63Transitional—continuing leases

63 Transitional—continuing leases

Continuing leases continue in force (1) Subject to this Ordinance, a continuing lease: (a) continues in force after the transition time under this Ordinance subject to the terms, conditions and covenants applying, or purportedly applying, to the lease immediately before the transition time; and (b) has effect, after the transition time, as if it had been granted under this Ordinance. Continuing leases unaffected (2) Without limiting section 7 of the Acts Interpretation Act 1901 in its application to this Ordinance, the repeal of the old law, and the commencement of this Ordinance, do not affect: (a) the validity of a continuing lease; or (b) any terms, conditions or covenants to which a continuing lease was subject immediately before the transition time. (3) In particular, and without limitation: (a) leases granted before 1 January 1971 under the City Area Leases Ordinance that became nominal rent leases by the operation of sections 12 and 18 of that Ordinance continue in effect after the transition time as nominal rent leases; and (b) the relief under subsection 29(3) of the City Area Leases Ordinance from restrictions imposed by covenant on the sale of certain leases granted on or after 1 January 1974 under that Ordinance continues in effect, as does the discharge of liability in relation to breach of such a covenant conferred by subsection 29(5) of that Ordinance. Continuing operation of old law—mortgages and subleases (4) Despite the repeal of the old law: (a) in relation to a mortgage granted under section 19 or 19AA of the City Area Leases Ordinance that was in force immediately before the transition time: (i) the mortgage continues in effect after the transition time (until it is discharged); and (ii) that section continues to apply in relation to the mortgage after the transition time; and (b) in relation to a sublease granted before 1 January 1971 that was in effect immediately before the transition time: (i) the conversion of references to ground rent in the sublease to references to rates by section 30A of the City Area Leases Ordinance continues to apply after the transition time; and (ii) that section continues to apply in relation to the sublease after the transition time.