Where any assignee1 or personal representatives of a participating tenant2 ('the tenant') is or are to be regarded3 as a participating tenant4, any arrangements made between the nominee purchaser5 and the participating tenants and having effect immediately before the date of the assignment or, as the case may be, the date of death have effect as from that date:
(1) with such modifications as are necessary for substituting the assignee or, as the case may be, the personal representatives as a party to the arrangements in the place of the tenant; or
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