Re-appraisement of rent
50 Re-appraisement of rent
(1) The rent under a lease that is subject to re-appraisement under this Act must be re-appraised in accordance with this section.
(2) The rent must be re-appraised before the re-appraisement date to take effect on the re-appraisement date.
(3) The Minister must give the lessee written notice of the re-appraised rent at least 6 months before the re-appraisement date.
(4) The Minister may, at any time before the re-appraisement date, defer the re-appraisement date by giving the lessee written notice of the deferred re-appraisement date.
(5) If the Minister does not give a notice of re-appraisement by the date required under subsection (3), the re-appraisement date is deferred for 1 year.
(6) The amount of re-appraised rent is the amount specified in the notice given under subsection (3) or as otherwise determined under this Act.
(7) The re-appraised rent is payable on and from the re-appraisement date.
The re-appraisement date for a lease is:
(a) the date of the fifth anniversary of the commencement date of the lease or the date of any deferral under subsection (4) or (5); or
(b) the date of the fifth anniversary of the date the rent was last re-appraised under this Act.
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