Section 145
⎯(1)
A chargor shall be entitled to redeem the land charged, at any time before the same has been actually sold under the power of sale, on payment of all moneys due and owing under the charge at the time of payment.
(2)
A chargor shall be entitled to redeem the land charged although the time for redemption appointed in the charge has not arrived, but, in that case, he shall pay to the chargee, in addition to any other moneys then due or owing under the charge, interest on the principal sum secured thereby for the unexpired portion of the term of the charge.
(3)
A chargor seeking to redeem after the expiry of the term of the charge, or of any further term for which it has been renewed or extended, shall give to the chargee three clear months’ notice in writing of his intention to redeem or shall pay to the chargee three months’ interest in lieu thereof :
Provided that there shall be no right to redeem in any case in which the chargee has entered into possession of the land charged, or any part thereof, or has taken any step to realise his security.
(4)
Where the chargor has made default in payment of the principal sum at the expiry of the term of the charge, or of any period for which it has been renewed or extended, and the chargee has accepted interest on the said sum for any period not being less than three months after default has been so made, then, so long as the chargor performs and observes all covenants expressed or implied in the charge other than the covenant for payment of the principal sum,
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the chargee shall not call up and compel payment of the said sum without giving to the chargor three clear months’ notice of his intention so to do.
Alteration of terms of the charge