28BCooling off period—option to renew lease

28B Cooling off period—option to renew lease (1) If a tenant has exercised an option to renew a retail premises lease and has not requested an early rent review under section 28A, the tenant may give the landlord a written notice, in the cooling off period, that the tenant no longer wishes to exercise that option to renew the lease. (2) If the tenant gives the landlord a notice under subsection (1)— (a) the term of the lease is extended by 14 days; and (b) the lease is not, and is taken not to have been, renewed; and (c) the tenant is not able to exercise an option to renew the lease. (3) In this section— ***cooling off period***, in relation to a retail premises lease, means the period ending 14 days after the day on which the tenant exercises an option to renew the lease. Part 5—Rent and outgoings Division 1—The fit out of the premises 29 Meaning of *outgoings* to which a tenant contributes In this Part, ***outgoings*** to which a tenant under a retail premises lease contributes or is liable to contribute means any outgoings (as defined in section 3) in respect of which the tenant is liable under the lease to make any payment to the landlord. Note to s. 29 inserted by No. 26/2020 s. 5. The term ***outgoings*** is defined in section 3 and includes the cost, or part of the cost, of repairs or maintenance work in respect of an essential safety measure or an installation referred to in section 41(2)(b)(ii).