Section 69

If default is made in payment of the interest, principal or other money, secured by a mortgage or charge, or in payment of any part thereof, the mortgagee or chargee shall, as against the mortgagor or chargor and those claiming through or under him, be entitled to enter into possession of the mortgaged or charged land and to receive the rents and profits thereof.

The power of entry into possession conferred by this section shall not be exercised until one month’s notice has been given to the mortgagor or chargor.

Subject to this section, a mortgagee or chargee has the like remedies for obtaining possession of the mortgaged or charged land as are by law given to a landlord against a lessee or tenant whose term is expired or whose rent is in arrear.

Whenever a mortgagee or chargee has given notice of his intention to enter into receipt of the rents and profits of the mortgaged or charged land to the tenant or other person liable to pay or account for them, the receipt in writing of the mortgagee or chargee shall be a sufficient discharge for any rents and profits therein expressed to be received, and any person paying them shall not be bound or concerned to inquire as to any default or other circumstance affecting the right of the person to give such notice beyond the fact of his being duly registered as mortgagee or chargee of the land.[65