321. Postponement or limitation of right to redeem.

A contractual postponement of the right to redeem is enforceable unless:

  1.  

    (1)     it is a clog on the right to redeem1;

  2.  

    (2)     it is oppressive or unconscionable2; or

  3.  

    (3)     it is designed to secure an unreasonable restraint of trade3.

Mere unreasonableness does not make a term oppressive or unconscionable4 and the mere length of time of any postponement of the right to redeem is not in itself objectionable