OPINION
NIERENGARTEN, Judge.Appellants Oleiskys had a mortgage with Midwest Federal Savings and Loan Association (Midwest Federal). In 1980 the Olei-skys’ filed a Chapter 13 plan in U.S. Bankruptcy Court. A later attempt by Midwest Federal to lift the automatic foreclosure stay was denied because the bankruptcy court found the bank’s interests were protected sufficiently. In 1984 the Oleiskys filed a Chapter 7 bankruptcy petition and Midwest Federal once again filed to obtain relief from the automatic stay. The hearing in this motion was so close to the scheduled discharge date that the stay was allowed to remain in effect until the day of discharge and the court did not rule on the motion.
In the spring of 1985 Midwest Federal began foreclosure proceedings. The Olei-skys brought an action to enjoin the foreclosure and for a declaratory judgment on whether Midwest Federal was entitled to attorney’s fees for the bankruptcy proceedings. The trial court granted attorney’s fees resulting from the bankruptcy proceedings plus foreclosure fees and costs to Midwest Federal. The court also denied the Oleiskys’ motion for attorney’s fees under Minn.Stat. § 549.21 (1984) providing for the recovery of fees in a “bad faith” suit. The Oleiskys appeal.
FACTS
In September of 1977 Raymond and Carolyn Oleisky borrowed $45,000.00 from Midwest Federal, securing the loan with a home mortgage. In September 1980 appellants filed a Chapter 13 plan in the U.S. Bankruptcy Court and included Midwest Federal as a creditor to be paid outside the plan. Payments on the mortgage were made regularly until February 1982 when Raymond Oleisky was injured in a work-related accident.
In October 1983 Midwest Federal asked the U.S. Bankruptcy Court to lift the automatic stay so that it could begin foreclosure proceedings. The court found, that Midwest Federal was adequately protected since the balance on the mortgage was $43,000 and Midwest Federal conceded the home was worth at least $95,000. The bankruptcy court specifically declined to decide whether Midwest Federal had the right to add certain costs and attorney’s fees to the debt. The court gave the Olei-skys one year to pay the arrearages and said they had to remain current on all payments due under the mortgage. The Chapter 13 proceeding ultimately was dismissed because of a material default in the plan and Midwest Federal again began foreclosure proceedings.
The Oleiskys filed a Chapter 7 bankruptcy proceeding which imposed a new automatic stay. Midwest Federal again moved for relief from the stay in order to foreclose. The hearing was delayed and the stay remained in effect until the discharge date of January 7, 1985. No disposition was made on attorney’s fees. In July 1985 the Oleiskys filed their request for a restraining order on the foreclosure and declaratory judgment on the attorney’s fees.
The trial court issued a temporary restraining order on Midwest Federal’s fore*629closure action conditioned on the payment of $3,977.88 which was due on the mortgage at that time, exclusive of any attorney’s fees. Midwest Federal had refused to accept partial payments from the Olei-skys beginning in March of 1985.
The trial court awarded Midwest Federal
$2,414.73 Attorney’s fees and costs incurred in the Chapter 13 bankruptcy proceeding.
$ 647.45 Attorney’s fees and costs incurred in the Chapter 7 bankruptcy proceeding.
$ 497.20 Attorney’s fees and costs incurred in the foreclosure proceeding.
$3,559.38 Total
The Oleiskys’ motion for costs and fees based on Minn.Stat. § 549.21 was denied for lack of evidence showing that Midwest Federal acted in bad faith.
ISSUES
1. Is the mortgagee entitled to attorney’s fees and costs incurred as a result of the mortgagor’s bankruptcy proceedings?
2. Does Minn.Stat. § 582.01 limit the amount of attorney’s fees to be recovered?
3. Are appellants entitled to attorney’s fees because of bad faith on the part of respondents?
ANALYSIS
I
Generally attorney’s fees are not awarded without a contractual or statutory basis. Material Movers, Inc. v. Hill, 316 N.W.2d 13, 18 (Minn.1982); Cherne Industrial, Inc. v. Grounds Associates, Inc., 278 N.W.2d 81, 96 (Minn.1979).
