SCHEDULE 5 SCHEDULE 5

[Schedule 5 Inserted by 26 Geo. V No. 97, s. 3 ]

Section 90

1.   The words "current account" shall imply. All and every sum and sums of money which shall for the time being be due, owing, or payable by the mortgagor, either alone or together with any other person to the mortgagee on account current or for moneys advanced, lent, or paid, or in respect of bills or promissory notes or drafts paid or discounted, or in respect of any guarantee or on any other account whatsoever, together with interest on all and every such sum and sums of money at the current rate for the time being and in the manner usually charged by the mortgagee in Tasmania on overdrawn accounts of a similar nature, commission, and all usual or customary charges, and all costs and expenses which may be incurred in respect of the premises, and that all such interest shall be considered as accruing from day to day, and shall be payable when demanded, but that until demanded the mortgagor will pay the same on the half-yearly balancing days of the mortgagee in Tasmania, and will make the first of such half-yearly payments on the next half-yearly balancing day of the mortgagee in Tasmania, and includes any sum or sums which, under any bill of exchange, promissory note, or other instrument may not then have arrived at maturity as and when the same shall become due and payable.

2.   The words "interest may be capitalized" shall imply. In case any interest upon the moneys for the time being owing on this security (inclusive of any interest which may be added to principal by virtue of this present proviso), or any part thereof respectively, or any commission or charges, shall remain unpaid on any half-yearly day of payment, the same may be turned into principal, and shall thenceforth be deemed part of the principal moneys intended to be hereby secured, and shall carry interest in like manner, and the covenant for payment of principal moneys and interest shall extend to all additions to the said principal moneys arising from such capitalized interest, or commission, or charges, and the interest to accrue due thereon, and the premises hereby mortgaged shall stand charged therewith accordingly: And further that, until realized or fully discharged, this security shall be a continuing security for the full amount of the said hereinbefore mentioned indebtedness and liability and all other moneys expressed to be hereby secured, and it shall be optional with the mortgagee whether all or any moneys which may from time to time be paid in or standing to the credit of the account of the mortgagor with the mortgagee shall be applied in or towards satisfaction of the moneys hereby secured or not.