sec.125Subsequent mortgage does not affect first mortgage

### sec.125 Subsequent mortgage does not affect first mortgage A mortgagor under a mortgage over property (the first mortgage ) may grant a second or subsequent mortgage over the property. The granting of the second or subsequent mortgage does not— constitute a breach of a term of, or proviso for re-entry contained in, the first mortgage or second or subsequent mortgage; or occasion any forfeiture or penalty; or make payable or accelerate the time for payment of an amount that, if the second or subsequent mortgage had not been granted, would not have been payable or would not have been payable at that time. This section applies despite any agreement to the contrary. (sec.125-ssec.1) A mortgagor under a mortgage over property (the first mortgage ) may grant a second or subsequent mortgage over the property. (sec.125-ssec.2) The granting of the second or subsequent mortgage does not— constitute a breach of a term of, or proviso for re-entry contained in, the first mortgage or second or subsequent mortgage; or occasion any forfeiture or penalty; or make payable or accelerate the time for payment of an amount that, if the second or subsequent mortgage had not been granted, would not have been payable or would not have been payable at that time. (sec.125-ssec.3) This section applies despite any agreement to the contrary. - (a) constitute a breach of a term of, or proviso for re-entry contained in, the first mortgage or second or subsequent mortgage; or - (b) occasion any forfeiture or penalty; or - (c) make payable or accelerate the time for payment of an amount that, if the second or subsequent mortgage had not been granted, would not have been payable or would not have been payable at that time.