In every transfer of land under the operation of this Act subject to a mortgage, there shall be implied a covenant with the transferor by the transferee, binding the latter and his or her heirs, executors, administrators and transferees that he or she or they will pay the interest secured by the mortgage at the rate and at the times and in the manner specified in the mortgage, and will indemnify and keep harmless the transferor and his or her representatives from and against the principal sum secured by the mortgage and from and against all liability in respect of any of the covenants contained in the mortgage or by law declared to be implied in it on the part of the transferor.