95Registration of interests on replacement lease

1. In this section, replacement lease means a lease—

2. that is a renewal of, or in substitution for, a prior lease; and
3. that takes effect immediately on the expiry or surrender of the prior lease; and
4. that is between the same parties as the parties to the prior lease; and
5. in relation to which the lessee is the registered owner, or the personal representative of the owner, of the prior lease at the time of the registration of the lease or on the expiry or surrender of the prior lease, whichever is earlier; and
6. that relates to the same parcel of land as the prior lease.

7. The following persons may apply to the Registrar to register a lease as a replacement lease:

8. the lessee:
9. the owner, or the personal representative of the owner, of any interest to which the prior lease was subject.

10. On registration, the replacement lease—

11. becomes subject to the registered or noted interests to which the prior lease was subject at the time of its expiry or surrender; and
12. has the benefit of the registered or noted interests—
    1. of which the prior lease had the benefit at the time of its expiry or surrender; and
    2. that the owner of the burdened land consents to continuing to benefit the lease.

13. The Registrar must record the interests referred to in subsection (3) on the record of title for the replacement lease in the order of their registered priority.

14. Unless the context otherwise requires, references in any other enactment or in an agreement, deed, instrument, notice, or other document to the prior lease or to the estate of the lessee under the prior lease must be read as references to the replacement lease or to the estate of the lessee under the replacement lease.