f) Rent review
Especially in longer leases, a rent review clause allows for adjustments of the rent periodically. The purpose of a rent review clause is obviously to bring the rent in line with the open market rental from time to time.
A rent review clause in its basic form will provide for the rent to be reassessed at intervals of 2 – 3 years. The clause will usually provide that the new rent is to be agreed between the landlord and the tenant; and if there is no agreement by a certain date, the parties are to agree on an independent valuer to assess the new rent.
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