Upon proof to the satisfaction of the Registrar—
(a) that all money due under a hypothec has been paid to the creditor or by his or her direction; or
(b) that there has occurred the event or circumstances upon which, in accordance with the provisions of any hypothec, the money thereby secured ceases to be payable and that no money is owing under the hypothec,
the Registrar shall order the hypothec to be cancelled in the register, and thereupon the land, lease or hypothec shall cease to be subject to the hypothec.