REVISED RENT. (a) The revised rent shall be the annual market rent at which the Premises might reasonably be expected to be let with vacant possession at the relevant Review Date in the open market by a willing lessor to a willing lessee for a term equivalent to the longer of the then residue of the Term or 10 years and otherwise upon the same terms as this Lease (save as regards the amount of the Basic Rent but including these provisions for reviewing the rent) without payment of any premium there being disregarded: (i) any effect on rent of any goodwill attached to the Premises by reason of the carrying on thereon of the business of the Tenant or its predecessor in title of that business or other lawful occupiers; (ii) any effect on rent of the fact that the Tenant or any lawful subtenant has been in occupation of the Premises; (iii) the effect on rent of any improvements lawfully carried out to the Premises during the Term by or under the Tenant or any lawful sub-tenant and with the written consent of the Landlord except any improvements: (A) the cost of which the Landlord has reimbursed or is liable to reimburse; or (B) effected in pursuance of a requirement of this Lease or the agreement between the parties for the grant of this Lease or otherwise in pursuance of an obligation to the Landlord; (iv) the Tenant's Works and the obligation to reinstate the Tenant's Works contained in clause 5.91(f); (v) any effect on rent of the likelihood of there being a rent-free period granted to a new tenant taking the Premises reflecting a proper period for fitting out purposes and upon the supposition (if not the facts): (A) that the Tenant had complied with all repairing and decorating and other covenants herein imposed on the Tenant; (B) that the Premises had been fully equipped with tenant's fixtures and fittings and are fit and available for immediate occupation and use. (b) The Landlord and the Tenant shall endeavour to agree the revised rent at any time not being earlier than six months before the relevant Review Date but if they shall not have agreed the revised rent two months prior to the relevant Review Date then either the Landlord or the Tenant may refer the matter to a single arbitrator to be appointed by the President for the time being of the Royal Institution of Chartered Surveyors on the application of either the Landlord or the Tenant whose award (including any award of costs) shall be final and binding on the parties hereto (such reference to arbitration to be in accordance with the provisions of the Arbitration Act 1996) provided that time shall not be of the essence in agreeing or determining the revised rent.
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REVISED RENT. (a) The revised rent Revised Rent shall be assessed on the basis of letting, with full vacant possession of the Demised Premises for the open market annual market rent at which the Premises might reasonably be expected to be let with vacant possession paid in respect of the Demised Premises at the Review Date as between a willing Landlord and willing Tenant at arms length without payment of any fine or premium on a Lease of the whole Demised Premises for a Term (commencing on the Review Date) equal to the greater of fifteen years or the residue then unexpired of the Term granted by the within written Lease at the relevant Review Date in the open market by a willing lessor to a willing lessee for a term equivalent and subject to the longer of the then residue of the Term or 10 years and otherwise upon the same terms provisions therein set forth (other than as this Lease (save as regards to the amount of the Basic Rent initial rent thereby reserved but including these such said provisions for reviewing as pertain to the review of rent) without payment (hereinafter called "the Revised Rent"). For the purposes of any premium there being disregarded:
(i) any effect on rent of any goodwill attached to this Schedule, "the Premises by reason Review Date" means each and every one of the carrying Review Dates as defined in the Definitions section of this Lease. ASSUMPTIONS MADE IN ASSESSING REVISED RENT The Revised Rent shall be made on thereon of the business following assumptions: At and until the Review Date all the covenants on the part of the Tenant or its predecessor and the conditions contained in title of that business or other lawful occupiers;
(ii) any effect on rent of the fact within Lease have been fully performed and observed; The Demised Premises are povided to the Tenant in accordance with the Landlord's Specifications contained in the Fifth Schedule. In the event that the Tenant Demised Premises or any lawful subtenant part thereof has been in occupation of destroyed or damaged by the Premises;
(iii) Insured Risks that the effect on rent same have been fully restored and made good; The benefit of any improvements lawfully actual and authorised use at the relevant Review Date; No work has been carried out to the Demised Premises during which has diminished its rental value. Regard is to be had to other open market rental values current at the Term by or under Review Date insofar as they may be deemed pertinent to the Tenant or any lawful sub-tenant and with the written consent determination of the Landlord except any improvements:
(A) the cost of which the Landlord has reimbursed or is liable to reimburse; or
(B) effected in pursuance of a requirement of this Lease or the agreement between the parties for the grant of this Lease or otherwise in pursuance of an obligation to the Landlord;
(iv) the Tenant's Works and the obligation to reinstate the Tenant's Works contained in clause 5.91(f);
(v) any effect on rent of the likelihood of there being a rent-free period granted to a new tenant taking the Premises reflecting a proper period for fitting out purposes and upon the supposition (if not the facts):
(A) that the Tenant had complied with all repairing and decorating and other covenants herein imposed on the Tenant;
(B) that the Premises had been fully equipped with tenant's fixtures and fittings and are fit and available for immediate occupation and useRevised Rent.
(b) The Landlord and the Tenant shall endeavour to agree the revised rent at any time not being earlier than six months before the relevant Review Date but if they shall not have agreed the revised rent two months prior to the relevant Review Date then either the Landlord or the Tenant may refer the matter to a single arbitrator to be appointed by the President for the time being of the Royal Institution of Chartered Surveyors on the application of either the Landlord or the Tenant whose award (including any award of costs) shall be final and binding on the parties hereto (such reference to arbitration to be in accordance with the provisions of the Arbitration Act 1996) provided that time shall not be of the essence in agreeing or determining the revised rent.
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