9.1 Amendment

9.1.1 Once a statutory form of mortgage has been registered with the Registrar General of Shipping & Seamen (the ‘Registrar’),1 it is not possible to amend it by either addition or deletion from the original form or by registration of an addendum to the mortgage. If it is necessary to secure new or revised obligations then, subject to paragraph 9.1.2 below, the owner should execute a new mortgage which should be registered with the Registrar. In this case the existing mortgage should remain registered and not discharged.2 If the owner has already granted a further mortgage or mortgages to a subsequent mortgagee then that subsequent mortgagee should be required to enter into a (supplemental) priorities or intercreditor agreement giving agreed priority to the additional mortgage granted to the prior mortgagee.3