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Power of limited owner to grant leases. 28. Any limited owner shall have power to grant agricultural leases for any term of years absolute, or determinable at fixed periods, subject to the following restrictions: (1)The term of any lease shall not exceed thirty-five years: (2)The power of leasing conferred by this Act shall not include any mansion house or demesne lands: (3)The lease shall take effect in possession, or within one year after the execution thereof, and not in reversion, and there shall be reserved thereby a fair yearly rent to be incidental to the immediate reversion of the holding, without taking anything in the nature of a fine, premium, or foregift; and in estimating such yearly rent it shall not be necessary to take into account against the tenant the increase (if any) in the value of the holding arising from any improvements executed by him or his predecessors in title: (4)The lease shall imply a condition of re-entry for non-payment of the rent thereby reserved: (5)The lease, if it includes any building, shall contain a clause declaring whether the landlord or the tenant is bound to rebuild such building in the case of the same being destroyed during any part of the tenancy by fire, lightning, or tempest, and whether the landlord or the tenant is bound to keep the same in repair: (6)The lessee shall execute a counterpart of every lease, and shall thereby covenant for the due payment of the rent reserved: Effect of lease by limited owner.
© 1870 Crown Copyright
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