§ 19Q — When statutory repayment schedule ceases to apply

19Q.—(1) Upon the occurrence of any of the events mentioned in subsection (2) —(a)

the statutory repayment schedule ceases to have effect;

(b)

the following become immediately payable:(i)

the amount of rent that remains outstanding under the statutory repayment schedule (called in this section the outstanding rental arrears) on the date of the occurrence of the event;

(ii)

all interest and other charges that would have accrued on the outstanding rental arrears under the lease agreement as of the date of the occurrence of the event had the schedule not formed part of the lease agreement, less any interest paid on those arrears pursuant to the schedule; and

(c)

the PTO’s landlord is entitled to exercise any of the landlord’s rights under the lease agreement for non-payment of rent and the interest and other charges mentioned in paragraph (b)(ii).

(2) The following are the events mentioned in subsection (1):(a)

the PTO fails to pay a repayment instalment under the statutory repayment schedule within a prescribed time after the date the instalment becomes due under the schedule;

(b)

the PTO terminates or repudiates the lease agreement during the repayment period in the statutory repayment schedule;

(c)

the PTO landlord terminates the lease agreement for any default by the PTO other than a failure mentioned in paragraph (a).

(3) On a written demand by the PTO’s landlord, the PTO must submit the prescribed documents to the PTO’s landlord within the prescribed time (or such longer time as specified in the demand) if —(a)

subsection (2)(b) or (c) applies; and

(b)

at the time of the termination or repudiation of the lease agreement, 2 or more repayment instalments remain outstanding under the statutory repayment schedule.

(4) A person who, without reasonable excuse, contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.

(5) In subsection (3), “documents” includes a statutory declaration.[Act 29 of 2020 wef 31/07/2020]

—(1) Upon the occurrence of any of the events mentioned in subsection (2) —(a)

the statutory repayment schedule ceases to have effect;

(b)

the following become immediately payable:(i)

the amount of rent that remains outstanding under the statutory repayment schedule (called in this section the outstanding rental arrears) on the date of the occurrence of the event;

(ii)

all interest and other charges that would have accrued on the outstanding rental arrears under the lease agreement as of the date of the occurrence of the event had the schedule not formed part of the lease agreement, less any interest paid on those arrears pursuant to the schedule; and

(c)

the PTO’s landlord is entitled to exercise any of the landlord’s rights under the lease agreement for non-payment of rent and the interest and other charges mentioned in paragraph (b)(ii).

(2) The following are the events mentioned in subsection (1):(a)

the PTO fails to pay a repayment instalment under the statutory repayment schedule within a prescribed time after the date the instalment becomes due under the schedule;

(b)

the PTO terminates or repudiates the lease agreement during the repayment period in the statutory repayment schedule;

(c)

the PTO landlord terminates the lease agreement for any default by the PTO other than a failure mentioned in paragraph (a).

(3) On a written demand by the PTO’s landlord, the PTO must submit the prescribed documents to the PTO’s landlord within the prescribed time (or such longer time as specified in the demand) if —(a)

subsection (2)(b) or (c) applies; and

(b)

at the time of the termination or repudiation of the lease agreement, 2 or more repayment instalments remain outstanding under the statutory repayment schedule.

(4) A person who, without reasonable excuse, contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.

(5) In subsection (3), “documents” includes a statutory declaration.[Act 29 of 2020 wef 31/07/2020]