(1) Notwithstanding anything contained in the Transfer of Property Act, 1882 or any other law for the time being in force, 110 mortgager of property mortgaged to a Land 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 :
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Provided that, the rights of the Land Development Bank shall be enforceable against the tenant purchaser, the leasee or the tenant, as the case may be, as if he himself were a mortgagor.
(2) Where land, mortgaged with possession to a Land Development Bank, is in actual possession of a tenant, the mortgagor or the Land Development Bank shall give notice to the tenant to pay rent to the Land Development Bank during the currency of the lease and the mortgage, and on such notice being given, the tenant shall be deemed to have attorned to the Land Development Bank.
128. Notwithstanding anything contained in section 121 all moneys due under the mortgage shall unless otherwise directed by the State Land Development Bank or the trustee, and communicated to the mortgagor, be payable by the mortgagor to the Land Development Bank, and such payments shall be as valid as if the mortgage had not been so transferred and the Land Deveiopment Bank shall in the absence of specific direction to the contrary, issued by the State Land DeVelopment Bank or trustee and communicated to the Bank, be entitled to sue on the mortgage or take any other proceeding for the recovery of moneys due under the mortgage.
129. Where any property mortgaged to a Land Development Bank is 'wholly or partially destroyed, or for any reason the security is rendered insufficient and the mortgagor, having been given a reasonable opportunity by the bank to provide further security enough to render the whole security sufficient, or to -repay sneh portion of loan as may be determined by the bank has failed to provide such security or to repay such portion of loan, the whole of the loan shall be deemed to fall due at once ; and the bank shall be entitled to take action against the mortgagor under section 132 or section 133 for the recovery thereof.
Eepianation z—Seeurity shall be deemed insufi‘icient Within the meaning of this section, unless the value of the mortgaged property (including improvements made thereon) exceeds the amount for the time being due on the mortgage by such proportion as may be speci~ fied in the rules, reguiations or the bye-laws of the Land Development Bank.