Australian Capital Territory Current Acts

LAND TITLES ACT 1925 - SECT 91B

    (1)         This section applies if—

        (a)     a lease of land under this Act is surrendered by the lessee; and

        (b)     the lessor grants to the lessee a new lease of the land comprised in the surrendered lease; and

        (c)     the lessee has given a mortgage of the land comprised in the surrendered lease; and

        (d)     the mortgage is still in force when the lease is surrendered.

    (2)     The mortgage continues in force, unless otherwise terminated or discharged, as a mortgage of the land comprised in the new lease.

    (3)     The mortgagor has the same rights and remedies against the mortgagee, and the mortgagee has the same rights and remedies against the mortgagor, under the mortgage as if the lease had not been surrendered.

    (4)     The mortgage is to be read subject to any changes necessary to give effect to subsections (2) and (3).

    (5)     The lessor has the same rights and remedies against the mortgagee, by entry onto the land, as the lessor would have had if the surrendered lease had not been surrendered.

    (6)     However, subsection (5) does not confer a right or remedy on the lessor if, or to any extent that, the lessor would not have a similar right or remedy against the mortgagee of a mortgage of the land comprised in the new lease.

    (7)     In this section, a reference to a lessor, lessee, mortgagor or mortgagee includes a reference to a successor in title to the lessor, lessee, mortgagor or mortgagee.