The person named in any certificate of title as the proprietor of an estate of freehold in possession in the land described in the certificate of title shall be held in every court to be seized of the reversion and inheritance in the land immediately expectant upon the term of any lease that is mentioned as an encumbrance in the certificate, and to have all powers, rights and remedies to which such a reversioner is by law entitled, and shall be subject to all the covenants and conditions in such lease to be performed and observed by or on the part of the lessor.