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56. Implied powers of mortgagees

(1) A registered mortgagee of real property has the following powers on default by the mortgagor —
(a) to sell the whole or part of the real property or any interest in the real property by whatever means the mortgagee, acting reasonably, determines appropriate, including by tender, public auction or by private contract;
(b) to sever and sell fixtures apart from the balance of the real property;
(c) to sell any easement, right or privilege of any kind over or in relation to the real property;
(d) to enter into possession of the real property and receive the rents and profits from it, and, after obtaining possession, grant any easement, right or privilege of any kind over or in relation to the real property; and
(e) to foreclose.
(2) The powers may only be exercised in accordance with the provisions of this Chapter, but otherwise (and subject to subsection (3)) may be supplemented, varied or negated by express provision in the mortgage.
(3) A mortgagee may not exercise a power under subsection (1) without first serving on the persons listed in subsection (4) a notice giving the mortgagor 30 days in which to remedy the default. If within that time the default is remedied, then the mortgagee may not exercise a power for that default.
(4) The persons on whom the notice shall be served are —
(a) the mortgagor;
(b) any guarantor or surety of the mortgagor; and
(c) any other registered mortgagee or chargee.