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The facts of this case relates as to whether clauses restraining the behaviour of mortgagors, in terms of re-lease of the mortgaged property under restrictive clauses relating to time and mode of further lease could be enforceable under the provisions of the relevant laws, especially in the event of a collateral contract specifying the terms of re-leasing.
In this case study, the facts to be observed is with regard to provisions of Land Registration 2002 which was operationalised from 2003. Section 29 (1) of the Land Registration Act 2002 states, interalia, "if a registrable disposition of a registered charge is made for valuable consideration, completion of the disposition by registration has the effect of postponing to the interest under the disposition any interest affecting the charge immediately before the disposition whose priority is not protected at the time of registration." (Disposition of Registered Land. 2002).
The aspects of restrictions, as is evident in this case study are found under Sections 40 and 41 of Land Registration Act 2002. Section 40 circumscribes the circumstances under which certain restrictions could be imposed with regard to mortgage and they seek to place restrictions on the making of any entries, either for a specified or unspecified period of time or depending upon the happening of any event. The law under Section 40 (2) states that "A restriction may, in particular
(3) Without prejudice to generality of subsection (2)(b)(iii), the events which may be specified include- (a) the giving of notice,(b) the obtaining of consent ...
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