(a) The power of a tenant for life to make leases is neither extinguished nor suspended when such tenant executes a mortgage. The power is bound by the mortgage in the same manner as the real property embraced therein, and the lien of the mortgagee on such power:
(1) Entitles the mortgagee to an exercise of the power so far as the satisfaction of the debt requires; and
(2) Causes any subsequent interest, created by the tenant for life by an exercise of such power, to become subject to the mortgage as if in terms embraced therein.
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