sec.130Right to relief against payment of accelerated sum

### sec.130 Right to relief against payment of accelerated sum This section applies in relation to a mortgage over land if— the mortgagor defaults under the mortgage— in payment of an instalment of the principal amount or interest secured by the mortgage; or in the performance of an obligation or covenant under the mortgage; and under the terms of the mortgage the whole or part of the principal amount or interest secured by the mortgage other than the instalment mentioned in subsection (1) (a) (i) (the accelerated sum ) is, or may become, payable because of— the default; or the exercise on the default of an option or election under the mortgage. The mortgagor can not be required to pay the accelerated sum if the mortgagor, before the mortgagee exercises a power of sale or starts a proceeding to enforce the mortgagee’s rights— for a default mentioned in subsection (1) (a) (i) —pays to the mortgagee— the amount of the instalment or interest; and the reasonable expenses, if any, incurred by the mortgagee because of the default; or for a default mentioned in subsection (1) (a) (ii) —performs the obligation or covenant. The mortgagor may, in a proceeding brought by the mortgagee to enforce the mortgagee’s rights or in a proceeding brought by the mortgagor, apply to the court for an order for relief against payment of the accelerated sum (a relief order ). The court may make the relief order if the court is satisfied that making the order is appropriate in the circumstances. In considering whether or not to make the relief order, the court must take into account— the conduct of the parties to the proceeding; and anything else the court considers relevant. The court may also make any other order it considers appropriate, including, for example— an order for the stay of a proceeding brought by the mortgagee; or an order removing a stay of a proceeding if the mortgagor fails to comply with an undertaking given to the court. (sec.130-ssec.1) This section applies in relation to a mortgage over land if— the mortgagor defaults under the mortgage— in payment of an instalment of the principal amount or interest secured by the mortgage; or in the performance of an obligation or covenant under the mortgage; and under the terms of the mortgage the whole or part of the principal amount or interest secured by the mortgage other than the instalment mentioned in subsection (1) (a) (i) (the accelerated sum ) is, or may become, payable because of— the default; or the exercise on the default of an option or election under the mortgage. (sec.130-ssec.2) The mortgagor can not be required to pay the accelerated sum if the mortgagor, before the mortgagee exercises a power of sale or starts a proceeding to enforce the mortgagee’s rights— for a default mentioned in subsection (1) (a) (i) —pays to the mortgagee— the amount of the instalment or interest; and the reasonable expenses, if any, incurred by the mortgagee because of the default; or for a default mentioned in subsection (1) (a) (ii) —performs the obligation or covenant. (sec.130-ssec.3) The mortgagor may, in a proceeding brought by the mortgagee to enforce the mortgagee’s rights or in a proceeding brought by the mortgagor, apply to the court for an order for relief against payment of the accelerated sum (a relief order ). (sec.130-ssec.4) The court may make the relief order if the court is satisfied that making the order is appropriate in the circumstances. (sec.130-ssec.5) In considering whether or not to make the relief order, the court must take into account— the conduct of the parties to the proceeding; and anything else the court considers relevant. (sec.130-ssec.6) The court may also make any other order it considers appropriate, including, for example— an order for the stay of a proceeding brought by the mortgagee; or an order removing a stay of a proceeding if the mortgagor fails to comply with an undertaking given to the court. - (a) the mortgagor defaults under the mortgage— (i) in payment of an instalment of the principal amount or interest secured by the mortgage; or (ii) in the performance of an obligation or covenant under the mortgage; and - (i) in payment of an instalment of the principal amount or interest secured by the mortgage; or - (ii) in the performance of an obligation or covenant under the mortgage; and - (b) under the terms of the mortgage the whole or part of the principal amount or interest secured by the mortgage other than the instalment mentioned in subsection (1) (a) (i) (the accelerated sum ) is, or may become, payable because of— (i) the default; or (ii) the exercise on the default of an option or election under the mortgage. - (i) the default; or - (ii) the exercise on the default of an option or election under the mortgage. - (i) in payment of an instalment of the principal amount or interest secured by the mortgage; or - (ii) in the performance of an obligation or covenant under the mortgage; and - (i) the default; or - (ii) the exercise on the default of an option or election under the mortgage. - (a) for a default mentioned in subsection (1) (a) (i) —pays to the mortgagee— (i) the amount of the instalment or interest; and (ii) the reasonable expenses, if any, incurred by the mortgagee because of the default; or - (i) the amount of the instalment or interest; and - (ii) the reasonable expenses, if any, incurred by the mortgagee because of the default; or - (b) for a default mentioned in subsection (1) (a) (ii) —performs the obligation or covenant. - (i) the amount of the instalment or interest; and - (ii) the reasonable expenses, if any, incurred by the mortgagee because of the default; or - (a) the conduct of the parties to the proceeding; and - (b) anything else the court considers relevant. - (a) an order for the stay of a proceeding brought by the mortgagee; or - (b) an order removing a stay of a proceeding if the mortgagor fails to comply with an undertaking given to the court.