99Leasing powers of mortgagor and mortgagee in possession

99 Leasing powers of mortgagor and mortgagee in possession (1) A mortgagor of land while in possession shall, as against every incumbrancer, have power to make from time to time any such lease of the mortgaged land, or any part thereof, as is by this section authorized. (2) A mortgagee of land while in possession shall, as against all prior incumbrancers (if any) and as against the mortgagor, have power to make from time to time any such lease as aforesaid. (3) The lease which this section authorizes is a lease for a term not exceeding seven years. (4) Every person making a lease under this section may execute and do all assurances and things necessary or proper in that behalf. (5) Every such lease shall be made to take effect in possession not later than three months after its date. (6) Every such lease shall reserve the best rent that can reasonably be obtained, regard being had to the circumstances of the case, but without any fine being taken or rent made payable in advance. (7) Every such lease shall contain a covenant by the lessee for payment of the rent, and a condition of re-entry on the rent not being paid within a time therein specified not exceeding thirty days. (8) A counterpart of every such lease shall be executed by the lessee and delivered to the lessor, of which execution and delivery the execution of the lease by the lessor shall, in favour of the lessee and all persons deriving title under him, be sufficient evidence. (9) In case of a lease by the mortgagor, he shall, within one month after making the lease, deliver to the mortgagee, or, where there are more than one, to the mortgagee first in priority, a counterpart of the lease duly executed by the lessee, but the lessee shall not be concerned to see that this provision is complied with. (10) A contract to make or accept a lease under this section may be enforced by or against every person on whom the lease if granted would be binding. (11) This section shall apply only if and as far as a contrary intention is not expressed by the mortgagor and mortgagee in the mortgage deed, or otherwise in writing, and shall have effect subject to the terms of the mortgage deed or of any such writing and to the provisions therein contained. (12) The mortgagor and mortgagee may, by agreement in writing, whether or not contained in the mortgage deed, reserve to or confer on the mortgagor or the mortgagee, or both, any further or other powers of leasing or having reference to leasing; and any further or other powers so reserved or conferred shall be exercisable, as far as may be, as if they were conferred by this Part, and with all the like incidents, effects and consequences: Provided that the powers so reserved or conferred shall not prejudicially affect the rights of any mortgagee interested under any other mortgage subsisting at the date of the agreement, unless that mortgagee joins in or adopts the agreement. (13) Nothing in this Part shall be construed to enable a mortgagor or mortgagee to make a lease for any longer term or on any other conditions than such as could have been granted or imposed by the mortgagor, with the concurrence of all the incumbrancers, if this Part and the corresponding previous enactments had not been passed: Provided that, in the case of a mortgage of leasehold land, a lease granted under this section shall reserve a reversion of not less than one day. (14) Subject as aforesaid, this section shall apply to any mortgage made after the thirty-first day of January One thousand nine hundred and five, but the provisions of this section, or any of them, may, by agreement in writing made after that date between mortgagor and mortgagee, be applied to a mortgage made before that date, so nevertheless that any such agreement shall not prejudicially affect any right or interest of any mortgagee not joining in or adopting the agreement. (15) The provisions of this section referring to a lease shall be construed to extend and apply, as far as circumstances admit, to any letting, and to an agreement, whether in writing or not, for leasing or letting. (16) For the purposes of this section ***mortgagor*** shall not include an incumbrancer deriving title under the original mortgagor. (17) The powers of leasing conferred by this section shall, after a receiver of the income of the mortgaged property or any part thereof has been appointed by a mortgagee under this Part, and so long as the receiver acts, be exercisable by such mortgagee instead of by the mortgagor, as respects any land affected by the receivership, in like manner as if such mortgagee were in possession of the land, and the mortgagee may, by writing, delegate any of such powers to the receiver. No. 3754 s. 100.