Rent Review Lease Clauses
Summary
Landlords can request rent reviews even if delayed, potentially leading to backdated rent and interest owed by tenants. Lease terms and local laws influence specifics. Consulting a legal professional is advisable for detailed guidance.Full Conversation
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quarter day is less than one quarter's Rent at the rate of the revised rent apportioned on a dally basis for that part of the quarter during which the revised Rent is payable if the revised Rent payable during a Review Period has not been ascertained by the relevant Review Date then immediately after the date when the same has been agreed between or notified to the parties or the date upon which the Independent Surveyor's determination award shall be received by or notified to the Tenant the Tenant shall pay to the Landlord:-
any shortfall between the Rent which would have been paid on the Review Date and on any subsequent quarter days-had the revised Rent been ascertained on or before the Review Date and the payments made by the Tenant on account and interest at the base lending rate of the bank referred to in or nominated pursuant to clause *.* prevailing
on the date upon which the shortfall is paid in respect of each
instalment of Rent due on or after the Review Date on the amount by which the instalment of revised Rent which would have been paid on the Review Date or such quarter day exceeds the amount paid on account and such interest shall be payable for the period from the date upon which the instalment was due up to the date of payment of the shortfall
Arrangements when increasing Rent prevented etc.
If at a Review Date there shall be in force a statute which shall prevent restrict or modify the Landlord's right to review the Rent in accordance with this Lease and/or to recover any increase in the Rent the Landlord shall when
such restriction or
modification is removed relaxed or modified be entitled (but without prejudice to its rights (if any) to recover any Rent the payment of which has only been deferred bys law) on giving not less than one month's notice nor more than three months notice in writing to the Tenant to invoke the provisions of paragraph *.*
Upon the service of a notice pursuant to paragraph *.* the Landlord shall be entitled:-to proceed with any review of the Rent which may have been prevented or further to review the Rent in respect of any review where the Landlord's right was restricted or modified and the date of expiry of such notice shall be deemed for the purposes of this Lease to be the Review Date (provided that without prejudice to the operation of this paragraph nothing in this paragraph shall be construed as varying any subsequent
Review Dates)
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FOURTH SCHEDULE
AUTHORISED GUARANTEE AGREEMENT
Date:
Parties:
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(*)
] (Company Number
] ("the Tenant')
) of
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Definitions and Recitals
This Deed is supplemental to a lease ("the Lease") dated
and made between (*)
(the Landlord] and (*) [the Tenant] and (*) [the Guarantor] by which premises known as
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the part of the Landlord to reimburse or otherwise contribute towards the cost thereof (or to make or allow any payment in kind)
"the President" means the President for the time being of the Royal Institution of Chartered Surveyors the duly appointed deputy of the President or any person authorised by the President to make appointments on his behalf
"the Independent Surveyor" means a person appointed by agreement between the parties or in the absence of agreement within fourteen days of one party giving notice to the other of its nomination or nominations nominated by the President on the application of either party.made.not earlier than six months before the relevant Review
Date or at any time afterwards
Ascertaining the Rent
The Rent shall be:-
until the first Review Date the Initial Rent and during the Review Period a rent equal to the greater of:-
the Rent payable immediately prior to the relevant Review Date or if payment of Rent has been suspended pursuant to the proviso to that effect contained in this Lease the Rent which would have been payable had there been no such suspension or such Rent as may be ascertained in accordance with this Schedule
Such revised Rent for the relevant Review Period may be agreed in writing at any time between the parties but they shall endeavour to agree the rent not later than three months before the relevant Review Date and in default the amount of the rent payable shall be determined by the Independent Surveyor (acting as an expert) appointed jointly by the parties or (failing agreement within 14 days) by the President
The revised Rent to be determined by the Independent Surveyor shall be the yearly rent which would reasonably be expected to become payable in respect of the Premises making the Assumptions but disregarding the Disregarded Matters
Whenever the Rent shall have been ascertained in accordance with this Schedule
memoranda to this effect shall be signed by or on behalf of the parties and annexed to this Lease and its counterpart and the parties shall bear their own costs in this respect
Arrangements pending ascertainment of revised Rent
If the revised Rent payable during a Review Period has not been ascertained by a Review Date Rent shall continue to be payable at the rate previously payable such payments being on account of the Rent for the Review Period
If one party shall upon publication of the Independent Surveyor's determination pay all his fees and expenses such party shall be entitled to recover (in default of payment within twenty one days of a demand to that effect in the case of the Landlord as Rent in arrears or in the case of the Tenant by deduction from Rent) such proportion of them (if any) as the Independent Surveyor shall determine against the other party
Payment of revised Rent
If the revised Rent shall be ascertained on or before the relevant Review Date and that date is not a quarter day the Tenant shall on the Review Date pay to the Landlord the amount by which one quarter's Rent at the rate payable on the immediately preceding
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meters in the restaurant so that readings may be taken
THIRD SCHEDULE
Definitions
Rent and rent review.
