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Owner of Lease may require Fee-farm Grant.
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1. Where any Lands situate in any County of a City or County of a Town in Ireland are or may be held under any Lease made by Governors of Schools, in virtue of the Provisions of the recited Acts, for a Term of Forty-one Years, and which Lease has or shall have been actually renewed within the Period of Seven Years next preceding the Time of such Application as herein-after mentioned, the Owner of such Lease may, at any Time within Seven Years from the last Renewal of such Lease, make Application, in Writing, to the said Governors requiring them to execute a Grant according to the Provisions of this Act; and the said Governors, upon being so required as aforesaid, shall execute a Grant to the Owner of such Lease of an Estate of Inheritance in Fee Simple in such Lands, subject to a perpetual yearly Fee-farm Rent, to be ascertained in like Manner as a Fee-farm Rent under the Renewable Leasehold Conversion Act, to be charged upon such Lands, and to be payable on the same Days and Times as the yearly Rent made payable by such Lease, and subject to the like Covenants and Conditions for the securing the Payment of the said Fee-farm Rent as are contained in such Lease with respect to the Rent thereby reserved, and with and subject to such other Covenants, Conditions, Exceptions, and Reservations (save Covenants to grant, accept, and take a Renewal of such Lease, if there be any such), as are contained in such Lease and then subsisting, and all the Provisions of the Renewable Leasehold Conversion Act, so far as the same may be applicable, are hereby incorporated with this Section; and such Fee-farm Grant so to be executed shall operate and take effect in like Manner, and with the like Incidents and Consequences to all Intents and Purposes, as if the same were a Fee-farm Grant in Conversion of a Lease in Perpetuity within the Meaning of the said last-mentioned Act, and made under the Provisions thereof.
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