Dissconect the fan from the power source by turning the breaker off at the junction box.
Using a utility knife, cut the fan's rubber belt in half for easy removal.
Inspect the drive wheels and shaft for any defects. Use a wrench to check the tightness of the nuts that hold the shaft wheels in place.
Install the new belt over the shaft wheels. Use a slotted screw driver to help pry on the belt over the drive shaft wheels.
Using a grease gun or lubricating spray, lube between the moving parts.
Reconnect the power source and turn the fan on. The belt may squeal as it starts to turn the fan; the squealing will subside once the fan is up to speed.