68Power to redeem mortgages

68 Power to redeem mortgages (1) The Authority may purchase or redeem the interest of the mortgagee in any interest in land acquired or proposed to be acquired pursuant to this Act for the purposes of the special Act. (2) Subsection (1) applies whether or not— (a) the Authority has previously acquired the equity of redemption of that land; or (b) the mortgagee is entitled to the mortgagee's interest in the land in the mortgagee's own right or in trust for any other person; or (c) the mortgagee is in possession of that land by virtue of the mortgage; or (d) the mortgage affects that interest in land solely or jointly with other interests in that or any other land not required for the purposes of the special Act. (3) The Authority may purchase or redeem the mortgage by paying or tendering to the mortgagee— (a) the principal sum and interest due on the mortgage; and (b) the expenses and charges (if any) of the mortgagee; and (c) three months' additional interest. (4) Immediately upon payment of the amounts specified in subsection (3), the mortgagee must convey or release the mortgagee's interest in the land under the mortgage to the Authority or as the Authority directs. (5) The Authority may give notice in writing to the mortgagee that it will pay off the principal and interest due on the mortgage six months after the date of giving of the notice. (6) If— (a) the Authority has given a notice under subsection (5); or (b) the person entitled to the equity of redemption of the land has given six months' notice of intention to redeem the interest of the mortgagee in the land— at the expiration of the period specified in respect of either of those notices or at any intermediate period, upon payment or tender by the Authority to the mortgagee of— (c) the principal sum due on the mortgage; and (d) the interest which would become due at the end of six months from the date of giving either of the notices; and (e) the expenses and charges (if any) of the mortgagee— the mortgagee must convey or release the mortgagee's interest in the land under the mortgage to the Authority or as the Authority directs.