34. Mortgagors and mortgagees.

A mortgagor of land, while in possession, or a mortgagee, while he is in possession or a receiver has been appointed, has statutory powers of making leases1; but such powers may be excluded or varied or extended by the mortgage deed or otherwise in writing2 unless the mortgaged land is agricultural land3. A lease by a mortgagor not made under the statutory power is binding on the mortgagor, and if made before the mortgage (but not otherwise) is binding on the mortgagee4. A lease made by a mortgagor whose mortgage excludes the statutory power of leasing is deemed to