The promissory note provides:
If suit is brought to collect this Note, the Note holder shall be entitled to collect all reasonable costs and expenses of suit, including, but not limited to, reasonable attorney’s fees.
The mortgage provides:
7. Protection of Lender’s Security. If borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender’s interest in the property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender’s option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender’s interest, including, but not limited to, disbursement of reasonable attorneys fees and entry upon the Property to make repairs, (emphasis added.)
The mortgage note clearly addresses the type of fee in dispute here and lifting of the stay would be the first step in foreclosing the mortgage and collecting on the note.
The Oleiskys also claim that Midwest Federal is not entitled to any attorney’s fees because Midwest Federal was not the prevailing party in its action to lift the stay. The “prevailing party” condition applies only to fee awards authorized by statute and not those authorized by contract. There is nothing in the mortgage which requires the bank to be a prevailing party. See Twin City Federal Savings and Loan Association v. Cochrane, 295 N.W.2d 87, 89 (Minn.1980) (attorney’s fees in “separate and independent” proceedings were allowed).
Finally, the Oleiskys assert that Midwest Federal’s interest in the property was not “materially affected” by the bankruptcy filing because the bank was adequately protected by the large amount of equity in the home. In addition to the eventual full payment of the loan, the bank’s interest in the property included receiving and having available for use, periodic mortgage payments. Payment in the future is not the equivalent of payment now. In re Murel Holding Corp., 75 F.2d 941, 942 (2nd Cir.1935); see also In re Briggs Transportation Co., 780 F.2d 1339, 1349 (8th Cir.1985). At the time of the first bankruptcy proceeding the Oleiskys were almost a year behind in their mortgage payments. Adequate protection is *630not defined in the Bankruptcy Code. It is a flexible concept designed to balance the interests of both the debtor and the creditor. In re Briggs Transportation Co., 780 F.2d at 1349. The relief from stay provisions allows the creditor to avoid incurring economic penalties due to undue delay in access to its assets. Id. at 1343. Although the bankruptcy judge eventually found Midwest Federal to be adequately protected, we cannot say that the bank’s interests were not materially affected, nor that the bank was unreasonable in requesting relief from the stay.
II
The Oleiskys claim that attorney’s fees must be limited to the statutory amounts provided by Minn.Stat. § 582.01 (1984) and that the fees must be reasonable. If the two bankruptcy proceedings are construed as part of foreclosure then the recovery of attorney’s fees would be limited to $520.00.
The trial judge found that attorney’s fees are limited by statute only for actions relating directly to actual foreclosure. We concur. The amount claimed for foreclosure proceeding by Midwest Federal was $497.20, which is within the statutory limit. See Twin City Federal Savings and Loan Association v. Cochrane, 295 N.W.2d 87, 89 (Minn.1980) (court held that the mortgagee was entitled to both statutory fees for foreclosure and additional fees for services rendered under a separate provision of the mortgage).
III
The Oleiskys request attorney’s fees under Minn.Stat. § 549.21 (1984) because of bad faith on the part of Midwest Federal in bringing the actions to lift the bankruptcy stays. The trial court found Midwest Federal’s efforts were reasonable and the Olei-skys have offered no evidence to show that the claims were pursued in bad faith.
DECISION
The attorney’s fees awarded, in the proceedings for lifting the bankruptcy stay were agreed to by appellants through their contract with the bank. There was no prevailing party requirement for awarding attorney’s fees. The attorney’s fees for foreclosure also were provided for by the contract and are within the statutory limits of Minn.Stat. § 582.01 (1984). There was no evidence of any bad faith on the part of Midwest Federal. The trial court is therefore affirmed.
Affirmed.