Leasing powers of mortgagor

(1) A mortgagor of any freehold or leasehold shall have power from time to time, (a) to grant any lease or sublease of the mortgaged land for a term not exceeding five years absolute without the consent of the mortgagee; and (b) to grant any lease or sublease of the mortgaged land for a term exceeding five years absolute with the consent in writing of 52 the mortgagee, which consent shall not be unreasonably withheld. (2) The provisions of this section referring to a lease shall be construed to extend and apply, as far as circumstances admit, to any letting, and to an agreement whether in writing or not, for leasing or letting. (3) The grant of any lease or sublease under this section shall not prejudice the rights of the mortgagee against that portion of the freehold or leasehold demised, and the said portion of the freehold or leasehold shall be and remain liable to the obligations under the mortgage deed, as if the lease or sublease had not been granted. (4) Nothing contained in this section shall prevent the mortgagor or the mortgagee from providing in the deed of mortgage that the mortgagor shall have no power during the subsistence of the mortgage to lease or let the land, whether