Radiocommunications Act 1989

75 Alteration of terms of mortgage by endorsement

(1)

Subject to subsections (2) and (3), in the case of every mortgage under this Act,—

(a)

the amount secured by the mortgage may be increased or reduced; and

(b)

the rate of interest may be increased or reduced; and

(c)

the term or currency of the mortgage may be shortened, extended, or renewed; and

(d)

the covenants, conditions, and powers contained or implied in the mortgage may be varied, negatived, or added to—

by a memorandum in the prescribed form.

(2)

The memorandum may include all or any of the matters specified in subsection (1), and in that case the prescribed forms shall be modified accordingly.

(3)

It shall not be necessary for a mortgagor to execute a memorandum of reduction, or for a mortgagee to execute a memorandum of increase, of the mortgage debt or of the rate of interest payable under a mortgage.