Where loan documentation for company title property mistakenly refers to a 'first registered mortgage over real property' — a legal impossibility — the reference may be construed as referring to an equitable mortgage over the shares entitling the holder to occupy the relevant flat, provided the literal meaning is an absurdity and the intended meaning is self-evident. Mere retention of a share certificate by a bank after discharge of the original loan does not create a fresh equitable mortgage; a voluntary deposit by the owner is required. A condition precedent requiring execution of a security extension form, stipulated for the lender's benefit, may be waived without defeating the extension of security where the borrower's acknowledgement on the signing page unambiguously extends the existing security.
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