Section 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.