(1) An encumbrance registered under the Real Property Act 1886 is to be taken to be a mortgage executed under this Act.
(2) A restrictive covenant contained in an encumbrance under the Real Property Act 1886 is to be taken to be a covenant executed under this Act.
(3) A covenant that was unenforceable under the Real Property Act 1886 continues to be unenforceable after the commencement of this Act.