If the following conditions are satisfied in respect of a tenancy1, the provisions relating to the prohibition of premiums and similar transactions2 do not apply and are deemed never to have applied to it3. The conditions are that:
(1) the tenancy was granted before 16 July 19804;
(2) a premium5 was lawfully required and paid on the grant6 of the tenancy7;
(3) the tenancy was, at the time when it was granted, a tenancy at a low rent8; and
(4) the terms of the tenancy do not inhibit
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