In lieuof a foreclosure action in court due to default on a recorded mortgage or deed of trustof realproperty, ifthe subject property is agriculturalland used forfarming, asdefined insection 9H.1, the mortgagee and mortgagor may enter into an agreement in which the mortgagor agrees totransfer the agricultural land to the mortgagee insatisfaction of allor partof the mortgage obligation as agreed upon by the parties. The agreement may grant the mortgagor a rightto purchase the agriculturalland for a period not to exceed five years,and may entitlethe mortgagor tolease the agricultural land. The agreement shall be recorded with the deed transferring titletothe mortgagee. A transfer oftitleand agreement pursuant tothis section does not constitute an equitable mortgage.
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