Common use of New Rent Clause in Contracts

New Rent. 2.1 The New Rent referred to in the Fourth Schedule shall be determined in accordance with the provisions of this Paragraph 2. 2.2 The New Rent shall be determined by agreement between the Landlord and the Tenant and such agreement shall be recorded in writing signed by the Landlord and the Tenant. 2.3 If such agreement cannot be reached between the Landlord and the Tenant one (1) month before the commencement of the period in respect of which the New Rent is payable (hereinafter called "THE NEW RENT PERIOD"), the matter shall be referred to an independent surveyor and valuer (hereinafter called "THE VALUER") to be appointed by the Landlord and the Tenant within one (1) month before the commencement of the New Rent Period and failing agreement as to the appointment, shall be appointed by the Chairman for the time being of The Royal Institute of Chartered Surveyors (Hong Kong Branch). The Valuer shall make a decision as to the New Rent before the commencement of the New Rent Period and subject to approval by the mortgagee of the Premises (the approval of the mortgagee not to be unreasonably withheld), the decision of the Valuer shall be conclusive and binding on the parties hereto. 2.4 In determining the New Rent, the Valuer shall act as an expert and not as an arbitrator and shall take into account the open market rent for prime office accommodation elsewhere in Central, Hong Kong and/or in similar office buildings in Hong Kong having attributes comparable to those of the Buildings at the commencement of the New Rent Period Provided that the Valuer shall take into such open market rent per se and disregard all incentives (including without limitation rent free period and decoration or removal allowances) that may have the effect of reducing the effective return on such open market rent. The Valuer shall act on the assumptions that as at that date: (a) the Premises are fit for immediate occupation and use complete and that the works, if any, carried out by the Tenant or its sub-tenants (if any and whether permitted hereunder or otherwise) or the predecessor in title of the Tenant do not in any way diminish or increase the rental value of the Premises and that in case the Premises have been damaged or destroyed, they have been fully reinstated and restored; (b) the Premises are available for letting by a willing landlord to a willing tenant with vacant possession and without a premium and subject to the provisions of this Lease for a term equal to the New Rent Period; (c) the covenants herein contained on the part of the Tenant have been duly performed, observed and complied with by the Tenant; and (d) the Premises are being offered in the open market as a single letting comprising not only the Premises but also the whole of the 33rd Floor, 36th Floor and Suites 3407, 3408, 3409, 3410 and 3411. on the 34th Floor of Asia Pacific Finance Tower, but disregarding the following factors: (i) any effect on the rent of the fact that the Tenant has been in occupation of the Premises; (ii) any goodwill attached to the Premises by reason of the carrying on thereat of the business of the Tenant; or (iii) any increase in the rental value of the Premises attributable to any improvements to the Premises or any part thereof made during the Term including any fitting out works carried out by and at the expense of the Tenant. If the Valuer shall die, delay or become unwilling or incapable of acting or if for any other reason the Chairman for the time being of the Royal Institute of Chartered Surveyors (Hong Kong Branch) or the person acting on his behalf shall in its absolute discretion think fit, he may by writing discharge the Valuer and appoint another in his place. 2.5 Pending determination of the New Rent, the Tenant shall continue to pay on account of the New Rent the Rent that was payable immediately before the commencement of the New Rent Period and within fourteen (14) days after the determination of the New Rent, the Tenant shall pay to the Landlord the difference between the rent actually paid during the period pending determination of the New Rent and the New Rent for the same period determined as aforesaid plus such amount of interest as may be directed by the Valuer as being reasonable. 2.6 The costs and expenses of the Valuer including the costs of his appointment shall be borne by the Landlord and the Tenant in equal shares. The Landlord and the Tenant shall each bear its own costs and expenses incurred in respect of or in connection with the determination of the New Rent.

