sec.46AARenewing lease if no option or other agreement

sec.46AA Renewing lease if no option or other agreement

This section applies if a retail shop lease— does not provide for an option on the lessee’s part to renew or extend the lease; and is not the subject of an agreement for its renewal or extension. The lessor must, by written notice given to the lessee within the notice period— offer the lessee a renewal or extension of the lease on terms, including terms about rent, stated in the notice; or tell the lessee that the lessor does not intend to offer the lessee a renewal or extension of the lease. An offer made under subsection (2) (a) can not be revoked— until 1 month after it is made; or if the lessee accepts the offer within 1 month after it is made. If the lessor does not comply with subsection (2) , the term of the lease is extended until 6 months after the lessor gives the notice (the extended period ). However, subsection (4) applies only if the lessee, by written notice given to the lessor before the lease would otherwise expire, asks for the extension. The lessee may terminate the lease before the extended period ends by giving at least 1 month’s written notice of termination to the lessor. In this section— notice period means the period that is— for a lease of not more than 1 year—at least 3 months, but not longer than 6 months, before the lease is to end; or for a lease of more than 1 year—at least 6 months, but not longer than 1 year, before the lease is to end. s 46AA ins 2006 No. 4 s 28 (sec.46AA-ssec.1) This section applies if a retail shop lease— does not provide for an option on the lessee’s part to renew or extend the lease; and is not the subject of an agreement for its renewal or extension. (sec.46AA-ssec.2) The lessor must, by written notice given to the lessee within the notice period— offer the lessee a renewal or extension of the lease on terms, including terms about rent, stated in the notice; or tell the lessee that the lessor does not intend to offer the lessee a renewal or extension of the lease. (sec.46AA-ssec.3) An offer made under subsection (2) (a) can not be revoked— until 1 month after it is made; or if the lessee accepts the offer within 1 month after it is made. (sec.46AA-ssec.4) If the lessor does not comply with subsection (2) , the term of the lease is extended until 6 months after the lessor gives the notice (the extended period ). (sec.46AA-ssec.4A) However, subsection (4) applies only if the lessee, by written notice given to the lessor before the lease would otherwise expire, asks for the extension. (sec.46AA-ssec.5) The lessee may terminate the lease before the extended period ends by giving at least 1 month’s written notice of termination to the lessor. (sec.46AA-ssec.6) In this section— notice period means the period that is— for a lease of not more than 1 year—at least 3 months, but not longer than 6 months, before the lease is to end; or for a lease of more than 1 year—at least 6 months, but not longer than 1 year, before the lease is to end.