The terms defined in this paragraph shall for all purposes of this Schedule have the meanings specified
"Review Period" means the period between the successive Review Dates or the Review Date and the expiry of the Term (inclusive)
"Assumptions" means the following assumptions at the relevant Review Date:-that no work has been carried out on the Premises by the Tenant its sub-tenants or their predecessors in title prior to or during the Term which has diminished the rental value of the Premises
that if the Premises have been destroyed or damaged they have been fully restored that the covenants contained in this Lease on the part of the Tenant have been fully performed and observed
that the Premises are available to let by a willing landlord to a willing tenant by one lease without a fine or premium being paid by either party and with vacant possession that the Premises are ready for and fitted out and equipped for immediate occupation and use for the purpose or purposes required by the willing tenant referred to in
paragraph *.*.* and that all the services required for such occupation and use are connected to the Premises
that the lease referred to in paragraph *.*.* contains the same terms as this Lease except the amount of the Initial Rent but including the provisions for rent review at similar intervals as in this Lease and except as set out in paragraph *.*.*
that the term of the lease referred to in paragraph *.*.* is equal in length to the Term remaining unexpired at the relevant Review Date and that the years during which the Tenant covenants to decorate the Premises are at the same intervals calculated from the commencement of the Term as those specified in this Lease that no works have been carried out by the
Tenant which will have a depreciative
affect on the rental value of the Premises
"the Disregarded Matters" means:-
any effect on rent of the fact that the Tenant its sub-tenants or their respective predecessors in title have been in occupation of the Premises
any goodwill attached to the Premises by reason of the carrying on at the Premises of the business of the Tenant its sub-tenants or their predecessors in title in their
respective businesses
any increase in rental value of the Premises attributable to the existence at the relevant Review Date of any improvement to the Premises carried out with consent where required (otherwise than in pursuance of an obligation (except obligations to comply with statute or the requirements of any competent authority) to the Landlord or its predecessors in title) by the Tenant its sub-tenants or their respective predecessors in title or by any lawful occupiers during the Term without any liability on
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meters in the restaurant so that readings may be taken
THIRD SCHEDULE
Definitions
Rent and rent review.
The terms defined in this paragraph shall for all purposes of this Schedule have the meanings specified
"Review Period" means the period between the successive Review Dates or the Review Date and the expiry of the Term (inclusive)
"Assumptions" means the following assumptions at the relevant Review Date:-that no work has been carried out on the Premises by the Tenant its sub-tenants or their predecessors in title prior to or during the Term which has diminished the rental value of the Premises
that if the Premises have been destroyed or damaged they have been fully restored that the covenants contained in this Lease on the part of the Tenant have been fully performed and observed
that the Premises are available to let by a willing landlord to a willing tenant by one lease without a fine or premium being paid by either party and with vacant possession that the Premises are ready for and fitted out and equipped for immediate occupation and use for the purpose or purposes required by the willing tenant referred to in
paragraph *.*.* and that all the services required for such occupation and use are connected to the Premises
that the lease referred to in paragraph *.*.* contains the same terms as this Lease except the amount of the Initial Rent but including the provisions for rent review at similar intervals as in this Lease and except as set out in paragraph *.*.*
that the term of the lease referred to in paragraph *.*.* is equal in length to the Term remaining unexpired at the relevant Review Date and that the years during which the Tenant covenants to decorate the Premises are at the same intervals calculated from the commencement of the Term as those specified in this Lease that no works have been carried out by the
Tenant which will have a depreciative
affect on the rental value of the Premises
"the Disregarded Matters" means:-
any effect on rent of the fact that the Tenant its sub-tenants or their respective predecessors in title have been in occupation of the Premises
any goodwill attached to the Premises by reason of the carrying on at the Premises of the business of the Tenant its sub-tenants or their predecessors in title in their
respective businesses
any increase in rental value of the Premises attributable to the existence at the relevant Review Date of any improvement to the Premises carried out with consent where required (otherwise than in pursuance of an obligation (except obligations to comply with statute or the requirements of any competent authority) to the Landlord or its predecessors in title) by the Tenant its sub-tenants or their respective predecessors in title or by any lawful occupiers during the Term without any liability on
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****, it appears you have concerns about rent review clauses in a commercial lease agreement. These clauses can be complex and often require careful attention to detail.
