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
Appears in 4 contracts
Rent Review. 3.1 If (a) At any time during the reference base used period of 6 months before the Rent Review Date we may serve on you a notice in writing ("Rent Notice") providing for the increase of the Rent as from the Rent Review Date to compile an amount specified in the Index shall change after today’s date the figure taken Rent Notice. Time is not to be shown of the essence as regards service of the Rent Notice.
(b) Within one month after receipt of the Rent Notice, you may serve on us a counter- notice requiring us to negotiate the Rent Review. If you do not serve a counter-notice within that period, you will be treated as having agreed to pay the increased Xxxx stated in the Index after Rent Notice.
(c) If you do serve a counter-notice on us within that period, then we shall as soon as reasonably possible consult with you in an effort to agree the change shall increase to be the figure which would have been shown made in the Index if the reference base current at today’s date had been retainedRent.
3.2 If it becomes impossible by reason of any change after today’s date (d) Any agreed increase in the methods used Rent is to compile take effect on the Index Rent Review Date.
(e) If no agreement is reached within one month (or for any other reason whatever within such longer period as may be agreed between us) after service of a counter-notice, then the decision of what increase (if any) ought to calculate be made in the revised Rent by reference as from the Rent Review Date is to be referred to a third party to determine. The third party will either act as a single arbitrator under the current Arbitration Act or as an independent expert as we decide. We may agree with you on the appointment of the third party or either of us may apply 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 to appoint one.
(or f) If an expert is appointed then the expert will allow the parties a reasonable opportunity of making one set of written representations and one set of written counter-representations to him; take those representations and counter- representations into account; give written reasons for his duly appointed deputy or any person authorised by him decision; and be entitled to make appointments on an award as to his behalfcosts.
(g) on If the expert dies or becomes unwilling to act or becomes incapable of acting or if the expert does not give his decision within one month of his appointment the President of the Royal Institution of Chartered Surveyors may upon the application of either party who shall have full power discharge the expert and appoint another expert to determine on such dates as he shall deem apposite what would have been the increase act in his place and in the Index had it continued on same capacity (and this shall be repeated as many times as the same basis circumstances may require).
(h) The third party is to decide by ascertaining the Rent at which the Property might reasonably be expected to be left in the open market, as between a willing landlord and in view willing tenant, as at the earlier of the information assumed date of the Rent Notice and the Rent Review Date. In doing this, the third party is 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 have regard to the purposes and intent terms of the provisions in this Lease for the review of the Rent 4 The Landlord shall give written notice Agreement other than those relating to the Tenant of the amount of Rent, and is to assume that you have performed all your obligations and that any destruction or damage to the revised Property has been made good But he is to:
(i) assume the property is vacant and to let with a hypothetical term of 3 years from the Rent and thereafter memoranda Review Date;
(in such form as ii) disregard any goodwill which has become attached to the Landlord shall reasonably requireProperty since the Tenancy Start Date because of you carrying on business there; and
(iii) recording disregard the amount effect on Rent of any improvement carried out by you which you did not have to carry out under the revised terms of this Agreement or under any other written agreement with us.
(i) If the Rent ascertained by the third party exceeds the Rent then payable, it shall be signed by or on behalf of substituted for 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 the 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.
Appears in 2 contracts
Samples: Tenancy Agreement, Tenancy Agreement
Rent Review. 3.1 If the reference base used to compile the Index The provisions of this clause 11 shall change after today’s date the figure taken to be shown only apply in the Index after event that the Tenant has requested and the Landlord has agreed to a major structural 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 design layout 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 Building or in the absence Permitted Use of agreement by the Building and such change has been implemented at a Review Date and unless such change has occurred the Annual Rent shall remain as a peppercorn. In this clause the President is the President for the time being of the Royal Institution of Chartered Surveyors (or his duly appointed deputy or any a person authorised by him to make appointments acting on his behalf) , and the Surveyor is the independent valuer appointed pursuant to clause 11.8. The Annual Rent shall be reviewed on each Review Date to equal: the Annual Rent payable immediately before the relevant Review Date (or which would then be payable but for any abatement or suspension of the Annual Rent or restriction on the right to collect it) or, if greater; the open market rent agreed or determined pursuant to this clause. The open market rent may be agreed between the Landlord and the Tenant at any time before it is determined by the Surveyor. If the open market rent is determined by the Surveyor, it shall be the amount that the Surveyor determines is the best annual rent (exclusive of any VAT) at which the Property could reasonably be expected to be let: in the open market; at the relevant Review Date; on the assumptions listed in clause 11.6; and disregarding the matters listed in clause 11.7. The assumptions are: the Property is available to let in the open market: by a willing lessor to a willing lessee; as a whole; with vacant possession; without a fine or a premium; for a term equal to the unexpired residue of the Contractual Term at the relevant Review Date; and otherwise on the terms of this Lease other than as to the amount of the Annual Rent but including the provisions for review of the Annual Rent; the willing lessee has had the benefit of any rent-free or other concession or contribution which would be offered in the open market at the relevant Review Date in relation to fitting out works at the Property; the Property may lawfully be used, and is in a physical state to enable it to be lawfully used, by the willing lessee (or any potential undertenant or assignee of the willing lessee) for any purpose permitted by this Lease; the Landlord and the Tenant have fully complied with their obligations in this Lease; if the Property or any means of access to it or any Service Media serving the Property, has been destroyed or damaged, it has been fully restored; no work has been carried out on the Property that has diminished its rental value other than work carried out with the consent of the Landlord; any fixtures, fittings, machinery or equipment supplied to the Property by the Landlord that have been removed by or at the request of the Tenant, or any undertenant or their respective predecessors in title (otherwise than to comply with any law) remain at the Property. The matters to be disregarded are: any effect on rent of the fact that the Tenant or any authorised undertenant has been in occupation of the Property; any goodwill attached to the Property by reason of any business carried out there by the Tenant or by any authorised undertenant or by any of their predecessors in business; any effect on rent attributable to any physical improvement to the Property carried out after the date of this Lease, by or at the expense of the Tenant or any authorised undertenant with all necessary consents, approvals and authorisations and not pursuant to an obligation to the Landlord (other than an obligation to comply with any law); any effect on rent of any obligation on the Tenant to reinstate the Property to the condition or design it was in before any alterations or improvements were carried out; and any statutory restriction on rents or the right to recover them. The Surveyor shall be an independent valuer who is a Member or Fellow of the Royal Institution of Chartered Surveyors. The Landlord and the Tenant may, by agreement, appoint the Surveyor at any time before either of them applies to the President for the Surveyor to be appointed. Any application of either party who to the President may not be made earlier than three months before the relevant Review Date. The Surveyor shall act as an expert and not as an arbitrator. The Surveyor shall determine the open market rent and shall have full power to determine any issue involving the interpretation of any provision of this Lease, his jurisdiction to determine the matters and issues referred to him or his terms of reference. The Surveyor's decision shall be given in writing, and the Surveyor shall provide reasons for any determination. The Surveyor's written decision on the matters referred to him shall be final and binding in the absence