Where an option to renew a retail premises lease is contained in a lease entered into before the commencement of the Retail Tenancies Reform Act 1998 (Vic), the Act's provisions regarding rent review (s 12) and disclosure statements (s 17) do not apply to the exercise of that option, even though the renewed lease itself is a lease to which the Act applies under s 4(1). The minimum rent proviso in the original lease is therefore not rendered void by s 12(3). Conditions in an option clause following 'and further provided' (requiring execution and return of the lease, payment of costs, and provision of guarantees) are properly construed as conditions subsequent, not conditions precedent, where construing them as conditions precedent would render the option clause substantially ineffective.
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