Review Rent definition

Review Rent means the yearly market rack rental value which might reasonably be expected to be payable, following the expiry of any period at the beginning of the term which might be negotiated in the open market for the purposes of fitting out, during which no rent, or a concessionary rent, is payable (and on the assumption that the lessee has had the benefit of such rent free or concessionary rent period), if the Demised Premises had been let in the open market by a willing lessor to a willing lessee with vacant possession, on the relevant Review Date, without fine or premium, for a term of ten years computed from the relevant Review Date, and otherwise upon the provisions (save as to the amount of the rent first reserved by this lease but including the provisions for rent review at three-yearly intervals) contained in this lease and on the assumption if not a fact that the said provisions have been fully complied with and on the further assumptions that: 1.3.1 the Permitted Use and the Demised Premises comply with Planning Law and every other Enactment and that the lessee may lawfully implement and carry on the Permitted Use; 1.3.2 the Demised Premises have been fitted out and are fit for immediate occupation and operation of the Permitted Use; 1.3.3 no work has been carried out to the Demised Premises which has diminished their rental value; 1.3.4 in case the Demised Premises or the Science Park or any part of it has been destroyed or damaged they have been fully restored, but disregarding any effect on rent of: (i) the fact that the Tenant or any underlessee or other occupier or their respective predecessors in title has been or is in occupation of the Demised Premises; (ii) any goodwill attached to the Demised Premises by the carrying on in them of the business of the Tenant or any underlessee or their respective predecessors in title or other occupier; and (iii) (without prejudice to paragraphs 1.3.2 and 1.
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Review Rent means the higher of the Current Rent and the Market Rent
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Review Rent means the yearly clear market rack rental value which might reasonably be expected to be payable following the expiry of any period at the beginning of the term which might be negotiated in the open market for the purposes of fitting out during which no rent or a concessionary rent is payable (and on the assumption that the lessee is to have the benefit of such rent free or concessionary rent period) if the Premises had been let as a whole by one lease in the open market by a willing lessor to a willing lessee with vacant possession on the Review Date without fine or premium for a term of ten years computed from the Review Date and otherwise upon the provisions (save as to the amount of the rent first reserved by this lease but including the provision for rent review on the expiry of the fifth year of the notional term) contained in this lease and on the assumption if not a fact that the said provisions have been fully complied with and on the further assumptions that:- (a) the Permitted Use and the Premises comply with Planning Law and every other Enactment free from any onerous condition restriction and limitation and that the lessee may lawfully implement and carry on the Permitted Use (b) the Premises are fully fitted out for the lessee's business and are fit and fully Carpeted and equipped together with Floor Boxes (that is to say eighty-nine in number) for immediate occupation and operation of the Permitted Use
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Examples of Review Rent in a sentence

  • If upon any such review as aforesaid it shall be agreed or determined that the Review Rent is greater or less than the Current Rent the Landlord and the Tenant shall as soon as practicable after such determination or expiration complete and sign a written memorandum recording the Review Rent payable from the Review Date payable and the Tenant shall pay the Stamp Duty payable on such Memorandum.

  • Tenancy Castleward Phase 1 Castleward Phase 2 Nightingale Quarter Identified for future mixed-use development Unit Name Tenant Area (sq ft) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) ERV (psf) ERV (pa) Comments / Asset Management Leisure Gala Leisure Ltd * 26,737 25/12/1996 24/12/2036 25/12/2021 £318,750 £11.92 £11.92 £318,750 ▇▇▇▇ completed a new reversionary lease on 26th Feb 2018 for an additional 15 years from 25 Dec 2021 - lease expiry therefore 24 Dec 2036.

  • The yearly rent first reserved and payable from each Review Date until the next Review Date (or, in the case of the period commencing on the last Review Date during the Term, until expiry of the Term) shall be the Review Rent.

  • There is an annual rate of index variation Next Rent Review: Rent is adjusted upward and downward at the end of each year pursuant to the National Construction Cost Index.

  • Rent Review Rent will be increased to the greater of CPI and 4% on the first, second and third anniversary of the commencement date and the greater of CPI and 2.5% on the fourth anniversary of the commencement date.

  • The yearly rent first reserved and payable from the Review Date until the expiry of the Term shall be the Review Rent.

  • Item 6 Rent Review Rent Review Date: Review Method: Annually on Anniversary.


More Definitions of Review Rent

Review Rent means the yearly market rent as would be negotiated in the open market by a willing lessor to a willing lessee which might reasonably be expected to be payable after the expiry of a rent free period or concessionary rent or capital payment in lieu thereof for the purposes of fitting out as would be negotiated in the open market by a willing lessor to a willing lessee with vacant possession on the Review Date without fine or premium for a term of 10 years and otherwise upon the provisions (save as to the amount of the rent first reserved by this Lease) contained in this Lease and on the assumption if not a fact that the Tenant’s covenants and obligations hereunder have been fully complied with and on the further assumptions that:
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