Rules applying to permitted mortgages

In the case of mortgages made under section 8-

1. (1) no interest shall accrue during the period for which the mortgagee is in possession of the land or in receipt of rent ;
2. (2) if the mortgage is in form
   • (a) or form
   • (b) then at the end of the fixed period of possession the mortgage debt shall be extinguished ;
3. (3) the mortgagor may redeem his land at any time during the currency of the mortgage on payment of the mortgage debt or in the case of a mortgage in form
   • (a) or form (b), of such proportion of the mortgage debt as the Deputy Commissioner determines to be equitable ;
4. (4) in the case of a usufructuary mortgage the mortgagor shall not be deemed to bind himself personally to repay the mortgage money ; and
5. (5) if a mortgagor who has applied to the Deputy Commissioner under sub-section
6. (3) proves to the satisfaction of the Deputy Commissioner that he has paid the mortgage debt as the Deputy Commissioner has determined to be equitable or deposits with the Deputy Commissioner the amount of such mortgage debt or of such proportion thereof, the redemption of the land shall be deemed to have taken place and the Deputy Commissioner shall eject the mortgagee if in possession, and as against the mortgagee to place the mortgagor in possession.