Common use of Surety to accept new lease upon disclaimer Clause in Contracts

Surety to accept new lease upon disclaimer. 3.1 If this Lease is determined by re-entry by the Landlord or is effectively determined by disclaimer the Surety will if the Landlord by notice within three months after the date of determination so requires take from the Landlord a lease of the Premises 3.2 The lease to be granted to the Surety under Clause [3.1] is to be on the following terms:- 3.2.1 the term is to commence on the date of termination of this Lease and to be equal to the residue of the Term which would have remained unexpired at that date if this Lease had not been terminated 3.2.2 the yearly rent is to be the same as would have been payable under this Lease if it had continued undetermined and if a rent review operative from a review date before the grant of the Lease had not been completed the Surety will complete the rent review with the Landlord as if it had been the Tenant under this Lease in order to establish the commencing yearly rent under the Lease 3.2.3 the Lease is otherwise to be on the same terms and conditions as would have applied under this Lease if it had continued undetermined and 3.2.4 the Surety is to succeed to the rights and assume the liability of the Tenant under this Lease as if the Lease had continued undetermined