Cap. 234 ст. 45AAmendment of mortgage.  

(1) Where a registered mortgage is amended the registrar shall on the production of the instrument of mortgage executed in accordance with the provisions of article 38 containing the amendment, together with the written consent on the said instrument, of the mortgagee whose mortgage has been amended, make a note thereof in the register to the effect that the mortgage has been amended, and any such amendment shall form an integral part of the registered mortgage which it amends and such mortgage, as amended, shall continue to have the same priority as it had before the amendment was noted.

(2) Subject to the provisions of this article, an amendment of a mortgage may be effected for any purpose.

(3) Without prejudice to the generality of the foregoing, and subject always to the provisions of sub-articles (4), (5) and (6), an amendment of a mortgage shall be effected for any one or more of the following purposes:

(a) to increase the amount of capital secured by such mortgage. An agreement to amend and vary the rates of interest payable, the modalities for the calculation of interest including any indices, margin, or market mechanism, the repayment schedule or the currency in which payment is to be made is not considered as an increase for the purposes of this article; and

(b) to extend such mortgage to secure any other obligation of the mortgagor, whether as principal debtor or as surety for any other person, in favour of the mortgagee, except where the new obligation qualifies as a future obligation of the mortgagor to the mortgagee secured by the mortgage being within a maximum sum by way of principal stated in the relative mortgage instrument.

(4) An amendment of a mortgage may not be effected after the obligation secured by the registered mortgage has been satisfied.

(5) Where any mortgages other than the mortgage that it is intended to amend are entered in the register of the ship an amendment shall not be noted unless the consent in writing of all the other mortgagees whose interests may be prejudiced by the amendment, is produced to the registrar.

(6) The consent to an amendment to a mortgage shall be signified by means of a declaration executed by the mortgagee in the presence of, and attested by a witness or witnesses.