432. Meaning and effect of covenant for renewal.

A lease may contain a covenant on the part of the landlord1 that he will, at the end of the term, or at some stated period within the term2, grant a renewal of the lease if so required by the tenant3. Such a lease confers on the tenant an immediate term with a right to the further term and, in the event of his death within the term, this right devolves upon his personal representatives4, and will run with the land and the reversion5. If, however, the lease is granted in the exercise of a power, the covenant cannot