303. Lease granted pursuant to statutory right of enfranchisement.

A tenant may be entitled to be granted a new lease1 despite the fact that the grant of the existing lease was subsequent to the creation of a mortgage on the landlord's interest and not authorised as against the persons interested in the mortgage2. A lease so granted is deemed to be authorised as against the persons interested in any mortgage on the landlord's interest, however created or arising, and is binding on those persons