargee, but such consent shall not be unreasonably withheld; (h) in the case of a charge of a lease, during the continuance of the charge to pay the rent reserved by the lease and observe and perform the agreements and conditions thereof, and keep the chargee indemnified against all proceedings, expenses and claims on account of the non-payment of the said rent or any part thereof, or the breach or non-observance of the said agreements and conditions or any of them, and, if the lessee has an enforceable right to renew the lease, to renew it; (i) where the charge is a second or subsequent charge, to pay the interest from time to time accruing due on each prior charge when it becomes due, and at the proper time to repay the principal money due on each prior charge; and 51 (j) that where the chargor fails to comply with any of the agreements implied by paragraphs (b), (c), (d), (e), (h) and (i) of this sub-section, the chargee may spend such money as is necessary to remedy the breach, and may add the amount so spent to the principal money, and that thereupon the amount shall be deemed for all purposes to be part of the principal money secured by the charge.