Part 3Allocation of rents and renewal premiums etc.

Key terms

I137Partially continuing leases and renewal obligations etc.

In this Act—

  • “partially continuing lease” means a lease which, on the appointed day—

    1. a

      is extinguished by virtue of Part 1, in respect of part of the subjects of the lease (such subjects being referred to in this Act as the “converted subjects”), and

    2. b

      whether by exemption under Part 5 or otherwise, continues in respect of any other subjects (such subjects being referred to in this Act as the “continuing subjects”),

  • “renewal obligation” means an obligation on the landlord under a lease to renew it after a fixed period on payment by the tenant of a premium,

  • “renewal period” means, in relation to a renewal obligation, the fixed period after which the landlord must renew the lease,

  • “renewal premium” means, in relation to a renewal obligation, the premium payable.