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(1) In a conveyance by way of lease for valuable consideration there shall be implied the covenants relating to payment of rent, repair to adjoining premises, alterations and additions, injury to walls, assignment and subletting, illegal or immoral user, nuisance or annoyance, and yielding up the premises, in the terms set out in Part I of the Third Schedule.

(2) In a conveyance by way of sublease for valuable consideration there shall be implied the further covenants relating to future observance of the head lease and permitting repair under the head lease, in the terms set out in Part II of the Third Schedule.

(3) In a conveyance by way of assignment for valuable consideration of all the land comprised in a lease, there shall be implied the covenants relating to payment of rent, future observance of the head lease, and indemnity, in the terms set out in Part III of the Third Schedule; and where a rent has been apportioned in respect of any land, with the consent of the lessor, the covenants in this subsection shall be implied in the conveyance of that land in the same manner as if the apportioned rent were the original rent reserved, and the lease related solely to that land.

(4) The aforesaid covenants shall be deemed to be made by each transferee, as far as regards, the subject-matter or share of subject-matter expressed to be conveyed to him, with each transferor, if more than one.

(5) A covenant implied under this section may be varied or extended by the conveyance and, as so varied or extended, shall operate as far as may be in the same manner and with the same consequences as if such variations or extensions were implied under this section.