Section 49 Mortgage and Property Law of Lagos State

Section 49 of the Mortgage and Property Law of Lagos State 2010 is about Terms of statutory legal charges. It provides as follows:

(1) As a special form of charge by way of legal mortgage of right of occupancy or leasehold land may be deed expressed to be made by way of statutory mortgage being in one of the form (Nos 1 or 4) set out Terms of in the Second Schedule to this Law, with such variations and additions, if any, as circumstances may require, and if so made the provisions of this section shall apply thereon.

(2) There shall be deemed to be included, and shall by virtue of this Law be implied, in such a mortgage deed –
(a) first, a covenant with the mortgagee by the person therein expressed to charge as a mortgagor to the following effect:

(i) that the mortgagor will, on the stated day, pay to the mortgagee the stated mortgage money, with interest thereon in the meantime at the stated rate,
and will thereafter, if and as long as the mortgage money or any part of it remains unpaid, pay to the mortgagee ( as well after as before any judgment is obtained under the mortgage) interest thereon, or on the unpaid part thereof, at the stated rate, payable at such times as may be agreed by the parties.

(b) secondly, a provision to the following effect:
(i) that if the mortgagor on the stated day pays to the mortgagee the stated rate, the mortgage money, with interest on it in the meantime the mortgagee at any time thereafter, at the request and cost of the mortgagor, shall discharge the mortgaged property or transfer the benefit of the mortgage as the mortgagor may direct.

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