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Part 3SAllocation of rents and renewal premiums etc.

Key termsS

37Partially continuing leases and renewal obligations etc.S

In this Act—

Commencement Information

I1S. 37 in force at 21.2.2014 by S.S.I. 2013/322, art. 3(c)

38Cumulo rent and cumulo renewal premiumS

(1)In this Act—

(2)Where such rent or renewal premium—

(a)has been apportioned between—

(i)those leases, or

(ii)some of those leases, and

(b)the parties to those leases consented (whether expressly or by implication) to the apportionment,

any rent or renewal premium so apportioned is not cumulo rent or (as the case may be) not a cumulo renewal premium and is the rent or renewal premium payable under the lease for the purposes of this Act.

(3)Subsection (4) applies if—

(a)subsection (2) applies to rent payable under two or more leases, and

(b)a single renewal premium is payable under the leases.

(4)For the purposes of this Act—

(a)the renewal premium is to be treated as if it were apportioned between the leases in the same proportion as the apportionment of rent, and

(b)that apportioned renewal premium is the renewal premium payable under the lease.

Commencement Information

I2S. 38 in force at 21.2.2014 by S.S.I. 2013/322, art. 3(c)