Lessee to elect whether to proceed with application
10E Lessee to elect whether to proceed with application
The lessee shall, within 30 days from the date when the lessee receives from the chief executive the notice referred to in section 10D(2), notify the chief executive in writing where the lessee elects to proceed with the application under this part.
An application under this part shall lapse at the expiration of 30 days after the date when the chief executive gives to the lessee the notice referred to in section 10D(2) unless the lessee has sooner notified the chief executive in writing that the lessee elects to proceed therewith.
However, a lessee may, with the prior approval of the Minister, make a second or any subsequent application under this part notwithstanding that a prior application made by the lessee has lapsed.
A notice under this section in respect of a lease shall not affect or prejudice howsoever any mortgage or other encumbrance, estate or interest then subsisting over, upon or in the land comprised in the lease.
A lessee who elects to proceed with an application under this part shall be deemed to comply with the requirements of the perpetual lease with respect to the payment of rent if the lessee pays rent until and including the day preceding the quarter day when the term of the freeholding lease commences at the rate thereof actually payable at the date when the Minister receives the application referred to in section 10B.
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