sec.46KCompensation payable by lessor

sec.46K Compensation payable by lessor

The lessor is liable to pay to the lessee reasonable compensation for loss or damage suffered by the lessee— because of the early termination of the lease, if the demolition is not carried out, or is not carried out within a reasonably practicable time after the termination day; and for the fit out of the retail shop to the extent the fit out was not provided by the lessor, whether or not the demolition is carried out. However, subsection (1) (a) does not apply if the lessor proves that when the lessor’s termination notice was given there was a genuine proposal to demolish the building within a reasonably practicable time after the termination day. The amount of the compensation payable is the amount— agreed between the lessor and lessee; or if there is no agreement, decided under the dispute resolution process. In this section— fit out includes the provision or installation of finishes, fixtures, fittings, equipment and services. s 46K ins 2006 No. 4 s 29 (sec.46K-ssec.1) The lessor is liable to pay to the lessee reasonable compensation for loss or damage suffered by the lessee— because of the early termination of the lease, if the demolition is not carried out, or is not carried out within a reasonably practicable time after the termination day; and for the fit out of the retail shop to the extent the fit out was not provided by the lessor, whether or not the demolition is carried out. (sec.46K-ssec.2) However, subsection (1) (a) does not apply if the lessor proves that when the lessor’s termination notice was given there was a genuine proposal to demolish the building within a reasonably practicable time after the termination day. (sec.46K-ssec.3) The amount of the compensation payable is the amount— agreed between the lessor and lessee; or if there is no agreement, decided under the dispute resolution process. (sec.46K-ssec.4) In this section— fit out includes the provision or installation of finishes, fixtures, fittings, equipment and services.

• (a) because of the early termination of the lease, if the demolition is not carried out, or is not carried out within a reasonably practicable time after the termination day; and
• (b) for the fit out of the retail shop to the extent the fit out was not provided by the lessor, whether or not the demolition is carried out.
• (a) agreed between the lessor and lessee; or
• (b) if there is no agreement, decided under the dispute resolution process.