Saving of lessor’s and lessee’s covenants

(1) Nothing in this Act shall affect prejudicially the right to enforce any lessor’s or lessee’s covenants, agreements or conditions (including a valid option to purchase or right of preemption over the reversion), contained in any such instrument as is mentioned in this section, the benefit or burden of which runs with the reversion or the term. (2) This section shall apply where the covenant, agreement or condition is contained in any instrument, (a) creating a term of years absolute; or (b) varying the rights of the lessor or lessee under the instrument creating the term.