Long Term Agricultural Land Lease Page 17
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22aforesaid shall have been discharged.
4.
Either party shall be at liberty to pay the entire of the fees and expenses as aforesaid of the
Independent Valuer in which event the party so paying shall be entitled to be reimbursed by and
to recover from the other on demand any proportion so paid on behalf of such other.
5.
If an Independent Valuer in relation to any matter for determination by him shall fail to
conclude such determination and give notice thereof within such time as may be relevant or if
he shall relinquish his appointment or die or if it shall become apparent that for any reason he
shall be unable or shall have become unfit or unsuited (whether because of bias or otherwise) to
complete the duties of his nomination a substitute may be nominated in his place and in relation
to any such nomination the procedures herein before set forth shall be deemed to apply as
though the substitution were a nomination de novo which said procedures may be repeated as
many times as may be necessary.
6.
If the revised rent in respect of any period (“the current period”) shall not have been ascertained
on or before the review date referable thereto rent shall continue to be payable up to the gale
day next succeeding the ascertainment of the revised rent at the rate payable during the
preceding period and on such gale day the Lessee shall pay to the Lessor the appropriate
instalment of the revised rent together with any shortfall between (i) the aggregate of rents
(including such instalment if payable in arrear) actually paid for any part of the current period
and (ii) rent at the rate of the revised rent attributable to the interval between that review date
and such gale day and together also with interest on said shortfall such interest to be computed
on a day to day basis and to be assessed at such a rate as shall be equivalent to the yield (at
issue and before deduction of tax if any) on the security of the Government last issued before
the commencement of the current period (allowance having been made in the calculation of the
said yield for any profit or loss which may occur on the redemption of the security). For the
purpose of this paragraph the revised rent shall be deemed to have been ascertained on the date
when the same shall have been agreed between the parties or as the case may be on the date of
the notification to the Lessee of the determination of the Independent Valuer.
7.
If there should be in force at the commencement or during the currency of any particular
relevant period any Statute or Order (directly or indirectly) prohibiting or restricting an
increase of rent in respect of the Farm the provisions of this schedule and of the within lease
may nevertheless be invoked or reinvoked to determine the rent which would but for the said
prohibition or restriction be payable during such relevant period but (if appropriate) the further
implementation thereof shall be suspended in effect for such period as may be required by law.
8.
When and so often as the revised rent shall have been ascertained pursuant to the provisions
herein set forth memoranda recording the same shall thereupon be signed by or on behalf of the
Lessor and the Lessee and shall be annexed to the within lease and its counterpart and the
parties shall bear their own costs in relation to the preparation and completion of such
memoranda.
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