112Extinguishment of covenants or covenants in gross

112 Extinguishment of covenants or covenants in gross (1) A registered covenant or covenant in gross may be extinguished by registering an instrument of extinguishment of the covenant or (2) The instrument of extinguishment of covenant may be signed by: (a) the registered owners of the lots burdened and benefited by the covenant; or

Land Title Act 2000 67 (b) only the registered owner of the lot benefited by the covenant. (3) The instrument of extinguishment of a covenant in gross may be signed by only the person in whose favour the covenant in gross is (4) Subject to this section, a registered covenant may be extinguished only if all registered mortgagees and lessees of the lot benefited by the covenant consent to the extinguishment. (5) Subsection (4) does not apply to a lessee who does not receive a benefit from the covenant. (6) A registered covenant may be extinguished in accordance with section 174 and Division 5 of Part 9 of the Law of Property Act 2000. (7) The Registrar-General must: (a) on the application of a person who has a registered interest in land that has been subject to a registered covenant for more than 5 years; and (b) on payment of the prescribed fee, give written notice to the person entitled to the benefit of the registered covenant. (7A) The notice is to state that on the expiration of the period, of not less than 28 days as specified in the notice, the Registrar-General will remove the registered covenant from the register unless within the period the person entitled to the benefit of the covenant gives to the Registrar-General a notice in the approved form accompanied by the prescribed fee. (8) If the person does not give notice in accordance with subsection (7A), the Registrar-General may remove the registered covenant from the register.