3 Application of Act to existing standard securities. E+W+S+N.I.
The provisions (including the standard conditions) of and relating to a standard security granted before the commencement of this Act and duly recorded may be altered by such an agreement as is mentioned in section 1(c) of this Act duly recorded, and the provisions of the principal Act as amended by this Act shall apply in relation to any such security as so altered.
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