Market Rent Review Service
Market Rent Review Service Sample Clauses
Related to Market Rent Review Service
Rent Review 3.1 If the reference base used to compile the Index shall change after today’s date the figure taken to be shown in the Index after the change shall be the figure which would have been shown in the Index if the reference base current at today’s date had been retained 3.2 If it becomes impossible by reason of any change after today’s date in the methods used to compile the Index or for any other reason whatever to calculate the revised Rent by reference to the Index or if any dispute or question whatever shall arise between the parties with respect to the amount of the revised Rent or the determination of the revised Rent such matter shall at the option of the Landlord be determined by an independent valuer to be appointed either by agreement between the parties or in the absence of agreement by the President for the time being of the Royal Institution of Chartered Surveyors (or his duly appointed deputy or any person authorised by him to make appointments on his behalf) on the application of either party who shall have full power to determine on such dates as he shall deem apposite what would have been the increase in the Index had it continued on the same basis and in view of the information assumed to be available for the operation of this rent review or (if that determination shall also be impossible) shall determine a reasonable revised Rent for the Property on such dates having regard to the purposes and intent of the provisions in this Lease for the review of the Rent 4 The Landlord shall give written notice to the Tenant of the amount of the revised Rent and thereafter memoranda (in such form as the Landlord shall reasonably require) recording the amount of the revised Rent shall be signed by or on behalf of the Landlord and the Tenant and annexed to this Lease and the Counterpart thereof and the parties shall bear their own costs of this procedure 5 If the new Rent payable on and from any Review Date has not been agreed by that Review Date Rent shall thereafter be payable at the rate in force immediately before the Review Date and forthwith upon the revised Rent being ascertained the Tenant shall pay to the Landlord an amount representing the difference (“the Shortfall”) between:- 5.1 the amount of the yearly Rent which would have been payable for the period from that Review Date until the next payment date following the date of ascertainment if the revised Rent had been ascertained at that Review Date and 5.2 together with interest at the rate of 2% below the Interest Rate on the Shortfall calculated on a day to day basis upon those parts of the Shortfall which would have been payable if the revised Rent had been ascertained at that Review Date
Escalation Procedure Tentative Rates for those species and products listed in A4a are subject to quarterly escalation in accordance with the following pro- cedures: The calendar quarter index average for each price index described in A5 is the arithmetic average of the three such monthly price indices preceding January 1, April 1, July 1, and October 1. The difference between calendar quarter index average and Base Index listed in A4a shall be the basis for quarterly escalation. To arrive at Current Contract Rates for timber Scaled during the preceding calendar quarter, Tentative Rates for each species shall be reduced or increased by such difference, except when the calendar quarter index average is: (a) Less than the Base Index, the reduction shall not result in a rate below Base Rate or (b) Greater than the Base Index, the increase shall not exceed the difference between Tentative Rate and Base Rate. In the event of Contract Term Extension, the escala- tion procedure will be used during the extension period, except that adjusted payment rates for any calendar quar- ter cannot be less than Tentative Rates, for each species and product group, established under B8.23 for the ex- tension period.
