Leases of land containing an option to purchase
21 Leases of land containing an option to purchase
In the case of a lease of land in force at the commencement of this Act—
which contains an optional purchasing clause by the terms of which the last date for exercise of the option is a date not later than the thirty-first day of December, one thousand nine hundred and thirty-two, and
which has been dealt with by the court under this Act or any enactment hereby repealed as if the lessee had already notified his exercise of the option, and
in respect of which the lessee has not in fact notified, prior to the commencement of this Act, his exercise of the option,
the lessee may, notwithstanding anything contained in the lease, notify at any time during the currency of the lease and up till the thirty-first day of December, one thousand nine hundred and thirty-two, his exercise of the option—
Provided that where, by the terms of any such lease, the date of the expiry of the lease is a date after the nineteenth day of December, one thousand nine hundred and thirty, and on or before the thirty-first day of December, one thousand nine hundred and thirty-two, the lessee may before the date of expiry of the lease, notify the lessor that it is probable that he will, on or before a date specified by him, not being later than the said thirty-first day of December, notify his exercise of the option, and if the lessee so notifies the lessor the term of the lease shall, by force of this Act, be extended until the date specified by the lessee—
Provided further that, where the term of a lease is so extended, the extension shall be at the same rent, or if such rent has been reduced by or under the provisions of the Reduction of Rents Act 1931, at such rent and upon the same terms and conditions as those prevailing immediately before the date upon which, but for this Part of this Act, the lease would have expired.
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