- Rent review clauses allow for the adjustment of rent at specified intervals based on market conditions.
- The revised rent is typically determined by an Independent Surveyor if the parties cannot agree.
- If the rent review is delayed, the tenant may owe backdated rent with interest.
- Specific statutes might temporarily restrict rent increases.
Do you need assistance understanding a specific part of the lease, or do you have a particular question regarding this process?
- Rent review clauses allow for the adjustment of rent at specified intervals based on market conditions.
- The revised rent is typically determined by an Independent Surveyor if the parties cannot agree.
- If the rent review is delayed, the tenant may owe backdated rent with interest.
- Specific statutes might temporarily restrict rent increases.
Do you need assistance understanding a specific part of the lease, or do you have a particular question regarding this process?
according to the this lease, can the landlord backdate rent by six years if he has not done the review on time?
Based on the lease terms, the landlord can backdate rent if the review is delayed, and the tenant may owe the difference plus interest. However, the lease doesn't specify a six-year period explicitly. It would be wise to consult a legal professional for detailed advice.
Do you need help finding a lawyer or more information on this topic?
Do you need help finding a lawyer or more information on this topic?
THIS LEASE is made the *.
*.*.* the Landlord
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the Tenant
the Guarantor the Premises
Term
Decorating Years
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Initial Rent
Interest Rate
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Permitted User
Rent Commencement Date
Superior Landlord
Term Date
Insurance Rent
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Review Dates
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MARCH
25Tr day of
PARTICULARS
RICHARD ASSASSA and ANWAR ASSASSA now both
* Kennerleys Lane Wilmslow
of Northern House
Cheshire SK9 5EQ
LUCKY NARDANA AHMED of * Ruskin Road, Crewe
CW2 7JS
None
All that land and building comprising the Ground Floor at * - * Mill Street Crewe CW2 7AJ as edged red on the Plan for the purpose of identification only (part of title number CH512893)
Means 15 years from and including the Term Date means the fifth, tenth and last year of the Term calculated from the Term Date
means Twelve Thousand Pounds (£*,*.*) per year means *% per year above the base lending rate of The Royal Bank of Scotland ple or such other London clearing bank as the Landlord may from time to time nominate in writing compounded on each of the agreed quarter days
means restaurant and/or takeaway within Class A3 or
A5 of the Town and Country Planning (Use Classes)
Order * (as amended) which use shall include the sale of alcohol
Means the 25Tu day of MARCH * means the person or persons (if any) from time to time entitled to the reversion immediately expectant on the term of years granted by any superior lease
Means the 25 day of MAnCH
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Means:-(a)
a fair and reasonable proportion of the cost of insuring the Building and Premises against
the Insured Risks
(b)
all of any increased premium payable by any act or omission of the Tenant and
(c)
all the premiums that the Landlord shall from time to time pay for insuring against the loss of rent
means the 2STuday of MARCH
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and the 25 day of mancH
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Case Rating: *
****, it seems like you're dealing with a detailed commercial lease agreement. Here's a summary of key points regarding rent review and backdating:
- The landlord can backdate rent if the rent review is delayed.
- The tenant may owe the difference in rent plus interest.
- The lease typically specifies review dates but doesn't explicitly limit backdating to six years.
For precise advice, consulting a legal professional is recommended. Do you need help finding a lawyer or any specific questions about your lease agreement?
****, it seems like you're dealing with a detailed commercial lease agreement. Here's a summary of key points regarding rent review and backdating:
- The landlord can backdate rent if the rent review is delayed.
- The tenant may owe the difference in rent plus interest.
- The lease typically specifies review dates but doesn't explicitly limit backdating to six years.
For precise advice, consulting a legal professional is recommended. Do you need help finding a lawyer or any specific questions about your lease agreement?
Landlord has not asked for a rent review * March * and now December * is requesting a rent review is this legal according to the lease
The lease generally allows the landlord to request a rent review even if it is delayed, and the tenant may owe backdated rent plus interest. However, the specifics can vary depending on the lease terms and local laws. Consulting a legal professional would provide precise advice.
Would you like assistance in finding a lawyer or further information on this topic?
Would you like assistance in finding a lawyer or further information on this topic?