418
THE NEW ZEALAND GAZETTE.
[No. 14

full insurable value in the State Fire Insurance Office or other reputable insurance office to be from time to time approved by the mortgagee, and will duly and punctually pay all premiums and sums of money necessary for the purpose of keeping every such insurance on foot; and will not later than the forenoon of the day on which any premium falls due deliver the receipt therefor to the mortgagee who shall also be entitled to the exclusive custody of all policies of insurance: Provided that an insurance effected by the mortgagor(s) in the name of any prior mortgagee pursuant to the covenants contained or implied in any prior mortgage shall be accepted by the mortgagee in satisfaction of this covenant so long as there shall be registered against the title to the land any mortgage taking effect in priority to this security.

4. That the mortgagor(s) will from time to time so long as any money remains owing on this security well and substantially repair, and keep in good and substantial repair and condition, all buildings or other improvements erected and made upon the said land; and that the mortgagee may at all times be at liberty by himself, his agents, or servants to enter upon the said land to view and inspect the said buildings and improvements.

5. That if the mortgagor(s) fails (fail) or neglects (neglect) to insure or keep insured the said buildings and erections as aforesaid, or to deliver any premium receipt as aforesaid, or to repair the said buildings and improvements or to keep them in good and substantial repair and condition as aforesaid, then and in any such case and as often as the same shall happen it shall be lawful for but not obligatory on the mortgagee at the cost and expense in all things of the mortgagor(s) to insure the said buildings or any of them in such sum as aforesaid or in any less sum or to pay such premium or to repair the said buildings and improvements and keep them in good and substantial repair and condition.

6. That in the event of the said buildings and erections or any of them being destroyed or damaged by fire, all moneys received by the mortgagee under any insurance in respect of such destruction or damage shall (subject to the rights of any prior mortgagee under a mortgage registered against the said land taking effect in priority to this security), be applied at his sole option either in or towards rebuilding or repairing the buildings and erections so destroyed or damaged or in or towards payment of the principal, interest, and other moneys for the time being covered by this security notwithstanding that the same or any of them may not have accrued due under the terms of these presents.

7. That all moneys expended by the mortgagee in and about effecting or keeping on foot any insurance as aforesaid or in repairing or keeping in repair any of the said buildings and improvements as aforesaid or in attempting to exercise or enforce any power, right, or remedy herein contained or implied in favour of the mortgagee, shall be payable to him by the mortgagor(s) on demand and until paid shall be charged on the said land together with interest at the rate of seven pounds per centum per annum computed from the date or dates of such moneys being expended.

8. That the power of sale and incidental powers in that behalf conferred upon mortgagees by the Property Law Act, 1908, shall be implied herein with this modification: That the said powers may be exercised without any notice or demand whatsoever if and whenever the mortgagor(s) makes (make) default for fourteen days in the full and punctual payment of any moneys hereby secured or the interest thereon in accordance with the respective covenants for payment thereof herein contained; or if and whenever the mortgagor(s) makes (make) default in the faithful observance and performance of any other covenant or condition on the part of the mortgagor(s) herein contained or implied.

9. That if and whenever the mortgagor(s) makes (make) any such default as in the last preceding covenant mentioned it shall be lawful for the mortgagee to call up and compel payment of all principal, interest, and other moneys for the time being owing under this security notwithstanding that the time or times hereinbefore appointed for the payment thereof respectively may not have arrived.

10. That the covenants, powers, and provisions implied in mortgages by the Property Law Act, 1908, are modified or negatived in so far as they are inconsistent with or repugnant to these presents.

11. That in the case of lands held under lease or license the mortgagor(s) will at all times punctually pay the rent or other payments reserved by and faithfully perform and observe all the covenants and conditions contained in the lease or license herein mentioned; and that if the mortgagor(s) fails (fail) or neglects (neglect) so to do it shall be lawful for but not obligatory on the mortgagee so to do at the cost and expense in all things of the mortgagor(s); and all moneys so expended by the mortgagee shall be payable to him by the mortgagor(s) on demand and until paid shall be charged on the said land together with interest at the rate of seven pounds per centum per annum computed from the date or dates of such moneys being expended.

12. That the mortgagor(s) will at all times cultivate and manage the mortgaged land in a skilful and proper manner and according to the rules of good husbandry.

13. That the mortgagor(s) will immediately the same shall fall due pay all existing and future rates, taxes, and assessments and outgoings of whatsoever nature charged, levied, or imposed upon or payable in respect of the mortgaged land.

14. That the mortgagor(s) will duly and punctually pay, perform, observe, and keep all moneys, covenants, conditions, and agreements contained in any security collateral herewith or in the prior mortgage(s) set forth in the Second Schedule