Market checkpoints at which applicable rents (in a lease contract) are re-assessed/ re-adjusted/ re-set to reflect market conditions. In other words, a review process involves a post-contract interaction between a landlord/ lessor and a tenant/ lessee where the latter would exercise the option to renew the lease contract under the same terms or different set of terms or at certain rent increments for a long-term lease. The landlord can reconsider the applicable rent (i.e., mark it to market) so that it keeps pace with market reality.
June 4, 2022
