2611

When a mortgaged ground rent leasehold is redeemed, the mortgage creditor shall have the right to make the redeemer, at his option, either pay off the whole loan with the interest due and to become due, or take over his own mortgage on the property encumbered with the leasehold. In the latter case, a new mortgage registration shall be made, which shall clearly express this fact and become effective on the date of the previous registration.\nHistory —Mortgage Law, 1979, § 192.