98Sale by Registrar-General

98 Sale by Registrar-General (a) a mortgagor has defaulted in paying the principal money or interest and the default has continued for at least 6 months; Law of Property Act 2000 63 (b) notice requiring payment of the amount that constitutes the default has been served on the mortgagor in accordance with section 89(1)(a); (c) the mortgagee has, within the immediately preceding 2 years, exercised the mortgagee's power of sale and offered the property for sale at public auction; (d) the amount of the highest bid at the auction was less than the amount of money owing to the mortgagee and the costs, charges and expenses incident to that exercise of the power of sale; (e) notice in writing of the mortgagee's intention to apply for an order for foreclosure has been served on the mortgagor and each person who has a registered interest in the mortgaged property subsequent to the interest of the mortgagee, the mortgagee may, in a form approved by the Registrar-General, apply to the Registrar-General to offer the mortgaged property for sale by private contract. (2) On receiving an application under subsection (1), the Registrar- General must publish once in each of 3 successive weeks a notice in a newspaper circulating in Darwin and, if the mortgaged property is outside Darwin, in a newspaper circulating in the district where the property is located offering the property for sale by private (3) The Registrar-General's notice is to specify the date after which the mortgagee may apply to the Court for an order for foreclosure if the property does not sell. (4) The date is to be at least one month after the date of the edition of the newspaper in which the notice is first published. (5) The mortgaged property is not to be sold under this section unless its sale will realise an amount equal to or more than the amount of money owing to the mortgagee and the costs, charges and expenses incident to the sale, including the costs and expenses incurred by the Registrar-General. (6) Subject to this section, sections 91, 92, 93, 94 and 95 apply to the extent necessary to and in relation to a sale of mortgaged property under this section as if a reference in those sections to a mortgagee exercising his or her power of sale of a mortgaged property were a reference to the Registrar-General selling a mortgaged property under this section. Law of Property Act 2000 64