701. Express waiver of mortgage debt.

701.     Express waiver of mortgage debt.

The extent of an express waiver is governed by the language used1. If the waiver is clearly limited to part of the security, the mortgagee's rights over the remainder of the security will be unaffected. Accordingly, where a mortgagee surrendered his legal interest in a leasehold security to enable the mortgagor to provide another security, but stipulated that the surrender was without prejudice to any other security he might have for his debt, he and his assignee were held to be still entitled to the benefit of the covenants in the