Tenancy during usufructory mortgage.

If any land is mortgaged by a landlord by way of usufructory mortgage to a tenant cultivating such land, the tenancy of such land shall be in abeyance during the period the mortgage subsists. After the expiry of the said period it shall, notwithstanding any other law for the time being in force, be lawful for the tenant to continue to hold the land on the terms and conditions on which he held it before the mortgage was created. (2) ...to purchase the land at the said price shall be deemed to have been concluded between the landlord and the tenant. (3) If the tenant is willing to purchase the land but contends that the price specified in the notice is excessive he may apply to the Collector in the prescribed manner within 30 days of receipt of notice under sub-section (1) for determining the price whereupon the Collect shall determine the same in the prescribed manner in accordance with the principles laid down in the Land Acquisition Act, 1894 and the price so determined by the Collector shall be deemed to be the price specific in the notice under sub-section (1). But the tenant shall in such an event exercise the option conferred by sub-section (2) within 60 days the receipt of notice of the price fixed by the Collector. (4) If the tenant fails within the period specified in sub-section (1) to signify his acceptance as provided in sub-section (2), the landlord shall be free to sell the land in question to any person at a price not lower than that set out in the notice or the price determined by the Collector under sub-section (3) as the case may be. (5) Any sale by a landlord to a person other than a tenant without giving the notice required by sub-section (1), or before the expiry of the period of the said notice or at price lower than, that set out in the notice or the price determined by the Collector under sub-section (3) as the case may be, shall be void. (6) Notwithstanding anything in this section, a tenant who fails to avail himself of the offer of first purchase made under sub-section (1) shall not, by reason thereof, cease to be a tenant, but shall continue as tenant under the new owner on the same terms and conditions as before. (7) Government may, subject to due appropriation being made in this behalf, grant on such terms as may be prescribed, a loan to a tenant for the purchase of any land in respect of which a notice has been served upon him under sub-section (1).