41Basis or formula used to calculate rent

41 Basis or formula used to calculate rent

(1)  A retail lease must specify the amount, basis or formula that is used to calculate or determine the rent payable by the tenant under the retail lease.

(2)  For the purposes of subsection (1) , the amount, basis or formula that is specified in a retail lease must be one, or any combination of one or more, of the following:

(a) a fixed percentage;

(b) an independently published index of prices or wages;

(c) a fixed annual amount;

(d) the current market rent;

(e) the base rent;

(f) the turnover rent;

(g) the special rent;

(h) a basis or formula prescribed by the regulations.

(3)  A provision in a retail lease is void to the extent that it purports to preclude, or prevents or enables a person to prevent, the reduction of the rent or to limit the extent to which the rent may be reduced.

(4)  However, subsection (3) does not apply to a provision that uses an amount, basis or formula referred to in subsection (2)(a) , (b) or (c) .