50Re-appraisement of rent

50 Re-appraisement of rent (1) The rent under a lease that is subject to re-appraisement under this Act must be re-appraised in accordance with this section. (2) The rent must be re-appraised before the re-appraisement date to take effect on the re-appraisement date. (3) The Minister must give the lessee written notice of the re-appraised rent at least 6 months before the re-appraisement date. (4) The Minister may, at any time before the re-appraisement date, defer the re-appraisement date by giving the lessee written notice of the deferred re-appraisement date. (5) If the Minister does not give a notice of re-appraisement by the date required under subsection (3), the re-appraisement date is deferred for 1 year. (6) The amount of re-appraised rent is the amount specified in the notice given under subsection (3) or as otherwise determined under this Act. (7) The re-appraised rent is payable on and from the re-appraisement date. (8) The re-appraisement date for a lease is: (a) the date of the fifth anniversary of the commencement date of the lease or the date of any deferral under subsection (4) or (5); or (b) the date of the fifth anniversary of the date the rent was last re-appraised under this Act.