SCHEDULE 5SCHEDULE 5

# SCHEDULE 5 SCHEDULE 5 *\[Schedule 5 Inserted by 26 Geo. V No. 97, s. 3 \]* [Section 90](#GS90@EN) > **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. > **3.**   The words "the mortgagee may grant time and shall not be liable to merger" shall imply. This mortgage shall be a security as well for any bill of exchange or promissory note held by the mortgagee in respect of all or any of the moneys intended to be hereby secured as also for any and every bill of exchange and promissory note which may be hereafter taken in respect of the said moneys or any part thereof or by way of full or partial renewal of or substitution for any or either of such bills of exchange or promissory notes as are hereinbefore mentioned: And further that the mortgagee may grant time or other indulgence to or compound with or release any drawers, acceptors, or endorsers of bills or notes or any person, liable upon any guarantee or other security without discharging or affecting this mortgage: And further that all dividends, compositions, and payments received from the mortgagor or from any person shall be taken and implied as payments in gross, and that this security shall extend to any ultimate balance which shall remain due to the mortgagee within the limit hereinafter mentioned and interest as aforesaid: And further that nothing herein contained shall be held to discharge, abate, merge, or prejudice any other security now held or which may hereafter be held or taken by the mortgagee for any of the moneys intended to be hereby secured, and that no action upon any promissory note, bill of exchange, or other instrument, the payment whereof is intended to be hereby secured shall be defended upon the ground of any supposed merger, nor shall this mortgage or any such other security affect any claim or demand which the mortgagee now has or may hereafter have against any other person as surety on any bill of exchange or promissory note or guarantee or otherwise. > **4.**   *\[Schedule 5 Clause 4 amended by 25 Geo. V No. 78 \]*The words "the mortgagee when in possession shall have extended powers of leasing and granting options" shall imply. That, in addition to the powers conferred on mortgagees while in possession by [subsection (2)](#GS19@Gs2@EN) of [section 19](#GS19@EN) of the [Conveyancing and Law of Property Act 1884](/view/html/inforce/2026-04-12/act-1884-019) , it shall be lawful for the mortgagee to let or demise the lands described in the schedule hereto or any part thereof, either with or without option of purchase or renewal, to any person for any term, at such rent, with such powers, and, if with option of purchase, at such price, and subject to such covenants and conditions as the mortgagee shall require, and to accept surrenders of any leases or tenancies now existing, or which may hereafter be created, of any such lands and premises, and also to determine such leases and tenancies or any of them: And the mortgagor hereby irrevocably constitutes and appoints the mortgagee or, if a bank or company, the manager, and accountant for the time being of the head office of the mortgagee in Tasmania, during the continuance of this security, jointly and severally to be the attorneys and attorney of the mortgagor for the purpose of carrying out the powers of leasing and of sale contained in this proviso: And the mortgagor agrees to ratify and confirm any such lease so as aforesaid granted by the mortgagee, and to do and execute all acts and deeds which may be requisite for the purpose of effectuating and carrying out a conveyance to any person purchasing under an option of purchase contained in any such lease as aforesaid. > **5.**   *\[Schedule 5 Clause 5 amended by 4 and 5 Geo. VI No. 75, s. 2 \]**\[Schedule 5 Clause 5 amended by No. 51 of 1985, s. 4 and Sched. 2, Pt. II \]*The words "extended power of sale may be exercised" shall imply. The power of sale conferred by the [Conveyancing and Law of Property Act 1884](/view/html/inforce/2026-04-12/act-1884-019) , or by the [Land Titles Act 1980](/view/html/inforce/2026-04-12/act-1980-019) , as the case may be, on mortgagees shall apply to this security, and that on any sale under such power any time may be allowed for the payment of the whole or any part of the purchase-money, either with or without interest in the meantime, and if with interest, then at any rate, and either with or without taking security, and on any such sale the mortgagee may set out, grant, or reserve such roads, ways, or easements as he shall think fit, and that where default has been made in payment of any moneys hereby secured, the mortgagee may enforce this security at any time notwithstanding the currency of any bills or notes or other