New Rent. 2.1 13.1 The New Rent referred to in the Fourth Schedule rent shall be determined as at the Commencement Date in accordance with the provisions same manner as if it was being determined under Section 14 of this Paragraph 2the Housing Act 1988. 2.2 The New Rent 13.2 Where the rent is inclusive of any Council Tax water charges or utility charges (including Green Deal Charges) in respect of the Property and such item is borne by the Landlord or a Superior Landlord any determination under this Clause shall be determined made as if the Council Tax or other item were not so borne but it shall be added back to determine the rent payable by the Tenant under the Tenancy. 13.3 Upon the agreement or determination of rent payable following a review any shortfall shall be paid to the Landlord by the Tenant within 14 days of the date of agreement or determination. 13.4 If the Tenant has made an enquiry under clause 14 of the Landlord and the Landlord has notified the Tenant in writing of the proposed rent for the New Tenancy which is greater than the rent then payable under the Existing Tenancy this shall be treated as a requirement for a review of the rent. 13.5 The Landlord and the Tenant shall endeavour to agree the amount of the new rent payable under the New Tenancy (where the Landlord requires the rent to be reviewed) and if no agreement is reached before the Commencement Date then either the Landlord or the Tenant may refer the determination of the rent to the disputes procedure set out in Clause 19. 13.6 Referring the rent for determination under the disputes procedure in clause 19 shall not prevent the Landlord and Tenant from subsequently agreeing on the new rent. 13.7 The agreement of the Guarantor to the new rent shall not be required. 13.8 Any agreement of the new rent between the Landlord and the Tenant and such agreement shall must be recorded in writing signed by the Landlord and the Tenantwriting. 2.3 If such agreement cannot be reached between the Landlord and the Tenant one (1) month before the commencement of the period in respect of which the New Rent is payable (hereinafter called "THE NEW RENT PERIOD"), the matter shall be referred to an independent surveyor and valuer (hereinafter called "THE VALUER") to be appointed by the Landlord and the Tenant within one (1) month before the commencement of the New Rent Period and failing agreement as to the appointment, shall be appointed by the Chairman for the time being of The Royal Institute of Chartered Surveyors (Hong Kong Branch). The Valuer shall make a decision as to the New Rent before the commencement of the New Rent Period and subject to approval by the mortgagee of the Premises (the approval of the mortgagee not to be unreasonably withheld), the decision of the Valuer shall be conclusive and binding on the parties hereto. 2.4 In determining the New Rent, the Valuer shall act as an expert and not as an arbitrator and shall take into account the open market rent for prime office accommodation elsewhere in Central, Hong Kong and/or in similar office buildings in Hong Kong having attributes comparable to those of the Buildings at the commencement of the New Rent Period Provided that the Valuer shall take into such open market rent per se and disregard all incentives (including without limitation rent free period and decoration or removal allowances) that may have the effect of reducing the effective return on such open market rent. The Valuer shall act on the assumptions that as at that date: (a) the Premises are fit for immediate occupation and use complete and that the works, if any, carried out by the Tenant or its sub-tenants (if any and whether permitted hereunder or otherwise) or the predecessor in title of the Tenant do not in any way diminish or increase the rental value of the Premises and that in case the Premises have been damaged or destroyed, they have been fully reinstated and restored; (b) the Premises are available for letting by a willing landlord to a willing tenant with vacant possession and without a premium and subject to the provisions of this Lease for a term equal to the New Rent Period; (c) the covenants herein contained on the part of the Tenant have been duly performed, observed and complied with by the Tenant; and (d) the Premises are being offered in the open market as a single letting comprising not only the Premises but also the whole of the 33rd Floor, 36th Floor and Suites 3407, 3408, 3409, 3410 and 3411. on the 34th Floor of Asia Pacific Finance Tower, but disregarding the following factors: (i) any effect on the rent of the fact that the Tenant has been in occupation of the Premises; (ii) any goodwill attached to the Premises by reason of the carrying on thereat of the business of the Tenant; or (iii) any increase in the rental value of the Premises attributable to any improvements to the Premises or any part thereof made during the Term including any fitting out works carried out by and at the expense of the Tenant. If the Valuer shall die, delay or become unwilling or incapable of acting or if for any other reason the Chairman for the time being of the Royal Institute of Chartered Surveyors (Hong Kong Branch) or the person acting on his behalf shall in its absolute discretion think fit, he may by writing discharge the Valuer and appoint another in his place. 2.5 Pending determination of the New Rent, the Tenant shall continue to pay on account of the New Rent the Rent that was payable immediately before the commencement of the New Rent Period and within fourteen (14) days after the determination of the New Rent, the Tenant shall pay to the Landlord the difference between the rent actually paid during the period pending determination of the New Rent and the New Rent for the same period determined as aforesaid plus such amount of interest as may be directed by the Valuer as being reasonable. 2.6 The costs and expenses of the Valuer including the costs of his appointment shall be borne by the Landlord and the Tenant in equal shares. The Landlord and the Tenant shall each bear its own costs and expenses incurred in respect of or in connection with the determination of the New Rent.