Legal Rent Review Document

LEGAL RENT REVIEW DOCUMENT

This Rent Review Agreement is made as of between Landlord Name: , whose address for service is (\"Landlord\"), and Tenant Name: , whose address for service is (\"Tenant\").

RECITALS

WHEREAS, the Landlord and Tenant are parties to a lease described as: Lease Reference: covering the Property described below;

WHEREAS, the parties wish to establish a procedure for periodic review and adjustment of the Rent payable under the Lease in accordance with the terms set out in this document;

WHEREAS, the parties intend that any adjustment pursuant to this Agreement shall be final and binding subject to the dispute resolution provisions contained herein.

NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:

1. DEFINITIONS

In this Agreement, unless the context otherwise requires: (a) \"Lease\" means the lease described in the Recitals and any extension or variation agreed in writing; (b) \"Rent\" means the annual rent currently payable under the Lease, being $ per annum; and (c) \"Property\" means the premises described as:

2. REVIEW DATE AND FREQUENCY

The Rent shall be reviewed on the Review Date: and thereafter every unless otherwise agreed in writing.

3. REVIEW NOTICE

A party proposing a review (\"Proposing Party\") shall serve a written Notice of Review on the other party not less than days prior to the Review Date. The Notice of Review shall contain the Proposing Party's proposed revised Rent and supporting particulars.

4. BASIS OF REVIEW

The Rent shall be adjusted on the Review Date according to the following basis (select one or more):

Market Rent The Rent shall be the market rent as at the Review Date, being the rent which would reasonably be obtained in an open market letting between a willing landlord and a willing tenant, regard being had to the characteristics, use permitted under the Lease, and prevailing market conditions.

Consumer Price Index (CPI) The Rent shall be adjusted by reference to changes in the CPI over the review period, calculated as: percentage change in CPI multiplied by the current Rent. CPI reference:

Fixed Percentage The Rent shall be increased by % on each Review Date.

5. PROCEDURE FOR DETERMINATION

Within 21 days after service of a Notice of Review the parties shall exchange written submissions supporting their proposed Rent levels. If the parties reach agreement within 30 days the agreed Rent shall take effect on the Adjustment Effective Date specified in Section 6.

If the parties fail to agree within 30 days, the dispute shall be referred to an independent expert appointed by agreement of the parties. If the parties cannot agree on an expert within 14 days of referral, either party may apply to the nominated appointing authority named as:

6. DETERMINATION BY EXPERT

The expert shall determine the appropriate Rent having regard only to the basis of review selected in Section 4 and the Lease. The expert's determination shall be final and binding on the parties except for manifest error or fraud. The expert shall provide written reasons and shall make the determination within 42 days of appointment unless the parties agree an extension in writing.

7. ADJUSTMENT EFFECTIVE DATE; PAYMENT

The Rent determined under this Agreement shall be effective from the Adjustment Effective Date: . Any additional sums found to be due as a result of review shall be paid by the Tenant to the Landlord within 30 days of written demand and shall bear interest at the rate of % per annum from the effective date until payment.

8. ACCESS, EVIDENCE AND INSPECTION

The Tenant shall permit the Landlord and any appointed valuer or expert reasonable access to the Property during normal business hours for inspection and measurement, subject to the Tenant's reasonable security procedures. Each party shall provide, on request, documentary evidence relied upon in support of its position.

9. COSTS

Unless otherwise agreed, the costs and expenses of the determination (including expert fees) shall be borne as follows:

Landlord to bear costs Tenant to bear costs If neither box is selected, costs shall follow the expert's determination, which may allocate costs between the parties in whole or in part.

10. NOTICES

All notices required or permitted under this Agreement shall be in writing and delivered to the addresses set out below (or to such other address as a party notifies in writing).

11. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the jurisdiction specified as: . The parties submit to the non-exclusive jurisdiction of the courts of that jurisdiction.

12. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the parties in relation to the subject matter of rent review and supersedes any prior agreements, representations or negotiations. No oral statement shall have any effect unless recorded in a written amendment executed in accordance with Section 14.

13. SEVERABILITY

If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, such provision shall be severed and the remainder of the Agreement shall continue in full force and effect.

14. AMENDMENTS; WAIVER; COUNTERPARTS

Any amendment to this Agreement must be in writing and signed by both parties. No waiver of any breach shall be effective unless in writing and signed by the party granting the waiver. This Agreement may be executed in counterparts and electronic reproductions of signatures shall be deemed originals for all purposes.

15. MISCELLANEOUS

The parties acknowledge that the procedures herein are intended to provide a fair and commercially reasonable mechanism for rent review and that the parties will act in good faith and co-operate to give effect to this Agreement.

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