§ 19P — Statutory repayment schedule

19P.—(1) A PTO of any prescribed property who satisfies the additional criteria prescribed for the additional rental relief may, by written notice, elect to pay the outstanding rent payable under the PTO’s lease agreement for the prescribed property and any interest or other charge (however described) on the outstanding rent in accordance with a statutory repayment schedule described in subsection (2).(2) A statutory repayment schedule is a schedule for the repayment of the outstanding rent and interest or other charge mentioned in subsection (1) that satisfies all of the following conditions:(a)

the outstanding rent is for any period during the period starting on 1 February 2020 and ending on the prescribed date only;[Act 37 of 2020 wef 18/11/2020]

(b)

subject to paragraph (c), if any interest or other charge (however described) is payable on the outstanding rent under the lease agreement (called in this section the contractual interest rate), then —(i)

where the contractual interest rate does not exceed the prescribed interest rate (or amount) — the interest or other charge on the outstanding rent is computed at the contractual interest rate or at such lower interest rate (or amount) as the PTO and the PTO’s landlord may agree upon; or

(ii)

where the contractual interest rate exceeds the prescribed interest rate (or amount) — the interest or other charge on the outstanding rent is computed at the prescribed interest rate (or amount) or at such lower interest rate (or amount) as the PTO and the PTO’s landlord may agree upon;

(c)

interest or other charge is not payable on any interest or other charge mentioned in paragraph (b);

(d)

the maximum repayment period provided in the schedule is the shorter of the following:(i)

a period not exceeding a prescribed period;

(ii)

the remaining period of the lease agreement;

(e)

the schedule provides for the payment of the outstanding rent mentioned in paragraph (a) (together with the interest or other charge (if any) mentioned in paragraph (b)) in equal repayment instalments for each month in the repayment period;

(f)

the payment of the first repayment instalment under the schedule starts after the service of the written notice mentioned in subsection (1) and no later than the prescribed date;

(g)

any other prescribed condition.

(3) The written notice mentioned in subsection (1) must be served on the following on or before the prescribed date:(a)

the PTO’s landlord;

(b)

any guarantor or surety for the PTO’s obligation in the lease agreement;

(c)

such other person as may be prescribed.[Act 37 of 2020 wef 18/11/2020]

(4) Upon service of the written notice on the PTO’s landlord, the statutory repayment schedule forms part of the lease agreement, and prevails over any term of the lease agreement to the extent of any inconsistency between them.

(5) In this section, “outstanding rent” means the aggregate of rent payable under the lease agreement for the period starting on 1 February 2020 and ending on the prescribed date that is outstanding (after the amount of rent waived under Divisions 2 and 3 and any payment made by the PTO), up to a prescribed amount.[Act 29 of 2020 wef 31/07/2020]

[Act 37 of 2020 wef 18/11/2020]

—(1) A PTO of any prescribed property who satisfies the additional criteria prescribed for the additional rental relief may, by written notice, elect to pay the outstanding rent payable under the PTO’s lease agreement for the prescribed property and any interest or other charge (however described) on the outstanding rent in accordance with a statutory repayment schedule described in subsection (2).

(2) A statutory repayment schedule is a schedule for the repayment of the outstanding rent and interest or other charge mentioned in subsection (1) that satisfies all of the following conditions:(a)

the outstanding rent is for any period during the period starting on 1 February 2020 and ending on the prescribed date only;[Act 37 of 2020 wef 18/11/2020]

(b)

subject to paragraph (c), if any interest or other charge (however described) is payable on the outstanding rent under the lease agreement (called in this section the contractual interest rate), then —(i)

where the contractual interest rate does not exceed the prescribed interest rate (or amount) — the interest or other charge on the outstanding rent is computed at the contractual interest rate or at such lower interest rate (or amount) as the PTO and the PTO’s landlord may agree upon; or

(ii)

where the contractual interest rate exceeds the prescribed interest rate (or amount) — the interest or other charge on the outstanding rent is computed at the prescribed interest rate (or amount) or at such lower interest rate (or amount) as the PTO and the PTO’s landlord may agree upon;

(c)

interest or other charge is not payable on any interest or other charge mentioned in paragraph (b);

(d)

the maximum repayment period provided in the schedule is the shorter of the following:(i)

a period not exceeding a prescribed period;

(ii)

the remaining period of the lease agreement;

(e)

the schedule provides for the payment of the outstanding rent mentioned in paragraph (a) (together with the interest or other charge (if any) mentioned in paragraph (b)) in equal repayment instalments for each month in the repayment period;

(f)

the payment of the first repayment instalment under the schedule starts after the service of the written notice mentioned in subsection (1) and no later than the prescribed date;

(g)

any other prescribed condition.

(3) The written notice mentioned in subsection (1) must be served on the following on or before the prescribed date:(a)

the PTO’s landlord;

(b)

any guarantor or surety for the PTO’s obligation in the lease agreement;

(c)

such other person as may be prescribed.[Act 37 of 2020 wef 18/11/2020]

(4) Upon service of the written notice on the PTO’s landlord, the statutory repayment schedule forms part of the lease agreement, and prevails over any term of the lease agreement to the extent of any inconsistency between them.

(5) In this section, “outstanding rent” means the aggregate of rent payable under the lease agreement for the period starting on 1 February 2020 and ending on the prescribed date that is outstanding (after the amount of rent waived under Divisions 2 and 3 and any payment made by the PTO), up to a prescribed amount.[Act 29 of 2020 wef 31/07/2020]

[Act 37 of 2020 wef 18/11/2020]