- Laws of Fiji

Last Updated: 1 August 2020

[LT 66] Variation of mortgage66

In the case of every mortgage under this Act—

(a)the mortgage may be varied as follows—
- (i)the amount secured by the mortgage may be increased or reduced;
- (ii)the rate of interest may be increased or reduced;
- (iii)the term or currency of the mortgage may be shortened, extended or renewed;
- (iv)the covenants, conditions and powers contained or implied in the mortgage may be varied, negatived or added to; and
- (v)unmortgaged land which becomes included in the same certificate of title as land the subject of the mortgage may be included in and made subject to the mortgage by a memorandum in the prescribed form, provided that it shall not be necessary for a mortgagor to execute a memorandum of reduction, or for a mortgagee to execute a memorandum of increase, of the mortgage debt or of the rate of interest payable under a mortgage;
(b)the memorandum may include all or any of the matters mentioned in paragraph (a), and in that case the form shall be modified accordingly;
(c)the memorandum may be registered in like manner as the original mortgage;
(d)a memorandum varying a mortgage so as to include unmortgaged land shall be presented for registration at the same time as the application for the new certificate of title combining the unmortgaged land with the land already the subject of the mortgage is presented for registration;
(e)a memorandum or instrument varying the terms or conditions of any mortgage of any land, or of any estate or interest therein subject to a subsequent mortgage shall not be binding on the proprietor of any such subsequent mortgage unless he or she has consented thereto in writing on the memorandum but that consent shall render the memorandum binding on the mortgagee so consenting, and shall be deemed to be notice to and shall be binding on all persons who may subsequently derive from him or her any estate or interest in the mortgaged property.