1988 Ed.]
New Territories Leases (Extension)
[CAP. 150
5
(2) The rights and obligations of any person under any encumbrance, interest, covenant, exception, reservation, stipulation, proviso or declaration 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, proviso 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.
(3) Where the provisions of a lease whose term has been extended by section 6-
(a) empower the lessor, subject to the payment of compensation to the
lessee, to resume the land that is the subject of the lease; and
(b) prescribe a method of calculating the compensation that includes
references to-
(i) a fraction, whose numerator is the figure one, of any sum; and
(ii) the portion of the term that is unexpired at the date of resumption,
the method of calculation shall be applied as if the denominator in the fraction were greater by 50 than that specified in the lease and as if the lease had originally been expressed to be granted for a term that included the period for which the lease is extended by section 6.
PART III
RENT DURING EXTENSION
New rent generally
8. (1) During the period of the extension of a lease under section 6, the annual rent shall be an amount equal to 3% of the rateable value from time to time of the land leased.
(2) For the purposes of this section, the rateable value at any time of the land leased-
(a) shall be the rateable value of the tenement or, if there is more than one tenement, the aggregate rateable value of all the tenements, wholly or partly comprised in that land, contained----
(i) in a list in force at that time that was declared; and
(ii) in any interim valuation in force at that time that was made, by the Commissioner of Rating and Valuation under the Rating Ordinance (Cap. 116); and
(b) may for this purpose include any rateable value specified in a valuation in force at that time that was made under regulations made under this Ordinance.
(3) The rateable value ascertained under subsection (2) may be an aggregate of any of the rateable values mentioned in that subsection and shall be subject to any apportionment of rateable values made by the Commissioner under regulations made under this Ordinance.