Acts and Regulations

P-19 - Property Act

Full text
Protection of B.F.P.’s
33Where on the bona fide purchase of a leasehold interest under a lease containing a covenant on the part of the lessee to insure against loss or damage by fire, the purchaser is furnished with the written receipt of the person entitled to receive the rent, or his agent, for the last payment of rent accrued due before the completion of the purchase, and there is subsisting at the time of the completion of the purchase an insurance in conformity with the covenant, the purchaser or any person claiming under him shall not be subject to any liability by way of forfeiture or damages or otherwise, in respect of any breach of the covenant, committed at any time before the completion of the purchase, of which the purchaser had not notice before the completion of the purchase; but this provision does not take away any remedy that the lessor or his legal representatives may have against the lessee or his legal representatives for breach of covenant.
R.S., c.177, s.31