Schedule 12A, s 5

Procedure in case of default in payment of money secured or covenant

In force

(1)

If—

(a)

default is made in the payment of the principal sum or the interest secured by a recorded mortgage of a water share or in the performance of any express or implied covenant in that mortgage; and

(b)

that default continues for one month or any other period expressly fixed in the instrument of mortgage—

the mortgagee may serve notice in writing to pay the money owing or perform and observe the covenant (as the case requires) on—

(c)

the mortgagor; and

(d)

any other person who has a recorded mortgage of that water share; and

(e)

any person who is recorded in the water register as having a limited term transfer.

(2)

If money secured by a recorded mortgage of a water share is made payable on demand, a demand in writing under the mortgage is, for the purposes of this Act, equivalent to serving a notice under subclause (1).

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