Section 33 Mortgage and Property Law of Lagos State

Section 33 of the Mortgage and Property Law of Lagos State 2010 is about Leasing powers of mortgagor and mortgagee in possession. It provides as follows:

(1) A mortgagor of land while in possession shall as against every encumberancer, have power to make from time to time building leases of the
mortgaged land.

(2) A mortgagee of land while I possession shall as against all prior encumbrancer, if any, and as against the mortgagor, have power to make from
time to time any such leases as aforesaid.

(3) Every person making a lease under this section may execute and do all assurance and things necessary or proper in that behalf

(4) Every such lease shall be made to take effect in possession not later tan twelve (12) months after its date.

(5) Every such lease shall reserve the best rent that can reasonably be obtained regard being had to the circumstances of the case, but without any fine being taken.

(6) Every such lease shall contain a covenant by the lease for payment of the rent, a condition of reentry on the rent not being paid within a time therein specified not exceeding thirty (3) days .

(7) A counterpart of every such lease shall be executed the lessee and delivered to the Lessor, of which execution and delivery of the execution of lease by the Lessor shall, in favor of the lessee and all person deriving title under him, be sufficient evidence.

(8) Every such building lease shall be made in consideration of the lessee, some person by whose direction the lease is granted , having erected , or agreeing to erect within not more than five (5) years from the date of the lease, buildings, new or additional, or having improved or repaired building or agreeing to improve or repair building something that time, or having executed, or agreeing to execute
within that time, on the land leased, an improvement for or in connection with building purposes.

(9) In any such building lease, a nominal or other rent less than the rent ultimately payable , may be made payable for the first five (5) years or any less part of the term,

(10) In case of a lease by the mortgagor, he shall, within one (1) month after making the lease, deliver to the mortgagee. Or where there are more than one
of the mortgagee first in priority , a counterpart of the lease duly executed by the lessee, but the lessees shall not be concerned to see that this provision is complied with.

(11) A contract to make or accept a lease under this section may be enforced y or against every person on whom the lease if granted would be binding

(12) This section applies only if and as far as a contrary intention is not pressed by the mortgagor and mortgagee in the mortgage deed, or otherwise in, writing, and has effect subject to the terms of the mortgage deed or of any such writing and to the provisions therein contained.

(13) The mortgagor and mortgagee may, be agreement in writing whether or not contained in the mortgage deed, reserve to or confer on the mortgagor or the mortgagee or both, any further or other powers of leasing or having reference to
leasing, and any further other powers o reserved or conferred shall be exercisable as far as may be as if they were conferred by the law and with all the like incidents, effects and consequences.

Provided that the powers so reserved or conferred shall not prejudicially affect the rights of any mortgagee interested under any other mortgage subsisting at the date of the agreement unless that mortgagee joins in or adopts the agreement.