435. Effect of covenant for perpetual renewal.

Since 31 December 1925, perpetually renewable leases and underleases1 have been abolished2, and, if a lease contains a covenant which entitles the tenant to enforce perpetual renewal3, the lease takes effect as a demise for a term of 2,000 years4, and any contract for the grant of a lease with a covenant for perpetual renewal operates as an agreement for a demise for a term of 2,000 years5. In the case of subsisting leases, the term is calculated from the date at which the existing lease commenced; in all other cases the term commences from the date fixed for