In every transfer of a lease made under this Act, and in every transfer of a grant for years, there shall be implied a covenant with the transferor by the transferee binding him or her and his or her executors, administrators and transferees that he or she or they will thenceforth pay the rent by the lease or grant reserved, and perform and observe all the covenants contained in the lease or grant or by law declared to be implied in the lease or grant and on the part of the lessee or his or her transferees to be performed and observed, and will indemnify and keep harmless the transferor and his or her representatives against all actions, suits, claims and expenses in respect of the non-payment of the rent or the breach or non-observance of the covenants or any of them.