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Fact scenario: Fuchsia Florists Limited (FFL) leases a orist shop in Hamilton. The lease form used is the standard Auckland District Law Society Incorporated Deed

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Fact scenario: Fuchsia Florists Limited (\"FFL") leases a orist shop in Hamilton. The lease form used is the standard Auckland District Law Society Incorporated Deed of Lease, Sixth Edition, 2012(5) form (\"the Lease"). There are no amendments to the ADLS standard terms. FFL is having some trouble with their landlord. Question: FFL's lease provides for market rent reviews, and the next rent review date is soon. The landlord gave FFL a written rent review notice yesterday. The notice is accompanied by a registered valuer's certificate and it says that the rent is being increased to $85,000 plus GST per annum. FFL does not agree with the rent stated in the notice. FFL tells you that since the commencement of the lease. the market has dropped significantly and the current market rent is actually less than the rent which was payable at the commencement date of the lease. FFL wants to know if they can dispute the landlord's notice and if so what the result might be. Think about the market rent review clauses of the lease (clauses 2.1-2.3), including relevant ratchet provisions, rent determination processes and relevant time limits. What is your advice

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