Effect of transfer on agreements in leases

(1) A transferee from a lessor or from a lessee shall possess all the rights, and be subject to all the liabilities of the lessor or lessee, as the case may be, expressed or implied in the lease, or arising or which have arisen thereunder, and the transferor shall cease to be under any obligation or to be possessed of any rights in respect of the lease. 62 (2) Nothing in sub-section (1), shall affect rights or liabilities of the lessor or lessee, as the case may be, in respect of a breach of any of the agreements expressed or implied in the lease which occurred before transfer.