Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) The lessee of a lease granted before the commencement of the Special Purposes Leases Ordinance 1965 may apply in writing to the Minister for permission to surrender that lease in exchange for a lease in perpetuity.
(2) If all the rent due on the existing lease has been paid as at the date of the application and all other terms and conditions of the existing lease have been complied with, the Minister shall:
(a) require the Valuer-General to determine the unimproved capital value of the land comprised in the lease as at the date of the application;
(b) determine the reservations, covenants, conditions and provisions that shall be included in any lease in perpetuity granted to the lessee in respect of the land; and
(3) The Minister shall consider the application and may reject or approve the grant of the application.
(4) The Minister shall thereupon, by notice in accordance with subsection (5), advise the lessee:
(a) whether he has rejected or has approved of the grant of the application; and
(b) if the Minister is willing to grant the application, the reservations, covenants, conditions and provisions that shall be included in any lease in perpetuity granted to the lessee in respect of the land.
(5) A notice under subsection (4) shall be in writing addressed to the lessee at the address given in the application and may be served by post.
(6) At any time within 2 months after the date of such a notice, or within such further time as the Minister allows, the lessee may serve notice on the Minister that he elects to surrender the existing lease and accept a new lease.
(7) An election made under subsection (5):
(a) is irrevocable and binding on the lessee; and
(b) if a new lease is granted under this section, operates from the date of the grant as a surrender of the lease existing at the date of the election.
(8) Upon receiving an election under subsection (6) the Minister shall grant to the lessee a new lease of the land comprised in the lease existing at the date of the application.
(9) The new lease shall be in perpetuity.
(10) Where the annual rent payable under the new lease is a specified percentage of the unimproved capital value of the land in the lease, the unimproved capital value is as determined by the Valuer-General in accordance with the Minister's requirement under subsection (2) until the unimproved capital value is re-appraised in accordance with section 11A.
(11) The reservations, covenants, conditions and provisions of the new lease shall be the reservations, covenants, conditions and provisions specified in the notice referred to in subsection (4).
(12) A lessee may, at any time before he makes an election under subsection (6) by notice in writing to the Minister withdraw an application made under subsection (1).
(13) Where a lessee:
(a) so withdraws his application; or
(b) within the time specified in subsection (6), fails to elect to surrender the existing lease and accept a new lease,
his existing lease shall continue as though he had not made his application.