Agreement for Variation to Lease (Commercial/Retail) - AUNSWRECM042

Additions / Changes:

Title

AGREEMENT FOR VARIATION TO LEASE

(Commercial/Retail)

Note: This form may be used for a variation of the lease and/ or the exercise of an option. and in particular where the tenant is experiencing hardship and is in need of assistance to maintain occupancy of the rental premises.

Item 3

LEASE DETAILS

By a Lease dated: …… / …… / ……

The Landlord agreed to let and the Tenant agreed to take:

The Premises: (insert address)…………………………………………………………………………………

Item 4

EXERCISE OF AN OPTION

The Tenant elects to exercise the option to renew the Lease, pursuant to the Option to Extend Lease Period provisions contained in the Commercial Lease Agreement __ Yes __ No __N/A

Item 5

VARIATION

5.1 The Parties agree to vary the Commercial Lease Agreement __ Yes __ No __ N/A

5.2 Rent Variation details:

1) Reduced Rrent: $………………………… per __ Week __ Fortnight __ Month

Variation Period: Commencing on …… / …… / ……

2) New Lease Term: …………………

Commencing on …… / …… / …… and ending on …… / …… / …… inclusive.

Rent Monies to be Repaid:  __ Yes __ No           Amount $ ....................... (unpaid monies)

Where ‘Yes’ is selected, see attached Repayment Agreement.

3) Additional / Amended Terms

5.3 Consideration: $....................................

Note: this is what is being given in exchange for the variation, and can be a nominal amount, e.g., $1.

Item 6

ADDITIONAL / AMENDED TERMS   (if insufficient space, attach schedule)

Item 6

SIGNING

By Signing below the Parties Agree:

(1) Pursuant to this Agreement, to vary the Lease by reducing the current rent to the reduced rent effective from and until the dates indicated above (Variation Period) and otherwise (subject to any Additional/Amended Terms as may by specified above) on the same terms as those contained in the Lease. Where ‘Yes’ is selected in Item 4, to the exercise of the option, as provided in Item 4, and otherwise (subject to the Option to Extend Lease Period provisions) in accordance with the provisions of the Lease.

(2) Immediately after expiration of the Variation Period (which includes a reasonable recovery period), rent will recommence at the Current Rent or at such other rent as may have been agreed to in the Lease and applicable to the period immediately after the Variation Period. Where ‘Yes’ is selected in Item 5, to vary the Lease as more particularly detailed in Item 5 (as applicable), in exchange for the consideration noted therein, and otherwise on the same terms as those contained in the Lease.

(3) Where applicable, the Parties have taken into account any requirements under the Retail and Other Commercial Leases (COVID-19) Regulation 2022 (and any further Regulations and/or amendments thereto) when renegotiating the Rent payable or other terms of the Agreement. By Signing below the Parties Agree, pursuant to this Agreement, to exercise an option, and/or vary the Lease as more particularly detailed in Items 4 and 5 (as applicable), and otherwise on the same terms as those contained in the Lease.

Additions / Changes:

SIGNING

(3)

Where applicable, the Parties have taken into account any requirements under the Retail and Other Commercial Leases (COVID-19) Regulation 2022 (and any further Regulations and/or amendments thereto) and have considered the economic impacts of the COVID-19 pandemic and the leasing principles set out in the National Code of Conduct when renegotiating the Rent payable or other terms of the Agreement.

Additions / Changes:

SIGNING

(3)

Where applicable, the Parties have taken into account any requirements under the Retail and Other Commercial Leases (COVID-19) Regulation 20212 (and any further Regulations and/or amendments thereto) and have considered the economic impacts of the COVID-19 pandemic and the leasing principles set out in the National Code of Conduct when renegotiating the Rent payable or other terms of the Agreement.

Additions / Changes:

SIGNING

(3)

Where applicable, the Parties have taken into account any the requirements under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (and any further Regulations and/or amendments thereto) and have considered the economic impacts of the COVID-19 pandemic and the leasing principles set out in the National Code of Conduct when renegotiating the Rent payable or other terms of the Agreement.

Additions / Changes:

SIGNING

(3)

Where applicable, the Parties have taken into account the requirements under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (and any amendments thereto) and have considered the economic impacts of the COVID-19 pandemic and the leasing principles set out in the National Code of Conduct when renegotiating the Rent payable or other terms of the Agreement.

Additions / Changes:

SIGNING

(2)

Immediately after expiration of the Variation Period (which includes ‘a reasonable recovery period’), rent will recommence at the Current Rent or at such other rent as may have been agreed to in the Lease and applicable to the period immediately after the Variation Period.

Additions / Changes:

SIGNING

(2)

Immediately after expiration of the Variation Period (which includes ‘a reasonable recovery period’), rent will recommence at the Current Rent or at such other rent as may have been agreed to in the Lease and applicable to the period immediately after the Variation Period.