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Partly-built leases.
[New in pt. cf. 1958, s. 6]
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14.—(1) Where a person holds land under a lease (in this section referred to as a partly-built lease) which would entitle him to acquire the fee simple but for the fact that the portion of the land which is not covered by the permanent buildings is not wholly subsidiary and ancillary to those buildings, the following provisions of this section shall have effect.
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(2) The partly-built lease shall, for the purposes of this Act, be deemed to comprise two separate leases as follows:
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(a) one lease (in this section referred to as the built-on lease) comprising that portion of the land demised by the partly-built lease which is covered by the permanent buildings, together with so much of the land as is subsidiary and ancillary to those buildings, and
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(b) the other lease (in this section referred to as the vacant lease) comprising the residue of the said land.
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(3) For the purposes of the division of the partly-built lease, such portion of the rent reserved by that lease as is fairly attributable to the land comprised in the built-on lease shall be apportioned to the built-on lease and the remainder of the said rent shall be apportioned to the vacant lease, and the covenants on the lessee's part and the conditions contained in the partly-built lease shall be apportioned likewise so as to relate separately to the land comprised in the built-on lease and to the land comprised in the vacant lease.
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(4) The built-on lease shall be a lease to which this Part applies.
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Yearly Tenants
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