Mick borrowed $700,000 from Lily to purchase a commercial property. The commercial property is registered under the Real Property Act 1900 (NSW). A mortgage was entered and duly registered. Mick repaid the loan to Lily in 3 years. The term of the mortgage is 5 years. There is no provision for early repayment. Lily claims interest for the full 5 year term of the mortgage. Mick argues that he should only pay the equivalent of 3 year's interest. Further investigation reveals that this is the first time that Lily has lent money to anyone. With reference to legal authority, advise Mick on the property law issues. Discuss redeem property and whether 3 years or 5 years of interest .Then discuss the concept of Equity if Redemption and Clog and Section 93 (1) of Conveyancing Act 1919 (NSW) .Discuss the act in detail and have a prominet case law to this.Discuss concept of section 60 Real Property Act 1900 (NSW) and its case law and personal covenant