HC Deb 01 July 1920 vol 131 cc846-7

It shall not be lawful for any mortgagee under a mortgage to which this Act applies, so long as—

Provided that— (ii) if, in the case of a mortgage of a leasehold interest the mortgagee satisfies the county court that his security is seriously diminishing in value or is otherwise in jeopardy, and that for that reason it is reasonable that the mortgage should be called in and enforced, the court may by order authorise him to call in and enforce the same, and thereupon this section shall not apply to such mortgage; but any such order may be made subject to a condition that it shall not take effect if the mortgagor within such time as the court directs pays to the mortgagee such sum as appears to the court to correspond to the diminution of the security.

Lords Amendment:

In paragraph (ii), leave out the word "sum" ["such sum as appears to the Court"] and insert instead thereof the words "portion of the principal sum secured."

Agreed to.