350. Rent payable under leases of mortgaged land.

350.     Rent payable under leases of mortgaged land.

A lease of mortgaged land granted under the statutory power1 must reserve the best rent2 that can reasonably be obtained, regard being had to the circumstances of the case, but without any fine being taken3. It seems that where a tenant is granted possession on payment of a lump sum, calculated by reference to a rack rent over a period, the payment is not rent for this purpose, but a fine4. It must contain a covenant by the lessee5 for payment of such rent, and a condition of re-entry