Common use of Adjusted Ground Rent Clause in Contracts

Adjusted Ground Rent. The "Adjusted Ground Rent" -------------------- for each parcel at any given adjustment period shall be the lesser of the Adjusted Fair Market Rental Value for such parcel as determined in subsection 3.2.2 above or the initial Ground Rent for such parcel plus the product of the Sublease Rental Percentage Change determined in 3.2.4.3 above times the initial Ground Rent for such parcel. To the extent that the Adjusted Fair Market Rental Value is greater than the Adjusted Ground Rent, the difference may be carried forward into the next five (5) year adjusted rental period but not into any subsequent five (5) year adjusted rental periods, and thereby recovered by Landlord. The amount of Ground Rent during a five (5) year adjusted rental period where there has been such a carry forward shall not exceed one hundred ten percent (110%) of the fair market Ground Rent as determined for that period.

Appears in 1 contract

Samples: Lease Agreement (Kilroy Realty Corp)

AutoNDA by SimpleDocs

Adjusted Ground Rent. The "Adjusted Ground -------------------- Rent" -------------------- for each parcel at any given adjustment period shall be the lesser of the Adjusted Fair Market Rental Value for such parcel as determined in subsection 3.2.2 above or the initial Ground Rent for such parcel plus the product of the Sublease Rental Percentage Change determined in 3.2.4.3 above times the initial Ground Rent for such parcel. To the extent that the Adjusted Fair Market Rental Value is greater than the Adjusted Ground Rent, the difference may be carried forward into the next five (5) year adjusted rental period but not into any subsequent five (5) year adjusted rental periods, and thereby recovered by Landlord. The amount of Ground Rent during a five (5) year adjusted rental period where there has been such a carry forward shall not exceed one hundred ten percent (110%) of the fair market Ground Rent as determined for that period.

Appears in 1 contract

Samples: Lease Agreement (Kilroy Realty Corp)

Adjusted Ground Rent. The "Adjusted Ground Rent" -------------------- for each -------------------- parcel at any given adjustment period shall be the lesser of the Adjusted Fair Market Rental Value for such parcel as determined in subsection 3.2.2 above or the initial Ground Rent for such parcel plus the product of the Sublease Rental Percentage Change determined in 3.2.4.3 above times the initial Ground Rent for such parcel. To the extent that the Adjusted Fair Market Rental Value is greater than the Adjusted Ground Rent, the difference may be carried forward into the next five (5) year adjusted rental period but not into any subsequent five (5) year adjusted rental periods, and thereby recovered by Landlord. The amount of Ground Rent during a five (5) year adjusted rental period where there has been such a carry forward shall not exceed one hundred ten percent (110%) of the fair market Ground Rent as determined for that period.

Appears in 1 contract

Samples: Lease Agreement (Kilroy Realty Corp)

AutoNDA by SimpleDocs

Adjusted Ground Rent. The "Adjusted Ground Rent" -------------------- for each parcel (or for both Parcel A and B, if applicable) at any given adjustment period shall be the lesser of the Adjusted Fair Market Rental Value for such parcel as determined in subsection 3.2.2 above or the initial Ground Rent for such parcel plus the product of the Sublease Rental Percentage Change determined in subsection 3.2.4.3 above times the initial Ground Rent for such parcelparcel or both parcels, if Section 3.2.4.2 is applicable. To the extent that the Adjusted Fair Market Rental Value is greater than the Adjusted Ground Rent, the difference may be carried forward into the next five (5) year adjusted rental period but not into any subsequent five (5) year adjusted rental periods, and thereby recovered by Landlord. The amount of Ground Rent during a five (5) year adjusted rental period where there has been such a carry forward shall not exceed one hundred ten percent (110%) of the fair market Ground Rent as determined for that period.

Appears in 1 contract

Samples: Lease Agreement (Kilroy Realty Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!