in relation to a farm mortgage, means default, failure to perform an obligation that, under the terms of the mortgage, is a ground for enforcement action; Examples 1 Failure to pay the principal, interest or other money the payment of which is secured by a farm mortgage. 2 Failure to keep the property subject to the farm mortgage insured. 3 Failure to submit financial statements required by the creditor. S. 3 def. of Department amended by No. 70/2013 s. 4(Sch. 2 item 17). means the Department of Department Environment and Primary Industries; in relation to a farm enforcement action, mortgage, means taking possession of property under the mortgage or any other action to enforce the mortgage, including the giving of any statutory enforcement notice, or the continuation of any action to that end already commenced, but does not include— completion of the sale of property held under the mortgage in respect of which contracts were exchanged before the commencement day; or
default, in relation to a farm mortgage, means failure to perform an obligation that, under the terms of the mortgage, is a ground for enforcement action; Examples 1 Failure to pay the principal, interest or other money the payment of which is secured by a farm mortgage. 2 Failure to keep the property subject to the farm mortgage insured. 3 Failure to submit financial statements required by the creditor. S. 3 def. of Department amended by No. 70/2013 s. 4(Sch. 2 item 17). Department means the Department of Environment and Primary Industries; enforcement action, in relation to a farm mortgage, means taking possession of property under the mortgage or any other action to enforce the mortgage, including the giving of any statutory enforcement notice, or the continuation of any action to that end already commenced, but does not include— completion of the sale of property held under the mortgage in respect of which contracts were exchanged before the commencement day; or