The Commercial Rent Review Notice is a crucial document in commercial property management within the United States, typically triggered by specific provisions in a commercial lease agreement that allow for periodic rent reviews. This document is used when either the landlord or tenant wishes to initiate a formal rent review process, usually at predetermined intervals specified in the lease or when market conditions warrant a rent adjustment. The notice must comply with both state-specific commercial property laws and the terms of the original lease agreement. It serves as the formal commencement of the rent review process and typically includes details about the current rent, proposed changes, supporting market evidence, and relevant lease provisions. The document is particularly important in establishing a clear timeline for the review process and ensuring all parties are formally notified of the intended rent review in accordance with legal requirements.
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1. Sender Details: Full name, address, and contact information of the party initiating the rent review
2. Recipient Details: Full name and address of the recipient (typically the tenant/landlord)
3. Date: Date of the notice
4. Property Reference: Clear identification of the leased premises
5. Lease Reference: Details of the existing lease including date of execution and relevant rent review provisions
6. Notice of Review: Clear statement of intention to implement a rent review as per lease terms
7. Current Rent: Statement of the current rent amount and payment terms
8. Proposed New Rent: Clear statement of the proposed new rent amount
9. Effective Date: Specified date from which the new rent is proposed to take effect
10. Signature Block: Signature of the authorized person issuing the notice
1. Market Evidence: Summary of comparable properties and market data supporting the proposed rent change - include when substantial rent increase is proposed
2. Review Process: Outline of the review procedure as per lease - include when lease specifies particular review procedures
3. Negotiation Period: Specified timeframe for response or negotiation - include when required by lease or local law
4. Dispute Resolution: Reference to dispute resolution procedures - include when lease contains specific provisions
5. Professional Valuation Reference: Reference to independent valuation if already obtained - include when available
1. Schedule A - Market Evidence: Detailed comparable property data and market analysis supporting the proposed rent
2. Schedule B - Property Plans: Relevant floor plans or property drawings if needed for reference
3. Schedule C - Rent Calculations: Detailed calculations showing how the proposed new rent was determined
4. Appendix 1 - Independent Valuation Report: Copy of professional valuation report if obtained
5. Appendix 2 - Relevant Lease Excerpts: Copy of relevant sections from the lease regarding rent review provisions
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