Additional Rent Applicable to Unforeseen Development Sample Clauses

Additional Rent Applicable to Unforeseen Development. Lessee intends to expend $14,000,000 (in addition to existing improvements) for additional Improvements (as defined in Article 9) on the Parcel. Lessor is concerned that if Lessee intensifies Lessee's use of the Parcel beyond the present expectations of the Lessor and Lessee, the rent described in Article 4 hereof will not reflect such unforeseen expansion or intensification of Lessee's use of the Parcel. Therefore, Lessee agrees that Lessee shall pay to Lessor annually as additional rent an amount equal to five percent (5%) of the sum of the amount in excess of said $14,000,000 (adjusted as provided herein), which Lessee so invests. Such additional rent shall be payable in the year in which completed, within 30 days of completion on a pro rata basis, and shall be added to base rent each year thereafter. The date of completion of the additional Improvements shall be the date on which the Lessee is issued a Certificate of Occupancy from the appropriate Governmental Agency, or upon final inspection from the appropriate Governmental Entity. Lessee shall notify Lessor of the actual cost of such excess structures within 30 days of their completion and provide to Lessor such evidence as Lessor may reasonably require to verify such costs. The aforesaid $14,000,000 shall be adjusted by multiplying it by a fraction, the numerator of which is the CPI for the Month in which the excess improvement is completed and the denominator of which is the CPI for the month in which this Lease is signed.
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Related to Additional Rent Applicable to Unforeseen Development

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