Power of tenant for life to accept surrender of lease and grant new leases
13 Power of tenant for life to accept surrender of lease and grant new leases
A tenant for life may accept, with or without consideration, a surrender of any lease of settled land, whether made under this Act or not, in respect of the whole land leased, or any part thereof.
On a surrender of a lease in respect of part only of the land leased, the rent may be apportioned.
On a surrender, the tenant for life may make of the land surrendered, or of any part thereof, a new or other lease, or new or other leases in lots.
A new or other lease may comprise additional land, and may reserve any apportioned or other rent.
On a surrender, and the making of a new or other lease, whether for the same or for any extended or other term, and whether or not subject to the same or to any other covenants, provisions, or conditions, the value of the lessee's interest in the lease surrendered may be taken into account in the determination of the amount of the rent to be reserved, and of any fine to be taken, and of the nature of the covenants, provisions, and conditions to be inserted in the new or other lease.
Every new or other lease shall be in conformity with this Act.
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