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CAP. 219]
Conveyancing and Property
[1988 Ed.
by fire happening, have the same advantage from any then subsisting insurance relating to the building covenanted to be insured which has been effected by the lessee or mortgagor in respect of his interest under the lease or in the property or by any person claiming under him, but not effected in conformity with the covenant, as he would have from an insurance effected in conformity with the covenant.
Protection of purchaser against forfeiture under covenant for insurance
34. (1) Where, on the bona fide purchase of a leasehold interest under a lease containing a covenant on the part of the lessee to insure against loss or damage by fire, the purchaser is furnished with the written receipt of the person entitled to receive the rent, or his agent, for the last payment of rent accrued due before the completion of the purchase, and there is subsisting at the time of the completion of the purchase an insurance in conformity with the covenant, the purchaser or any person claiming under him shall not be subject to any liability, by way of forfeiture or damages or otherwise, in respect of any breach of the covenant committed at any time before the completion of the purchase of which the purchaser had no notice before the completion of the purchase; but this provision is not to take away any remedy which the lessor or his personal representatives may have against the lessee or his personal representatives for breach of covenant.
(2) Nothing in subsection (1) shall affect the provisions of the Crown Rights (Re-entry and Vesting Remedies) Ordinance (Cap.126).
PART IV
FORMS, COVENANTS AND CONDITIONS
Implied covenants
35. (1) There shall be implied-
(a) in any assignment of the whole of the interest in land held under a Crown lease, the covenant by a person who assigns, and the covenant by a person to whom an assignment is made, mentioned in Part I of the First Schedule; (Amended, 31 of 1988, s. 12)
(b) in an assignment to a purchaser for valuable consideration, the covenants, by a person who is expressed to assign as beneficial owner, mentioned in Part II of the First Schedule;
(c) in an assignment by way of voluntary disposition, the covenant, by a person who is expressed to assign as donor, mentioned in Part III of the First Schedule;
(d) in any assignment, the covenant, by a person who is expressed to assign as trustee, confirmor, mortgagee, legal chargee, personal representative of a deceased person or under an order of court, mentioned in Part IV of the First Schedule; and
(e) in a legal charge, the covenants, by a person who is expressed to charge as beneficial owner, mentioned in Part V of the First Schedule.
1
18
CAP. 219]
Conveyancing and Property
[1988 Ed.
by fire happening, have the same advantage from any then subsisting insurance relating to the building covenanted to be insured which has been effected by the lessee or mortgagor in respect of his interest under the lease or in the property or by any person claiming under him, but not effected in conformity with the covenant, as he would have from an insurance effected in conformity with the covenant.
Protection of purchaser against forfeiture under covenant for insurance
34. (1) Where, on the bona fide purchase of a leasehold interest under a lease containing a covenant on the part of the lessee to insure against loss or damage by fire, the purchaser is furnished with the written receipt of the person entitled to receive the rent, or his agent, for the last payment of rent accrued due before the completion of the purchase, and there is subsisting at the time of the completion of the purchase an insurance in conformity with the covenant, the purchaser or any person claiming under him shall not be subject to any liability, by way of forfeiture or damages or otherwise, in respect of any breach of the covenant committed at any time before the completion of the purchase of which the purchaser had no notice before the completion of the purchase; but this provision is not to take away any remedy which the lessor or his personal representatives may have against the lessee or his personal representatives for breach of covenant.
(2) Nothing in subsection (1) shall affect the provisions of the Crown Rights (Re-entry and Vesting Remedies) Ordinance (Cap. 126).
PART IV
FORMS, COVENANTS AND CONDITIONS
Implied covenants
35. (1) There shall be implied-
(a) in any assignment of the whole of the interest in land held under a Crown lease, the covenant by a person who assigns, and the covenant by a person to whom an assignment is made, mentioned in Part I of the First Schedule; (Amended, 31 of 1988, s. 12)
(b) in an assignment to a purchaser for valuable consideration, the covenants, by a person who is expressed to assign as beneficial owner, mentioned in Part II of the First Schedule;
(c) in an assignment by way of voluntary disposition, the covenant, by a person who is expressed to assign as donor, mentioned in Part III of the First Schedule;
(d) in any assignment, the covenant, by a person who is expressed to assign as trustee, confirmor, mortgagee, legal chargee, personal repre- sentative of a deceased person or under an order of court, mentioned in Part IV of the First Schedule; and
(e) in a legal charge, the covenants, by a person who is expressed to charge as beneficial owner, mentioned in Part V of the First Schedule.
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