Common use of Rent Reviews Clause in Contracts

Rent Reviews. If the Property is sold subject to a tenancy under which a rent review is due on or before the completion date, the Seller may continue negotiations up to the completion date but may not agree the level of revised rent without the written consent of the Buyer. The Seller must promptly give to the Buyer full details of rent review proceedings and carry out all reasonable measures to substitute the Buyer for the Seller in the proceedings following completion. Following completion, the Buyer must complete the rent review proceedings as soon as possible but cannot agree the level of revised rent without the consent of the Seller (not to be unreasonably withheld or delayed). When the rent review has been finalised, the Buyer must account to the Seller for any funds received in respect of higher rent that relates to a period when the Seller was entitled to the rent from the Property. The Seller and Xxxxx are to bear their own costs in relation to rent review proceedings.

Rent Reviews. If the Property is sold subject to a tenancy under which a rent review is due on or before the completion date, the Seller may continue negotiations up to the completion date but may not agree the level of revised rent without the written consent of the Buyer. The Seller must promptly give to the Buyer full details of rent review proceedings and carry out all reasonable measures to substitute the Buyer for the Seller in the proceedings following completion. Following completion, the Buyer must complete the rent review proceedings as soon as possible but cannot agree the level of revised rent without the consent of the Seller (not to be unreasonably withheld or delayed). When the rent review has been finalisedfinalised, the Buyer must account to the Seller for any funds received in respect of higher rent that relates to a period when the Seller was entitled to the rent from the Property. The Seller and Xxxxx are to bear their own costs in relation to rent review proceedings.