274Payment for leases generally

274 Payment for leases generally (1) The territory planning authority must not grant a lease other than for payment of an amount that is not less than the market value of the (2) However, subsection (1) does not apply in relation to— (a) a rental lease granted for not less than the market rental value of the lease; or (b) a land rent lease; or (c) a lease mentioned in section 275 (Payment for adjoining concessional leases); or (d) the grant of a community lease by— (i) direct sale in accordance with section 293 (Grant of community lease by direct sale); or (ii) tender in accordance with section 295 (Grant of community lease by tender); or (e) a further lease granted under section 289 (Grant of further leases); or (f) the grant of a lease prescribed by regulation for which the amount prescribed by regulation has been paid; or (g) the grant of a lease of land prescribed by regulation to the University of NSW. (3) For subsection (1) and (2) (f), payment for a lease may include monetary and non-monetary components. Examples—non-monetary components provision of infrastructure, goods, services or other works

Use of leased land Division 10.2.3 (4) If before a lease is granted, a contract for the grant of the lease is entered into, the market value of the lease must be determined at the time the contract is entered into. (5) The validity of a lease granted by the territory planning authority is not affected by a failure to comply with this section.