SCHEDULES
SCHEDULE 17Vesting of Mortgaged House in Authority Entitled to Exercise Power of Sale
Vesting of house with leave of court.
1
1
The authority may, if the county court gives it leave to do so, by deed vest the house in itself—
a
for the estate and interest in the house which is the subject of the mortgage and which the authority would be authorised to sell or convey on exercising its power of sale, and
b
freed from all estates, interests and rights to which the mortgage has priority.
but subject to all estates, interests and rights which have priority to the mortgage.
2
Where application for leave under this paragraph is made to the county court, the court may adjourn the proceedings or postpone the date for the execution of the authority’s deed for such period as the court thinks reasonable.
3
An adjournment or postponement may be made subject to such conditions with regard to payment by the mortgagor of any sum secured by the mortgage or the remedy of any default as the court thinks fit; and the court may from time to time vary or revoke any such conditions.