Section 38: Cumulo rent and cumulo renewal premium
158.This section defines cumulo rent as a single rent payable under two or more leases and cumulo renewal premium as a single renewal premium payable in relation to two or more leases.
159.Subsection (2) qualifies the definitions of cumulo rent and cumulo renewal premium by providing that, where a rent or premium has been apportioned between the leases before the appointed day with the express or implied agreement of the parties, the rent or premium apportioned is to be the rent or premium payable under that lease.
160.The definition of cumulo renewal premium is qualified further by subsections (3) and (4). They provide that where a cumulo rent has been apportioned with the agreement of the parties but not the cumulo premium, the premium is allocated between the leases in the same proportions as the rent.
