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(1) Unless a contrary intention appears expressly or by necessary implication, a mortgagor may transfer all or any part of his interest in the mortgaged property at any time without the concurrence of the mortgagee.

(2) The transfer of all or any part of his interest in the mortgaged property shall not relieve the mortgagor of his personal liability on any covenant in the mortgage.

(3) In a transfer of a mortgage from a mortgagor for valuable consideration, unless a contrary intention appears expressly or by necessary implication, the transferee shall be deemed to have covenanted to indemnify the mortgagor's personal liability on any covenant in the mortgage.

(4) Unless a contrary intention appears expressly or by necessary implication, it shall be implied that the mortgagor covenants to give notice to the mortgagee of any transfer of all or any part of the mortgagor's interest in the mortgaged property by the mortgagor subsequent to the mortgage:

Provided that notwithstanding any provision to the contrary, failure to give such notice shall not invalidate the transfer.

(5) In this section, a transfer includes a sale, lease, encumbrance or other disposition.