If a tenant entitled has previously accepted a stay of the tenancy with its landlord, this contract will not be automatically renewed until December 31, 2020 (unless the parties agree beforehand). If a tenant remains eligible under the new by-law, they can reapply for a rent reduction until December 31, 2020. That is as long as they ask to negotiate rental facilities for a new period. However, regardless of the legal framework, it remains in the interest, in most cases, of both parties that tenant businesses resist the continuing difficulties that the coronavirus epidemic has caused and continues to cause. Given the sudden and negative impact on cash flow for most tenants, the best option for landlords and tenants might be to try to agree on practical and commercial solutions to navigate in the coming months. With respect to future leases, it will be interesting to see how the market reacts and what types of clauses the parties plan to negotiate to spread the commercial risks that may result from public health crises or other unexpected and important events. Your business owner may be entitled to a property tax reduction. If your landlord receives this benefit, he must pass it on to you in the form of rental facilities. The Victorian government amended and extended the program until December 31, 2020. This means that rent relief agreements must be concluded between a commercial tenant and their landlord during the period from September 29, 2020 to December 31, 2020. On May 16, 2020, a temporary amendment to the law was passed, giving commercial tenants more time to catch up on outstanding rents before a landlord could take eviction action. As many commercial landlords, tenants, lenders and borrowers have already done, the best approach is to work together constructively to find a solution that is sustainable and responsive to the needs and interests of all parties. These amendments to the Property Rights Act apply to all mortgages on land, whether commercial or residential real estate.
There may also be other options for residential mortgages, such as. B mortgage repayment leave: In addition, the obligation to offer a term extension does not apply if it is incompatible with a principal lease or other contract or contract that the lessor has already entered into with another person (for example. B if the lessor has already entered into a lease agreement to a new tenant).