474. Landlord may be released from covenants on assignment of reversion.

Where a landlord1 assigns the reversion2 in premises of which he is the landlord under a tenancy3 (whether or not the landlord is landlord of the whole of the premises comprised in the tenancy4):

  1.  

    (1)     if the landlord assigns the reversion in the whole of the premises5 of which he is the landlord:

    1.  

      (a)     he may apply to be released6 from the landlord covenants of the tenancy7; and

    2.  

      (b)     if he is so released from all of those covenants, he ceases to be entitled to the benefit of the tenant covenants8 of the tenancy as from the assignment9