of manifest error or fraud. The Surveyor shall give the Landlord and the Tenant an opportunity to make written representations to the Surveyor and to make written counter-representations commenting on the representations of the other party to the Surveyor. The parties will provide (or procure that others provide) the Surveyor with such dates assistance and documents as he the Surveyor reasonably requires for the purpose of reaching a decision. If the Surveyor dies, or becomes unwilling or incapable of acting, or unreasonably delays in making any determination, then either the Landlord or the Tenant may apply to the President to discharge the Surveyor and clause 11.7 shall deem apposite what then apply in relation to the appointment of a replacement. The fees and expenses of the Surveyor and the cost of the Surveyor's appointment and any counsel's fees, or other fees, reasonably incurred by the Surveyor shall be payable by the Landlord and the Tenant in the proportions that the Surveyor directs (or if the Surveyor makes no direction, then equally). If the Tenant does not pay its part of the Surveyor's fees and expenses within ten working days after demand by the Surveyor, the Landlord may pay that part and the amount it pays shall be a debt of the Tenant due and payable on demand to the Landlord. The Landlord and the Tenant shall otherwise each bear their own costs in connection with the rent review. If the revised Annual Rent has not been agreed by the Landlord and the Tenant or determined by the Surveyor on or before the relevant Review Date, the Annual Rent payable from (and including) that Review Date shall continue at the rate payable immediately before that Review Date. No later than five working days after the revised Annual Rent is agreed or the Surveyor’s determination is notified to the Landlord and the Tenant, the Tenant shall pay: the shortfall (if any) between the amount that it has paid for the period from the Review Date until the Rent Payment Date following the date of agreement or notification of the revised Annual Rent and the amount that would have been payable had the increase in revised Annual Rent been agreed or determined on or before that Review Date; and interest at the Index had it continued Interest Rate on that shortfall calculated on a daily basis by reference to the same basis and in view Rent Payment Dates on which parts of the information assumed to shortfall would have been payable if the revised Annual Rent had been agreed or determined on or before that Review Date and the date payment is received by the Landlord. Time shall not be available of the essence for the operation purposes of this rent review or (if that determination clause. If at any time there is a guarantor, the guarantor shall also be impossible) shall determine a reasonable revised Rent for the Property on such dates having regard not have any right to the purposes and intent of the provisions participate in this Lease for the review of the Rent 4 The Landlord shall give written notice to the Tenant of Annual Rent. As soon as practicable after the amount of the revised Annual Rent and thereafter memoranda (in such form as the Landlord shall reasonably require) has been agreed or determined, a memorandum recording the amount of the revised Rent shall be signed by or on behalf of the Landlord and the Tenant and annexed endorsed on or attached to this Lease and the Counterpart thereof its counterpart. The Landlord and the parties Tenant shall each bear their own costs in connection with the memorandum. The Tenant shall comply with all laws relating to: the Property and the occupation and use of the Property by the Tenant; the use of all Service Media at or serving the Property; any works carried out at the Property; and all materials kept at or disposed of from the Property. The Tenant shall not assign the whole of this procedure Lease without the consent of the Landlord, such consent not to be unreasonably withheld. The Tenant shall not assign part only of this Lease. The Landlord and the Tenant agree that for the purposes of section 19(1A) of the Landlord and Tenant Act 1927 the Landlord may give its consent to an assignment subject to all or any of the following conditions: if reasonably required by the Landlord a condition that the assignor enters into an authorised guarantee agreement which: is in respect of all the tenant covenants of this Lease; is in respect of the period beginning with the date the assignee becomes bound by those covenants and ending on the date when the assignee is released from those covenants by virtue of section 5 If of the Landlord and Tenant (Covenants) Act 1995; imposes principal debtor liability on the assignor; requires (in the event of a disclaimer of this Lease) the assignor to enter into a new tenancy for a term equal to the unexpired residue of the Contractual Term; and is otherwise in a form reasonably required by the Landlord; in the case of an assignment to a limited company or limited liability partnership a condition that a person of standing acceptable to the Landlord acting reasonably enters into a guarantee and indemnity of the tenant covenants of this Lease in such form as the Landlord may reasonably require. The Landlord and the Tenant agree that for the purposes of section 19(1A) of the Landlord and Tenant Act 1927 the Landlord may refuse its consent to an assignment if any of the following circumstances exist at the date of the Tenant's application for consent to assign this Lease: the Annual Rent payable on and from or any Review Date other money due under this Lease is outstanding or there is a material breach of covenant by the Tenant that has not been agreed by that Review Date Rent shall thereafter be payable at remedied; in the rate Landlord's reasonable opinion the assignee is not of sufficient financial standing to enable it to comply with the Tenant's covenants and conditions contained in force immediately before this Lease; or the Review Date assignee and forthwith upon the revised Rent being ascertained the Tenant are group companies within the meaning of section 42 of the LTA 1954. Nothing in this clause shall pay to prevent the Landlord from giving consent subject to any other reasonable condition, nor from refusing consent to 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 assignment in any other circumstance where it is reasonable to day basis upon those parts of the Shortfall which would have been payable if the revised Rent had been ascertained at that Review Datedo so.
Appears in 1 contract
Samples: Lease
Rent Review. 3.1 If 2.1 ‘The First Review Date’ means the First day of April following the grant of this lease and ‘the Review Dates’ means the First Review Date and the First day of April in each successive year of the Term and reference base used to compile ‘a review date’ are reference to any one of the Index shall change after today’s Review Dates The date of review of the figure taken rent.
2.2 Reference to ‘a review period’ are reference to a period beginning on any review date and ending on the day before the next review date or the day before the end of the Term as the case may be and qualified uses of the term are to be shown in the Index after the change construed accordingly
2.3 The revised rent shall be the figure which would have been shown in amount agreed between the Index if Landlord and the Tenant based exclusively upon an opinion of local reference base current rents at today’s the date of the Review Dates as set by the Rent Officer for the time being employed by the Tenant assuming:
2.3.1 a willing landlord to a willing Tenant with vacant possession
2.3.2 that prior to the date of valuation there had been retaineda reasonable period (having regard to the nature of the property and the state of the market) for the proper marketing of the interest for the agreement of the rent and other letting terms and for the completion of the letting
3.2 If it becomes impossible by reason 2.3.3 that no account is taken of any change after today’s date in additional bid by a prospective tenant with a special interest
2.3.4 a stated length of term and stated principal conditions applying or assumed to apply to the methods used letting and that the other terms are not exceptionally onerous or beneficial for a letting of the type and class of the subject property
2.3.5 that no premium passed and that there is no rent free period and that the premises are fit for immediate occupation and disregarding any improvements carried out with consent where required by either the Tenant or the Occupier during the Term
2.3.6 that both parties to compile the Index or for any other reason whatever transaction had acted knowledgeably prudently and without compulsion
2.4 If the Landlord and the Tenant fail to calculate agree the revised Rent by reference rent before the relevant review date they must refer the matter 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 chartered surveyor to be appointed either nominated by agreement between the parties Landlord and the Tenant or in the absence of agreement by or on behalf of 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 the Landlord or the Tenant (‘the Valuer’)
2.5 The Valuer shall act as expert and not as arbitrator
2.6 The Valuer may visit the Property or not at his discretion
2.7 The Valuer need not give reasons for his decision unless requested in writing to do so by either party party
2.8 The valuation shall be undertaken by the Valuer who shall have full power base his valuation upon the presumptions listed in clause 2.3 above.
