REVIEW OF RENT. The purpose of this Chapter is to explain changes in the amounts of rent and other sums that you may have to pay from time to time.
1 Rent review
1.1 On any review date the rent which you will pay will be revised and the amount to be paid will be the revised rent.
1.2 The parties will start negotiating the amount of the revised rent 7 months before the
1.3 After the revised rent has been agreed or determined we and you will sign a memorandum recording that the revised rent will be the amount payable.
1.4 If we have not agreed the revised rent with you by any review date then any disagreement as to the amount to be paid as the revised rent will be settled in accordance with Chapter 15.
1.5 The revised rent shall be the rent likely to be paid for the property in the open market without a fine or premium being paid by a willing tenant to a willing landlord;
REVIEW OF RENT. Note: the comments contained in this dialogue box are intended to assist the parties to understand clause 56. The comments do not form an operative part of this agreement
(a) On each Rent Review Date, the rent which is payable under this agreement shall, subject to clauses 56(b), (g), (j) and (k), be reviewed with effect from that Rent Review Date to the next Rent Review Date by agreement between the lessor and the tenant or, failing agreement, the rent is to be the Fair Market Rent of the residential premises to be determined in the manner set out in clauses 56(b) to 56(k) inclusive.
(b) Not more than 60 days prior to each Rent Review Date either the lessor or the tenant ("the Initiating Party") may give to the other ("the Recipient Party") a notice in writing ("the Proposed Rent Notice") stating the rent the Initiating Party proposes should be payable from that Rent Review Date ("the Proposed Rent"). If neither the lessor nor the tenant serves on the other a Proposed Rent Notice on a date which is prior to the Rent Review Date, then neither the lessor nor the tenant shall have the right to give a Proposed Rent Notice and this clause 56 shall cease to apply in respect of that Rent Review Date and the rent from that Rent Review Date until the next Rent Review Date will be the same as the rent for the 12 months prior to that Rent Review Date.
(c) If the Recipient Party disagrees with the Proposed Rent, the Recipient Party is entitled to give the Initiating Party a notice in writing objecting to it (a “Dispute Notice") within 30 days after the date the Initiating Party gives the Proposed Rent Notice.
(d) If the Recipient Party does not give the Initiating Party a Dispute Notice within the time period specified in clause 56(c) (time being of the essence) the Recipient Party is to be taken to have agreed to the Proposed Rent.
(e) If the Recipient Party gives the Initiating Party a Dispute Notice within the time specified in clause 56(c), and the parties cannot successfully negotiate and agree the rent which is to be payable from the Market Rent Review Date, then the Fair Market Rent of the residential premises is to be determined by a Valuer (acting as an expert and not as an arbitrator) jointly appointed by the lessor and the tenant or failing agreement in the manner specified in clause 56(f).
(f) If the lessor and the tenant do not agree on the Valuer to be appointed under clause 56(e) above within 14 days after the Dispute Notice is given the Fair Market Re...
REVIEW OF RENT. 29.1 From and including the First Review Date to and including 30 October 2017 the Rent shall be the higher of:
29.1.1 per annum in respect of the Existing Premises and * * * per annum in respect of the New Premises; and
29.1.2 the Open market Rent as agreed or determined under this part of the Lease.
29.2 From and including the Second Review Date to and including 30 October 2022 the Rent shall be the higher of:
29.2.1 per annum in respect of the Existing Premises and * * * per annum in respect of the New Premises;
29.2.2 the Open market Rent as agreed or determined under this part of the Lease; and
29.2.3 the amount payable (but for any abatement of Rent) immediately prior to the Second Review Date increased by four per cent (4%).
29.3 For other periods during the Term the Rent is subject to further review in accordance with the provisions of Schedule 3 and this Part 6 of the Lease.
REVIEW OF RENT if the Council decides at its absolute discretion that it is necessary or appropriate to alter the Rent it may do so by giving to the Tenant notice by not later than the 1st August in any years of its intention to alter the Rent with effect from 1st November next following issue of such notice (but for the avoidance of doubt such revised Rent shall be payable on or before 14th January in accordance with clause 1 hereof)
REVIEW OF RENT. The purpose of this Chapter is to explain changes in the amounts of rent and other sums that you may have to pay from time to time.
1 Rent review
1.1 On any review date the rent which you will pay will be revised and the amount to be paid will be the revised rent.
1.2 The parties will start negotiating the amount of the revised rent 7 months before the
1.3 After the revised rent has been agreed or determined we and you will sign a memorandum recording that the revised rent will be the amount payable.
1.4 If we have not agreed the revised rent with you by any review date then any disagreement as to the amount to be paid as the revised rent will be settled in accordance with Chapter 15.
1.5 The revised rent shall be the rent likely to be paid for the property in the open market without a fine or premium being paid by a willing tenant to a willing landlord;
1.5.1 Assuming: SAMPLE
(i) The property is let on the relevant review date for a term of 5 years but otherwise on the same terms as are in this lease except for the amount of the rent payable and the provisions regarding the extension of the term contained at clause 1.4 of Chapter 2 but including the provisions for review;
(ii) The property is vacant and fully fitted out and equipped and ready for immediate occupation and use for the business without any restrictions on any planning or other consents or the licences available for the business and/or the property;
(iii) The obligations in this lease imposed on us and you have been fully complied with;
(iv) That you are able to recover all VAT payable on any outgoings associated with the property;
(v) That no reduction in rent is to be made to take account of any rental concessions which on a new letting with vacant possession might be granted to an incoming tenant;
(vi) That no work has been carried out to the property that has reduced the rental value of the property; and
(vii) If the property has been damaged or destroyed by an insured risk then it has been restored.
REVIEW OF RENT. With effect from the Review Date the Rent shall be the amount payable (but for any abatement of Rent) immediately prior to the Review Date or (if greater than) the Open Market Rent as agreed or determined under this part of the Lease
REVIEW OF RENT. The purpose of this Chapter is to explain changes in the amounts of rent and other sums that you may have to pay from time to time.
1 Rent review
1.1 On any review date the rent which you will pay will be revised and the amount to be paid will be the revised rent.
1.2 The parties will start negotiating the amount of the revised rent 7 months before the
1.3 After the revised rent has been agreed or determined we and you will sign a memorandum recording that the revised rent will be the amount payable.
1.4 If we have not agreed the revised rent with you by any review date then the revised rent will be determined not earlier than the relevant review date at our option either by an arbitrator or an independent valuer (acting as an expert and not as an arbitrator) such arbitrator or valuer to be a surveyor 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 on the application of either us or you made no 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 be such as he shall decide should be the open market rent at the relevant review date.
1.5 The revised rent shall be the rent likely to be paid for the property in the open market without a fine or premium being paid by a willing tenant to a willing landlord;
REVIEW OF RENT. Subject to the Retail Act, if a CPI Review Date is specified in Item 10, the Rent on the CPI Review Date will be adjusted to an amount equal to the Rent payable immediately before the CPI Review Date multiplied by the Current CPI and added to the Rent payable immediately before the CPI Review Date.
REVIEW OF RENT. 4.1 There is no rent review given the short term nature of the lease.
4.2 The lessor will obtain a valuation at the lessee’s expense from a licensed valuer to determine a fair market rental for the premises.
4.3 Any determination of the fair market rental of the leased premises by a valuer is conclusive and binds the Lessor and the Lessee.
