§ 291-f. Rights where recorded mortgage restricts landlord's action in
respect to leases. An agreement, referring to this section, contained
in a recorded mortgage of real property, or in a recorded instrument
relating to such mortgage, restricting the right or power, as against
the holder of the mortgage without his consent, of the owner of the
mortgaged real property to cancel, abridge or otherwise modify
tenancies, subtenancies, leases or subleases of the mortgaged real
property in existence at the time of the agreement, or to accept
prepayments of instalments of rent to become due thereunder, shall
become binding on a tenant or subtenant after written notice of such
agreement, accompanied by a copy of the text thereof; and any such
cancellation, abridgement, modification or prepayment made by such
tenant or subtenant, after such written notice, without the consent of
the holder of such mortgage, shall be voidable as against the holder, at
his option. The recording on or after July first, nineteen hundred
sixty, of any such mortgage or instrument relating thereto shall for the
purposes of this section be in itself a sufficient notice of the
restrictive agreement to any tenant or subtenant who, after such
recording, acquires by assignment, whether the assignment is by
instrument or by operation of law, a leasehold estate in existence at
the time of the restrictive agreement. This section shall not apply (1)
to any tenancy, subtenancy, lease or sublease primarily for the
residential purposes of the owner of the leasehold estate, or (2) to any
tenancy, subtenancy, lease or sublease having at the time of the
restrictive agreement an unexpired term of less than five years.