(a) No rights derived from any lease executed under the provisions of this Law shall be assigned, sold, subleased, encumbered or hypothecated with approval of the Director of Agriculture unless such encumbrance is in accordance with the provisions of Subsection (b) of this Section.

(b) A lessee may obtain a purchase money mortgage for improvement to the leased property. If such mortgage is obtained, then transfer of the title of the lease is authorized to the mortgagee provided the property is continued to be used in accordance with the provisions of this law. Provided further, that the term of any mortgage may not extend beyond the maximum period which the lessee may renew his lease.

(c) Subsection (b) of this Section is adopted because the Legislature finds that the lessees of agricultural land have had considerable difficulty in improving the property so that they can have a decent place to live. The Legislature finds that the main reason for the difficulty is inability to obtain adequate financing and the Legislature finds that if the lessees were permitted to mortgage their own homes, this problem would be greatly alleviated. The Legislature further finds that lessees of government land at the GHURA 500 low cost housing project are permitted to mortgage their property in a manner outlined in Subsection (b) of this Section. The Legislature, therefore, concludes that the lessees of agricultural land should be permitted to mortgage their homes in order to improve their property.