Examples of Market Review Date in a sentence
If the landlord does not give notice of what it believes the market rent is then the rent for the first year after the Market ReviewDate will be the rent for the year preceding the Market Review Date increased by three per cent.[26] That series of steps is the only provision the lease makes for any review to market.
Not less than six months before the Market Review Date the landlord may give notice of what it believes the market rent is at the Market Review Date.
It arrives at that amount pursuant to clause 3.2.2 (“the rent payable for the Lease Year commencing from the Market Review Date is the same rent as was payable in the preceding Lease Year increased by 3%”).The landlord’s response[13] The respondent brought a cross application, seeking an order that respondent be entitled to set rental for the first year of the further lease term in accordance with the Market Rent Review provisions.
If the Landlord does not give written notice in accordance with subclause (1) in respect of a Market Review Date the rent payable for the Lease Year commencing from that Market Review Date will be the same rent as was payable in the preceding lease Year increased by 3%.
The Landlord may not less than six months prior to the Market Review Date give written notice to the Tenant of the amount of rent the Landlord believes is the market rent for the Premises as at that Market Review Date.