92Payment amount—lease acquired after 18 February 2014

92 Payment amount—lease acquired after 18 February 2014 other than by contract, and transferor acquired lease before 18 February 2014—Act, s 364 (2) (a) a person (the transferor) acquired an interest in land described in an affected lease before 19 February 2014; and (b) after 18 February 2014, a lessee acquires from the transferor an interest in the land other than by entering into a contract for sale; and 93 Payment amount—lease acquired after 18 February 2014 other than by contract, and transferor acquired lease after 18 February 2014—Act, s 364 (2) (a) a person (the transferor) entered into a contract for sale of land described in an affected lease after 18 February 2014 but before 28 October 2014; and (b) after 18 February 2014, a lessee acquires from the transferor an interest in the land other than by entering into a contract for sale; and

(3) However, subsection (4) applies if— (a) a lessee makes a submission to the territory planning authority before surrendering the affected lease, stating that the transferor or lessee undertook improvements to the land after the day the transferor completed the contract for sale and before 29 October 2014 (the after-purchase improvements); and (b) the territory planning authority is satisfied that the after-purchase improvements have had a significant effect on the value of the affected lease including improvements. (4) The prescribed amount is the greater of the following amounts: (a) the amount of the purchase price set out in the contract for sale, plus the value of the after-purchase improvements;