Long Term Agricultural Land Lease Page 15
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22Second Schedule
(Second Part)
Rent Review Provisions
1.
The revised rent referred to in the within lease in respect of any of the periods mentioned in the
First Part of this Second Schedule may be agreed at any time between the Lessor and the
Lessee or (in the absence of agreement) be determined not earlier than the date of
commencement of such period (”the review date”) by an independent expert valuer (“the
Independent Valuer”) being a Member of the Society of Chartered Surveyors Ireland in the
Republic of Ireland or such Independent Valuer to be nominated (in the absence of agreement
between the parties) upon the application (made not more than two calendar months before or
at any time after the review date) of the Lessor (or, if the Lessor fails to make such application
within twenty eight days of being requested in writing to do so by the Lessee) by either the
President of the Incorporated Law Society of Ireland or the President of the Society of
Chartered Surveyors Ireland at the discretion of the party entitled to make the application.
and
the revised rent so to be determined by the Independent Valuer shall be such as in his opinion
represents at the review date the full open market yearly rent for the Farm including any
additions or improvements provided at the Lessor’s expense let as a whole without fine or
premium:-
(A)
ON THE BASIS of a letting with vacant possession thereof by a willing lessor to a
willing lessee for a term (commencing on a review date) equal to the greater of two
years or the residue then unexpired of the term granted by the within-written lease and
subject to the provisions therein set forth (other than as to the amount of the initial rent
thereby reserved but including such of said provisions as pertain to the review of rent).
(B)
ON THE ASSUMPTIONS that-
(i)
at and until the review date all the covenants on the part of the tenant and the
conditions contained in the within lease have been fully performed and
observed.
(ii)
in the event of any building/s or parts of buildings on the farm having been
damaged or destroyed and not having been fully repaired reinstated or rebuilt
(as the case may be) such damage or destruction had not occurred.
and
(C)
HAVING REGARD to other open market rental values current at the review dated
insofar as the Independent Valuer may deem same to be pertinent to the determination.
(D)
BUT DISREGARDING any effect on letting value of:-
(a)
the fact that the Lessee is or has been in occupation of the Farm or any part
thereof.
(b)
any works executed by and at the expense of the Lessee in, on, to or in respect
of the Farm other than required works PROVIDED that in the interpretation
of this sub-paragraph (b) the expression “the Lessee” shall extend to include
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