167BDeclared land subleases—surrender of leases in units

167B Declared land subleases—surrender of leases in units without grant of further leases (1) This section applies if a units plan subdivides land under a declared land sublease. (2) The owners corporation may, on behalf of the unit owners, surrender the leases with the written consent of the Crown lessee. Note If a lease is subject to a registered mortgage or encumbrance, the mortgagee or encumbrancee must also consent to the surrender (see Land Titles Act 1925, s 86 (7)). (3) If a lease is surrendered under subsection (2), the Land Titles Act 1925, section 88H (Surrender etc of land sublease—payment for improvements) applies.