Commercial leases may contain notice procedures connected with rent review. The consequences of serving a notice late, incorrectly or not at all depend on the drafting and applicable law.
Check the notice provisions
Identify who may serve the notice, the required form, service provisions, timing and any stated consequences.
Is time of the essence?
This is a legal question that cannot safely be answered from the review date alone. Specific legal advice should be obtained where a party’s rights may depend on compliance with a contractual time limit.
Retrospective reviews
Some reviews can be pursued after the stated review date, potentially creating significant back rent. The lease should be checked before assumptions are made.