sec.24FRestrictions on re-entry or forfeiture of lease of lot

### sec.24F Restrictions on re-entry or forfeiture of lease of lot Where the lease of a lot is subject to a registered mortgage, a right of re-entry or forfeiture under a provision of the lease for a breach of any covenant, condition or agreement (express or implied) in the lease shall, despite the Property Law Act 2023 , section 150 , not be exercised unless the lessor has served on the mortgagee a copy of the notice relating to that breach served on the lessee under the Property Law Act 2023 , section 153 of that Act. (new) Where a lessor has brought legal proceedings to enforce a right of re-entry or forfeiture under a provision of a lease of a lot, the Court may, on application by any person claiming as mortgagee of the lot make an order— staying those proceedings on such terms as appear to the Court to be just and equitable; and vesting, for the whole of the remaining term of the lease, or any shorter term, the lease of the lot in that mortgagee on such conditions as to the execution of any dealing or other document, payment of proper and reasonable rent, costs, expenses, damages, compensation, giving security or otherwise as that Court, having regard to all the circumstances of the case, thinks just and equitable. (new) An order under subsection (2) — may be made in proceedings for the purpose brought by the person claiming as mortgagee; or where the proceedings brought by the lessor are already in the Court—may be made in those proceedings. (new) (sec.24F-ssec.1) Where the lease of a lot is subject to a registered mortgage, a right of re-entry or forfeiture under a provision of the lease for a breach of any covenant, condition or agreement (express or implied) in the lease shall, despite the Property Law Act 2023 , section 150 , not be exercised unless the lessor has served on the mortgagee a copy of the notice relating to that breach served on the lessee under the Property Law Act 2023 , section 153 of that Act. (new) (sec.24F-ssec.2) Where a lessor has brought legal proceedings to enforce a right of re-entry or forfeiture under a provision of a lease of a lot, the Court may, on application by any person claiming as mortgagee of the lot make an order— staying those proceedings on such terms as appear to the Court to be just and equitable; and vesting, for the whole of the remaining term of the lease, or any shorter term, the lease of the lot in that mortgagee on such conditions as to the execution of any dealing or other document, payment of proper and reasonable rent, costs, expenses, damages, compensation, giving security or otherwise as that Court, having regard to all the circumstances of the case, thinks just and equitable. (new) (sec.24F-ssec.3) An order under subsection (2) — may be made in proceedings for the purpose brought by the person claiming as mortgagee; or where the proceedings brought by the lessor are already in the Court—may be made in those proceedings. (new) - (a) staying those proceedings on such terms as appear to the Court to be just and equitable; and - (b) vesting, for the whole of the remaining term of the lease, or any shorter term, the lease of the lot in that mortgagee on such conditions as to the execution of any dealing or other document, payment of proper and reasonable rent, costs, expenses, damages, compensation, giving security or otherwise as that Court, having regard to all the circumstances of the case, thinks just and equitable. - (a) may be made in proceedings for the purpose brought by the person claiming as mortgagee; or - (b) where the proceedings brought by the lessor are already in the Court—may be made in those proceedings.