sec.142Payment by lessor if lease forfeited or not renewed

sec.142 Payment by lessor if lease forfeited or not renewed

If the lessor forfeits or decides not to renew a home ownership lease, the lessor must pay to the person who was the lessee the amount decided by the lessor under subsection (2) (the required amount ). The required amount is the amount equal to the combined value of the following (the maximum amount ) less any amounts deducted from the maximum amount under section 144 — the value of the lease land on the day the lease is forfeited or ends; the value of the lessee’s improvements on the land that become the property of the lessor. The value of the lease land must be the amount decided by the lessor using the valuation methodology mentioned in section 126 (1) (b) (i) . The value of any improvements on the lease land must be decided by the lessor based on the market value of the improvements in a sale of a lease of the same term and tenure as the forfeited or non-renewed lease. The lessor must decide the required amount as soon as practicable after giving the person notice that the lease is forfeited or not renewed. On deciding the required amount, the lessor must give the person an information notice for the decision. This section is subject to section 143 . s 142 ins 2011 No. 26 s 61 amd 2013 No. 2 s 108 sub 2014 No. 45 s 12 (sec.142-ssec.1) If the lessor forfeits or decides not to renew a home ownership lease, the lessor must pay to the person who was the lessee the amount decided by the lessor under subsection (2) (the required amount ). (sec.142-ssec.2) The required amount is the amount equal to the combined value of the following (the maximum amount ) less any amounts deducted from the maximum amount under section 144 — the value of the lease land on the day the lease is forfeited or ends; the value of the lessee’s improvements on the land that become the property of the lessor. (sec.142-ssec.3) The value of the lease land must be the amount decided by the lessor using the valuation methodology mentioned in section 126 (1) (b) (i) . (sec.142-ssec.4) The value of any improvements on the lease land must be decided by the lessor based on the market value of the improvements in a sale of a lease of the same term and tenure as the forfeited or non-renewed lease. (sec.142-ssec.5) The lessor must decide the required amount as soon as practicable after giving the person notice that the lease is forfeited or not renewed. (sec.142-ssec.6) On deciding the required amount, the lessor must give the person an information notice for the decision. (sec.142-ssec.7) This section is subject to section 143 .

• (a) the value of the lease land on the day the lease is forfeited or ends;
• (b) the value of the lessee’s improvements on the land that become the property of the lessor.