(b) an improvement made or to be made on or to the land— is of a substantial nature and of a value which justifies a lease term exceeding 50 years. (4) Notwithstanding anything in the (Reserves) Act S. 137AA(4) amended by 1978, where there is on any Crown land any No. 40/2009 improvement which is of a substantial nature and s. 28(2). is the property of the Crown, the Minister on behalf of Her Majesty, may grant a special lease of the land for a term not exceeding 99 years. (5) Without limiting section 134, a lease granted S. 137AA(5) inserted by under that section may contain— No. 96/1994 s. 13(2). (a) options for the lessee to renew the lease for a further term or terms; and (b) provision for a lessee to remain in occupation of the land under the same terms and conditions as existed under the lease, at the discretion of the lessor, for a period not exceeding 3 months from the expiry of the lease. (6) In the case of a lease under subsection (1), if the S. 137AA(6) inserted by lease contains options for renewal of the lease by No. 96/1994 the lessee, the aggregate of the original term and s. 13(2). the further term or terms must not exceed 21 years. (7) In the case of a lease under subsection (2), if the S. 137AA(7) inserted by lease contains options for renewal of the lease by No. 96/1994 the lessee, the aggregate of the original term and s. 13(2). the further term or terms must not exceed 50 years. (8) In the case of a lease under subsections (3) or (4), S. 137AA(8) inserted by if the lease contains options for renewal of the No. 96/1994 lease by the lessee, the aggregate of the original s. 13(2). term and the further term or terms must not exceed 99 years.
(b) an improvement made or to be made on or to the land— is of a substantial nature and of a value which justifies a lease term exceeding 50 years. S. 137AA(4) amended by No. 40/2009 s. 28(2). (4) Notwithstanding anything in the (Reserves) Act 1978, where there is on any Crown land any improvement which is of a substantial nature and is the property of the Crown, the Minister on behalf of Her Majesty, may grant a special lease of the land for a term not exceeding 99 years. S. 137AA(5) inserted by No. 96/1994 s. 13(2). (5) Without limiting section 134, a lease granted under that section may contain— (a) options for the lessee to renew the lease for a further term or terms; and (b) provision for a lessee to remain in occupation of the land under the same terms and conditions as existed under the lease, at the discretion of the lessor, for a period not exceeding 3 months from the expiry of the lease. S. 137AA(6) inserted by No. 96/1994 s. 13(2). (6) In the case of a lease under subsection (1), if the lease contains options for renewal of the lease by the lessee, the aggregate of the original term and the further term or terms must not exceed 21 years. S. 137AA(7) inserted by No. 96/1994 s. 13(2). (7) In the case of a lease under subsection (2), if the lease contains options for renewal of the lease by the lessee, the aggregate of the original term and the further term or terms must not exceed 50 years. S. 137AA(8) inserted by No. 96/1994 s. 13(2). (8) In the case of a lease under subsections (3) or (4), if the lease contains options for renewal of the lease by the lessee, the aggregate of the original term and the further term or terms must not exceed 99 years.
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