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RETAIL LEASES AMENDMENT ACT 2020 (NO. 26 OF 2020) - SECT 13

New sections 28A and 28B inserted

After section 28 of the Retail Leases Act 2003 insert

        " 28A     Early rent reviews

    (1)     If a retail premises lease provides for a rent review to be made on the basis of the current market rent of the premises, the tenant may request the landlord for an early rent review in accordance with this section.

Note

For reviews based on the current market rent of the retail premises, see section 37.

    (2)     The tenant may request an early rent review by giving the landlord written notice of the request within 28 days after the landlord gives notice under section 28(1A).

    (3)     The tenant must notify the landlord in writing as to whether the tenant exercises the option to renew the lease on or before the last date that the option to renew the lease may be exercised.

    (4)     If a specialist retail valuer is appointed to determine the current market rent but the tenant is not notified of the rent determination at least 14 days before the last date that the option to renew the lease may be exercised, that date is extended to 14 days after the date on which the tenant is notified.

    (5)     If the tenant exercises the option to renew the lease, but the last date that the option may be exercised is extended under subsection (4) until after the lease term ends, the term of the lease is extended on the same terms and conditions to that date, unless the landlord and tenant otherwise agree.

    (6)     If the tenant does not exercise the option to renew the lease, and the date that is 3 months after the last date that the option to renew the lease may be exercised is after the lease term ends, the term of the lease is extended on the same terms and conditions to that date, unless the landlord and tenant otherwise agree.

    (7)     Despite subsections (5) and (6), if the rent determination under an early rent review is less than the rent payable under the lease during an extended term, the rent payable during the extended term is to be equal to the rent determination.

        28B     Cooling off period—option to renew lease

    (1)     If a tenant has exercised an option to renew a retail premises lease and has not requested an early rent review under section 28A, the tenant may give the landlord a written notice, in the cooling off period, that the tenant no longer wishes to exercise that option to renew the lease.

    (2)     If the tenant gives the landlord a notice under subsection (1)—

        (a)     the term of the lease is extended by 14 days; and

        (b)     the lease is not, and is taken not to have been, renewed; and

        (c)     the tenant is not able to exercise an option to renew the lease.

    (3)     In this section—

"cooling off period", in relation to a retail premises lease, means the period ending 14 days after the day on which the tenant exercises an option to renew the lease.".



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