Fixing the Reviewed Rent Sample Clauses

Fixing the Reviewed Rent. The Open Market Rent at any Review Date may be agreed at any time between the Landlord and the Tenant or (in the absence of agreement) will be determined by an arbitrator or by an expert to be appointed either by agreement between the parties or subject to paragraph 4 of this Schedule on the application of either party made not more than three months before or at any time after the relevant Review Date by the President for the time being of the Society of Chartered Surveyors in the Republic of Ireland or the President for the time being of the Law Society of Ireland provided however that the capacity in which the person so appointed shall act namely whether as arbitrator or expert shall be determined by the Landlord. The parties hereto hereby direct and instruct any arbitrator or expert appointed under this Clause 3 of Schedule III of this Lease to calculate the Open Market Rent by firstly determining separately the rent for the ground floor; and in calculating the rent for the first floor and all or any other lettable areas within the Premises same shall be calculated at a rate (taking the rate per square foot or per square metre) not less than the rate determined for the ground floor.