NOTE New Zealand Post Ltd v ASB Bank Ltd - [1998] 2 NZLR 340n

Contract — Interpretation — Lease — Rent review clause — Presence of clause fixing level below which rent could never fall despite result of review exercise — At first review in 1987 agreement that rental to remain same at review time in 1990 — Whether at 1993 review period, rent for next three years should be fixed at original level or at rent fixed at 1987 review.

Property law — Lease — Interpretation — Rent review clause — Presence of clause fixing level below which rent could never fall despite result of review exercise — At first review in 1987 agreement that rental to remain same at review time in 1990 — Whether at 1993 review period, rent for next three years should be fixed at original level or at rent fixed at 1987 review.