Indexed rent review—non-annual basis with optional cap and collar

Definitions

Base Figure

1. is:

   1. (a)

      on the first Notional Review Date [[insert the Index figure for the [month] before completion of the lease] OR t] the Index for the month before [the term commencement date OR completion of this lease];

   2. (b)

      on each succeeding Notional Review Date, the Index for the month before the preceding Notional Review Date;

Current Figure

1. the Index figure for the month preceding the relevant Notional Review Date;

Independent Surveyor

1. an independent chartered surveyor with at least [10] years’ experience of valuing premises comparable to the Property;

Index

1. the ‘all items’ [Retail Prices OR Consumer Prices] Index published by the Office for National Statistics or any successor or replacement agency or government department;

[Maximum Rent

1. [insert figure]% of the Notional Rent payable immediately before the relevant Notional Review Date;]

[Minimum Rent

1. [insert figure]% of the Notional Rent payable immediately before the relevant Notional Review Date;]

Notional Rent

1. for the period up until the first Notional Review Date, [insert original amount of the Rent] and thereafter the sum calculated in accordance with clause 2.1;

Notional Review Date

1. each anniversary of [insert the