33Leases of units and common property

33 Leases of units and common property (1) On the registration of a units plan, the lease of the parcel ends. (2) On registration of the units plan— (a) the former lessee is granted a lease for each unit in the units plan; and (b) the owners corporation is granted a lease for the common (3) A lease mentioned in subsection (2)— (a) is subject to the provisions set out in the units plan; and (b) is taken to be granted by the Territory under the Planning Act 2023, chapter 10. Note 1 On the registration of a units plan, an owners corporation for the units plan is established (see Unit Titles (Management) Act 2011, s 8). Note 2 The original lease for the parcel is cancelled on registration of the units plan (see Land Titles (Unit Titles) Act 1970, s 10 (1) (a)). If a registered units plan is subsequently cancelled the leases under this section are cancelled and the new lease that arises reverts to the terms of the original lease (see s 162 and s 163). (4) For subsection (2), registration of a units plan that subdivides a parcel of land under a declared land sublease ends the sublease. Registration of units plans Part 4 Easements Division 4.2 (5) The term of the leases of the units and of the common property begins on the registration of the units plan and ends on the date (stated in the units plan) when, apart from the operation of this section, the term of the lease of the parcel would have ended. (6) The lease of which a person or the owners corporation becomes the holder under this section— (a) is subject to any mortgage mentioned in the Land Titles (Unit Titles) Act 1970, section 8; and (b) is subject to, and has annexed to it, any easement mentioned in that section; and (c) is subject to, and has annexed to it, the easements given by this Act, section 35. (7) In this section: former lessee means the person who was the lessee of the parcel immediately before registration.