18Rent payable under protected lease to be renegotiated

18 Rent payable under protected lease to be renegotiated

(1)  A party to a protected lease may request the other party to the lease to renegotiate the rent payable under the lease.

(2)  A party to a protected lease must, if a request is made by a party to the lease to renegotiate the rent payable under the lease, renegotiate in good faith the rent payable under the lease.

(3)  Each party to a protected lease is to renegotiate the rent payable under the lease, having regard to –

(a) the matters referred to in section 12(2) ; and

(b) the leasing principles set out in the National Code of Conduct; and

(c) any prescribed matters.

(4)  A lessee may, in writing, waive the application to the lessee of a provision of this section.

(5)  The regulations may prescribe that this section does not apply in relation to a prescribed lessee, or a member of a class of prescribed lessees, in the prescribed circumstances.