Common use of Rent Reviews Clause in Contracts

Rent Reviews. 23.1. This condition 23 applies where the lot is sold subject to a tenancy under which a rent review due on or before the actual completion date has not been agreed or determined. 23.2. The seller may continue negotiations or rent review proceedings up to the actual completion date but may not agree the level of the revised rent or commence rent review proceedings without the written consent of the buyer, such consent not to be unreasonably withheld or delayed. 23.3. Following completion the buyer must complete rent review negotiations or proceedings as soon as reasonably practicable but may not agree the level of the revised rent without the written consent of the seller, such consent not to be unreasonably withheld or delayed. 23.4. The seller must promptly: 23.4.1. give to the buyer full details of all rent review negotiations and proceedings, including copies of all correspondence and other papers; and 23.4.2. use all reasonable endeavours to substitute the buyer for the 23.5. The seller and the buyer are to keep each other informed of the progress of the rent review and have regard to any proposals the other makes in relation to it. 23.6. When the rent review has been agreed or determined the buyer must account to the seller for any increased rent and interest recovered from the tenant that relates to the seller’s period of ownership within five business days of receipt of cleared funds. 23.7. If a rent review is agreed or determined before completion but the increased rent and any interest recoverable from the tenant has not been received by completion the increased rent and any interest recoverable is to be treated as arrears. 23.8. The seller and the buyer are to bear their own costs in relation to rent review negotiations and proceedings.

Rent Reviews. 23.1. This condition 23 applies where the lot is sold subject to a tenancy under which a rent review due on or before the actual completion date has not been agreed or determined. 23.2. The seller may continue negotiations or rent review proceedings up to the actual completion date but may not agree the level of the revised rent or commence rent review proceedings without the written consent of the buyer, such consent not to be unreasonably withheld or delayed. 23.3. Following completion the buyer must complete rent review negotiations or proceedings as soon as reasonably practicable but may not agree the level of the revised rent without the written consent of the seller, such consent not to be unreasonably withheld or delayed. 23.4. The seller must promptly: 23.4.1. give to the buyer full details of all rent review negotiations and proceedings, including copies of all correspondence and other papers; and 23.4.2. use all reasonable endeavours to substitute the buyer for thethe seller in any rent review proceedings. 23.5. The seller and the buyer are to keep each other informed of the progress of the rent review and have regard to any proposals the other makes in relation to it. 23.6. When the rent review has been agreed or determined the buyer must account to the seller for any increased rent and interest recovered from the tenant that relates to the seller’s period of ownership within five business days of receipt of cleared funds. 23.7. If a rent review is agreed or determined before completion but the increased rent and any interest recoverable from the tenant has not been received by completion the increased rent and any interest recoverable is to be treated as arrears. 23.8. The seller and the buyer are to bear their own costs in relation to rent review negotiations and proceedings.