4.  Assignment and Sub-letting

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• (a)This lease is a protected lease under the provisions of section 12(1) of the Land Use Act 2010.
• (b)The lessee must not alienate or deal with its estate or interest in the lease of any part thereof, whether by sale, transfer or sublease or any other manner whatsoever, nor to mortgage, charge or pledge the same, without the written consent of the Director of Lands first had and obtained, nor except at the suit or with the written consent of the Director of Lands shall any such lease be dealt with by any court of law or under the process of any court of law, nor, without such consent as aforesaid, shall the Registrar of Titles register any caveat affecting such lease.
• (c)For the purposes of this clause,
  • (i)where the lessee is a company and there is either—
    • (A)a change in the beneficial ownership of the lessee;
    • (B)a change in the majority shareholding of the lessee; or
    • (C)a change in the person or persons in ultimate control of the lessee, or
  • (ii)where the lessee makes a declaration of trust with respect to the lease, then such occurrence will be deemed to constitute a transfer of the lease requiring the prior written consent of the Director of Lands.
• (d)Paragraph (c)(i) will not apply where—
  • (i)the change occurs solely by virtue of a change in ownership of any shares listed on an official list of a stock exchange; or
  • (ii)where the lessee is a foreign investor within the meaning of the Foreign Investment Act 1999 and the requirements of that Act are complied with respect to the change.
• (e)The lessor may disregard and treat as null and void any purported dealing with the lease in contravention of this clause.
• (f)As a condition of granting consent, the lessor may require the lessee to repay any fitout contributions, lease incentives or costs provided or incurred by the lessor under the lease in the immediately preceding 10 years. This paragraph will not apply to transfers by way of administration and natural love and affection to the spouse and children of the lessee.
• (g)Any consent under this lease may be given in writing by any officer or officers, either solely or jointly, authorised on behalf of the lessor. Any consent given under the lease will lapse if not acted upon within 90 days after the consent is given.