15Lessor, on lessee request, to extend protected lease during financial hardship period

15 Lessor, on lessee request, to extend protected lease during financial hardship period

(1)  During the financial hardship period a lessor in relation to a protected lease must, at the request of the protected lessee, extend the period of the lease –

(a) until the end of the financial hardship period, or, if agreed between the parties, a longer period; and

(b) on terms and conditions, that are to apply until the end of the financial hardship period, or, if agreed between the parties, a longer period, that –

(i) are in accordance with this Act; and

(ii) except as prescribed, are not less favourable to the lessee than the terms or conditions of the protected lease, as modified by the application of this Act; and

(iii) may be modified as required in order to comply with changes to the law that occurred after the protected lease was entered into.

(2)  Subsection (1) does not apply in relation to the lessor in relation to a protected lease if –

(a) the protected lease is a sublease and the lease, in relation to which the sublessor has granted the sublease, has ceased or will cease to apply before the end of the financial hardship period; or

(b) the lessor has entered into, or agreed to enter into, with another person a lease, in relation to the premises to which the protected lease relates, that is to take effect on the expiry of the lease of the protected lessee; or

(c) the lessor intends to occupy the premises to which the protected lease relates for the purposes of carrying on a business of the lessor (other than the business of leasing premises) and there is evidence of the establishment of, or intention to continue, in or from the premises, such a business by the lessor and of steps taken by the lessor in furtherance of that intention; or

(d) the prescribed circumstances apply in relation to the protected lease, the lessor or the protected lessee.