2.9 The Valuer must try 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 ascertain the amount of the revised Rent rent before the relevant review date and thereafter memoranda must ascertain it within three (3) months after that date
2.10 The Tenant must continue to pay rent at the existing rate in such form accordance with the terms of this Lease until the revised rent is ascertained
2.11 The revised rent for any review period is to be payable from the relevant review date and must be paid until ascertainment of the rent for the next review period or as appropriate for the remainder of the Term
2.12 On ascertainment of any increase in the rent for any review period the Tenant must forthwith pay to the Landlord shall reasonably require) recording the amount difference between the rent previously payable and the revised rent for the period from the relevant review date to the date of first payment of the revised Rent rent
2.13 On ascertainment of any decrease in the rent for any period the Landlord must forthwith pay to the Tenant the difference between the rent previously payable and the revised rent for the period from the relevant review date to the date of first payment of the revised rent
2.14 The fees and expenses of any valuer appointed to act under this schedule shall be signed borne equally between the Landlord and the Tenant unless the valuer considers that either party has acted unreasonably in which case he may require that party to meet the whole or any part of his fees and the costs of the other party
2.15 If the valuer appointed to ascertain the rent dies refuses to act or becomes incapable of acting or if he fails to ascertain the revised rent within three months of the date upon which he accepted the appointment then if he was appointed by agreement the parties may agree to replace him and appoint a successor His appointment shall then cease and his successor shall act in accordance with this clause 2. but if the Valuer was appointed by or on behalf of the President of the Royal Institution of Chartered Surveyors either the Landlord and or 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 may apply 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 President to day basis upon those parts of the Shortfall which would have been payable if the revised Rent had been ascertained at that Review Datedischarge him and appoint another valuer in his place
Appears in 1 contract
Samples: Lease Agreement
Rent Review. 3.1 4.1 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 4.2 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 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 Revised Rent or the determination of the revised 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 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 5 The Landlord shall give written notice to the Tenant of the amount of the revised Revised Rent and thereafter memoranda (in such form as the Landlord shall reasonably require) recording the amount of the revised 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 6 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 Revised Rent being ascertained the Tenant shall pay to the Landlord an amount representing the difference (“the Shortfall”) between:-
5.1 6.1 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 Revised Rent had been ascertained at that Review Date and
5.2 6.2 together with interest at the rate of 24% 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 Revised Rent had been ascertained at that Review Date
Appears in 1 contract
Samples: Lease
Rent Review. 3.1 If (1) The increased rent for any Review Period shall be (having regard to current open market values) the reference base used to compile best yearly rent at which the Index shall change after today’s date whole of the figure taken Demised Premises might reasonably be expected to be shown let at the relevant Review Date
(a) On the following assumptions at the relevant Review Date:-
(i) that the Demised Premises are fit for immediate occupation and use and that no work has been carried out thereon by the Tenant its undertenants or their respective predecessors in title during the Term which has diminished the rental value of the Demised Premises and that in case the Demised Premises have been destroyed or damaged they have been fully restored
(ii) that the Demised Premises are available to let 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 open market by reason of any change after today’s date in the methods used a willing landlord to compile the Index or for any other reason whatever to calculate the revised Rent by reference a willing tenant as a whole without a premium but 10 with vacant possession and subject to the Index or if any dispute or question whatever shall arise between the parties with respect to provisions of this lease (other than the amount of the revised Rent rent hereby reserved but including the provisions for rent review) for a term of fifteen years from the relevant Review Date or the determination residue then unexpired of the revised Rent such matter term of this lease (whichever shall be the longer)
(iii) that the covenants herein contained on the part of the Tenant and the Landlord have been fully performed and observed
(b) But disregarding:-
(i) any effect on rent of the fact that the Tenant its undertenants or their respective predecessors in title have been in occupation of the Demised Premises and
(ii) any goodwill attached to the Demised Premises by reason of the carrying on thereat of the business of the Tenant its undertenants or their respective predecessors in title in their respective businesses and
(iii) any increase in rental value of the Demised Premises attributable to the existence at the option relevant Review Date of any improvement to the Demised Premises or any part thereof carried out with consent where required by and at the expense of the Tenant its undertenants or their respective predecessors in title during the Term otherwise than in pursuance of an obligation to the Landlord or its predecessors in title and
(iv) any effect on rental value of any obligation of the Tenant to remove alterations or to restore or reinstate the Demised Premises and
(v) any rent free period or reduced rent period allowed to the Tenant under the terms of this lease and
(vi) the provisions of Clause 6 (4) (b) (c) and (d) hereof
(2) The increased rent for any Review Period may be agreed at any time between the Landlord and the Tenant or (in the absence of agreement) determined not earlier that the relevant Review Date by an independent valuer arbitrator such arbitrator to be appointed either by agreement between the parties or nominated in the absence of agreement by or on behalf of the President for the time being of the Royal Institution of Chartered Surveyors on the application of the Landlord or the Tenant made not earlier than six months before the relevant Review Date
(3) IT IS HEREBY FURTHER PROVIDED in relation to the ascertainment and payment of the reviewed rent as follows:-
(a) The arbitrator shall be a Chartered Surveyor having not less than ten years experience in letting and valuation of similar property and of similar sized properties to the Demised Premises throughout England
(b) The arbitration shall be conducted in accordance with the Arbitration Acts 1950 and 1979 and any statutory modification or his duly appointed deputy re-enactment thereof for the time being in force with the further provision that if the arbitrator nominated pursuant to Clause 3 shall die or any decline to act the President for the time being of the Royal Institution of Chartered Surveyors or the person authorised by him to make appointments acting on his behalf) behalf may 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 Landlord 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 by writing discharge the amount of arbitrator and appoint another in his place
(c) When the revised Rent and thereafter memoranda (in such form increased rent has been ascertained as the Landlord shall reasonably require) recording the amount of the revised Rent shall be signed by or on behalf of hereinbefore provided the Landlord and the Tenant shall record it forthwith by each signing and annexed to this Lease exchanging a separate written memorandum and the Counterpart thereof Landlord and the parties Tenant shall bear their own costs of this procedure 5 If in respect thereof
(i) if the new Rent increased rent payable on and from any Review Date has not been agreed by that Review Date Rent rent shall thereafter continue to be payable at the rate in force immediately before the Review Date previously payable and forthwith upon the revised Rent increased rent being ascertained the Tenant shall pay to the Landlord an amount representing any shortfall between the difference rent actually paid and the increased rent payable from the relevant Review Date (“or in the Shortfall”) between:-
