Common use of Rent Reviews Clause in Contracts

Rent Reviews. 11.1 The Rent will be reviewed at the times (if any) specified in item 11 of Schedule 1 as follows: 11.1.1 the Council may initiate the Rent the Council proposes for the ensuing period. If the Tenant agrees with the Rent proposed it will be the Rent for the ensuing period; 11.1.2 if within fourteen days of receiving the written notice the Council and the Tenant do not agree upon the Rent it will be determined by a valuer registered under the Valuation of Land Xxx 0000 who is a practising member of the Australian Property Institute (API) appointed by the parties or if they are unable to agree on the appointment within seven days appointed by the president of the API at the request of the Council; 11.1.3 in determining the current market rent of the Land the valuer will: (a) consider any written submission made by the parties within twenty- one days of them being informed of his appointment; (b) determine the Rent as an expert; (c) assume that the Land is available for leasing with a sitting Tenant for a term equal to the term of this Lease and with any options for renewal; (d) take into account the terms and conditions and permitted use set out this Lease; (e) assume that the Tenant's covenants have been fully performed; (f) ignore any Premises fixtures and fittings which the Tenant has the right to remove from the Property and improvements voluntarily made by the Tenant; (g) ignore the goodwill of the Tenant's business; (h) have regard to the current market rentals for comparable land in the locality. 11.2 Unless this is a lease to which the whole of the Retail Leases Xxx 0000 applies the valuer will determine a rent at least equal to the Rent being paid immediately prior to the review. 11.3 The valuer will make and inform the parties of his determination of the Rent as soon as possible after the twenty-one day period for making submissions. If the valuer fails to determine the Rent within forty-two days of the parties being informed of his appointment or resigns or becomes incapacitated then a similarly qualified valuer may be appointed in his place in the manner set out in this clause. 11.4 The valuer's determination will be final and will bind the parties. 11.5 The Council and the Tenant will bear equally the valuer's fee for making the rent determination. If either party pays more than one half of the fee that party may recover the excess from the other party. 11.6 Until the valuer's determination has been made the Tenant will continue to pay the Rent current immediately before the review. Within seven days of being informed in writing of the reviewed rent the parties will make the necessary adjustments. 11.7 The Council's delay in reviewing the Rent at any of the times specified in item 11 of Schedule 1 will not prevent the Council from reviewing the Rent as at that time or those times at any later time during the Term.

Rent Reviews. 11.1 The Rent will be reviewed at the times (if any) 12.1 If a Market Review Date is specified in item Item 11 of Schedule 1 1, Council may review the annual rent on such Market Review Date as follows: 11.1.1 the 12.1.1 Council may initiate the Rent the Council proposes for the ensuing periodperiod by giving the Tenant notice of the new rental it proposes be paid by the Tenant. If the Tenant agrees with the Rent proposed it will be the Rent for the ensuing period; 11.1.2 12.1.2 if within fourteen days of receiving the written notice the Council and the Tenant do not agree upon the Rent it will be determined by a valuer registered under the Valuation of Land Xxx 0000 who is a practising member of the Australian Property Institute (API) appointed by the parties or if they are unable to agree on the appointment within seven days appointed by the president of the API at the request of the Council; 11.1.3 12.1.3 in determining the current market rent of the Land Premises the valuer will: (a) consider any written submission made by the parties within twenty- one days of them being informed of his appointment; (b) determine the Rent as an expert; (c) assume that the Land is Premises are available for leasing with a sitting Tenant for a term equal to the term of this Lease and with any options for renewal; (d) take into account the terms and conditions and permitted use set out this Lease; (e) assume that the Tenant's covenants have been fully performed; (f) ignore any Premises fixtures and fittings which the Tenant has the right to remove from the Property and improvements voluntarily made by the Tenant; (g) ignore the goodwill of the Tenant's business; (h) have regard to the current market rentals for comparable land in the locality. 11.2 Unless this is a lease to which the whole of the Retail Leases Xxx 0000 applies the 12.2 The valuer will must determine a rent at least equal to the Rent being paid immediately prior to the review. 11.3 12.3 The valuer will make and inform the parties of his determination of the Rent as soon as possible after the twenty-one day period for making submissions. If the valuer fails to determine the Rent within forty-two days of the parties being informed of his appointment or resigns or becomes incapacitated then a similarly qualified valuer may be appointed in his place in the manner set out in this clause. 11.4 12.4 The valuer's determination will be final and will bind the parties. 11.5 The 12.5 Council and the Tenant will bear equally the valuer's fee for making the rent determination. If either party pays more than one half of the fee that party may recover the excess from the other party. 11.6 12.6 Until the valuer's determination has been made the Tenant will continue to pay the Rent current immediately before the review. Within seven days of being informed in writing of the reviewed rent the parties will make the necessary adjustments. 11.7 The 12.7 Council's delay in reviewing the Rent at any of the times specified in item 11 of Schedule 1 will not prevent the Council from reviewing the Rent as at that time or those times at any later time during the Term. 12.8 In clauses 12.9 and 12.10: 12.9 If a CPI Adjustment Date is specified in Item 11 of Schedule 1, the Rent on the CPI Adjustment Date will be adjusted to an amount equal to the Rent payable immediately prior to the CPI Adjustment Date multiplied by the Current CPI and divided by the Previous CPI in accordance with the following formula: Where: R = the Rent payable for the following 12 month period commencing on the relevant Review Date; A = the Rent payable during the 12 month period just ended; B = the Current CPI; and C = the Previous CPI. 12.10 On the next due date for the payment of the Rent, after the Tenant receives notice of the adjusted Rent from Council, Council and the Tenant must make any necessary adjustment to apply on and from the CPI Adjustment Date.

