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How Rent to be revised and varied.
Costs of Revision.
No Variation less than One Tenth.
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5. It shall be lawful for the said Governors, or for such Lessee in Fee as last aforesaid, his Heirs or Assigns, if they or he respectively shall so think fit, at any Time within Six Calendar Months next after the Expiration of Twenty-one Years computed from the First Day of May next preceding the Execution of such Lease in Fee, by Notice in Writing duly served on the other of them, to require that the Rent payable under the said Lease shall be revised according to the Provisions of this Act, and thereupon the average Prices of the Five several Commodities aforesaid respectively for the Seven Years ending with the First Day of May then last preceding shall be ascertained and determined by Two Arbitrators, One to be appointed by each Party, or, in case such Arbitrators differ, by an Umpire, to be appointed as herein-after provided; and the Amount of such Rent shall be increased or diminished in such Manner and to such Extent as that each component Part (according to the Proportions herein-before mentioned) of such new or revised Rent shall bear the like Proportion to the same component Part of the original or previous Rent as the ascertained average Price for the then last Seven Years so ending as aforesaid of the Commodity representing and regulating such component Part of such Rent shall bear to the Standard Price of the same Commodity so ascertained before the Execution of such Lease, and set forth therein as herein-before directed; and so in like Manner after each successive Period of Twenty-one Years, or after any of such successive Periods, although there may have been no such Revision made or required after any of the like preceding Periods, the Rent for the Time being payable under any such Lease shall, if so required by either Party, by Notice in Writing duly served within Six Calendar Months after the Expiration of such Period, be revised and readjusted in like Manner; and on the Occasion of every such Revision and Variation of the said Rent an Endorsement shall be made upon the Lease and Counterpart thereof respectively, stating the Amount of the new or revised Rent to be thenceforth payable under the said Lease, which Endorsement as so made upon the said Lease shall be executed by the Governors under their Common Seal; and as made on the said Counterpart shall be executed by the Lessee, his Heirs or Assigns, under his or their Hand and Seal or Hands and Seals; and every such new or revised Rent shall be paid to and received by the said Governors as from the First Day of May next before the Service of the said Notice requiring such Revision of the Rent, and thenceforward until some further Revision and Variation thereof (if any) shall he required and made as aforesaid; and in respect of every such new or revised Rent the said Governors shall have all the same Rights and Remedies (including Ejectment for Non-payment thereof) as by the Renewal Leasehold Conversion Act is provided, or as they would have had in respect of the original Rent reserved by such Lease in case the same had not been varied as aforesaid: Provided always, that all the Costs, Charges, and Expenses of or incident to every such Revision of Rent, and the Notice requiring the same respectively, shall be borne by the Party serving such Notice and requiring such Revision; and provided also, that if upon any such Revision the Difference of Prices so ascertained as aforesaid shall not be such as to cause an Increase or Diminution equal to at least One Tenth Part of the Rent for the Time being payable under such Lease, then and in every such Case no Variation shall then be made in the said Rent.
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