Variation of rent on the basis of market rent
106 Variation of rent on the basis of market rent
This section applies if a pre‑commencement long‑stay agreement includes a provision providing for a review of rent on a market rent basis.
Despite amended section 29A(1)(c), the provision continues to apply on and from commencement day until the provision is varied by the parties to the long‑stay agreement.
When calculating the amount of rent to be payable on and after the review date under the provision, the park operator must have regard to a report obtained for the purpose by the park operator from a person licensed under the Land Valuers Licensing Act 1978.
Penalty for this subsection: a fine of $5 000.
[Section 106 inserted: No. 28 of 2020 s. 84.]
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