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26New Leases may be granted on the Surrender of existing Interests.

Leases of any Part of the Possessions of the Duchy of Cornwall may be granted in consideration of the Surrender of any outstanding Estate held for Life, or for any Term of Years, either absolute or determinable with any Lives or Life, and. in determining the Amount of Rent to be reserved in such new Lease the Value of the Interest to be surrendered may be taken into account, and the Acceptance of such Surrender shall not be considered as taking a Fine.