A few years ago we settled a court action. One of the terms required the enemy to pay a further $25,000.00 within 5 years. We secured the obligation with a mortgage.
The payment was due this week, but was not paid.
Under the terms of the mortgage, our clients can now appoint a receiver to sell the mortgaged property to recover the amount owing, plus legal and other costs on a full indemnity basis, without issuing a demand notice.
Nevertheless, we issued a default notice giving the enemy 10 business days to rectify the situation, failing which we will appoint a receiver.
For mortgages and enforcement thereof, see Michael Paterson & Associates