425. Mortgagee's right to benefit of covenants.

A mortgagee of premises subject to a lease granted before 1 January 19961 is entitled to enforce and take advantage of covenants having reference to the subject matter of a lease given by the lessee and rights of re-entry2. The mortgagee can also re-enter for breaches of covenant committed since the mortgage, and breaches of covenant committed before the mortgage unless they had been waived or released at the time of the mortgage3. A mortgagee in possession of leasehold premises is entitled to the benefit of covenants by the lessor which touch and concern the land