sec.45Lessee’s right to deal with lease and business assets

sec.45 Lessee’s right to deal with lease and business assets

A lessor under a retail shop lease must not obstruct or hinder the lessee in dealing with the lease or other assets of the business carried on in the leased shop by way of security. However, a lessee under a retail shop lease is not entitled to deal with the lease or other assets of the business carried on in the leased shop by way of security without the lessor and the prospective secured creditor entering into an agreement about— the times when the creditor or the creditor’s agents may enter the leased shop, before or after the end of the lease; and the times by or when, and the way in which, the creditor, must or may remove fixtures, fittings or equipment subject to the security before or after the end of the lease; and the disposal of fixtures, fittings or equipment that are not removed under the agreement; and the right of the creditor to enter into possession, or to place someone else in possession, of the leased shop if the lessee defaults under the security; and making good any damage caused to the leased shop because of the creditor exercising the creditor’s rights under the security; and matters incidental to the matters mentioned in paragraphs (a) to (e) . Despite sections 16 and 17 , this section does not apply to a retail shop lease if the lease declares that this section does not apply to it. s 45 amd 2000 No. 19 s 37 ; 2016 No. 21 s 43 (sec.45-ssec.1) A lessor under a retail shop lease must not obstruct or hinder the lessee in dealing with the lease or other assets of the business carried on in the leased shop by way of security. (sec.45-ssec.2) However, a lessee under a retail shop lease is not entitled to deal with the lease or other assets of the business carried on in the leased shop by way of security without the lessor and the prospective secured creditor entering into an agreement about— the times when the creditor or the creditor’s agents may enter the leased shop, before or after the end of the lease; and the times by or when, and the way in which, the creditor, must or may remove fixtures, fittings or equipment subject to the security before or after the end of the lease; and the disposal of fixtures, fittings or equipment that are not removed under the agreement; and the right of the creditor to enter into possession, or to place someone else in possession, of the leased shop if the lessee defaults under the security; and making good any damage caused to the leased shop because of the creditor exercising the creditor’s rights under the security; and matters incidental to the matters mentioned in paragraphs (a) to (e) . (sec.45-ssec.3) Despite sections 16 and 17 , this section does not apply to a retail shop lease if the lease declares that this section does not apply to it.

• (a) the times when the creditor or the creditor’s agents may enter the leased shop, before or after the end of the lease; and