sec.114Restriction on exercise of power of sale

### sec.114 Restriction on exercise of power of sale A mortgagee under a mortgage over property must not exercise a power to sell the property unless and until— a default has happened under the mortgage; and the mortgagee has given the mortgagor a notice that— states the nature of the default; and requires the default to be remedied within 30 days after the notice is given to the mortgagor; and If the chief executive has approved a form for this paragraph under section 234 , the notice may, but need not, be in the approved form. the default has not been remedied within the period mentioned in paragraph (b) (ii) . This section applies despite any agreement to the contrary. This section does not apply to the exercise by a mortgagee of a power of sale given under the Land Act 1994 . (sec.114-ssec.1) A mortgagee under a mortgage over property must not exercise a power to sell the property unless and until— a default has happened under the mortgage; and the mortgagee has given the mortgagor a notice that— states the nature of the default; and requires the default to be remedied within 30 days after the notice is given to the mortgagor; and If the chief executive has approved a form for this paragraph under section 234 , the notice may, but need not, be in the approved form. the default has not been remedied within the period mentioned in paragraph (b) (ii) . (sec.114-ssec.2) This section applies despite any agreement to the contrary. (sec.114-ssec.3) This section does not apply to the exercise by a mortgagee of a power of sale given under the Land Act 1994 . - (a) a default has happened under the mortgage; and - (b) the mortgagee has given the mortgagor a notice that— (i) states the nature of the default; and (ii) requires the default to be remedied within 30 days after the notice is given to the mortgagor; and Note— If the chief executive has approved a form for this paragraph under section 234 , the notice may, but need not, be in the approved form. - (i) states the nature of the default; and - (ii) requires the default to be remedied within 30 days after the notice is given to the mortgagor; and - (c) the default has not been remedied within the period mentioned in paragraph (b) (ii) . - (i) states the nature of the default; and - (ii) requires the default to be remedied within 30 days after the notice is given to the mortgagor; and