Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) Subject to section 5BB, where a lease is granted before the person to whom it is granted has paid in full the amount of the reserve price (if any) for the right to the lease, the lease instrument shall contain a covenant under which the lessee covenants to pay the part of the amount that is unpaid as at the date on which the lease is granted, together with interest thereon, in accordance with the written agreement under which he has undertaken to do so.
(2) Where, under this Act, a person has obtained the right to a lease without having paid the full amount of the reserve price the lease is not capable of being transferred or assigned either at law or in equity until the full amount of the reserve price has been paid.
(3) Subsection (2) does not apply so as to prevent a transfer or assignment of a lease or of an interest in a lease:
(a) by operation of law or by will;
(b) by way of mortgage; or
(c) by a mortgagee in pursuance of a power of sale as mortgagee.