Common use of REVISED RENT Clause in Contracts

REVISED RENT. (a) Upon receipt of the Tenant's written notice stating its intention to tenant the Demised Premises for the Second Renewal Term, the Landlords shall inform the Tenant of the Revised Rent, which is to be based on the then prevailing market ental rates for property similar in nature, use and location to the Demised Premises. (b) Upon receipt of written notice of the Revised Rent, the Tenant shall be entitled to negotiate the Revised Rent with the Landlords for a period of one month (or such longer period as the Tenant and Landlords may mutually agree). If at the end of such period, the Landlords and the Tenant are unable to agree on the Revised Rent, the Tenant shall be entitled to withdraw its notice to take up the Second Renewal Term and shall be under no obligation to tenant the Demised Premises for the Second Renewal Term.

REVISED RENT. (a) Upon receipt of the Tenant's written notice stating its intention to tenant the Demised Premises for the Second Renewal Term, the Landlords Landlord shall inform the Tenant of the Revised Rent, which is to be based on the then prevailing market ental rental rates for property similar in nature, use and location to the Demised Premises. (b) Upon receipt of written notice of the Revised Rent, the Tenant shall be entitled to negotiate the Revised Rent with the Landlords Landlord for a period of one month (or such longer period as the Tenant and Landlords Landlord may mutually agree). If at the end of such period, the Landlords Landlord and the Tenant are unable to agree on the Revised Rent, the Tenant shall be entitled to withdraw its notice to take up the Second Renewal Term and shall be under no obligation to tenant the Demised Premises for the Second Renewal Term.