HC Deb 30 July 1923 vol 167 cc1189-90

(1) Where a dwelling-house in the occupation of a sitting tenant is subject to a mortgage to which the principal Act applied, the County- Court may, on the application of the landlord, make an order restraining the mortgagee from calling in his mortgage or taking steps for enforcing his security or for recovering the principal money thereby secured, if it is satisfied that such calling in, enforcement or recovery would cause exceptional hardship to the landlord. The County Court may, on the application of the mortgagee or landlord rescind or vary any order so made if satisfied that by reason of any material change in circumstances, rescission or variation is necessary or proper.

(2) The restrictions imposed on a mortgagee by an order under this Section may be imposed subject to such conditions as regards increase of interest or otherwise and for such time as appears to the Court to be proper, but so nevertheless that the restrictions shall cease to be operative if at any time after the making of the order—

  1. (a) interest is more than twenty-one days in arrear; or
  2. (b) any covenant by the mortgagor (other than the covenant for the repayment of the principal money secured) is broken or not performed; or
  3. (c) the mortgagor fails to keep the property in a proper state of repair or to pay the interest and instalments of principal recoverable under any prior encumbrance; or
  4. (d) the sitting tenant ceases to be tenant of the dwelling-house.

(3) This Section shall not apply to a mortgage where the principal money secured thereby is repayable by means of periodical instalments extending over a term of not less than ten years from the creation of the mortgage.

Agreed to.