50Leases of electricity network assets

50 Leases of electricity network assets

50 Leases of electricity network assets

(1) The provisions of an electricity network assets lease (or of any agreement or arrangement entered into in connection with such a lease) dealing with the following matters have effect according to their terms despite any law or rule to the contrary—

(a) the term of the lease,

(b) the existence or exercise of an option under the lease,

(c) the payment of any amount by way of a premium for the lease and the retention of any such amount by the lessor or the State,

(d) the circumstances or conditions under which the lease may be terminated by the lessor or lessee,

(e) the application or operation of section 122, 130 or 133B of the Conveyancing Act 1919 to or in respect of the lease (or any lease under the lease),

(f) the application of a security provided in relation to the lease,

(g) the payment of a sum that is in the nature of a penalty,

(h) the ownership of, or the vesting or forfeiture of ownership of, any real or personal property on termination of the lease or on the occurrence of some other specified event or other thing,

(i) the pre-payment of amounts payable by way of rent under the lease and the retention of any such amounts by the lessor or the State,

(j) the continuance of the lease despite the occurrence of unintended or unforeseen circumstances,

(k) the continuance of the obligation to pay rent despite the occurrence of unintended or unforeseen circumstances,

(l) the amount payable in consequence of a breach or early termination of the lease, expiry of the lease or exercise of any option to extend the lease,

(m) the liability of the lessor or lessee in relation to the leased assets,

(n) the non-refundability of any payment made on account of rent, premium, option fee, outgoings, security deposit or otherwise,

(o) the operation of any set-off.