25Mortgagee may waive right to compensation

25 Mortgagee may waive right to compensation

(1)  A mortgagee under a mortgage over land taken may waive the mortgagee's right to compensation by notice in writing provided to the acquiring authority.

(2)  A mortgagee under a mortgage over land taken who waives the right to compensation –

(a) cannot recover any compensation under this Act; and

(b) retains, in respect of the mortgage debt, any rights and remedies that the mortgagee may have –

(i) against the mortgagor; or

(ii) in respect of any estate in land that is still subject to the mortgage.