sec.145Payment of amount to mortgagee in discharge of mortgage

sec.145 Payment of amount to mortgagee in discharge of mortgage

This section applies if— the lessor forfeits or decides not to renew a home ownership lease; and under a mortgage of the lease, an amount is owing to a mortgagee of the lease by the person who was the lessee. The lessor must pay to the mortgagee— if the amount that may be deducted from the maximum amount under section 144 (d) is less than the difference between the maximum amount and the amounts deducted under section 144 (a) , (b) and (c) —the amount that may be deducted from the maximum amount under section 144 (d) ; or otherwise—the amount equal to the difference between the maximum amount and the amounts deducted under section 144 (a) , (b) and (c) . The lessor must pay the amount payable under subsection (2) to the mortgagee— if no appeal is made to the Land Court about the required amount payable to the person who was the lessee—within 28 days after the time for making an appeal ends; or if an appeal is made to the Land Court about the required amount payable to the person who was the lessee—within 28 days after the appeal is finally decided. If the lessor pays an amount to the mortgagee in relation to a mortgage of the lease, the mortgagee must use the amount in discharge of the mortgage. s 145 ins 2011 No. 26 s 61 sub 2014 No. 45 s 12 (sec.145-ssec.1) This section applies if— the lessor forfeits or decides not to renew a home ownership lease; and under a mortgage of the lease, an amount is owing to a mortgagee of the lease by the person who was the lessee. (sec.145-ssec.2) The lessor must pay to the mortgagee— if the amount that may be deducted from the maximum amount under section 144 (d) is less than the difference between the maximum amount and the amounts deducted under section 144 (a) , (b) and (c) —the amount that may be deducted from the maximum amount under section 144 (d) ; or otherwise—the amount equal to the difference between the maximum amount and the amounts deducted under section 144 (a) , (b) and (c) . (sec.145-ssec.3) The lessor must pay the amount payable under subsection (2) to the mortgagee— if no appeal is made to the Land Court about the required amount payable to the person who was the lessee—within 28 days after the time for making an appeal ends; or if an appeal is made to the Land Court about the required amount payable to the person who was the lessee—within 28 days after the appeal is finally decided. (sec.145-ssec.4) If the lessor pays an amount to the mortgagee in relation to a mortgage of the lease, the mortgagee must use the amount in discharge of the mortgage.

• (a) the lessor forfeits or decides not to renew a home ownership lease; and
• (b) under a mortgage of the lease, an amount is owing to a mortgagee of the lease by the person who was the lessee.
• (a) if the amount that may be deducted from the maximum amount under section 144 (d) is less than the difference between the maximum amount and the amounts deducted under section 144 (a) , (b) and (c) —the amount that may be deducted from the maximum amount under section 144 (d) ; or