§ 761. Redemption by lessee. Where the special proceeding is founded
upon an allegation that a lessee holds over after a default in the
payment of rent, and the unexpired term of the lease under which the
premises are held exceeds five years at the time when the warrant is
issued the lessee, his executor, administrator or assignee, at any time
within one year after the execution of the warrant, unless by the terms
of the lease such lessee shall have waived his right to redeem, or such
lessee, executor, administrator or assignee shall have subsequently
waived the right to redeem by a written instrument filed and recorded in
the office in which the lease is recorded, or if not so recorded, in the
office in which deeds are required to be recorded of the county in which
the leased premises are located, may pay or tender to the petitioner,
his heir, executor, administrator or assignee, or if, within five days
before the expiration of the year he cannot be found with reasonable
diligence within the city or town wherein the property or a portion
thereof is situated, then to the court which issued the warrant, all
rent in arrears at the time of the payment or tender with interest
thereupon and the costs and charges incurred by the petitioner.
Thereupon the person making the payment or tender shall be entitled to
the possession of the demised premises under the lease and may hold and
enjoy the same according to the terms of the original demise, except as
otherwise prescribed in section 765.