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Power of Limited Owner to lease.
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XXV. Any Limited Owner shall have Power to grant Agricultural Leases, Improvement Leases, Building Leases, (including under the Term “Building Leases” “Repairing Leases,” for any Term of Years absolute, or determinable at fixed Periods, subject to the following Restrictions:
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(1.) No Improvement Lease shall be valid without the Sanction of the Chairman:
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(2.) No Building Lease comprising more than Three Acres, or reserving a Rent of more than One hundred Pounds per Year, shall be valid without the Sanction of One of the Judges of the “Landed Estates Court, Ireland;”
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(3.) No other Building Lease shall be valid without the Sanction of the Chairman:
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(4.) The Term of airy Agricultural Lease shall not exceed Twenty-one Years, and of an Improvement Lease shall not exceed Forty-one Years, and of a Building Lease, sanctioned by the Chairman, shall not exceed Ninety-nine Years; but when a Judge of the Landed Estates Court shall be satisfied that it is beneficial for the Inheritance to grant Building Leases for a longer Term, he shall have Power to sanction a Building Lease for such longer Term as he shall direct:
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(5.) Every Agricultural Lease shall imply the following Covenants on the Part of the Lessee—
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(1.) To manage, till, and use the Lands demised in due and regular Course of good Husbandry, so that the same be not in anywise injured or deteriorated:
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(2.) Not to burn, or permit to be burned, any Part of the Soil or Surface of the Lands demised, without the previous Consent in Writing of the Landlord:
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(6.) Every Improvement Lease shall contain a Covenant on the Part of the Lessee—
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To execute at his own Expense, within a Time to be specified in such Lease, the Works defined to be Improvements under the Third Part of this Act, which shall be specified in the Lease:
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(7.) Every Lease, whether an Agricultural, Improvement, or Building Lease, shall take effect in possession, or within One Year after the Execution thereof, and not in reversion, and there shall be reserved thereby the best yearly Rent, to be incidental to the immediate Reversion, that can reasonably be gotten, without taking anything in the Nature of a Fine, Premium, or Foregift:
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(8.) Every Lease, whether an Agricultural, Improvement, or Building Lease, shall imply a Condition of Re-entry for Nonpayment of the Rent thereby reserved:
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(9.) Every Lease, whether an Agricultural, Improvement, or Building Lease, that 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:
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(10.) The Lessee or Lessees shall execute a Counterpart of every Lease, whether an Agricultural, Improvement, or Building Lease, and shall thereby covenant for the due Payment of the Rent reserved:
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Provided, first, that in the Case of an Improvement Lease the best Rent shall be deemed to be the highest Rent that can reasonably be gotten, having regard to the Improvements covenanted to be made by the Lessee; secondly, that in the Case of a Building Lease a Peppercorn Rent, or any smaller Rent than the Rent to be ultimately made payable, may be reserved during all or any Part of the first Five Years of the Term granted by such Lease; thirdly, that the Execution of any Lease by the Lessor shall be deemed sufficient Evidence that a Counterpart of such Lease; as required by this Act, has been executed by the Lessee.
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