526 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
II. Right to renewed lease—Section 71.
III. Right to preserve property—Section 72.
Section 70
1. § Right to accession.
- The mortgagee is entitled to the accession for the purpose of his security if the accession is made after the date of the mortgage. 29 Cal. 803. Where two mortgages were executed on a land on which there was a house and thereafter two new houses were built by the mortgagor on the land held that they were accessions on which a mortgagor could rely for security.
If the house was built before mortgage, he could not.
He could not if it was built after decree although the section does not say so.
This is subject to a contract to the contrary.
Section 71.
2. § Right to the benefit of a renewed lease.
He will be entitled to the benefit of the new lease for the purposes of his security.
This is subject to a contract to the contrary.
Section 72.
3. § Right to preserve the property.
- A mortgagee may spend such money as is necessary—
(i) for the preservation of the mortagage property from destruction, forfeiture or sale.
(ii) for supporting the mortgagor’s title to the property.
(iii) for making his own title thereto good against the mortgagor.
(iv) when the mortgaged property is a renewable leasehold, for the renewal of the lease.
(v) he may insure if the property is insurable and add the cost to the principal money.