sec.22CLessor’s and prospective assignee’s disclosure obligations to each other

sec.22C Lessor’s and prospective assignee’s disclosure obligations to each other

At least 7 days before an assignment of a retail shop lease is entered into (the prescribed disclosure date ), the lessor must give the prospective assignee a disclosure statement and a copy of the lease. However, for the purposes of complying with subsection (1) in relation to a disclosure statement, it is sufficient if, after the prescribed disclosure date but before the prospective assignee enters into the assignment— the lessor gives the prospective assignee the disclosure statement; and the prospective assignee gives the lessor— a waiver notice; and unless the prospective assignee is a major lessee—a legal advice report for the lease under section 22D which states the lawyer has given the prospective assignee advice about the legal meaning and effect of the waiver. The prospective assignee must give a disclosure statement to the lessor before the assignment is entered into. In this section— waiver notice , for an assignment of a retail shop lease, means a written notice signed by the prospective assignee stating that the prospective assignee agrees to waive the lessor’s obligation to give a disclosure statement for the lease by the prescribed disclosure date. s 22C ins 2000 No. 19 s 10 sub 2006 No. 4 s 12 ; 2016 No. 21 s 17 (sec.22C-ssec.1) At least 7 days before an assignment of a retail shop lease is entered into (the prescribed disclosure date ), the lessor must give the prospective assignee a disclosure statement and a copy of the lease. (sec.22C-ssec.2) However, for the purposes of complying with subsection (1) in relation to a disclosure statement, it is sufficient if, after the prescribed disclosure date but before the prospective assignee enters into the assignment— the lessor gives the prospective assignee the disclosure statement; and the prospective assignee gives the lessor— a waiver notice; and unless the prospective assignee is a major lessee—a legal advice report for the lease under section 22D which states the lawyer has given the prospective assignee advice about the legal meaning and effect of the waiver. (sec.22C-ssec.3) The prospective assignee must give a disclosure statement to the lessor before the assignment is entered into. (sec.22C-ssec.4) In this section— waiver notice , for an assignment of a retail shop lease, means a written notice signed by the prospective assignee stating that the prospective assignee agrees to waive the lessor’s obligation to give a disclosure statement for the lease by the prescribed disclosure date.

• (a) the lessor gives the prospective assignee the disclosure statement; and
• (b) the prospective assignee gives the lessor— (i) a waiver notice; and (ii) unless the prospective assignee is a major lessee—a legal advice report for the lease under section 22D which states the lawyer has given the prospective assignee advice about the legal meaning and effect of the waiver.