Common use of Further mortgage Clause in Contracts

Further mortgage. 12.1 If your obligations under this contract are at any time secured by a security interest over land (primary mortgage), then you must give us a further mortgage over that land if requested to do so at any time (further mortgage). 12.2 If we request a further mortgage you must: (a) execute and deliver the further mortgage to us promptly after we provide it to you, and (b) do all things requested by us to assist in the stamping and registration of the further mortgage. 12.3 Any further mortgage requested by us under this clause must be substantially in the form of our then current standard mortgage for the jurisdiction in which the security interest is located. 12.4 Our right to request a further mortgage will survive even if we assign the primary mortgage. However, that right won’t survive if we discharge the primary mortgage. 12.5 You agree that we can lodge a caveat in respect of our rights and interests under this clause and any request made pursuant to it. Part B of these terms and conditions sets out: • when and how you must make required repayments, and • what happens if you make voluntary prepayments or pay the total amount owing early.

Further mortgage. 12.1 11.1 If your obligations under this contract are at any time secured by a security interest over land (primary mortgage), then you must give us a further mortgage over that land if requested to do so at any time (further mortgage). 12.2 11.2 If we request a further mortgage you must: (a) execute and deliver the further mortgage to us promptly after we provide it to you, and (b) do all things requested by us to assist in the stamping and registration of the further mortgage. 12.3 11.3 Any further mortgage requested by us under this clause must be substantially in the form of our then current standard mortgage for the jurisdiction in which the security interest is located. 12.4 11.4 Our right to request a further mortgage will survive even if we assign the primary mortgage. However, that right won’t survive if we discharge the primary mortgage. 12.5 11.5 You agree that we can lodge a caveat in respect of our rights and interests under this clause and any request made pursuant to it. Part B of these terms and conditions sets out: • when and how you must make required repayments, and • what happens if you make voluntary prepayments or pay the total amount owing early.