25(1)Registered land may be mortgaged by the registration of a mortgage in prescribed form.

25(2)The owner of a registered mortgage may enforce all rights and remedies permitted by law as if the lands had been conveyed to him by mortgage subject to a proviso for redemption.

25(3)The registration of a mortgage does not have the effect of severing a joint tenancy.

25(4)Every mortgage in prescribed form shall be deemed to contain the covenants and conditions prescribed.

25(5)Notwithstanding subsection (4), the parties to a mortgage may agree to exclude from the mortgage any of the covenants and conditions prescribed by designating in the appropriate place in the mortgage the numbers corresponding to the numbers prescribed for those covenants and conditions.

25(6)The parties to a mortgage may agree to include in the mortgage covenants and conditions in addition to those prescribed, hereinafter called “optional mortgage covenants”, by designating in the appropriate place in the mortgage the numbers that have been assigned by the Registrar General to those optional mortgage covenants.

25(7)The Registrar General shall, upon the filing with him of an application in the prescribed form, assign a number to an optional mortgage covenant to which no number has previously been assigned.