For the purposes of s 6(1)(b) of the Retail Leases Act 1994 (NSW), the 'lease' whose term is to be assessed is the original agreement to grant a right of occupation, not the lease that came into existence on the exercise of an option to renew. The term of that agreement includes all option periods from the original lease, not merely those remaining under the current registered lease. Accordingly, a lease originally granted for 5 years with 4 options to renew of 5 years each is excluded from the Act as a lease for a term of 25 years, and that exclusion does not 'evaporate' upon the exercise of successive options to renew.
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