5.1 the amount case of the yearly Rent which would have been first review payable for from 25th December 2003) up to the period from that Review Date until the next payment date quarter day immediately following the date of ascertainment if that the revised Rent had been increased rent is ascertained at that Review Date and
5.2 together with interest at on each instalment thereof from the rate of 2% below date upon which the Interest Rate on the Shortfall calculated on a day to day basis upon those parts of the Shortfall which same would have been payable if the revised Rent increased rent had been ascertained on the relevant Review Date (or in the case of the first review had been ascertained on 25th December 2003) to the date of actual payment thereof at that the rate of two per cent below the Interest Rate and the interest so payable shall be recoverable in the same manner as rent in arrear
(ii) for the purposes of this proviso the increased rent shall be deemed to have been ascertained on the date when the same has been agreed between the Landlord and the Tenant or as the case may be the date of the award of the arbitrator
(e) Time shall not be of the essence of this Rent Review clause
(f) If either the Landlord or the Tenant shall fail to pay any costs awarded against it in an arbitration under the provisions hereof within fourteen days of the same being
(4) Without prejudice to the provisions of this Clause if on any Review Date there shall be in force any enactment which shall relate to the control of rents and/or which shall restrict the Landlord's right to review the rent or recover any increased rent under this lease then the Landlord shall be entitled upon the termination or relaxation of such restriction to serve notice (hereinafter called "Interim Notice") upon the Tenant and from and after the date of the termination or relaxation of such restriction until the next Review Date for until the end of the Term) as the case may be the rent shall be increased to whichever is the higher of the rent agreed or determined in accordance with the provisions hereinbefore contained but at the date of service of the Interim Notice (or such lesser sum as may be permitted) or the rent payable immediately prior thereto and the provisions of this Clause shall apply accordingly with the substitution of the date of the termination or relaxation of such restriction for the relevant Review Date
Appears in 1 contract
Samples: Lease (Ecc International Corp)
Rent Review. 3.1 If 7.1 In this clause: "ASSUMPTIONS" means the reference base used to compile assumptions that:
(a) the Index shall change after today’s date Premises are in good and substantial repair and condition
(b) the figure taken Landlord the Tenant and any sub-tenant have complied with all their respective covenants and obligations imposed by this Lease on each of them
(c) all parts of the Premises are fit and ready for use for the Permitted Use
(d) the rent at which the Premises could reasonably be expected to be shown let is that which would be payable after the expiry of any rent free period or after the receipt of such other rent concession or inducement (in each case for fitting out purposes) as may be negotiated in the Index after open market between a landlord and a tenant upon a letting of the change shall be Premises
(e) no work has been carried out on the figure Premises during the Term which would have has diminished the rental value of the Premises and
(f) any damage to or destruction of the Premises or any means of access to them has been shown fully reinstated "CURRENT RENT" means the yearly rent reserved by this Lease (disregarding any suspension of rent under any other provision of this Lease) as varied from time to time pursuant to this clause "MATTERS TO BE DISREGARDED" means each of the following matters so far as they may affect rental value:
(a) the fact that the Tenant or any sub-tenant has previously been in occupation of the Index if Premises
(b) any goodwill attaching to the reference base current at today’s date had been retained
3.2 If it becomes impossible Premises by reason of the carrying on of the business of the Tenant or any change after today’s date in sub-tenant at the methods used to compile the Index or for Premises and
(c) any other reason whatever to calculate the revised Rent by reference improvement to the Index Premises carried out during the Term by the Tenant 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 sub-tenant other than improvements effected at the option expense of the Landlord be determined by an independent valuer or pursuant to be appointed either by agreement between any obligation to the parties Landlord whether under the provisions of this Lease or in any other deed or document
(d) the absence provisions of agreement by clause 4.6
(e) the Tenant's obligation to reinstate "NEW RENT" as at any Review Date means the higher of:
(a) the Current Rent immediately before that Review Date and
(b) the Rental Value as at that Review Date "PRESIDENT" means the President for the time being of the Royal Institution of Chartered Surveyors (or his duly appointed deputy or any person authorised other body reasonably specified by him to make appointments on his behalf) on the application Landlord "RENTAL VALUE" as at any Review Date means the open market rental value of either party who shall have full power to determine on such dates the Premises as he shall deem apposite what would have been the increase described 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 First Schedule at that Date:
(if that determination shall also be impossiblea) 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 agreed by or on behalf of the Landlord and the Tenant and annexed or
(b) as determined by a Valuer pursuant to this Lease and the Counterpart thereof and the parties shall bear their own costs provisions 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 Dateclause
Appears in 1 contract
Rent Review. 3.1 If 4.1 The increased Rent for any Review Period may be agreed at any time between the reference base used to compile Landlord and the Index shall change after today’s date the figure taken to be shown Tenant or (in the Index after absence of agreement) determined not earlier than 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 relevant Review Date by an independent valuer (acting as an expert and not as an arbitrator) such independent valuer to be appointed either by agreement between a chartered surveyor of at least 10 years standing fully experienced in the parties or letting and the review of rent of office premises in central London to be nominated in the absence of agreement between the Landlord and the Tenant by or on behalf of 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 the Landlord or the Tenant made not earlier than six months before the relevant Review Date and so that in the case of such valuation the increased Rent to be determined by the independent valuer shall have full power to determine on be such dates as he shall deem apposite what would have been decide should he 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 open market rental values) at the relevant Review Date for the Premises:
4.2 On the following assumptions at the relevant Review Date:
4.2.1. that the Premises are fit for immediate occupation and use for fitting out purposes and intent that no work has been carried out thereon by the Tenant its undertenants or their respective predecessors in title during the term hereby granted which has diminished the rental value of the provisions Premises and that in this Lease for case the review Premises or any rights enjoyed in connection with the Premises have been destroyed or damaged that they have been fully restored
4.2.2. that the Premises are available to let in the open market by a willing landlord to a willing tenant as a whole without the payment of the Rent 4 The Landlord shall give written notice a premium with vacant possession and subject to the Tenant provisions of this lease (other than the amount of the revised Rent reserved by this lease but including the provisions for rent review at the same intervals) or a term of 15 years calculated from the relevant Review Date
4.2.3. that the covenants and thereafter memoranda (conditions contained in such form as this lease to be performed by the Landlord shall reasonably require) recording Tenant have been fully performed and observed
4.2.4. that the amount permitted use of the revised Rent shall be signed by or on behalf fourth floor of the Landlord Premises is for residential purposes ancillary to office use unless planning permission has at that date actually been granted for use as offices
4.2.5. that the Premises comply with the requirements if all statutes and the Tenant and annexed requirements of all directly applicable to this Lease European Community Law and the Counterpart thereof and directions of the parties shall bear local authorities or bodies exercising powers under statute
4.3 But disregarding:
