Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) The grant of a lease may be subject to payment to the Territory by the lessee for the improvements (if any) on the land at the commencement of the lease.
(2) The amount payable to the Territory for the improvements shall be:
(a) where the right to the lease is offered by auction or where applications are invited for the right to the lease – the amount determined as the value of the improvements by the Valuer-General; and
(c) where the lease is granted in pursuance of section 5B – the amount determined by the Minister,
and shall be paid in accordance with the provisions of this section.
(3) Where the right to the lease is offered by auction, the successful bidder may:
(a) at the time of the auction pay the whole of the amount payable for the improvements;
(b) subject to such terms and conditions as the Minister thinks fit, pay that amount (together with interest thereon at the rate specified in the notice of the auction) by such instalments as the Minister determines; or
(c) at the time of the auction pay part of that amount, and execute in favour of the Territory a mortgage of the land included in the lease, in such form as the Minister thinks fit, to secure the payment of the balance of the purchase money and such interest as is provided for in the mortgage.
(4) Subsection (4A) applies if:
(a) applications are invited for the right to the lease; or
(b) a person has entered into an agreement with the Minister for the grant of a lease under section 5B or has offered to accept a lease under that section and has paid rent or other moneys to the Territory for the land to which the offer relates.
(4A) The successful applicant or person referred to in subsection (4)(b) may:
(a) on or before the date of the grant of the lease, pay to the Territory the whole of the amount payable for the improvements; or
(b) subject to the terms and conditions the Minister thinks fit, pay to the Territory that amount (together with the prescribed interest on that amount) by the instalments the Minister determines; or
(c) on or before the date of the grant of the lease, pay to the Territory part of that amount, and execute in favour of the Territory a mortgage of the land included in the lease, in the form the Minister thinks fit, to secure the payment of the balance of the purchase money and the interest provided for in the mortgage.
(5) A mortgage executed in pursuance of this section may contain such covenants as the Minister thinks fit.
(6) The Minister may, in the name of the Territory, take any such mortgage, and may, in relation to any mortgage so taken, do, for or on behalf of the Territory, any or all of the acts or things which the Territory as mortgagee is empowered, permitted or required to do.