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Wednesday, 1 August 2018

Racing NSW is pleased to announce a simplified way to amend Leases currently in place on NSW horses.

In an effort to simplify changes for the connections, the new Lease Amendment form notates the outgoing and incoming party by signature with the Managing Lessee responsible for informing the other Lessees, and the Managing Owner responsible for informing and the other Owners.

This is similar to the practice introduced by Racing Australia in 2014 for Transfers of Ownership because of the inconvenience of having to ask all owners to sign and acknowledge what often is only one minor shareholder change.

Lease amendments - simplified

Owners lease horses to groups of people in often standard lease arrangements. A common example is a 3-year lease to 10 lessees for a rental of 20% of prizemoney returning to the owner (Lessor).

During the life of the Lease, one or two lessees may change – people leave and others come in. Under the previous system, this required a cancellation of the entire lease and all parties to complete a new lease document and include the new parties.

The new Lease Amendment form in place in NSW, carries the following requirements:

• Must be a NSW lease
• Outgoing lessee signs out
• Incoming lessee signs in
• Manager Owner (Lessor) signs, confirming that they have advised all other owners (Lessors)
• Managing Lessee signs and lodges with Racing NSW, confirming that they have advised all other lessees
• All other conditions of the lease and expiry date remain

You can download a copy of the Lease Amendment form here