Prime Minister Scott Morrison announced a new code of conduct that will grant rent waivers and deferrals to tenants of commercial properties affected by the COVID-19 epidemic.
The code of conduct applies to all rentals that are suffering from financial difficulties or financial difficulties due to the COVID-19 pandemic. Eligible landlords and tenants should be qualified through the JobKeeper program and should have sales of $ 50 million or less.
Under the code of conduct, landlords must not terminate leases if tenants are unable to pay rent during the epidemic. Landlords must offer tenants proportional rent reductions in the form of waivers and deferrals of up to 100% of the amount. This will be based on the reduction of the activity of the tenants.
In addition, rent waivers must constitute at least 50% of the total reduction in rent payable.
The payment of rent deferrals should be amortized over the remainder of the lease term or over a period of at least 24 months, whichever is greater.
The new policy also obliges owners to pass on to their tenants any reduction in statutory charges, which include property taxes and municipal rates. Homeowners are also required to share all of the benefits they receive from the loan payments.
The regime also requires that tenants remain faithful to the conditions of their lease, because non-compliance will lose all the protections available.
"This preserves the lease, it preserves the relationship, it keeps the tenant in the property. The code brings together a set of rental principles in good faith. The owners must not terminate the lease or draw on the security of 39; a tenant. Likewise, tenants must honor the lease, "said Morrison.
A copy of the compulsory code of conduct approved by the national cabinet is available here.
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