533. Mitigation of hardship under regulated mortgages.

The power of the court1 to mitigate hardship under regulated mortgages2 becomes exercisable only on an application made by the mortgagor3 within 21 days, or such longer time as the court may allow, after the rate of interest payable in respect of the mortgage being increased4, a rent for a dwelling house comprised in the mortgage being registered5 (provided such registered rent is lower than the rent payable immediately before the registration)6, or the mortgagee demanding payment of the principal money secured by the mortgage or taking any steps for exercising any right of foreclosure or sale or otherwise