580. Loan for a term conditional on payment of interim interest.

Instead of fixing a distant date for redemption, it is usual, when the loan is to continue for a term certain, to fix the usual period of six months, and then to provide that the money is not to be called in or steps to be taken to enforce the mortgage for the agreed term or until after a specified notice has been given1. The benefit of such a provision is, however, lost if the mortgagor gives charges for further advances without the provision, and agrees that the further charges are not to be redeemed except on payment of