Open Market Rent definition

Open Market Rent means the yearly rent which one would expect to be payable if the Property were let as a whole in the open market at the relevant Open Market Review Date:

Open Market Rent means a rent valued using the definition of the International Valuations Standard Committee as adopted by the Royal Institution of Chartered Surveyors and approved by the Council

Open Market Rent means the estimated amount of the best rent at which letting of an interest in property would have been completed at the valuation date assuming the following:

Examples of Open Market Rent in a sentence

• The Open Market Rent at any Rent Review Date may be agreed in writing at any time between the Lessor and the Lessee but if, for any reason, they have not so agreed by the Relevant Review Date then the Lessor may by notice in writing to the Lessee require the Open Market Rent to be determined by the Surveyor.

• If the Lessor has required the Open Market Rent to be determined by the Surveyor, then in default of agreement between the Lessor and the Lessee on the appointment of the Surveyor, the Surveyor shall be appointed by the President on the written application of the Lessor to the President.

• The revised rent shall in the opinion of the Circuit Court equate to the current Open Market Rent (OMR), disregarding any current tenant improvements and goodwill.

• The Council can develop ‘Open Market Rent’ properties but it’s important to note that these properties would have to be provided through a Council owned housing company, as the Council cannot charge Open Market Rent for its properties held within the HRA where instead it must consider whether to use Social Rent or Affordable Rent.

• You are not permitted to access or use any of the Services if You do not agree to be bound by the Agreement.

More Definitions of Open Market Rent

Open Market Rent means the yearly open market rent without any deductions whatsoever at which the Leasehold Area might reasonably be expected to be let as a whole on the open market with vacant possession at the Relevant Review Date by a willing lessor to a willing lessee (which expression “willing lessee” shall for the avoidance of doubt include the lessee) and without any premium or any other consideration for the grant of it for a term equal to the length of the Term remaining unexpired at the Relevant Review Date or a period of fifteen years from the Relevant Review Date whichever is the longer and otherwise on the same terms and conditions and subject to the same covenants and provisions contained in this Lease (other than the amount of the rent payable hereunder but including provisions for the review of rent in the same form as this Lease at similar intervals):

Open Market Rent means the annual rent at which the Premises could reasonably be expected to be let as a whole at the relevant Review Date in the open market:

Open Market Rent means the rent charged for comparable properties rented on the open market (inclusive of service charges where applicable) within the same local area or such rent as valued by a qualified valuer (who is a member of the Royal Institute of Chartered Surveyors) as being the open market rent using the Royal Institute of Chartered Surveyors approved valuation methods and “Open Market Rents” shall be construed accordingly

Open Market Rent means (subject to paragraph 4 below) the clear yearly rack rent at which the Assumed Premises could reasonably be expected to be let as a whole on the open market at the Relevant Review Date by a willing landlord to a willing tenant with vacant possession and without any premium or any consideration other than rent for the grant thereof for a term of ten (10) years commencing on the Relevant Review Date and otherwise on the terms and conditions and subject to the covenants and provisions contained in this Lease other than the amount of the Rent payable hereunder and subject to the provisions for the review of the Rent contained in this Schedule and making the Assumptions but disregarding the Disregarded Matters

Open Market Rent means the annual rent at which the Premises could reasonably be expected to be let as a whole at the Review Date in the open market:

Open Market Rent means the best clear yearly rent at which the Demised Premises together with the rights hereby granted and all rights and privileges which are at the Relevant Review Date appurtenant thereto or enjoyed thereunder might reasonably be expected to be let as a whole (including Landlords fixtures and fittings) at the Relevant Review Date by a willing landlord to a willing tenant in the open market with vacant possession and without premium or any other consideration for the grant thereof for a term from the Relevant Review Date equal to the original length of the Term assuming if not the fact

Open Market Rent means the yearly rent for which the Premises could reasonably be expected to be let as a whole with vacant possession on the Rent Review Date in the open market by a willing landlord to a willing tenant for a duration equal to 5 years upon the terms and conditions (including the provisions for the review of rent at intervals of five years but excluding the amount of rent payable immediately prior to Rent Review Date) as are herein contained and on the assumption (if not the fact) that:-