PART 6Market rent only option: procedure to be followed in connection with an offer
The negotiation period34
1
This regulation applies where—
a
the pub-owning business has provided the tenant with a full response under regulation 29(3) or a revised response under regulation 33(2); and
b
the tied pub tenant continues to wish to pursue a market rent only option.
2
The tied pub tenant and the pub-owning business must, until the end of the MRO procedure, seek to agree a tenancy or licence that is MRO-compliant.
3
Where—
a
the pub-owning business proposes a tenancy or licence to the tied pub tenant during the negotiation period;
b
the tied pub tenant does not, during that period, communicate to the pub-owning business, in writing, a decision to accept or reject the proposal;
c
the tenant does not make a reference under regulation 35 in relation to the proposed tenancy or licence; and
d
the time allowed under that regulation for making such a reference has expired,
the proposal lapses on the day after that on which the time so allowed expires.
4
The negotiation period is the period of 56 days beginning with the day on which the tied pub tenant receives—
a
a full response under regulation 29(3); or
b
if later, a revised response under regulation 33(2).