The surrender of the term does not destroy the rights of subtenants. As regards subtenants, and as regards third persons generally, the surrender operates only subject to their rights, and the term is treated as continuing so far as is required for the preservation of those rights1. Thus, an equitable charge created over the leasehold interest does not cease because the lease has been surrendered2. This principle makes it necessary to provide for the substitution of a new reversion for the leasehold reversion which has been surrendered, and also, in the case of a surrender and renewal, for the
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