Where a lessee holds over after expiry of a lease term and the parties subsequently agree to varied terms as to rent, outgoings or demised premises, a new periodic tenancy may arise that displaces the holding-over under the original lease. A guarantee of 'all the terms and conditions' of the lease will not extend to obligations under the new periodic tenancy. Bryson JA's additional reasons suggest that, applying Chan v Cresdon, such a guarantee may not extend even to holding-over obligations under the original lease, because those obligations arise from the agreement to hold over rather than from the lease itself.
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