Common use of Review of Basic Rent Clause in Contracts

Review of Basic Rent. 1 On each Review Date the Basic Rent shall be reviewed in accordance with this schedule and the Basic Rent payable in respect of each Review Period shall be the higher of the Basic Rent payable immediately before that Review Period (ignoring for this purpose any rent cesser under paragraph 3 of schedule 5 then current) and the Open Market Rent on the Review Date.

Review of Basic Rent. 1 On each Review Date the Basic Rent shall be reviewed in accordance with this schedule and the Basic Rent payable in respect of each Review Period shall be the higher of the Basic Rent payable immediately before that Review Period (ignoring for this purpose any rent cesser or reduction under paragraph 3 4 of schedule 5 then current) and the Open Market Rent on the Review Date.Date 2 The Landlord and the Tenant shall seek to agree the amount of the Open Market Rent in respect of each Review Period but if they have not agreed it by the date 3 months before the relevant Review Date then either party may require the matter to be determined by the Rent Review Surveyor