Financial terms5
1
On the transfer date the trust shall pay to the council—
a
£130,000 in respect of arrears of rent falling due before the transfer date during the period beginning on 2nd August 1991 and arising under secure tenancies of land transferred by this Order; and
b
£3,500 in respect of arrears of rent falling due before the transfer date and arising under any other tenancy or lease of land transferred by this Order.
2
Any rent or other sum arising under a secure tenancy of land transferred under this Order and falling due before 2nd August 1991 shall continue to be recoverable by the council to the exclusion of the trust and of any other person in whom the reversion on the tenancy may become vested notwithstanding anything in section 141 of the Law of Property Act 19255.
3
If any part of the sum payable under paragraph (1) of this article is unpaid, the trust shall further pay the council interest at such rate as may be prescribed by regulations under section 32 of the Land Compensation Act 19616 while it remains unpaid.
4
Payments to the council under this article shall not be regarded for the purposes of Part IV of the Local Government and Housing Act 19897 as sums received by the council in respect of a disposal falling within section 58(1)(a) of that Act.