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Conversion of Lessee’s or Under-lessee’s Interest not to affect Demises made by him.
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XII. And be it enacted, That where the Estate held under any Lease or Under-lease in Perpetuity is converted under this Act into an Estate of Inheritance in Fee Simple, and such Estate was immediately before such Conversion subject to any subsisting Under-lease or Demise at Will, or for any greater Interest, the Fee Simple into which such Estate is so converted shall be the Reversion immediately expectant upon such Under-lease or Demise, and the Rents and Services reserved and made Payable upon such Under-lease or Demise shall be incident and annexed to such Reversion, and the Covenants and Agreements, whether express or implied, on the Part both of the Landlord and the Tenant, shall run with the Land and with the Reversion respectively, in the same Manner in all respects and to the same Extent as if such Under-lease or Demise had been made by a Person seised in Fee Simple in Possession, and the Estate in Fee Simple created by such Conversion as aforesaid had been the Reversion expectant upon such Under-lease or Demise; and such Conversion shall not prejudice or affect any Right of Distress, Entry, or Action which has accrued in respect of such Under-lease or Demise before such Conversion.
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