524 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
(ii) Every lease shall reserve lest rent can reasonably be obtained—rent shall not be paid in advance.
(iii) The lease must not contain a convenant for renewal.
(iv) Lease shall take effect from a date not later than 6 months from the date on which it was made.
(v) In the case of a lease of a building, the duration of the lease shall not exceed three years.
- The general power of the lease is subject to a contract to the contrary. The other provisions are subject to variarions.
Right to foreclose. This right belongs to—
(1) Mortgagee by conditional sale.
(2) Mortgagee by anomalous mortgage by the terms of which he is entitled to foreclose.
Mortgagees who can neither sue for sale nor for foreclosure.
(1) Usufructuary mortgagee.
(2) Mortgagee of a Railway and canal or other work in the maintenance of which the public are interested.
Case of a mortgagor who may become a trustee or executor of the mortgagee or the mortgagee may become a trustee or executor of the mortgagor.
Can such a mortgagor or mortgagee foreclose sale ?
Sub-clause (b) of Section 67 provides for the case of a mortgagor who has become a trustee for the mortgagee. According to this clause a mortgagor trustee, who may sue for sale, is not allowed to foreclose.
In the other case the foreclosure is equally prohibited according to English practice on the principle that it is the duty of the trustee to consult the interests of the mortgagor and that it is for the mortgagor’s interests that a sale and not foreclosure, should take place.
EXERCISE OF THE POWER OF SALE WITHOUT THE INTERVENTION OF THE COURT
- As a rule, a mortgagee can bring the property to sale only through the Court.