Amendment status not verified — confirm the current text below against the official source.
Where a tenant mortgages his holding in favour of a primary mortgage bank, the following provisions shall apply so long as the mortgage subsists, notwithstanding anything to the contrary contained in any law relating to tenancy or in any custom or contract-- (i) both before and after granting the loan secured by the mortgage, the primary mortgage bank shall give notice in writing to the landlord of the tenant, and if such landlord is himself the tenant of another landlord, also to that landlord, and likewise to every superior landlord from whom interest in the holding is derived, up to and including the landowner; (ii) every landlord to whom notice is given under clause (i) shall give not less than fifteen days' notice in writing to the primary mortgage bank before instituting a suit for bringing the holding of his tenant (whether such tenant be the mortgagor or a superior landlord) to sale for default in payment of rent or michavarom or jenmikaram or for evicting such tenant from the holding; (iii) the tenant who has mortgaged the holding to the primary mortgage bank shall not except with the previous permission of the Bank, surrender his holding or any part thereof to his landlord or deal with it in any other manner, and no such transaction entered into by the tenant with out such permission shall affect in any way the interest of the Bank in the holding; (iv) in a suit for eviction instituted against the tenant who has mortgaged the holding to the primary mortgage bank, the Bank shall, on application to the court in which the suit is instituted, be entitled to be paid out of the amount of compensation, if any deposited in court under section 5 of the Kerala Compensation for Tenants Improvements Act, 1958, the moneys due to the Bank under the mortgage; (v) if, on the expiry of the tenancy of the tenant who has mortgaged the holding to the primary mortgage bank, the tenant does not renew the tenancy, the Bank shall be entitled to obtain a renewal of the tenancy on behalf of the tenant and any renewal fee paid by the Bank shall be added to the principal money due under the mortgage; (vi) if the tenant who has mortgaged the holding to the primary mortgage bank makes default in the payment of any rent or michavaram or jenmikaram due to his landlord or the Government, as the case may be, the Bank shall be entitled to pay the same to the landlord or the Government and the amount so paid shall be added to the principal money due under the mortgage. Explanation.-- In so far as the rent or michavaram is payable in kind, the primary mortgage bank shall have the right to pay the value thereof calculated at the rate or rates notified by the Government from time to time in the Gazette; (vii) where the primary mortgage bank pays any renewal fee, rent, michavaram or jenmikaram under clause (v) or clause (vi), it shall be entitled to regard the whole of the mortgage money as having become payable and, after giving a reasonable opportunity to the tenant to repay the whole of the said money or such portion thereof as may be determined by the Bank, to bring the holding to sale under the provisions of Chapter IV of this Act.