17Fair rent

17 Fair rent

(1) In the case of a property that is the subject of an application under paragraph 10(1)(b), a reference in section 13 to a fair rent is a reference to a rent that it would be reasonable to pay for the property having regard to: (a) the physical characteristics of the property; and (b) the location of the property; and (c) the purposes for which the property may be used under the proposed lease; and (d) the period for which the proposed lease would be granted; and (e) the rent payable for leases of similar properties in similar locations; and (f) any other factors relating to the property or the proposed lease to which it would be reasonable to have regard. (2) In the case of a property that is the subject of an application under subsection 10(2), a reference in section 13 to a fair rent is a reference to whichever is the greater of: (a) a rent that it would be reasonable to pay for the property having regard to: (i) the physical characteristics of the property; and (ii) the location of the property; and (iii) the purposes for which the property may be used under the lease; and (iv) the period for which the lease was granted; and (v) the unexpired portion of the period for which the lease was granted; and (vi) the rent payable for leases of similar properties in similar locations; and (vii) any other factors relating to the property or the lease to which it would be reasonable to have regard; and (b) the minimum rent that may be fixed under the conditions, if any, of the lease that prescribe the minimum rent payable.