26Airport lease granted subject to existing interests in the land

#### 26 Airport lease granted subject to existing interests in the land (1) An airport lease is granted under section 21 or 22 subject to all existing leases in relation to the land concerned. (2) Unless the Finance Minister otherwise determines: (a) all obligations and benefits of the Commonwealth under, or connected with, such an existing lease: (i) pass to the airport‑lessee company; and (ii) cease to be enforceable by or against the Commonwealth; whether or not the obligations or benefits touch and concern the land; and (b) an instrument relating to such an obligation or benefit continues to have effect after the grant of the airport lease as if a reference in the instrument to the FAC or to the Commonwealth were a reference to the company; and (c) the company becomes the Commonwealth’s successor in law, in relation to such an obligation or benefit, immediately after the grant of the airport lease. > Note 1: The lessees of existing leases become lessees of the airport‑lessee company. > Note 2: Subsections (1) and (2) relate to the obligations and benefits of the Commonwealth as lessor. Section 17 deals with a case where the Commonwealth is the lessee under an existing lease. (3) An airport lease is granted under section 21 or 22 subject to all other existing interests in the land concerned.