Property Law Act 1969

Subject to any order of the Court and to this section —

where —

an option is contained in a lease;

the lessee exercises, or purports to exercise, the option; and

the lease would, but for this paragraph, expire within the period of 14 days after the exercise, or purported exercise, of the option,

where —

a prescribed notice is duly served on a lessee; and

the lease in respect of which the notice is served would, but for this paragraph, expire within the period of one month referred to in section 83C(2)(a),

where, in relation to a lease continued in force under paragraph (b), relief referred to in section 83C is sought by a lessee, the lease shall, subject to subsections (2) and (3), be deemed to continue in force until —

the proceedings in which the relief is sought are disposed of, in so far as they relate to that relief, otherwise than by granting the relief; or

effect is given to orders made by the Court in granting that relief in so far as they affect the lessor or relate to an assurance to the lessee.

Paragraph (c) of subsection (1) —

does not apply to or in respect of a lease that, but for that paragraph, would continue in force for a period longer than the period for which it is, by the operation of that paragraph, continued in force; and

does not, where a lessee fails to comply with terms imposed upon him pursuant to section 83D(4)(a), operate to continue the lease in force beyond the time of that failure by the lessee.

Where, under subsection (1), a lease continues in force after the day on which, but for that subsection, it would expire, the lease so continues in force subject to the provisions, stipulations, covenants, conditions and agreements in the lease (other than those relating to the term and the option contained in the lease) but without prejudice to any rights or remedies of the lessor or lessee in relation to the lease.

Subject to subsection (5) where, pursuant to an option contained in a lease continued in force under subsection (1), the lease is renewed or a new lease is granted, the period during which the lease was so continued in force shall be deemed to be part of the term for which the lease was renewed or the new lease granted, and any lease granted pursuant to an exercise of the option shall be expressed to have commenced when the lease containing the option would, but for subsection (1), have expired.

Subsection (4) does not apply to or in respect of a lease that stipulates for the commencement of any lease granted pursuant to an exercise of the option contained therein on a day that is later than the day on which the lease so granted would, but for this subsection, commence under subsection (4).