86Powers incident to interest of mortgagee

86 Powers incident to interest of mortgagee If a mortgage is made by instrument, the mortgagee has the following powers to the like extent, but not further, as if they are conferred by terms contained in the instrument of mortgage: (a) subject to section 89, a power to sell, or to concur with any other person in selling, the mortgaged property or a part of the mortgaged property, and all the interest of the mortgagor in the property or part whether subject to prior charges or not and whether together or in lots or in subdivision or otherwise, by public auction or by private contract and for a sum payable either in one sum or by instalments, subject to the conditions with respect to title, evidence of title or other matters as the mortgagee thinks appropriate, and with power to vary any contract for sale, buy in at an auction or rescind any contract for sale and to resell, without being answerable for any loss occasioned by the exercise of the power, with power to make the roads, streets and passages and grant the easements of right of way or drainage over the mortgaged property as the circumstances may require and the mortgagee thinks appropriate; (b) a power, at any time after the date of the instrument of mortgage, to insure and keep insured against loss or damage by fire, flood, lightning, storm, tempest and earthquake a building or any effects or property of an insurable nature, whether affixed to freehold land or not, being or forming part of the property which or an interest in which is mortgaged, and the premiums paid for the insurance are a charge on the mortgaged property or interest in addition to the mortgage money and with the same priority and with interest at the same rate as the mortgage money; (c) subject to section 96, a power to appoint a receiver of the income of the mortgaged property or a part of the mortgaged property or, if the mortgaged property consists of an interest in income, a rent charge or an annual or other periodical sum, to appoint a receiver of that property or a part of that property; (d) a power, while the mortgagee is in possession, to cut and sell timber and other trees ripe for cutting and not planted or left standing for shelter or ornament, to sever and sell a chattel affixed to the property or to contract for the cutting, severing or sale of timber, other trees or a chattel which contract is to be completed within 12 months after the making of the contract; Law of Property Act 2000 55 (e) a power (on default) to enter into possession of the land and receive the rents and profits of the land or from time to time let the land for a term not exceeding 12 months; (f) a power (on default) to commence proceedings for recovery of the land either before or after entering into the receipt of the rents and profits of the land or selling the land under the power of sale; (g) subject to section 89, a power to sell an easement, right or privilege of any kind over or in relation to the mortgaged