sec.15BOther lease provisions also have force of law

### sec.15B Other lease provisions also have force of law This section applies if— in connection with a declared project— a lease is granted, including by a transfer notice; or a declared entity enters into a lease in accordance with a project direction given to it or its board; and the lease provides for all or any of the following matters— the prepayment of amounts, including rent, payable under the lease and the retention of the amounts by the lessor; the continuation of the lease, including the obligation to pay rent, despite the happening of unintended or unforeseen circumstances, including, for example, circumstances that would otherwise result in any obligations under the lease— being incapable of performance; or not being required to be performed; the circumstances under which the lease may be terminated; the amounts payable, and the rights and obligations of the parties to the lease, in the event of a breach or termination of the lease; the entitlement to, or the retention or application of, security; the ownership, or the vesting of ownership, of any real or personal property on termination of the lease; the liability of the lessor. A provision of a lease providing for a matter mentioned in subsection (1) (b) has the force of law as if the provision were an enactment of this Act. Subsection (2) applies despite any other law or instrument to the contrary. s 15B ins 2010 No. 11 s 88 (sec.15B-ssec.1) This section applies if— in connection with a declared project— a lease is granted, including by a transfer notice; or a declared entity enters into a lease in accordance with a project direction given to it or its board; and the lease provides for all or any of the following matters— the prepayment of amounts, including rent, payable under the lease and the retention of the amounts by the lessor; the continuation of the lease, including the obligation to pay rent, despite the happening of unintended or unforeseen circumstances, including, for example, circumstances that would otherwise result in any obligations under the lease— being incapable of performance; or not being required to be performed; the circumstances under which the lease may be terminated; the amounts payable, and the rights and obligations of the parties to the lease, in the event of a breach or termination of the lease; the entitlement to, or the retention or application of, security; the ownership, or the vesting of ownership, of any real or personal property on termination of the lease; the liability of the lessor. (sec.15B-ssec.2) A provision of a lease providing for a matter mentioned in subsection (1) (b) has the force of law as if the provision were an enactment of this Act. (sec.15B-ssec.3) Subsection (2) applies despite any other law or instrument to the contrary. - (a) in connection with a declared project— (i) a lease is granted, including by a transfer notice; or (ii) a declared entity enters into a lease in accordance with a project direction given to it or its board; and - (i) a lease is granted, including by a transfer notice; or - (ii) a declared entity enters into a lease in accordance with a project direction given to it or its board; and - (b) the lease provides for all or any of the following matters— (i) the prepayment of amounts, including rent, payable under the lease and the retention of the amounts by the lessor; (ii) the continuation of the lease, including the obligation to pay rent, despite the happening of unintended or unforeseen circumstances, including, for example, circumstances that would otherwise result in any obligations under the lease— (A) being incapable of performance; or (B) not being required to be performed; (iii) the circumstances under which the lease may be terminated; (iv) the amounts payable, and the rights and obligations of the parties to the lease, in the event of a breach or termination of the lease; (v) the entitlement to, or the retention or application of, security; (vi) the ownership, or the vesting of ownership, of any real or personal property on termination of the lease; (vii) the liability of the lessor. - (i) the prepayment of amounts, including rent, payable under the lease and the retention of the amounts by the lessor; - (ii) the continuation of the lease, including the obligation to pay rent, despite the happening of unintended or unforeseen circumstances, including, for example, circumstances that would otherwise result in any obligations under the lease— (A) being incapable of performance; or (B) not being required to be performed; - (A) being incapable of performance; or - (B) not being required to be performed; - (iii) the circumstances under which the lease may be terminated; - (iv) the amounts payable, and the rights and obligations of the parties to the lease, in the event of a breach or termination of the lease; - (v) the entitlement to, or the retention or application of, security; - (vi) the ownership, or the vesting of ownership, of any real or personal property on termination of the lease; - (vii) the liability of the lessor. - (i) a lease is granted, including by a transfer notice; or - (ii) a declared entity enters into a lease in accordance with a project direction given to it or its board; and - (i) the prepayment of amounts, including rent, payable under the lease and the retention of the amounts by the lessor; - (ii) the continuation of the lease, including the obligation to pay rent, despite the happening of unintended or unforeseen circumstances, including, for example, circumstances that would otherwise result in any obligations under the lease— (A) being incapable of performance; or (B) not being required to be performed; - (A) being incapable of performance; or - (B) not being required to be performed; - (iii) the circumstances under which the lease may be terminated; - (iv) the amounts payable, and the rights and obligations of the parties to the lease, in the event of a breach or termination of the lease; - (v) the entitlement to, or the retention or application of, security; - (vi) the ownership, or the vesting of ownership, of any real or personal property on termination of the lease; - (vii) the liability of the lessor. - (A) being incapable of performance; or - (B) not being required to be performed;