Time is of the essence: Difference between revisions

Time is of the essence (view source)

Revision as of 10:55, 12 June 2023

1,199 bytes added , 12 June 2023

no edit summary

Amwelladmin

Bureaucrats, Interface administrators, Administrators

82,882

edits

@@ Line 19: / Line 19: @@
 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>
+{{Quote|
+.1	If, by the Rent Review Date, the reviewed Main Rent has not been ascertained, then:
+:4.1.1	the Main Rent reserved under this Lease immediately before the Rent Review Date will continue to be payable until the reviewed Main Rent has been ascertained;
+:4.1.2	following the ascertainment of the reviewed Main Rent, the Landlord will demand the difference (if any) between the amount the Tenant has actually paid and the amount that would have been payable had the Main Rent been ascertained before the Rent Review Date; and
+:4.1.3	the Tenant must pay that difference to the Landlord within 10 Business Days after that demand and interest at three per cent below the Interest Rate calculated on a daily basis on each instalment of that difference from the date on which each instalment would have become payable to the date of payment.  If not paid those sums will be treated as rent in arrear.
+}}
 {{sa}}
 *[[Law of Property Act 1925]]