Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) On the registration of a units plan, the lease of the parcel ends.
(2) On the registration of the units plan, the former lessee of the parcel becomes the holder of an estate in leasehold in each unit for the term fixed under subsection (4), subject to the provisions in the units plan for each unit, as if a separate lease of that unit for that term and subject to those provisions had been granted to the former lessee by the Territory under the Planning and Development Act 2007 .
(3) On the registration of the units plan, the owners corporation becomes the holder of an estate of leasehold in the common property for the term fixed under subsection (4), subject to the provisions set out in the units plan for the common property, as if a lease of the common property for that term and subject to those provisions had been granted to the corporation by the Territory under the Planning and Development Act 2007 .
(4) The term of the leases of the units and of the common property begins on the registration of the units plan and ends on the date (stated in the units plan) when, apart from the operation of this section, the term of the lease of the parcel would have ended.
(5) The estate of which a person or the owners corporation becomes the holder under this section—
(a) is subject to any mortgage mentioned in the Land Titles (Unit Titles) Act 1970, section 8; and
(b) is subject to, and has annexed to it, any easement mentioned in that section; and
(c) is subject to, and has annexed to it, the easements given by this Act, section 35.
(6) In this section:
"former lessee" means the person who was the lessee of the parcel immediately before registration.