11. Special provision in respect of certain mortgages by agriculturists.

(1) This section applies to any subsisting mortgage executed by an agriculturist at any time before the commencement of this Act and by virtue of which the mortgagee is in possession of the property mortgaged to him or any portion thereof. Explanation .-A mortgagee shall be deemed to be in possession of the property mortgaged to him or any portion thereof, notwithstanding that he has leased it to any person other than the mortgagor. (2) Notwithstanding that the period of the mortgage has not expired, a mortgagor who is an agriculturist shall, on application, be entitled, subject to the provisions of sub-sections (4) and (6), to recover the mortgaged property on depositing in the court- (a) one-third of the mortgage amount; (b) where there is stipulation for payment of interest to the mortgagee in respect of the principal amount secured by the mortgage or any portion thereof, in addition to the usufructs from the mortgaged property, or in respect of any other sum payable to the mortgagee by the mortgagor in his capacity as such, and there has been arrears of such interest, such arrears calculated at the rate specified in section 5; and (c) the value of improvements, if any, effected in the mortgaged property by the mortgagee subsequent to the date of the mortgage, as determined by the court. (3) Along with the application under sub-section (2), the mortgagor shall pay court-fees as for a suit for redemption on the balance of the mortgage amount. (4) Where the application and deposit as required by the sub-section (2) have been made and court-fees have been paid as required by sub-section (3), the court shall put the mortgagor in possession of the property and pass an order allowing the mortgagee to recover by sale of the mortgaged property the balance of the mortgage amount in sixteen half-yearly instalments together with the interest accrued due on such balance outstanding till thedate of payment of each instalment, at six percent per annum, the first instalment being payable within a period of six months from the date on which the mortgagor recovered possession of the property mortgaged, and on payment of the last instalment, the mortgage shall be deemed to be discharged. (5) An order passed under sub-section (4) shall be deemed to be a decree. (6) Where the property mortgaged has been leased out by the mortgagee, the lease shall, except in the case of tenants entitled to fixity of tenure under any law for the time being in force, stand terminated when the mortgagor recovers possession of the mortgaged property, and thereupon any value of improvements due to the lessee shall be paid to him out of the amount deposited by the mortgagor under sub-section (2) towards the value of improvements. (7) The charge for the balance amount due to the mortgagee shall have priority over all other charges created after the date of the mortgage (8) Nothing contained in sub-sections (2) to (7) shall apply to mortgages where the property mortgaged has been leased back to the mortgagor by the mortgagee, and to such mortgages, the following provisions shall apply:- (a) the mortgage shall be deemed to be a simple mortgage from the date of the lease back and the provisions of this Act shall apply to the debt covered by the mortgage; (b) the interest payable on the mortgage amount after the commencement of this Act shall be at six percent per annum. (9) Where the equity of redemption over the mortgaged property has been sold in execution of a decree for a claim arising under the mortgage and the mortgagee is the auction purchaser of the said property, the balance of any claim arising under the mortgage shall be deemed to be discharged. (10) Nothing contained in this section shall be deemed to affect the rights of any mortgagee who is conferred the rights of a tenant under any law for the time being in force.