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Document Description
A rent review memorandum is a document that acknowledges that a new rent will be applied to the lease after a rent review. Most leases provide a rent review to account for unforeseen circumstances, such as economic downturns.
How to use this Document?
Landlords and tenants should use this document after they have reached an agreement after a rent review.
Users should be mindful of their lease's terms and conditions of their rent review clauses. Some rent review clauses may contain up-wards only rent review, some may stipulate the frequency of rent reviews within a lease period. Different clauses may rely on different types of valuation and methods, such as indexation (e.g. retail price index or an arithmetical calculation).
Each party to the lease should keep a copy of this document for future rent reviews.
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