200. Powers to grant leases and accept surrenders.

200.     Powers to grant leases and accept surrenders.

A mortgage frequently imposes restrictions upon the exercise of the mortgagor's statutory powers to grant leases1 and accept surrenders of leases2, by providing that the powers are not to be exercised without the mortgagee's written consent. In general, the statutory powers apply only so far as a contrary intention is not expressed in the mortgage, and may be extended by written agreement between the parties3.