5.—(1) On the transfer date the trust shall pay to the council £80,550 in respect of arrears of rent arising before the transfer date—
(a)under tenancies of any of the housing transferred by this Order where such tenancies have not been determined prior to the transfer date, and
(b)under tenancies of other land transferred by this Order whether or not such tenancies have been determined.
(2) Any rent or other sum arising under a tenancy of land transferred by this Order and falling due before the transfer date, except for the arrears described in paragraph (1) of this article, 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 1925(1).
(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 1961(2) 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 1989(3) as sums received by the council in respect of a disposal falling within section 58(1)(a) of the Act.