<p class="ql-align-center">JUDGMENT OF THE COURT</p><p class="ql-align-justify">By a charge dated 23^rd, October 1997, Housing Finance Corporation of Kenya Limited (HFCK, also referred to as the 1^st respondent), advanced to Peter Nganga Muiruri (appellant) Ksh. five million (5,000,000/=).</p><p class="ql-align-justify">The appellant offered his property LR. No. 7752/225 also has known as IR No. 74677/1 Kibagare Way Nairobi as security for the said sum.</p><p class="ql-align-justify">After paying several instalments, the appellant unfortunately defaulted in repayment. One of the terms in the charge instrument was that if the appellant defaulted in the payment of the principal and the interest, then the 1^st respondent would realise the said security by public auction, after three months prior notice to the appellant to allow him exercise his right of redemption of the property, at any time before the sale.</p><p class="ql-align-justify">On 13^th May 1998, 1^st respondent, through its advocates, Kibuchi and Co. Advocates sent by registered post a notice notifying the appellant of his default in servicing the loan, which by then stood at Ksh 5…</p>