4.3.1. any effect on Rent of the fact that the Tenant its undertenants or their own costs respective predecessors in title have been in occupation of this procedure 5 If the new Rent payable Premises
4.3.2. any goodwill attached to the Premises by reason of the carrying on and from thereat of the business of the Tenant its undertenants or their predecessors in title in their respective businesses
4.3.3. any increase in rental value of the Premises attributable to the existence at the relevant Review Date has not been agreed of any improvement or alteration to the Premises or any part thereof made during the Term by that Review Date Rent shall thereafter be payable and at the rate in force immediately before the Review Date and forthwith upon the revised Rent being ascertained expense of the Tenant shall pay its undertenants or their respective predecessors in title carried out otherwise than in pursuance of an obligation to the Landlord an amount representing the difference (“the Shortfall”) between:-or where such obligation arises as a result of statute or directions of local authorities or bodies exercising powers under statute
5.1 the amount 4.3.4. any effect on rental value of any obligation of the yearly Tenant to remove alterations or to restore or reinstate the Premises
4.3.5. the rent free period allowed to the Tenant under the terms of this lease
4.3.6. any adverse effect on 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 andany temporary works operations or other temporary activities on any neighbouring or adjoining property
5.2 together with interest at the rate 4.3.7. any restrictions relating to rents or security of 2% below the Interest Rate on the Shortfall calculated on a day tenure contained in any Act of Parliament and any direction thereby given relating to day basis upon those parts any method of the Shortfall which would have been payable if the revised Rent had been ascertained at that Review Datedetermining rent
Appears in 1 contract
Samples: Lease (Management Network Group Inc)
Rent Review. 3.1 If 6.1 The review dates The yearly rent payable under this Lease shall be reviewed on the reference base used expiration of the fifth tenth and fifteenth years of the Term (referred to compile in this clause 6 as 'the Index review dates' and 'the relevant review date' shall change after today’s be construed accordingly) and as and from each review date the figure taken reviewed rent (agreed or determined in accordance with the following provisions of this clause) shall become payable in all respects as if it were the yearly rent reserved by this Lease
6.2 Upward only rent reviews
6.2.1 the yearly rent payable under this Lease immediately preceding the relevant review date and
6.2.2 the market rent of the Demised Premises at the relevant review date
6.3 The market rent The expression 'the market rent' shall for the purposes of this Lease mean the yearly rental value of the Demised Premises having regard to rental values as between a willing landlord and a willing tenant for property at the relevant review date let without a premium for the residue of the Term then unexpired after the expiry of all rent-free periods for fitting out works of such length as would or may be negotiated in the open market and subject to the provisions to the same effect as those contained in this Lease (other than the amount of rent but including these provisions for rent review) without payment of any fine or premium but upon the assumption (if not the fact) that at the relevant review date:-
6.3.1 the Demised Premises are available to be shown let with vacant possession
6.3.2 the Demised Premises are fit and ready for immediate occupation and use fully fitted out and equipped
6.3.3 no work has been carried out to the Demised Premises by the Tenant (or any predecessor-in-title of the Tenant) which has diminished the market rent
6.3.4 in case the Index after the change shall be the figure which would Demised Premises have been shown in the Index if the reference base current at today’s date had been retained
3.2 If it becomes impossible destroyed or damaged or have become inaccessible by reason of damage thereto they have been fully reinstated or rendered accessible
6.3.5 the Demised Premises is in good and substantial repair and condition in accordance with the terms of the Lease and free from defects and that all the covenants on the part of the Tenant have been fully observed and performed
6.3.6 there is not in operation any change after today’s date in statute order or instrument regulation or direction which has the methods used to compile the Index effect of regulating 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 restricting the amount of the revised Rent or the determination rent of the revised Rent such matter shall at Demised Premises which might otherwise be payable and
6.3.7 the option Demised Premises may be lawfully used for any purpose permitted by clause 3.13.1 hereof or any variation thereof from time to time agreed upon and that no capital is required to be expended upon the Demised Premises to enable them to be so used
6.3.8 the Tenant is a taxable person for the purposes of the Landlord be determined by an independent valuer legislation relating 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 value added tax and is able to recover from H M Customs and Excise all input tax paid 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 by credit against output tax 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 Dateotherwise
Appears in 1 contract
Samples: Lease (Steiner Leisure LTD)
Rent Review. The yearly rent referred to in clause 3.1 If shall be ascertained as follows:
3.2.1 Until 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 first Review Date such yearly rent shall be the figure which would have been shown Initial Rent
3.2.2 From and including each successive Review Date such yearly rent shall be a rent equal to the rent previously hereby reserved immediately prior to that Review Date or such revised rent ("REVISED RENT") as may be ascertained as hereinafter provided whichever be the greater -------------------------------------------------------------------------------- 8
3.2.3 The Revised Rent payable from any Review Date may be agreed at any time between the Landlord and the Tenant or (in the Index if absence of agreement) determined not earlier than 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 relevant Review Date at the option of the Landlord be determined either party either by an arbitrator or by an independent valuer (acting as an expert and not as an arbitrator) such arbitrator or valuer to be appointed a partner in a principal firm of Chartered Surveyors practising in either by agreement between Nottinghamshire or Derbyshire who is experienced in the parties or letting and valuation of premises comparable with the Premises and to be nominated in the absence of agreement by or on behalf of 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 the Landlord or the Tenant made not earlier than six months before the relevant Review Date and so that in the case of such arbitration or valuation the Revised Rent to be awarded or determined by the arbitrator or valuer shall have full power to determine on be such dates as he shall deem apposite what would have been decide should be the increase Open Market Rent at the relevant Review Date
3.2.4 For the purposes of this clause 3.2 "OPEN MARKET RENT" means the yearly rent (exclusive of any VAT chargeable thereon) at which the Premises might reasonably be expected to be let on the relevant Review Date in the Index had it continued open market by a willing landlord to a willing tenant (which shall include the Tenant) with vacant possession and without payment of a fine or premium for a term commencing on the same basis relevant Review Date equal to the then unexpired residue of the Term or 10 years (whichever shall be the longer) and in view of all other respects on the information assumed to be available for the operation terms and conditions of this rent review or Lease (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 other than the amount of rent but including the revised Rent and thereafter memoranda provisions for rent review at five yearly intervals) assuming (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 if 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 Datefacts):
Appears in 1 contract
Samples: Lease Agreement (Udate Com Inc)
Rent Review. 3.1 If THE parties agree:
10.1 The rent shall be reviewed with effect at the reference base used to compile end of the Index shall change after today’s date third anniversary (‘the figure taken to be shown in review date’) hereof (the Index period after the change review date hereinafter referred to as ‘the review period’) namely the 1st day of March 2007
10.2 During the review period the rent shall be that equal to the rent previously payable or such revised rent as may be ascertained whichever shall be the figure which would have been shown in greater.
10.3 The revised rent for the Index if the reference base current at today’s date had been retained
3.2 If it becomes impossible by reason of review period may be agreed 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 time between the parties with respect to Landlord and 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 Tenant or in the absence of agreement determined not earlier than the review date by an independent valuer (acting as an expert and not as an arbitrator) such valuer to be nominated in the absence of agreement by or on behalf of 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 the Landlord or the Tenant made not earlier than three months before the review date and so that the revised rent to be awarded or determined by the valuer shall have full power to determine on be such dates as he shall deem apposite what would decide shall be the yearly rent
10.4 The following assumptions shall be applied:-
(i) The Premises are fit for immediate occupation and use and no works have been carried out by the increase Tenant or sub-tenants during the Term which has diminished the rental value of the Premises and in the Index had case where the Premises has been destroyed or damaged that it continued on the same basis and in view of the information assumed has been fully restored.
(ii) The Premises are available to be available for let by a willing Landlord to a willing Tenant as a whole without premium but with vacant possession subject to the operation provisions of this rent review or Lease (if that determination shall also be impossible) shall determine a reasonable revised Rent for except the Property on such dates having regard to the purposes length of term 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 rent reserved but including provisions for rent review as contained herein) for a term equal to the unexpired residue of the Term at the review date.
(iii) That the covenants on the part of the Tenant have been fully observed and thereafter memoranda performed and having regard to open market rental values current at the review date.
10.5 The following shall not be taken into account:-
(i) Any effect on the rent of the fact that the Tenant its sub-tenant or predecessors in such form as title have been in occupation of the Premises.
(ii) Any goodwill attached to the Premises
(iii) Any increase in rental value attributable to the existence at the review date of any improvement or alteration to the Premises or part carried out with the consent of the Landlord if necessary save in pursuance to an obligation to the Landlord by the Tenant or sub-tenants or predecessors in title during the Term or during any period of occupation prior thereto arising out of an agreement to grant such term
(iv) It is further agreed that:
(i) In the case of determination by a valuer that his fees and expenses including cost of appointment shall reasonably requirebe borne as he shall determine as being reasonable
(ii) recording The valuer shall allow each party the amount opportunity to make representations.
(iii) If he shall delay or became unwilling or incapable of acting or for any other reason the President for the time being of the revised Rent R.I.C.S. or the person acting on his behalf shall in his absolute discretion think fit he may by writing discharge the valuer and appoint another in his place.
(v) Upon the rent being determined a memorandum shall be signed by or on behalf of the Landlord and the Tenant and annexed to this the Lease and the Counterpart thereof and the parties shall bear their own costs of this procedure 5 in respect thereof.
(vi) If the new Rent revised rent payable on and or from any Review Date the review date has not been agreed by that Review Date Rent the review date the rent shall thereafter continue to be payable at the rate in force immediately before the Review Date and previously payable but forthwith upon the revised Rent rent being ascertained the Tenant shall pay to the Landlord an amount representing any shortfall between the difference (“rent and revised rent payable up to and on 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 preceding quarter day together with interest at the rate of 2% below above the Interest Rate base rate or of Lloyds TSB Bank Plc.
(vii) For the purposes of the above the revised rent shall be deemed to have been ascertained on the Shortfall calculated on a day to day basis upon those parts date when the same has been agreed between the parties or as the case may be the date of determination by the Shortfall which would have been payable if the revised Rent had been ascertained at that Review Datevaluer.
Appears in 1 contract
Rent Review. 3.1 If (a) As from 31 December in the reference base used year in which the Lease commences, or if the Commencement Date is later than 30 September in that year then on 31 December in the following year. and on each subsequent 31 December ("Review Date"), the weekly rent for the period of twelve (12) months commencing on the day following each Review Date shall be reviewed to compile market value in the Index shall change after today’s date manner set out in the figure taken ensuing provisions of this clause 10.
(b) As at each Review Date, the weekly rent is to be shown varied to a figure equivalent to the "market rent" as at the Review Date, which figure shall be determined by a valuer, appointed by DHA for that purpose.
(c) In respect of the first Review Date, if the review process produces a market rent figure which is less than the commencing rent then the rent shall not be varied and rent shall continue to be paid at the commencing rent until the next Review Date.
(d) The appointed valuer must be a member of The Australian Institute of Valuers and Land Economists (in the Index after the change relevant State or Territory), and shall be appointed by DHA not earlier than three (3) months nor later than one (1) month prior to each Review Date.
(e) The valuer shall be instructed to assess the figure market rent for the Property as at the Review Date having regard to the following criteria:
(1) the estimated amount for which would have been shown the property should rent, as at the relevant date, between a willing lessor and a willing lessee in an arms length transaction, wherein the Index if parties had each acted knowledgeably, prudently and without compulsion having regard to the reference base current at today’s date had been retainedusual market terms and conditions for leases of similar premises;
3.2 If it becomes impossible by reason (2) no account is to be taken of any change after today’s date higher rent which might be paid by a tenant with a special interest, or any lower rent which might be acceptable to a landlord with a special interest;
(3) a proper consideration of the impact of fixtures, fittings, furnishing, landscaping and other such items on the rental value; and
(4) such other factors as the valuer considers appropriate.
(f) The valuation must be in writing, and must ascribe reasons for the methods used to compile the Index or for any other reason whatever to calculate the revised Rent by reference value ascribed to the Index or if any dispute or question whatever shall arise between the parties with respect market rent.
(g) Subject to the amount sub-clause (i) of the revised Rent or this clause 10, the determination of the revised Rent such matter appointed valuer shall at be final and binding on the option Landlord and DHA.
(h) The costs of the valuation process shall be paid by DHA.
(i) If the Landlord is dissatisfied with a decision of the appointed valuer then the Landlord may elect to invoke the following secondary review process:
(1) The Landlord must, within thirty (30) days of service by DHA of notice of the outcome of the rent review process, serve on DHA a written notice which states that the Landlord wishes to invoke the secondary review process, and encloses a valuation by a valuer, retained and paid by the Landlord, and who must be member of the Australian Institute of Valuers and Land Economists (in the relevant State or Territory branch), which indicates a view of the "market rent" which exceeds that determined by the valuer appointed by DHA pursuant to sub-clause (c).
(2) The Landlord and DHA shall thereupon consult with the two valuers and seek to reach an independent agreement as to the proper "market rent" figure.
(3) If no agreement is reached within thirty (30) days of the date of service of the Landlord's notice under sub-clause (c)(1), then either party may invite the President of the local Division of the Australian Institute of Valuers and Land Economists to appoint a valuer to determine the "market rent", in accordance with the principles set out in sub-clause (e). If there has been no such invitation to the President within a further period of seven (7) days then this secondary review process shall lapse, and the determination of the appointed valuer under sub-clause (g) shall be final and binding.
(4) The determination of the valuer appointed either by agreement between the parties or in the absence of agreement by the President pursuant to paragraph (3) shall be final and binding on the Landlord and DHA.
(5) The costs of the appointed valuer shall be met by the Landlord and DHA equally.
(j) If for any reason, including oversight or omission on the part of DHA or the Landlord, the rent review process has not been carried out or completed by any Review Date, then - the review process may nevertheless be carried out and completed, and DHA shall continue to pay rent at the rate applicable 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 previous period until the review process has been completed and the new rent determined. At that point, any necessary adjustment of rent shall immediately be made between the Rent 4 The Landlord shall give written notice to the Tenant of and DHA, either by DHA paying the amount of any underpayment to the revised Rent and thereafter memoranda (in such form as Landlord, or the Landlord shall reasonably require) recording refunding the amount of the revised Rent shall any overpayment to DHA, as may be signed by or on behalf necessary. Any such payment must be made within fourteen (14) days 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 determination. In 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 case where the Landlord an amount representing the difference (“the Shortfall”) between:-
5.1 the amount of the yearly Rent which would have been payable owes money to DHA, it is permissible for the period DHA to deduct such money 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 Datefuture rental payments.
Appears in 1 contract
Samples: Lease Agreement
Rent Review. Provided always and it is hereby agreed:
3.1 If After the reference base used expiration of each period of five years of the tenancy hereby created (the time in each case being computed from and including the commencement date and the day following the date of expiration of each such period being hereinafter referred to compile as the Index "RELEVANT DATE OF REVIEW") the first yearly rent shall change be (subject as hereinafter provided) such sum (hereinafter called "THE SAID SUM") as shall be agreed between the Landlord and the Tenant (or decided by the competent person as hereinafter provided) as representing the open market annual rent at which the demised premises could be let at the relevant date of review on a lease:
3.1.1 for a term of ten (10) years commencing on the relevant date of review;
3.1.2 as between a willing landlord and a willing tenant;
3.1.3 with vacant possession;
3.1.4 without the payment of any fine or premium;
3.1.5 upon the suppositions (whether or not fact) that:
(a) the Landlord and the Tenant have respectively complied with their obligations herein imposed on them (but without prejudice to any rights or remedies of the Landlord in regard thereto);
(b) the demised premises are available for immediate beneficial occupation and use;
(c) no work has been carried out thereon by the Tenant or any undertenant whether before or after today’s the commencement date (other than pursuant to an obligation to the figure taken Landlord contained in this Lease save where such obligation arises as a result of any works to the demised premises carried out by the Tenant) which has diminished the rental value of the demised premises; and
(d) if the Building or any part thereof or any amenity thereto belonging or any access thereto shall have been damaged or destroyed the same had before the relevant date of review been fully reinstated;
(e) that the willing tenant has had the benefit of any rent free or concessionary rent period which would be shown granted for the purposes of fitting out at the relevant date of review in the Index after open market on a letting of the change demised premises on the terms of this hypothetical letting so that the said sum shall be represent the figure rent which would have been shown be reserved as payable at the expiry of such a period; and
(f) the demised premises are fitted out with floor boxes and carpeting to the specification and quality commensurate with those in the Index if remainder of the reference base current at today’s date had been retainedlettable areas of the Building;
3.2 If it becomes impossible 3.1.6 on the terms and conditions of this Lease (other than as to the amount of rent but including provisions for review) and upon the assumption that the demised premises may be used for the purposes permitted by this Lease of this Lease including the provisions of this CLAUSE there being disregarded:
(a) any goodwill attributable to the demised premises by reason of any change after today’s trade or business carried on therein by the Tenant or any permitted undertenant;
(b) any effect on rent of any improvements or alterations to the demised premises carried out not more than fifteen (15) years before the relevant date of review by the Tenant or any undertenant with the consent of the Landlord (where required) other than any such effected at the expense of the Landlord or in pursuance of any obligation to the methods used to compile Landlord whether under the Index provisions of this Lease or for any other reason whatever deed or document;
(c) any effect on rent of the fact that the Tenant or its predecessors in title have been in occupation of the demised premises or any other premises within the Building or near thereto;
(d) any effect on rent of any rent free period or rental concession that may have been granted at the commencement of the term for fitting out the demised premises;
(e) any effect on rent of any temporary works operations or other activities on any adjoining or neighbouring property (including the Building); and
(f) the taxable status of any party to calculate this Lease for the revised Rent by reference to purpose of value added tax or any other tax of a similar nature.
3.2 If the Index or if any dispute or question whatever shall arise between Landlord and the parties with respect to Tenant have not agreed on the amount of the revised Rent said sum by a date six months before the relevant date of review then and in any such case the question may at any time after such date be referred by either of them to the decision of some competent person (hereinafter called "THE COMPETENT PERSON") who shall act as an arbitrator in accordance with the Arbitration Act 1996 to be agreed upon by the Landlord and by the Tenant or (in the determination event of failure so to agree) to be a Chartered Surveyor with substantial experience of lettings of office premises in the revised Rent area in which the demised premises are situate (or as near thereto as is reasonably possible) and whose status shall be that of a partner in or a director of a commercial practice which in the normal course of its business handles the letting of office premises in Central London such matter Chartered Surveyor (in the event of disagreement between the parties as to who he or she shall at be) to be nominated on the option application of the Landlord be determined by an independent valuer to be appointed either by agreement between or the parties or in the absence of agreement Tenant by the President for the time being of the Royal Institution of Chartered Surveyors (provided that if the competent person shall die or his duly appointed deputy or any person authorised by him for another reason shall be unable to make appointments on his behalf) on the application of either party who shall have full power to determine on such dates as act before 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 his decision then the Landlord and the Tenant and annexed shall agree upon another competent person or (in the event of failure so to this Lease and agree) the Counterpart thereof and President of the parties Royal Institution of Chartered Surveyors shall bear their own costs of this procedure 5 If be asked by either 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 Landlord or the Tenant shall pay to nominate another Chartered Surveyor with the Landlord an amount representing aforesaid experience and status to act as 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 Datecompetent person and such procedure may be adopted as often as may be necessary.
