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Lettings by persons not absolute owners.
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10.—(1) The Land Law Acts shall apply, and be deemed to have always applied, in the case of tenancies created by a limited owner or by a mortgagor or mortgagee in possession, and the tenancies shall not be or be deemed to have been determined (except in the case of fraud or collusion or a letting at a gross undervalue) by the cesser of the interest or possession of such limited owner, mortgagor, or mortgagee, and the person entitled on such cesser to receive the rent of the holding shall stand in the relation of landlord to the tenant of the holding, and have the rights and be subject to the obligations of landlord accordingly.
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(2) Provided that where a fair rent has, after the passing of this Act, been fixed for the first time in the case of a tenancy to which this section applies, the person entitled on the said cesser to receive the rent of the holding may, within the prescribed time after becoming entitled to receive such rent, apply to the court in the prescribed manner, and the court, after giving such person and the tenant of the holding an opportunity of being heard, may proceed as follows:—
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(a) if of opinion that by reason of a fine or premium having been paid the rent when judicially fixed was reduced, or that otherwise the fair rent fixed was unreasonable, the court may vary the fair rent for the portion of the statutory term then remaining unexpired; and
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(b) if of opinion that, by reason of any special circumstances not brought to the knowledge of the court on the hearing of the application to have a fair rent fixed, a fair rent ought not to have been fixed, the court shall declare that the said person and the tenant shall be in the same position as if this section had not been enacted.
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(3) This section shall not apply to a tenancy created by a limited owner in a holding the substantial part of which at the date of the letting was demesne land, where the mansion house is let with such demesne land, or the application of the Land Law Acts to the tenancy would materially diminish the value as a residence of the mansion house situate on and theretofore occupied with the demesne.
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