Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) The mortgagee under a mortgage may, by written notice given to the Executive, waive the mortgagee's right to any compensation under this Act in respect of the acquisition of a mortgage interest.
(2) The Executive may, by written notice given to a mortgagee from whom a mortgage interest has, or may have been, acquired by compulsory process, require the mortgagee, at his or her option—
(a) to make a claim under division 6.4; or
(b) to waive the right to compensation.
(3) If a mortgagee does not, within 30 days after a notice is given to the mortgagee or such further period as the Executive, by writing, allows, make a claim for compensation, the mortgagee shall be deemed to have waived the right to compensation in respect of the acquisition of the mortgage interest.
(4) A mortgagee who waives the right to compensation in respect of the acquisition of a mortgage interest—
(a) is debarred from recovering any compensation from the Executive, the Territory or the Commonwealth in respect of the acquisition; but
(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 interest in land that is still subject to the mortgage.