1964_CROWN_LEASES_ORDINANCE — Page 6

1986 Ed.]

Crown Leases

[CAP. 40

5

(c) the same covenants, exceptions, reservations, stipulations, provisos and declarations (including the right of re-entry) mutatis mutandis as are contained in the renewable Crown lease of the lot or section to which the new Crown lease relates other than-

(i) the covenant to pay the Crown rent;

(ii) the proviso for renewal on the expiration of the term;

(iii) any covenant or proviso expressed not to continue to apply after the renewal of the renewable Crown lease;

(d) a covenant by the lessee to perform, observe and comply with the covenants, exceptions, reservations, stipulations, provisos and declarations deemed to be contained in the new Crown lease by virtue of paragraph (c).

9. (1) Subject to subsection (9) the new Crown rent payable under a new Crown lease shall be an amount equal to 3 per cent of the rateable value of the lot or section held under new Crown lease. (Amended, 56 of 1978, s. 2)

(2) Subject to the provisions of this section, the rateable value for the purposes of this section of a lot or section held under a new Crown lease is the rateable value or interim valuation as set out on the relevant day in the list declared under section 13 of the Rating Ordinance, of the tenement, or, if there is more than one tenement, the aggregate of the rateable values and interim valuations as so set out of all the tenements comprised wholly or partly in the lot or section held under the new Crown lease. (Replaced, 56 of 1978, s. 2)

(3) (a) Where after the commencement* of the Crown Leases (Amendment) Ordinance 1978 or the relevant day, whichever is the later, an interim valuation is made by the Commissioner under the Rating Ordinance of any tenement comprised wholly or partly in a lot or section held under a new Crown lease consequent upon the redevelopment of the lot or section, then with effect from the first day of the month following that in which the interim valuation becomes effective under the Rating Ordinance or the relevant day, whichever is the later, and notwithstanding subsection (2), the rateable value of the lot or section for the purposes of this section is the aggregate of-

(i) the rateable value of the lot or section as last ascertained under this section; and

(ii) the interim valuation,

less that portion, if any, of the rateable value under sub-paragraph (i) attributable to a tenement or part of a tenement included in or replaced by the tenement to which the interim valuation relates:

New Crown rent of a lot or section held under a new Crown lease.

(Cap. 116.)

(56 of 1978.)

[*7.7.78.]