What is the effect of the Renewal or Extension of Time or "no prejudice" clause in a mortgage?

The Renewal or Extension of Time or “no prejudice” clause in the mortgage was virtually identical to that in Manulife v. Conlin and to that in the mortgage in the case at bar. Campbell J. observed that the clause distinguishes between a renewal and an extension and that while an extension does not, by the language of the clause, appear to require writing, it is contemplated that a renewal will be made by an agreement in writing.