Paragraph 8 Election for interest in lieu of rent
If from any cause whatsoever (save as hereinafter mentioned) completion is delayed beyond the completion date, the rent shall continue to be payable under the tenancy until actual completion unless the landlord by notice in writing given to the tenant elects to receive interest on the price payable for the property in lieu of rent, in which event in lieu of the rent payable under the tenancy, the price payable (or if a deposit has been paid the balance thereof) shall bear interest at a rate per annum of 2 per cent above the bank rate from time to time in force as from the giving of the notice to the tenant until actual completion.
Provided that, unless the delay in completion is attributable solely to the tenant's own act or default, the tenant may—
at his own risk, deposit the price payable or, where a deposit has been paid, the balance thereof, at any bank in England or Wales, and
forthwith give to the landlord or his solicitor notice in writing of the deposit,
and in that case the landlord shall (unless and until there is further delay in completion which is attributable solely to the tenant's own act or default) be bound to accept the interest, if any, allowed thereon, as from the date of such deposit, instead of the interest accruing after such date which would otherwise be payable to him under the foregoing provisions of this condition.
No interest under paragraph (1) of this condition shall become payable by a tenant if, and so long as, delay in completion is attributable to any act or default of the landlord or his mortgagee or Settled Land Act trustees.