(1) Whenever in any
mortgage made under this Act the mortgagor shall employ the form of words
contained in column one of the Sixteenth Schedule such mortgage shall be taken
to have the same effect and be construed as if he had inserted therein the
form of words contained in column 2 of the same Schedule; and every such form
shall be deemed a covenant with the mortgagee and his transferees by the
mortgagor binding the latter and his heirs executors administrators and
transferees.
(2) There may be
introduced into or annexed to the said form in the first column any express
exception from or express qualification thereof; and the like exception or
qualification shall be taken to be made from or in the form in the second
column.
[Section 115 amended: No. 19 of 2010 s. 51.]