Five Year Waiver

In accordance with section 21 of the Retail Leases Act 2003, you are entitled to a lease for a term of at least five (5) years. This includes the initial term and any further term or terms provided for by any options for renewal.

To waive your right to a five year lease, please read the following information and complete the form below.

There are many benefits to a long lease, these include:

  • Security of tenure
  • Business stability
  • Opportunity to build goodwill
  • Sufficient time to recoup the cost of the business investments
  • Greater value – a business with a long lease generally has greater value than one with a short lease and is easier to sell

By giving your landlord a section 21 certificate, you are waiving your right to a five year lease.  Section 21 of the Retail Leases Act 2003 will not apply to your lease if you give your landlord a copy of the certificate issued by this office.

A lease that is entered into for less than five years (including any options) is not illegal, invalid or unenforceable.  If you do not give the landlord a Five Year Waiver Certificate, the term of the lease is automatically extended by the period that is necessary to comply with section 21.  (Example 1: if a lease is entered into for three years, its term is extended by two years to five years.  Example 2: if a lease is entered into for two years with a one year option, the initial two year term will be extended to four years plus the one year option, giving the tenant a total of five years).

Section 21 does not apply to a renewal of lease if there is no break in the tenant’s entitlement to possession of the premises.  This means a renewal of lease is not required to be for five years because the minimum five year term requirement applied to the lease when it was entered into.

** Please note that the text on the certificate will appear exactly as it has been typed in the fields below.

I understand and acknowledge that:

  • I have read this statement and that I understand the rights that I am waiving.
  • The information provided in this application is true and complete to the best of my knowledge.
  • This application forms a legal document and penalties exist for providing false or misleading information.


Testimonials

Client testimonials

×