(1) Rent reserved by a
lease, and the benefit of every covenant or provision contained in the lease,
having reference to the subject-matter thereof, and on the lessee’s part
to be observed or performed, and every condition of re-entry and other
condition contained, shall be annexed and incident to and shall go with the
reversionary estate in the land, or in any part thereof, immediately expectant
on the term granted by the lease, notwithstanding severance of that
reversionary estate, and without prejudice to any liability affecting a
covenantor or his estate.
(2) Any rent, covenant
or provision referred to in subsection (1) is capable of being recovered,
received, enforced and taken advantage of by the person from time to time
entitled, subject to the term, to the income of the whole or of any part as
the case may require, of the land leased.
(3) Where that person
becomes entitled by conveyance or otherwise, the rent, covenant or provision
referred to in subsection (1) may be recovered, received, enforced or taken
advantage of by him notwithstanding that he becomes so entitled after the
condition of re-entry or forfeiture has become enforceable, but this
subsection does not render enforceable any condition of re-entry or other
condition waived or released before that person becomes so entitled.
(4) This section
applies to leases made before or after the date of the coming into operation
of this Act, but does not affect the operation of —
(a) any
severance of the reversionary estate; or
(b) any
acquisition by conveyance or otherwise of the right to receive or enforce any
rent, covenant or provision, effected before that date.