Question 1 Read the following facts then answer the questions following The facts: Simos decided to open a small restaurant in a Sydney suburb. The following events occurred Date Event Work columns [not marked] Type of Type of Priority security interest January He borrowed $250,000 from Commonwealth Bank 2\" (CBA) to acquire premises; he signed a mortgage over the premises which he handed to the bank, with the certicate of title; the bank lodged these documents at Land and Property Information [LPl]. Fblifv Next, he needed working capital to t out his 20\" kitchen. so he borrowed $60,000 from Greater Business Finance Ltd (GBF); he signed a security instrument over the kitchen equipment and GBF recorded the security instrument on the PPSA register. June 2018 Patronage was good so he decided to open a bar, be borrowed another $30,000 from CBA and signed another mortgage over the premises. CBA just held this mortgage in a safe. July 2018 He borrowed $15,000 from GBF to pay for redecorating the restaurant; he signed a second security instrument (over the kitchen equipment) but GBF did not register it. August He decided to upgrade the air conditioning in the 2018 restaurant. He borrowed $20,000 from Netiooal Bank (NAB) and signed a third security instrument over the kitchen equipment; NAB registered the security instrument on the PPSA register. October He borrowed another $25,000 from NAB to 2018 purchase new chairs and tables. He signed another mortgage over the premises which NAB held in a safe and lodged a caveat at the Land Titles Ofce. By February 2019 patronage was badly reduced because another restaurant opened in the same street. Simos was unable to keep up interest payments on all his borrowings. He closed