If land is subject to a mortgage, the mortgagor must not sell the land under a terms contract unless—
(a) the mortgage relates only to that land; and
(b) the contract expressly states that the land is subject to a mortgage; and
(c) the contract provides that the consideration for the sale of the land is to be satisfied, to the extent of any mortgage money owing at the date on which the purchaser is entitled to possession or receipt of the rents and profits of the land sold, by the purchaser assuming as from that date the obligations of the mortgagor under the mortgage; and
(d) the contract gives the particulars of the mortgage referred to in Schedule 1.
S. 29N inserted by No. 6/2008 s. 33.