Time is of the essence: Difference between revisions

Time is of the essence (view source)

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 {{grace periods and time of essence}}
-=== Time being not of the essence and rent review ===
+=== Time being ''not'' of the essence ===
 We rarely foray into commercial leases, folks, but you may see written the rent review section of a commercial lease that “time is ''not'' of the essence”.
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 But the rent review process in a commercial lease is negotiated between arms’ length parties who are not regarded, as are domestic tenants, as needing the protection of fair treatment. And it is meant to be an agreed, or failing agreement, independently determined market rent. This is not a free option for landlords, but a “marking to market”.
-this somewhat runs counter to the common law principles of waiver and estoppel — or would do, if standard commercial leases did not expressly provide for it, which they do. Take, for example, this, from the Model Commercial Lease:<ref>https://modelcommerciallease.co.uk/leases/#tab-4</ref>
+This seems to runs somewhat counter to the common law principles of waiver and estoppel — or would do, if standard commercial leases did not expressly provide for it, which they do. This is not something that needs to be waived, that is to say. Time is just not of the essence, so it isn’t your problem if you forget do do it.
+Take, for example, this, from the Model Commercial Lease:<ref>https://modelcommerciallease.co.uk/leases/#tab-4</ref>
 {{Quote|
 .1	If, by the Rent Review Date, the reviewed Main Rent has not been ascertained, then: