open market rental value definition
open market rental value means the best annual rent at which the demised premises could reasonably be expected to be let as a whole on the open market at the relevant review date by a willing landlord to a willing tenant assuming that at that date:
open market rental value means the full yearly rent for which the Demised Premises might reasonably be expected to be let with vacant possession in the open market by a willing landlord to a willing tenant at the appropriate date as a whole for a term of ten years upon the terms and conditions of these Presents (save as to the rent hereby reserved but including these provisions for review) and upon the supposition (if not a fact)
1.4.1 that the Landlord and Tenant have complied with all the covenants and conditions on their respective parts herein contained
1.4.2 that the Demised Premises are in cleared open plan office space and are fit for immediate occupation and use (and for the avoidance of doubt including underfloor trunking and floor boxes)
1.4.3 that no reduction is to be made to take account of any rental concession which on a new letting with vacant possession might ordinarily be granted to the incoming tenant for the purpose of carrying out its fitting out works
1.4.4 that no work has been carried out thereon by the Tenant or any undertenant or their predecessors in title which has diminished the letting value of the Demised Premises
1.4.5 that any Value Added Tax charged can be recovered in full by the incoming tenant
1.4.6 that if the Demised Premises have been destroyed or damaged they have been fully restored there being disregarded any effect on rent of
1.4.7 the fact that the Tenant or any sub-tenant or the Tenant’s or sub-tenant’s predecessors in title have been in occupation of the Demised Premises or any part thereof
1.4.8 goodwill attaching to the Demised Premises by reason of the carrying on thereat of the particular trade or business of the Tenant or any sub-tenant
1.4.9 any improvement carried out by the Tenant or any sub-tenant to the Demised Premises to which the Landlord has given its written consent (where required) at the Tenant’s or sub-tenant’s own expense in accordance with the terms of these Presents otherwise than in pursuance of an obligation to the Landlord save for an obligation to comply with statutory requirements (but in such case the Demised Premises shall be assumed to comply with all statutory requirements)
1.4.10 the fact that the Tenant or any subtenant or their respective predecessors in title has been or is in occupation of any other part of the Building
open market rental value means the amount of rent to be charged for the Premises, which rental shall be agreed upon by the Parties to be the rent at which the Premises might reasonably be expected to be let in an open market by a willing lessor to a willing lessee with vacant possession and without premium for a full term of this Lease having regard to the Lessor’s fixtures and fittings and with the Premises in good repair and condition and subject to the similar covenants and conditions contained in this Lease and there being disregarded:
More Definitions of open market rental value
open market rental value means the full market rent at which the Demised Premises might reasonably be expected to be let by a willing landlord to a willing tenant in the open market without the payment of any fine or premium on a lease of the whole of the Demised Premises for a term of 5 years commencing on the rent Review Date (as hereinafter defined) and after the expiry of any rent free or concessionary rent period which would be negotiated between a willing landlord and a willing tenant in the open market with full vacant possession at the commencement of the term and in all respects (including provisions for rent review at five yearly intervals but not the amount of the rent) on the terms and conditions of this Lease on the suppositions (if not facts) that:
open market rental value means (unless otherwise agreed in writing with the District Council) the open market rental value of the relevant part of the Development calculated using the following process: the average of three (3) open market rental valuations for a Dwelling Type forming part of the Development (inclusive of all Service Charges) carried out and dated within one month of one another undertaken by three (3) Royal Institute of Chartered Surveyors qualified chartered surveyors of at least five (5) years standing in the residential rental market sector in and around South Cambridgeshire appointed by the Owner certifying the monthly rental the relevant Dwelling would fairly and reasonably achieve if let on the open market subject to the requirements of Part 1 of Schedule 3;
open market rental value means the annual rent at which the demised premises could reasonably be expected to be let as a whole on the open market at the review date assuming that at that date:
open market rental value means the rent at which the Premises might reasonably be expected to be let in the open market by a willing lessor to a willing lessee with vacant possession of the whole of the Premises for a term of equal length to the residue of the length of the term originally hereby created as is remaining at the date of the review date but upon the assumption that the Tenant has complied with all the covenants imposed by the Lease upon the Tenant including the Tenant's obligations as to repair and redecoration but disregarding the matters referred to in Section 34(1)(a) (b) and (c) of the Landlord and ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ as amended by the Law of Property ▇▇▇ ▇▇▇▇
open market rental value has the meaning given to this expression in schedule 9;