2. In any case where a foreclosed property is occupied prior to the foreclosure by a person who was a residential tenant, known in this section as the occupant, not in violation of the provisions of section 441.020, then after the foreclosure sale, the new owner of the property shall give the occupant notice, as described in subsection 3 of this section, that the sale has occurred, that they are the new owner, and if said owner seeks possession from the occupant that the occupant has not less than ten business days from the date of this notice to vacate the premises. No unlawful detainer action or any other action seeking possession may be commenced against the occupant within ten business days following the date of notice by the new owner that the foreclosure sale has occurred. Nothing in this section creates a tenancy between the new owner and the occupant. This section does not preclude the new owner from entering into an agreement with the occupant that allows the occupant to remain in the foreclosed property.
3. The notice required in subsection 2 of this section shall be sent by certified or registered mail if the name of the occupant is known to the new owner. If the name of the occupant is not known to the new owner then the notice shall be sent by regular mail and addressed to "occupant". The envelope containing such notice shall have the following words printed on the envelope face: "Notice to Occupant Following Foreclosure". A notice shall also be posted on the door of the premises where the occupant resides. The notices required in this subsection shall contain in substance the following text: