(1)  On registration of a strata plan, a mortgage registered immediately before registration of the plan on the folio of the Register for the site is to be registered on the folio for each lot created on registration of the plan (but not on the folio for the common property).

(2)  If, before the registration of the strata plan, one part of the site is subject to one mortgage and another part of the site is subject to another mortgage –

(a) the Recorder must not accept the strata plan for registration unless all mortgages, or all but one of the mortgages, are discharged; and

(b) if a mortgage remains, the mortgage extends to the whole of the site and it is to be registered in accordance with subsection (1) on the folio for each lot created on registration of the plan.