Idiom: for the time being (used idiomatically: yes)
Those obligations will include:(1 ) a covenant to try his best to keep the scheme fully let;(2 ) a covenant not to let at less than the market rent obtainable at the date of the letting;(3 ) a covenant not to grant rent free periods or concessionary rent periods without the landlord 's consent;(4 ) a covenant not to sublet except in defined subletting units;(5 ) a covenant not to waive or commute any rental payments under subleases;(6 ) a covenant not to accept any surrender of any sublease without the landlord 's consent;(7 ) a covenant to enforce subtenants ' covenants in subleases;(8 ) a covenant not to permit any sub - underletting of a sub - let part . All these obligations are designed to ensure that the tenant keeps up the real value of the scheme and that the landlord 's income remains as high as possible . Example 4:6 Rent geared to subrents receivable YIELDING AND PAYING THEREFOR by equal quarterly payments in advance on 1 January 1 April 1 July and 1 October in each year per cent of the net rents which the tenant is entitled to receive for the whole or any part of the demised property and calculated in accordance with the schedule hereto SCHEDULE ( 1 ) In this schedule the following expressions have the following meanings:(a ) " full rack rental value " means the best rent at which the demised property ( or as the case may be the part of the demised property in question ) might reasonably be expected to be let in the open market by a willing landlord to a willing tenant ( i ) in the case of property falling within paragraph ( 2 ) below on the terms ( other than as to rent or other pecuniary consideration ) upon which it is actually occupied ( ii ) in the case of property falling within paragraph ( 3 ) below on the terms ( other than as to rent or other pecuniary consideration ) of this lease ( iii ) in the case of property falling within paragraph ( 4 ) below on the terms ( other than as to rent or other pecuniary consideration ) upon which it was last occupied and in any case disregarding the matters set out in paragraphs ( a ) and ( b ) of section 34(1 ) of the Landlord and Tenant Act 1954 ( as amended ) and on the assumption that the rent so determined will be revised every five years ( b ) " qualified accountant " means a member of the Institute of Chartered Accountants in England and Wales or the Association of Certified Accountants ( 2 ) If the tenant lets or permits to be occupied the whole or any part of the demised property in return for any pecuniary consideration other than the full rack rental value thereof as at the date of such letting or permission or in return for no pecuniary consideration then he shall be deemed for the purposes of this schedule to be entitled to receive the full rack rental value thereof determined as at the date of such letting or permission and redetermined as at every fifth anniversary thereof ( 3 ) If the tenant himself occupies the whole or any part of the demised property then he shall be deemed for the purposes of this schedule to be entitled to receive the full rack rental value thereof determined as at the date on which he went into occupation and redetermined as at every fifth anniversary thereof ( 4 ) If the whole or any part of the demised property remains vacant for three months or more then at the expiry of such period of three months the tenant shall until the same is next occupied be deemed to be entitled to receive the full rack rental value thereof determined as at the date upon which the said period expired and redetermined as at every fifth anniversary thereof ( 5 ) The tenant shall one month before the beginning of each quarter ( time being of the essence ) deliver to the landlord a certificate signed by a qualified accountant showing a true summary of:(a ) the gross amount of all rents and licence fees which the tenant is entitled ( or deemed to be entitled ) to receive in respect of the demised property and each part thereof for that quarter and ( b ) the amount of any sum included in ( a ) above which the tenant is entitled to recover from any subtenant or occupier of the whole or any part of the demised property either by way of VAT or by way of service charge in respect of services or works performed or to be performed ( 6 ) Subject to paragraph ( 7 ) below the net rents shall be the difference between the two amounts shown in the said certificate ( 7 ) The net rents shall be determined by a single arbitrator to be appointed by the President for the time being of the Royal Institution of Chartered Surveyors if:(a ) the tenant fails to deliver a certificate in accordance with paragraph ( 5 ) above ( in which case the tenant shall pay interest on the net rents at the rate of … per cent from the quarter day in question until payment ) or ( b ) any dispute or difference arises between the parties in connection with the calculation of the net rents ( in which case the arbitrator shall determine the amount of interest if any to be paid by the tenant)(8 ) The tenant shall permit the landlord or his agent to inspect and take copies of the tenant 's books or account or any other document or record ( and if necessary the tenant shall procure any computer print - out ) which in the opinion of the landlord or such agent is relevant to the calculation of the net rents and shall bear the costs of such inspection if there shall be any material discrepancy between the certificate delivered by the tenant under paragraph 5 above and the results of such inspection . Example 4:7 Side by side rent sharing SCHEDULE ( 1 ) In this schedule:(a ) " rental income " means the aggregate of:(i ) any yearly or other periodical sums payable under an occupational lease including sums payable by virtue of any enactment;(ii ) any sums payable by way of interest under an occupational lease;(iii ) any sums payable by way of damages or compensation for any breach of a tenant 's obligation under an occupational lease;(iv ) any sum payable by a guarantor of a tenant 's obligation under an occupational lease pursuant to his guarantee;(v ) any premium paid or other capital payment made by a tenant under an occupational lease in connection with the grant assignment variation or surrender of an occupational lease;(vi ) any sum payable under a policy of insurance in respect of loss of rent or other income ( b ) " permitted deductions " means the aggregate of:(i ) expenses reasonably incurred by the tenant in order to comply with its obligations as landlord under an occupational lease;(ii ) legal costs incurred by the tenant in enforcing obligations under occupational leases except to the extent that the tenant recovers those costs from a party to an occupational lease;(iii ) the amount of any compensation or damages which the tenant is liable by statute or ordered to pay to any party to an occupational lease whether for non - renewal of a tenancy breach of covenant breach of obligation compensation for improvements or otherwise;(iv ) the cost of management and rent collection not exceeding … per cent of rental income ( c ) " notional rental income " means the rack rental value of any lettable unit which is either unlet or vacant or occupied by the tenant or by a group company the value to be determined as at the date on which the unit in question ceased to be let or occupied or as the case may be become occupied by the tenant or a group company and redetermined every year ( d ) " lettable unit " means a part of the property which is designed constructed or adapted for letting to an occupying retail trader ( e ) " occupational lease " means a lease under which physical possession of a lettable unit was granted by the tenant ( f ) " rack rental value " of any lettable unit at any time means the rent at which that unit might reasonably be expected to be let in the open market for a term of not less than ten years with an upwards only rent review on every fifth anniversary of the beginning of the term and on such other terms as would be expected to be negotiated in the open market ( including such financial inducements and concessions as are usual in the market at that time)(g ) " group company " means a company which would be treated as a member of the same group of companies as the tenant for the purposes of the Landlord and Tenant Act 1954 ( h ) " divisible income " means the difference between:(i ) rental income plus notional rental income ; and ( ii ) permitted deductions but divisible income shall never be less than nil ( i ) " the first slice " means such part of divisible income as does not exceed £ ( j ) " the second slice " means such part of divisible income as exceeds £ but does not exceed £ ( k ) " the top slice " means such part of divisible income as exceeds £ ( 2 ) The rent payable by the tenant is the aggregate of:(a) … per cent of the first slice;(b) … per cent of the second slice ; and ( c) … per cent of the top slice to be paid by equal quarterly payments on the usual quarter days 6 Rent geared to head rent