Power Securities (Manchester) Ltd v Prudential Assurance Co Ltd
Power Securities (Manchester) Ltd v Prudential Assurance Co Ltd
- 1987
- Estates Gazette 281(6326) 21 March 1987, 1327-1331(3) .
ChD 20 November 1986. Originating summons by which plaintiff tenants sought a declaration in regard to provisions of an unusual form of rent review clause in a lease of a shopping centre . The machinery of the review formula was complicated; the lease provided for a maximum and a minimum figure of 275,000 and 225,000 for total income receivable for the premises in case of default. At issue was whether time was of the essence regarding a requirement that a component part of the review formula should be agreed by a named date. The component part being the total income receivable and a figure which was essential to the calculation of the reviewed rent. The landlords contended that no agreement as to the amount of the total income receivable having been concluded by 25 June 1982, it must be taken to be 225,000. The tenants argued that time was not of the essence, nor has time since been been made of the essence of that date by notice served by either party. Accordingly it is still open t
MANCHESTER
POWER SECURITIES (MANCHESTER) LTD V PRUDENTIAL ASSURANCE CO LTD
ROYAL EXCHANGE
TIME OF THE ESSENCE
UNITED SCIENTIFIC HOLDINGS LTD V BURNLEY BC
ChD 20 November 1986. Originating summons by which plaintiff tenants sought a declaration in regard to provisions of an unusual form of rent review clause in a lease of a shopping centre . The machinery of the review formula was complicated; the lease provided for a maximum and a minimum figure of 275,000 and 225,000 for total income receivable for the premises in case of default. At issue was whether time was of the essence regarding a requirement that a component part of the review formula should be agreed by a named date. The component part being the total income receivable and a figure which was essential to the calculation of the reviewed rent. The landlords contended that no agreement as to the amount of the total income receivable having been concluded by 25 June 1982, it must be taken to be 225,000. The tenants argued that time was not of the essence, nor has time since been been made of the essence of that date by notice served by either party. Accordingly it is still open t
MANCHESTER
POWER SECURITIES (MANCHESTER) LTD V PRUDENTIAL ASSURANCE CO LTD
ROYAL EXCHANGE
TIME OF THE ESSENCE
UNITED SCIENTIFIC HOLDINGS LTD V BURNLEY BC