A24
Option by the lessee.
Extension of
leases.
Burdens and
covenants.
Ord. No. 7/88
5.
NEW TERRITORIES LEASES (EXTENSION)
(1) A lessee may exclude from the application of this Ordinance his interest under a lease, other than an undivided share in the land to which the lease relates, by registering in the Land Office register, before the appointed day, a memorandum in a form specified by the Land Officer.
(2) In this section "lessee"____
(a) means a person whose name is registered in the Land Office as
owner, leaseholder or holder; and
(b) where more than one person is so registered in respect of the same interest or, in addition to any person so registered, any other person has an interest under-
(i) an agreement for sale; or
(ii) a mortgage,
registered in the Land Office, means all of them acting jointly.
PART II
EXTENSION OF NEW TERRItories Leases
6. The term of a lease to which this Ordinance applies is extended, from the date on which it would, apart from this Ordinance, expire, until the expiry of 30 June 2047, without payment of any additional premium.
7. (1) During the period of the extension of a lease under section 6, the lease and any interest therein created by or under an instrument registered in the Land Office shall, unless the contrary intention appears from the instrument, be subject to--
(a) the same encumbrances and interests as applied immediately
before the period of extension, including—
(i) any mortgage or charge, whether legal or equitable;
(ii) any public rights;
(iii) any mutual covenants, rights, easements, tenancies or other burdens of whatsoever kind or nature;
(b) the same covenants, exceptions, reservations, stipulations, pro- visos and declarations (including the right of re-entry) as applied immediately before the period of extension, except the reservation of and covenant to pay rent;
(c) a reservation of a rent payable under section 8 or 9; and (d) a covenant by the lessee to pay that rent in the same manner and on the same days as applied immediately before the period of extension or in the manner and on the days prescribed.
(2) The rights and obligations of any person under any encumbrance, interest, covenant, exception, reservation, stipulation, proviso or declara- tion mentioned in paragraphs (a), (b), (c) and (d) of subsection (1) shall, unless the contrary intention appears from the instrument creating that encumbrance, interest, covenant, exception, reservation, stipulation, pro- viso or declaration, continue during the period of the extension of a lease under section 6 as if that period of extension were expressly mentioned in the instrument.
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