Rent Reviews. 11.1 The Rent will shall be reviewed at the times (if any) specified in item 11 of Schedule 1 as follows: 11.1.1 the Council may initiate the Rent the Council proposes for the ensuing period. If the Tenant agrees with the Rent proposed it will shall be the Rent for the ensuing period; 11.1.2 if within fourteen days of receiving the written notice the Council and the Tenant do not agree upon the Rent it will shall be determined by a valuer registered under the Valuation of Land Xxx 0000 who is a practising member of the Australian Property Institute (API) appointed by the parties or if they are unable to agree on the appointment within seven days appointed by the president of the API at the request of the Council; 11.1.3 in determining the current market rent of the Land the valuer willshall: (a) consider any written submission made by the parties within twenty- twenty-one days of them being informed of his appointment; (b) determine the Rent as an expert; (c) assume that the Land is available for leasing with a sitting Tenant for a term equal to the term of this Lease and with any options for renewal; (d) take into account the terms and conditions and permitted use set out this Lease; (e) assume that the Tenant's covenants have been fully performed; (f) ignore any Premises fixtures and fittings which the Tenant has the right to remove from the Property and improvements voluntarily made by the Tenant; (g) ignore the goodwill of the Tenant's business; (h) have regard to the current market rentals for comparable land in the locality. 11.2 Unless this is a lease to which the whole of the Retail Leases Xxx 0000 applies the valuer will shall determine a rent at least equal to the Rent being paid immediately prior to the review. 11.3 The valuer will shall make and inform the parties of his determination of the Rent as soon as possible after the twenty-one day period for making submissions. If the valuer fails to determine the Rent within forty-two days of the parties being informed of his appointment or resigns or becomes incapacitated then a similarly qualified valuer may be appointed in his place in the manner set out in this clause. 11.4 The valuer's determination will shall be final and will shall bind the parties. 11.5 The Council and the Tenant will shall bear equally the valuer's fee for making the rent determination. If either party pays more than one half of the fee that party may recover the excess from the other party. 11.6 Until the valuer's determination has been made the Tenant will shall continue to pay the Rent current immediately before the review. Within seven days of being informed in writing of the reviewed rent the parties will shall make the necessary adjustments. 11.7 The Council's delay in reviewing the Rent at any of the times specified in item 11 of Schedule 1 will shall not prevent the Council from reviewing the Rent as at that time or those times at any later time during the Term.

Rent Reviews. 11.1 The Rent will be reviewed at the times (if any) specified in item 11 of the Fifteenth Schedule 1 as follows: 11.1.1 the Council may initiate the Rent the Council proposes for the ensuing period. If the Tenant agrees with the Rent proposed it will be the Rent for the ensuing period; 11.1.2 if within fourteen days of receiving the written notice the Council and the Tenant do not agree upon the Rent it will be determined by a valuer registered under the Valuation of Land Xxx 0000 who is a practising member of the Australian Property Institute (API) appointed by the parties or if they are unable to agree on the appointment within seven days appointed by the president of the API at the request of the Council; 11.1.3 in determining the current market rent of the Land Premises the valuer will: (a) consider any written submission made by the parties within twenty- one days of them being informed of his appointment; (b) determine the Rent as an expert; (c) assume that the Land is Premises are available for leasing Leasing with a sitting Tenant for a term equal to the term of this Lease and with any options for renewal; (d) take into account the terms and conditions and permitted use set out this Lease; (e) assume that the Tenant's covenants have been fully performed; (f) ignore any Premises fixtures and fittings fitting which the Tenant has the right to remove from the Property and improvements voluntarily made by the Tenant; (g) ignore the goodwill of the Tenant's business; (h) have regard to the current market rentals for comparable land Property in the locality. 11.2 Unless this is a lease Lease to which the whole of the Retail Leases Xxx 0000 applies the valuer will determine a rent at least equal to the Rent being paid immediately prior to the review. 11.3 The valuer will make and inform the parties of his determination of the Rent rent as soon as possible after the twenty-one day period for making submissions. If the valuer fails to determine the Rent rent within forty-two days of the parties being informed of his appointment or resigns or becomes incapacitated then a similarly qualified valuer may be appointed in his place in the manner set out in this clause. 11.4 The valuer's determination will be final and will bind the parties. 11.5 The Council and the Tenant will bear equally the valuer's fee for making the rent determination. If either party pays more than one half of the fee that party may recover the excess from the other party. 11.6 Until the valuer's determination has been made the Tenant will continue to pay the Rent current immediately before the review. Within seven days of being informed in writing of the reviewed rent the parties will make the necessary adjustments. 11.7 The Council's delay in reviewing the Rent rent at any of the times specified in item 11 of the Fifteenth Schedule 1 will not prevent the Council from reviewing the Rent as at that time or those times at any later time during the Termterm.