Chapter 1 Chapter 1 General
50. Right to mortgage(1) Real property or a registered interest in real property (including a registered lease) may be mortgaged by registering a mortgage.(2) Except as provided in these Regulations, a part of a lot cannot be mortgaged separate and apart from the rest of the lot.
51. Requirements for mortgage(1) In order to be registered, a mortgage shall include the following —(a) a description sufficient to identify the real property;(b) a description sufficient to identify the interest to be mortgaged;(c) a description of the debt or liability secured by the mortgage; and(d) a maturity date of the debt or liability secured by the mortgage.(2) Subsection (1) does not limit the matters that the approved form of mortgage may require to be included in order to permit registration.
52. Mortgage as charge only(1) A mortgage of real property operates only as a charge on the real property for the debt or liability secured by the mortgage.(2) For the avoidance of doubt, the mortgagor is taken to have an equity of redemption, which may not be waived by agreement or otherwise clogged by the actions of the mortgagee; provided that the rights of redemption shall not preclude the parties from agreeing to prepayment premiums or restricting periods for repayment.
53. Variation of mortgage(1) A registered mortgage may be varied by registering an instrument varying the mortgage.(2) A variation cannot add a party to, or remove a party from, the mortgage.(3) A variation does not affect prior registered mortgagees, and does not affect subsequent registered mortgagees unless they consent.
54. Discharge of mortgage(1) A registered mortgage may be discharged by registering a discharge of mortgage.(2) A discharge of mortgage may discharge the debt or liability secured for —(a) all or part of the mortgage; or(b) one or more of the mortgagors.(3) On the discharge being registered —(a) the mortgage is discharged; and(b) the real property is released from the mortgage, to the extent shown in the discharge.
55. Extent of discharge of mortgage
Whether the discharge releases the mortgagor from any personal obligation to repay the debt or from any other liability secured by the mortgage is a matter of construction of the discharge, the promissory note and any other instruments relating to the subject indebtedness.