Interpretation: “ground rent”N.I.
3.—(1) In this Order “ground rent” means—
(a)a fee farm rent; or
(b)the rent payable under a lease granted for a term of more than 50 years.
(2) For the purposes of this Order—
Sub‐para. (a) rep. by 2001 c. 5 (NI)
(b)where a ground rent is payable if demanded (however expressed), it shall be treated as payable even though there is no demand.
(3) Where the amount of a ground rent is subject to alteration in consequence of a breach of covenant (whether it is to be increased from a lower amount to a higher amount in the event of a breach or is subject to reduction from a higher amount to a lower amount so long as there is no breach), for the purposes of this Order the amount of the ground rent is the lower amount.