Variation of recorded mortgage of water share
2 Variation of recorded mortgage of water share
The parties to a recorded mortgage of a water share may agree, in writing, to vary—
the terms of the mortgage; or
the principal sum or interest secured by the mortgage.
(2) If the water share is subject to any subsequent recorded mortgage of a water share, the agreement in writing to the variation referred to in subclause (1) must be obtained from that subsequent mortgagee.
If a recorded mortgage of a water share is varied under this clause, the mortgagee may lodge with the Registrar a document for the recording of the variation to be made in the water register.
A document for the recording of a variation under subclause (3) must be in the approved form.
When the Registrar records a variation of a recorded mortgage of a water share under this clause in the water register, that mortgage has effect as varied from the time the document for the recording of the variation is lodged with the Registrar.
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