101.— (1) Upon an application for an order under, and without prejudice to the generality of, sections 97(2) and 100(3), where it appears to the court that the mortgagor is likely to be able within a reasonable period to pay any arrears, including interest, due under the mortgage or to remedy any other breach of obligation arising under it, the court may—

(a) adjourn the proceedings, or

(b) on making an order, or at any time before enforcement or implementation of such an order—

(i) stay the enforcement or implementation, or

(ii) postpone the date for delivery of possession to the mortgagee, or

(iii) suspend the order,

for such period or periods as it thinks reasonable and, if an order is suspended, the court may subsequently revive it.

(2) Any adjournment, stay, postponement or suspension under subsection (1) may be made subject to such terms and conditions with regard to payment by the mortgagor of any sum secured by the mortgage or remedying of any breach of obligation as the court thinks fit.

(3) The court may revoke or vary any term or condition imposed under subsection (2).

(4) Subject to subsection (5), an application under section 97(2) or section 100(3) may be made to the High Court.

(5) Where an application under section 97(2) or section 100(3) concerns property which is subject to a housing loan mortgage the Circuit Court shall have exclusive jurisdiction to deal with the application and the application shall not be made to the High Court.

(6) The jurisdiction of the Circuit Court to hear and determine applications under sections 97(2) and 100(3) concerning property which is subject to a housing loan mortgage shall be exercised by the judge of the circuit where the property or any part of it is situated.

(7) Nothing in this section affects the jurisdiction of the court under sections 7 and 8 of the Act of 1976.