Lending limit

(1) Mortgages entered before 13 October 2004 in a cover register for mortgage Pfandbriefe kept by the Pfandbrief bank may, insofar as they do not satisfy the requirements of section 16(1) to (3), by way of derogation from section 14(1), be used until 30 June 2006 for the cover of mortgage Pfandbriefe in the amount of 50 per cent of the value determined by the Pfandbrief bank on the basis of a valuation carried out before 13 October.
(2) In the case of subsection (1), section 14(2) and section 30(3), fourth sentence apply with the proviso that the limit under subsection (1), rather than the lending limit fixed in section 14(1), is decisive.