Joy is the registered proprietor for an estate in fee simple in Greenbah, a property situated in Nadir, New South Wales. Greenbah was zoned residential, but Joy discovered that the property contained special springs which made it perfect for brewing Imperial Stout (a dark beer made from roasted malt, hops, water and yeast). Joy believing that she could make a lot of money from building a brewery on the land, applied to the city council for a rezoning so that she could develop the land. She finally received approval for the rezoning and she received preliminary development consent. When Joy purchased Greenbah, she borrowed $400,000 from Eastpac bank. At the time she paid $500,000 for the property. Due to a number of family and business commitments, Joy falls behind in her mortgage repayments. Joy believes that the land, with the rezoning and development consent, is now worth $1 million. Eastpac Bank does not believe that Joy will be able to repay the loan and is considering exercising its power of sale or its power to foreclose. Due to the property market slump, Eastpac believes that if the property was auctioned in the near future, then it would only receive $300,000 but if they waited 12 months, and with the right advertising, the property could be sold for $800,000. Eastpac approaches you for advice on the legal issues. With reference to legal authority, advise Eastpac