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Review of rent.
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3.—(1) Where, after the commencement of this Act, the terms of a reversionary lease are settled by the Court under Part III of the Act of 1980 the lessor or the lessee shall be entitled to have the rent reviewed in accordance with this section.
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(2) The person seeking the review shall serve on the other party notice of his intention to have the rent reviewed.
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(3) The notice may be served—
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(a) where the rent has not previously been reviewed—not earlier than one month before the fifth anniversary of the date on which the terms of the lease were settled,
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(b) where the rent has previously been reviewed—not earlier than the fifth anniversary of the date of service of the notice for the preceding review.
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(4) In default of agreement on the rent, the person seeking the review shall be entitled to apply to the Court to have the rent reviewed not earlier than one month after service of the notice.
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(5) In default of agreement, the rent fixed upon the review shall become payable on whichever of the following dates is the later—
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(a) the first gale day after service of the notice under subsection (2),
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(b) (i) where the rent has not previously been reviewed, the first gale day following the fifth anniversary of the date on which the terms of the lease were settled,
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(ii) where the rent has previously been reviewed, the first gale day following the fifth anniversary of the date of service of the notice for the preceding review.
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(6) On a review of the rent by the Court the rent shall be fixed in accordance with the relevant provisions of sections 34, 35 and 36 of the Act of 1980 by reference to the date of service of the notice on which the application to the Court is based.
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