Appears in 1 contract
Rent Review. 3.1 If (a) As at each relevant “Review Date” (which will be 31 December in the reference base used year in which the Lease commences, or if the Commencement Date is later than 30 September in that year, then on 31 December in the following year, and each subsequent 31 December) the weekly rent for the period of twelve (12) months commencing on the day following each Review Date shall be reviewed to compile market rent in the Index shall change after today’s date manner set out in the figure taken ensuing provisions of this clause 10.
(b) As at each Review Date, the weekly rent is to be shown in the Index after the change shall be the varied to a 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 equivalent 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 market rent as at the option of the Landlord Review Date, which figure shall be determined by an independent valuer valuer, appointed by DHA for that purpose.
(c) In respect of the first Review Date, if the review process produces a market rent figure which is less than the commencing rent then the rent shall not be varied and rent shall continue to be appointed either by agreement between paid at the parties or commencing rent until the next Review Date.
(d) The valuer
(i) must be a member of the Australian Property Institute (in the absence of agreement by the President for the time being of the Royal Institution of Chartered Surveyors relevant State or Territory), and
(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 impossibleii) shall determine a reasonable revised Rent be appointed by DHA to assess the market rent in accordance with this clause 10.
(e) The valuer shall be instructed to assess the market rent for the Property on such dates as at the Review Date having regard to the purposes following criteria:
(i) the estimated amount for which the property should rent, as at the relevant date, between a willing lessor and intent a willing lessee in an arms length transaction, wherein the parties had each acted knowledgeably, prudently and without compulsion having regard to the usual market terms and conditions for leases of similar premises,
(ii) no account is to be taken of any higher rent which might be paid by a tenant with a special interest, or any lower rent which might be acceptable to a landlord with a special interest,
(iii) a proper consideration of the provisions impact of fixtures, fittings, furnishing, landscaping and other such items on the rental value, and
(iv) such other factors as the valuer considers appropriate.
(f) The market rent valuation
(i) must be in writing,
(ii) will be provided to the Landlord on request in the form of a valuation certificate, and
(iii) will be able to be substantiated by appropriate supporting evidence.
(g) Subject to clause 10(i), the determination of the appointed valuer shall be final and binding on the Landlord and DHA.
(h) The costs of the valuation process shall be paid by DHA.
(i) If the Landlord is dissatisfied with a decision of the appointed valuer then the Landlord may elect to invoke the following secondary review process.
(i) The Landlord must, within thirty (30) days of service by DHA of notice of the outcome of the rent review process, serve on DHA a written notice which
(1) states that the Landlord wishes to invoke the secondary review process, and
(2) encloses a valuation by a valuer, retained and paid by the Landlord, and who must be a member of the Australian Property Institute (in the relevant State or Territory), which indicates a view of the market rent which exceeds that determined by the valuer appointed by DHA pursuant to clause 10(b).
(ii) The Landlord and DHA shall thereupon consult with the two valuers and seek to reach an agreement as to the proper market rent figure.
(iii) If no agreement is reached within thirty (30) days of the date of service of the Landlord's notice under clause 10(i)(i) then either party may invite the President of the local Division of the Australian Property Institute (in the relevant State or Territory) to appoint a valuer to determine the market rent, in accordance with the principles set out in clause 10(e). If there has been no such invitation to the President within a further period of seven (7) days then this Lease secondary review process shall lapse, and the determination of the appointed valuer under clause 10(g) shall be final and binding.
(iv) The determination of the valuer appointed by the President pursuant to paragraph (iii) shall be final and binding on the Landlord and DHA.
(v) The costs of the valuer appointed by the President shall be met by the Landlord and DHA equally.
(j) If for any reason, including oversight or omission on the part of DHA or the Landlord, the rent review process has not been carried out or completed by any Review Date, then
(i) the review process may nevertheless be carried out and completed, and
(ii) DHA shall continue to pay rent at the rate applicable for the previous period until the review process has been completed and the new rent determined.
(k) Any necessary adjustment of rent following a concluded rent review under this clause 10 shall be made between the Rent 4 The Landlord shall give written notice to the Tenant of and DHA, either by DHA paying the amount of any underpayment to the revised Rent and thereafter memoranda (in such form as Landlord, or the Landlord shall reasonably require) recording refunding the amount of the revised Rent shall any overpayment to DHA, as may be signed by or on behalf necessary. Any such payment must be made within fourteen (14) days 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 determination. In 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 case where the Landlord an amount representing the difference (“the Shortfall”) between:-
5.1 the amount of the yearly Rent which would have been payable owes money to DHA, it is permissible for the period DHA to deduct such money 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 Datemonthly rent payments.
Appears in 1 contract
Samples: Lease Agreement
Rent Review. The yearly rent referred to in clause 3.1 If shall be ascertained as follows:
3.2.1 from the reference base used date hereof up to compile the Index shall change after today’s date Rent Commencement Date a peppercorn;
3.2.2 from and including the figure taken to be shown in Rent Commencement Date until the Index after the change first Review Date such yearly rent shall be the figure which would have been shown Initial Rent;
3.2.3 from and including each successive Review Date such yearly rent shall be a rent equal to the rent previously hereby reserved immediately prior to that Review Date or such revised rent ("Revised Rent") as may be ascertained as hereinafter provided whichever be the greater;
3.2.4 the Revised Rent payable from any Review Date may be agreed at any time between the Landlord and the Tenant or (in the Index if absence of agreement) determined not earlier than the reference base current at today’s date had been retained
3.2 If it becomes impossible relevant Review Date by reason an arbitrator such arbitrator to be a partner in a principal firm of any change after today’s date Chartered Surveyors who is experienced in the methods used to compile letting and valuation of premises comparable with 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 Premises and to be appointed either by agreement between the parties or nominated in the absence of agreement by or on behalf of 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 the Landlord or the Tenant made not earlier than six months before the relevant Review Date and so that in the case of such arbitration the Revised Rent to be awarded or determined by the arbitrator shall have full power to determine on be such dates as he shall deem apposite what would have been decide should be the increase Open Market Rent at the relevant Review Date;
3.2.5 for the purposes of this clause 3.2 "Open Market Rent" means the yearly rent (exclusive of any VAT chargeable thereon) at which the Premises might reasonably be expected to be let on the relevant Review Date in the Index had it continued open market by a willing landlord to a willing tenant with vacant possession and without payment of a fine or premium for a term commencing on the same basis relevant Review Date equal to the then unexpired residue of the Term or 10 years (whichever shall be the longer) and in view of all other respects on the information assumed to be available for the operation terms and conditions of this rent review or lease (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 other than the amount of rent but including the revised Rent and thereafter memoranda provisions for rent review at five yearly intervals) assuming (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 if 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 Datefacts):
Appears in 1 contract
Samples: Lease (Royal Caribbean Cruises LTD)