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RENEWABLE LEASEHOLD CONVERSION ACT 1849 - SECT 2

Amount of fee-farm rent.

2. The fee-farm rent to be made payable by every such grant as aforesaid
shall, where the lease or under-lease (as the case may be) to the owner of
which the grant is made is renewable without fine, or upon payment of a
peppercorn or other merely nominal fine of like nature, be of the like amount
as the yearly rent made payable by such lease or under-lease, and shall, where
such lease or under-lease is renewable upon payment of a fine or fines not
merely nominal, be of an amount equal to the aggregate amount of the yearly
rent made payable by such lease or under-lease, and the value of the renewal
fine or fines and fees (if any), such value to be estimated or computed with
regard to the probable duration of the subsisting term, the average duration
of life, and the respective periods for renewal, but without regard to and
exclusively of any penal rents or sums made payable upon neglect, delay, or
refusal to apply for or take renewal, and to be ascertained as herein-after
mentioned, if the parties differ about the same.

© 1849 Crown Copyright

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