162 Power of mortgagees to serve blight notice
162 Power of mortgagees to serve blight notice

(1)     Where the whole or part of a hereditament or agricultural unit is comprised in blighted land and a person claims that—

(a)     he is entitled as mortgagee (by virtue of a power which has become exercisable) to sell an interest in the hereditament or unit, giving immediate vacant possession of the land;

(b)     he has made reasonable endeavours to sell that interest [or the land falls within paragraph 21 or paragraph 22 (disregarding the notes) of Schedule 13 and the powers of compulsory acquisition remain exercisable]; and

(c)     in consequence of the fact that the hereditament or unit or a part of it was, or was likely to be, comprised in blighted land, he has been unable to sell that interest except at a price substantially lower than that for which it might reasonably have been expected to sell if no part of the hereditament or unit were, or were likely to be, comprised in such land,