Common use of Tenancy renewals Clause in Contracts

Tenancy renewals. If the Seller receives a notice under part ii of the Landlord and Tenant Act 1954 (as amended) the Seller must send a copy to the Buyer within 5 business days and act as the Buyer reasonably directs in relation to it. After completion the Buyer must take immediate steps to substitute itself as a party to any proceedings, use all reasonable endeavours to conclude proceedings as soon as reasonably practicable, and account to the Seller for any increased rent that relates to a period where the Seller was entitled to the rent. The Seller and Buyer are to bear their own costs in relation to tenancy renewals.