§ 6 — Compliance with leasing principles in Code of Conduct

6.—(1) The landlord and the tenant of a qualifying lease must ensure that the lease agreement for that qualifying lease complies with the leasing principles in force at the time the lease agreement is signed by the landlord and the tenant.(2) Where there is a permitted deviation in the lease agreement, the landlord must, if required by the leasing principle in question, submit to the Committee a declaration of permitted deviation for the permitted deviation.

(3) The declaration of permitted deviation must be —(a)

submitted within the period prescribed by the Regulations; and

(b)

accompanied by any fee or charge prescribed by the Regulations or (if none is prescribed) specified by the Committee for the submission, payable to the secretariat.

(4) Where the landlord fails to comply with subsection (2) or (3) —(a)

the permitted deviation is void (but not if the permitted deviation relates to a rental formula); and

(b)

if the leasing principle provides for any consequence in the event of the landlord’s failure, then that consequence may be enforced as if it were a term of the lease agreement.

(5) To avoid doubt, a leasing principle must not provide for any matter, including compensation, that is inconsistent with the requirements of any written law or rule of law, and subsection (1) does not apply in relation to a leasing principle that contravenes this subsection.

(6) Part 4 applies in relation to a qualifying lease, despite anything in the lease agreement.

—(1) The landlord and the tenant of a qualifying lease must ensure that the lease agreement for that qualifying lease complies with the leasing principles in force at the time the lease agreement is signed by the landlord and the tenant.

(2) Where there is a permitted deviation in the lease agreement, the landlord must, if required by the leasing principle in question, submit to the Committee a declaration of permitted deviation for the permitted deviation.

(3) The declaration of permitted deviation must be —(a)

submitted within the period prescribed by the Regulations; and

(b)

accompanied by any fee or charge prescribed by the Regulations or (if none is prescribed) specified by the Committee for the submission, payable to the secretariat.

(4) Where the landlord fails to comply with subsection (2) or (3) —(a)

the permitted deviation is void (but not if the permitted deviation relates to a rental formula); and

(b)

if the leasing principle provides for any consequence in the event of the landlord’s failure, then that consequence may be enforced as if it were a term of the lease agreement.

(5) To avoid doubt, a leasing principle must not provide for any matter, including compensation, that is inconsistent with the requirements of any written law or rule of law, and subsection (1) does not apply in relation to a leasing principle that contravenes this subsection.

(6) Part 4 applies in relation to a qualifying lease, despite anything in the lease agreement.