126Head leases may be renewed without surrendering under-

126 Head leases may be renewed without surrendering under- leases (1) Subject to this section, if: (a) a lease is surrendered for the purpose of being renewed; and (b) a new lease is granted by the lessor under the surrendered lease in respect of the premises held under that lease, the new lease is, without the surrender of the underleases derived out of the surrendered lease (if any), as good and valid for all intents and purposes as if those underleases had been surrendered on or before the making of the new lease. (2) A person in whom an estate for life or lives or for years is vested because of the renewal of a lease, or the person's executor or administrator, is entitled to the rents, covenants, obligations and duties and has the remedies for the recovery of the rents, covenants, obligations and duties, and the under-lessees (if any) hold and enjoy the premises leased under the respective under- leases as if the original lease under which the under-leases were derived continues to have effect. (3) If a lease is renewed, the head landlord is entitled to the same remedy of entry in and on the premises comprised in an under- lease for the rents and duties reserved by the new lease (so far as those rents and duties do not exceed the rents and duties reserved in the lease out of which the under-lease was derived) as the head landlord would have had if the former lease had continued to have effect or the under-lease had been renewed under the new lease. (4) In the case of a registered lease of registered land, this section has effect subject to the Land Title Act 2000.