LEASES (COMMERCIAL AND RETAIL) ACT 2001 - SECT 51 Rent on renewal

LEASES (COMMERCIAL AND RETAIL) ACT 2001 - SECT 51

    (1)     This section applies if—

        (a)     either—

              (i)     the lessor proposes to renew the lease and makes an offer to the tenant to renew the lease in response to a request under section 107 (Lessor's intentions about renewal); or

              (ii)     the lessor gives the tenant preference under section 108 (Rules of conduct at end of lease term for shopping centre leases) by making an offer to the tenant to renew the lease; or

        (b)     the lessor otherwise makes a renewal offer to the tenant within 12 months after the end of the existing lease.

    (2)     The lessor must not propose that the rent to be charged initially under the renewed lease exceed the market rent for the premises (other than under an option to renew contained in the lease).

    (3)     In this section, a proposal or offer to renew the lease does not include an option to renew contained in the lease.