(1)Where a standard security is duly recorded, it shall operate to vest the interest over which it is granted in the grantee as a security for the performance of the contract to which the security relates.
(2)Subject to the provisions of this Part of this Act, the conditions set out in Schedule 3 to this Act, either as so set out or with such variations as have been agreed by the parties in the exercise of the powers conferred by the said Part (which conditions are hereinafter in this Act referred to as " the standard conditions "), shall regulate every standard security.
(3)Subject to the provisions of this Part of this Act, the creditor and debtor in a standard security may vary any of the standard conditions, other than the provisions of Schedule 3 to this Act relating to the powers of sale, redemption and foreclosure and to the exercise of those powers, but no condition capable of being varied shall be varied in a manner inconsistent with any condition which may not be varied by virtue of this subsection.
(4)In this Part of this Act—
(a)any reference to a variation of the standard conditions shall include a reference to the inclusion of an additional condition and to the exclusion of a standard condition;
(b)any purported variation of a standard condition which contravenes the provisions of subsection (3) of this section shall be void and unenforceable.