sec.65Obligation to pay penalty interest on unpaid rent or instalments

sec.65 Obligation to pay penalty interest on unpaid rent or instalments

This section applies to a tenure holder if the holder does not pay an amount of rent or instalments for the tenure when required under section 49 or 50 , whether or not the period for paying the amount has been extended under section 51 . This section also applies to a tenure holder if— the payment of the rent or instalments for the tenure has been deferred under division 6 ; and the holder does not pay an amount of the rent or instalments— for payment deferred under a hardship deferral declaration—on or before the payment day for the deferred amount; or for payment deferred by a notice given under section 61 —on or before the day by which the payment is required under the notice. The tenure holder must pay the penalty interest that has accrued on the amount of the rent or instalments owing from when the amount first became payable until the day it is paid. Under sections 59 and 61 (4) , penalty interest does not accrue in relation to deferred rent or instalments until the days provided for under the provisions respectively. The tenure holder must pay the penalty interest when the tenure holder pays the amount of rent or instalments owing. However, penalty interest does not accrue on the amount of the rent or instalments owing if the designated officer— considers the tenure holder had a reasonable excuse for not paying the amount; and gives the tenure holder a notice stating that under this subsection penalty interest has not accrued, and will not accrue, on the amount. (sec.65-ssec.1) This section applies to a tenure holder if the holder does not pay an amount of rent or instalments for the tenure when required under section 49 or 50 , whether or not the period for paying the amount has been extended under section 51 . (sec.65-ssec.2) This section also applies to a tenure holder if— the payment of the rent or instalments for the tenure has been deferred under division 6 ; and the holder does not pay an amount of the rent or instalments— for payment deferred under a hardship deferral declaration—on or before the payment day for the deferred amount; or for payment deferred by a notice given under section 61 —on or before the day by which the payment is required under the notice. (sec.65-ssec.3) The tenure holder must pay the penalty interest that has accrued on the amount of the rent or instalments owing from when the amount first became payable until the day it is paid. Under sections 59 and 61 (4) , penalty interest does not accrue in relation to deferred rent or instalments until the days provided for under the provisions respectively. (sec.65-ssec.4) The tenure holder must pay the penalty interest when the tenure holder pays the amount of rent or instalments owing. (sec.65-ssec.5) However, penalty interest does not accrue on the amount of the rent or instalments owing if the designated officer— considers the tenure holder had a reasonable excuse for not paying the amount; and gives the tenure holder a notice stating that under this subsection penalty interest has not accrued, and will not accrue, on the amount.