Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) A retail shop lease that provides an option to renew or extend the lease at current market rent is taken to include provisions to the following effect:
(a) the tenant is entitled to request a determination of the current market rent at any time within the period that begins 6 months before, and ends 3 months before, the last day on which the option may be exercised under the lease, but may not make the request if the landlord and the tenant have already agreed as to the actual amount of that rent;
(b) the tenant makes the request by giving to the landlord notice in writing of the request;
(c) if the tenant makes the request:
(i) the amount of the current market rent is to be determined (as at the time of the request) in accordance with the provisions of a lease mentioned in section 29; and
(ii) the period within which the tenant must exercise the option is varied so that the last day on which the option may be exercised is 21 days after the determination of rent is made and notified to the tenant in writing or the last day of the term of the lease, whichever is the earlier;
(d) the parties agree that the amount of rent determined under paragraph (c) is the current market rent for the purposes of the exercise of the option, even though it may be a determination of the current market rent as at some earlier time;
(e) if the tenant renews or extends the lease after the determination of current market rent – the parties to the lease are to pay in equal shares the costs of the determination;
(f) if the tenant does not renew or extend the lease after the determination of current market rent – the tenant must pay the costs of the determination.
(2) If a retail shop lease is for a term of 12 months or less, the periods of 6 months and 3 months in subsection (1) are shortened to 3 months and 30 days respectively.