§ 17-105. Promises and waivers affecting the time limited for action
to foreclose a mortgage. 1. A waiver of the expiration of the time
limited for commencement of an action to foreclose a mortgage of real
property or a mortgage of a lease of real property, or a waiver of the
time that has expired, or a promise not to plead the expiration of the
time limited, or not to plead the time that has expired, or a promise to
pay the mortgage debt, if made after the accrual of a right of action to
foreclose the mortgage and made, either with or without consideration,
by the express terms of a writing signed by the party to be charged is
effective, subject to any conditions expressed in the writing, to make
the time limited for commencement of the action run from the date of the
waiver or promise. If the waiver or promise specifies a shorter period
of limitation than that otherwise applicable, the time limited shall be
the period specified.

2. a. A statement by a grantee of real property or assignee of a lease
of real property, effective under section 5-705 of this chapter as an
assumption of or agreement to pay an indebtedness or other sum secured
by a mortgage of such property or lease has also, to the extent of the
amount specified therein, the same effect as provided in this section
with respect to a waiver or promise described in subdivision one, unless
it contains language disclaiming an intention to affect the statute of
limitation.

b. A recital, in an instrument in which real property is conveyed or a
lease is assigned, that the conveyance or assignment is made subject to
a mortgage, or provision to that effect in a contract for purchase of
real property or purchase of a lease, or an agreement or instrument by
which another encumbrance or interest is subordinated to the lien of a
mortgage, does not have the effect provided in this section with respect
to a waiver or promise described in subdivision one.

3. A waiver or promise made as provided in this section is effective

a. against (1) the person who made it, to the extent of any interest
held by him at the date thereof and (2) any person subsequently
acquiring from him any such interest, without giving value or with
actual notice of the making of the waiver or promise, to the extent of
the interest so acquired; and

b. in favor of (1) the mortgagee or his assignee, (2) any other person
to whom or for whose benefit it is expressed to be made, and (3) any
person who, after the making of the waiver or promise, succeeds or is
subrogated to the interest of either of them in the mortgage or
otherwise acquires an interest in the enforcement of the mortgage.

4. An acknowledgment, waiver, promise or agreement, express or implied
in fact or in law, shall not, in form or effect, postpone, cancel,
reset, toll, revive or otherwise extend the time limited for
commencement of an action to foreclose a mortgage for any greater time
or in any other manner than that provided in this section, unless it is
made as provided in this section.

5. This section does not change the requirements or the effect with
respect to the accrual of a cause of action, nor the time limited for
commencement of an action based upon either:

a. a payment or part payment of the principal or interest secured by
the mortgage, or

b. a stipulation made in an action or proceeding.

6. The term "real property" as used in this section is co-extensive in
meaning with lands, tenements and hereditaments.