28Form of mortgage

### 28 Form of mortgage > > (1)  A mortgage of freehold or leasehold land may be made by a deed expressed to be made by way of statutory mortgage, being in the form given in [Part I](#JS1@HSI@EN) of [Schedule 1](#JS1@EN) , with such variations and additions, if any, as circumstances may require, and the provisions of this section shall apply thereto. > > > (2)  There shall be deemed to be included and there shall, by virtue of this Act, be implied, in the mortgage deed – First, a covenant with the mortgagee by the person expressed therein to convey as mortgagor to the effect following, namely: 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, by equal half-yearly payments, and will, after the stated day, if and as long as the mortgage money or any part thereof remains unpaid, pay to the mortgagee interest thereon, or on the unpaid part thereof, at the stated rate, by equal half-yearly payments, the first payment of interest to be made at the end of 6 months from the day on which the mortgage money shall have been advanced. Secondly, a proviso to the effect following, namely: That if the mortgagor, on the stated day, pays to the mortgagee the stated mortgage money, with interest thereon in the meantime at the stated rate, the mortgagee at any time thereafter, at the request and cost of the mortgagor, shall reconvey the mortgaged property to the mortgagor, or as he shall direct.