127. Restrictions on lease.- (1) Notwithstanding anything contained in the Transfer of Property Act, 1882 or any other law for the time being in force, no mortgagor of property mortgaged to an Agriculture and Rural Development Bank, shall except with the prior consent in writing of the bank, and subject to such terms and conditions as the bank may, impose, lease or create any tenancy rights on any such property:
Provided that, the rights of the an Agriculture and Rural Development Bank shall be enforceable against the tenant purchaser, the lessee or the tenant, as the case may be, as if he himself were a mortgagor.
(2) Where land, mortgaged with possession to an Agriculture and Rural Development Bank, is in actual possession of a tenant, the mortgagor or the an Agriculture and Rural Development Bank, shall give notice to the tenant to pay rent to the an Agriculture and Rural Development Bank during the currency of the lease and the mortgage, and on such notice being given the tenant shall be deemed to have attorn to the an Agriculture and Rural Development Bank.
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