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Time is of the essence: Difference between revisions
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{{grace periods and time of essence}} | {{grace periods and time of essence}} | ||
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=== Time being not of the essence and rent review === | |||
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. These contracts written to protect the landlord, as they inevitably are, you may puzzle at this. This is to give the landlord the excuse to retrospectively increase rent if it neglects to at the earliest opportunity. It permits the landlord to backdate the increase, on the argument that, “well, time wasn’t of the essence, so I didn’t bother to set the new rent at the time, and am doing it now.” Commercial tenants are warned to be proactive about re-setting rentals, therefore, to deprive the landlord of such optionality. | |||
This strikes the JC as crappy behaviour, all the same. If you don’t reset the rent at the time — or at least try to — then the rent delta for that missing period it ought to be your loss, and indeed would be on ordinary principles of waiver. Your increase would take effect prospectively.{{sa}} | |||
*[[Law of Property Act 1925]] | *[[Law of Property Act 1925]] | ||
*[[Fundamental breach]] (aka [[repudiatory breach]]) or {{t|contract}} | *[[Fundamental breach]] (aka [[repudiatory breach]]) or {{t|contract}} | ||
{{ref}} | {{ref}} | ||