instruments covered by it, and that, in the event of the said power of sale being exercised, the amount of any bill of exchange, promissory note, or other instrument upon which the mortgagor, either alone or together with any other person, shall be liable to the mortgagee, but which may not then have arrived at maturity or any part thereof respectively, may be deducted from the purchase-money to arise from any such sale in addition to all other moneys owing hereunder: And further that the mortgagee shall be at liberty to include in any sale hereunder any other property, real or personal, over which he shall then have a power of sale held as security for any moneys owing from the mortgagor and deal with it as though portion of the premises comprised herein, with full power to apportion the costs, expenses, and proceeds of such sale between the respective securities: And further that, upon a sale hereunder by the mortgagee in applying the purchase-moneys towards satisfaction of the moneys hereby secured, the mortgagor shall be credited only with so much of the said moneys available for that purpose as shall be received in cash by the mortgagee, such credit to date from the time of such receipt: And all purchase-money left outstanding on credit or otherwise shall, until actually received by the mortgagee in cash, be deemed a continuing unsatisfied part of the principal moneys hereby secured and carry interest accordingly: But any interest paid by the purchaser shall be set off *pro tanto* against the interest hereby secured. > **6.**   The words "will insure" shall imply. That the mortgagor will, during the continuance of this security, keep the buildings now erected, or which may hereafter be erected, on the mortgaged premises insured in the name of the mortgagee against loss or damage by fire to the amount specified in this security, or, if no amount be specified, then to the full insurable value thereof in some public insurance office in Tasmania approved of by the mortgagee and will pay all premiums and moneys necessary for such purpose on the first day on which the same respectively ought to be paid, and will deliver to the mortgagee the policy of such insurance and the receipt for every such payment. And that if the mortgagor shall at any time refuse or neglect to deliver any such policy or receipt as aforesaid the mortgagee shall be entitled to assume that the said premises are not insured in accordance with the covenant hereinbefore contained and to exercise the powers conferred by the [Conveyancing and Law of Property Act 1884](/view/html/inforce/2026-04-12/act-1884-019) in that behalf. (The foregoing covenant, with the necessary alteration in terms, shall be implied on the part of the lessee where the words "will insure" are used for that purpose in a lease.). > **6A.**   *\[Schedule 5 Clause 6A inserted by No. 72 of 1962, s. 10 \]*The words "will insure in accordance with [section 75T](#GS75T@EN) of the [Conveyancing and Law of Property Act 1884](/view/html/inforce/2026-04-12/act-1884-019) " shall imply. That so far as the building comprised in the said stratum plan is not at all times insured to its full replacement value against loss or damage by fire he will during the continuance of this security keep the premises insured in the name of the mortgagee against loss or damage by fire to the full amount permitted by [subsection (3)](#GS75T@Gs3@EN) of [section 75T](#GS75T@EN) of the [Conveyancing and Law of Property Act 1884](/view/html/inforce/2026-04-12/act-1884-019) in some public insurance office in Tasmania to be approved of by the mortgagee and will pay all premiums and moneys necessary for such purpose on the first day on which the same respectively ought to be paid, and will deliver to the mortgagee the policy of such insurance and the receipt for every such payment. And that if the mortgagor shall at any time refuse or neglect to deliver any such policy or receipt as aforesaid the mortgagee shall be entitled to assume that the said premises are not insured in accordance with the covenant hereinbefore contained and to exercise the powers conferred by the [Conveyancing and Law of Property Act 1884](/view/html/inforce/2026-04-12/act-1884-019) in that behalf. > **7.**   The words "will pay rates, taxes, and other outgoings" shall imply. That the mortgagor will, throughout the continuance of this security, and whether the mortgagee shall or shall not have entered upon or taken possession of the said lands and premises, pay any land tax and all other rates, assessments, and outgoings charged thereon or payable by the owner, occupier, and mortgagee in respect thereof immediately the same become payable, and will observe, comply with, and perform all laws, by-laws, regulations, and requirements made by any Federal, State, or local authority relating to the said premises or concerning the destruction of noxious weeds and animal and insect pests thereon; and that the mortgagee may, but without obligation on his part so to do, pay all such taxes, rates, assessments, and outgoings, and observe, comply with, and perform all such laws, by-laws, regulations, and requirements as aforesaid in the event of the mortgagor failing to do so, and charge or debit all sums of money paid under the above authority, or for any of the aforesaid purposes, against the mortgagor, and such sum may, at the discretion of the mortgagee, be added to the principal moneys and carry interest accordingly. > **8.**   The words "will keep in repair" shall imply. That the mortgagor will, at all times during the continuance of this security, at his own expense, keep the dwelling-house and buildings which now are, or which may hereafter be, erected on the said lands, and also all gates and fences, in good and tenantable repair, order, and condition in all respects: And further that the mortgagor will, at all times during the continuance of this security, at his own expense, keep those parts or portions of the said lands which are now used as gardens, orchards, or cultivated lands well cultivated, manured, and sprayed, and manage the same according to the most approved methods of gardening, orcharding, or farming, and shall and will carefully prune, foster, and preserve all fruit trees now growing, or which may during the continuance of this security grow upon the said lands; and will not cut down, bark, or destroy any fruit trees or timber trees, excepting such trees as shall be decayed or such fruit trees as shall cease to be productive of fruit. And that, in case the mortgagor at any time fail to keep the said lands and premises in good and tenantable repair, order, and condition as aforesaid, it shall be lawful for, but not obligatory upon, the mortgagee to effect and maintain such repairs and order, as the case may be; and the mortgagee may, at his discretion, add the costs and expenses of so doing to the principal moneys hereby secured, and the same shall bear interest accordingly. > **9.**   *\[Schedule 5 Clause 9 amended by 25 Geo. V No. 78 \]**\[Schedule 5 Clause 9 amended by No. 55 of 1965, s. 5 \]*The words "attorns tenant at the rent of \_\_\_ dollars" shall imply. That the mortgagor attorns tenant from year to year to the mortgagee in respect of the lands hereby mortgaged, or of so much thereof as are now in the possession of the mortgagor at the yearly rent of \_\_\_ dollars, clear of all deductions, to be paid by equal payments on the days appointed for payment of interest: And it is hereby agreed and declared that it shall be lawful for the mortgagee, at any time after default in payment of the moneys hereby secured or any part thereof, without giving any previous notice of his intention so to do, to enter upon and take possession of the said lands and immediately to determine the tenancy created by the aforesaid attornment: Provided always that, until payment of the moneys hereby secured or of any part thereof shall be demanded by the mortgagee as aforesaid, payment of the interest on the principal moneys hereby secured, on the days and in the manner hereinbefore appointed for payment thereof, shall be accepted in lieu of and in full satisfaction for the rent hereby reserved: Provided further that, after demand shall have been made as aforesaid, payment of the rent reserved by the said attornment shall be deemed and taken to be in part satisfaction of the moneys hereby secured: Provided also, and it is hereby agreed, that neither the receipt of the said rent nor the tenancy created by the said attornment shall render the mortgagee liable to account as mortgagee in possession. > **10.**   The words "provided that, upon punctual payment, interest shall be reduced to \_\_\_ per centum per annum if paid within \_\_\_ days of due date" shall imply. Provided always, and it is hereby agreed and declared, that if and whenever interest upon the principal moneys secured after the rate of \_\_\_ per centum per annum shall be paid at the time herein appointed for payment of interest, or within \_\_\_ days next thereafter, as to which time shall be of the essence of the contract, and if the mortgagor shall duly perform and observe all the covenants and conditions contained in this security other than payment of the interest at the higher rate, then and in such case interest at the reduced rate of \_\_\_ per centum per annum shall be accepted in lieu of and in satisfaction for interest payable for that period under the foregoing covenant in that behalf.