Cooling off period—option to renew lease
28B Cooling off period—option to renew lease
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.
If the tenant gives the landlord a notice under subsection (1)—
the term of the lease is extended by 14 days; and
the lease is not, and is taken not to have been, renewed; and
the tenant is not able to exercise an option to renew the lease.
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.
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