Adjustment of Base Rental. (a) To the extent any Reimbursement Obligation or accrued interest thereon has not been paid as and when due or any deferred Excess Interest remains unpaid, following the Termination Date and for so long thereafter as any Reimbursement Obligations remain unpaid, the County and the Corporation shall increase the amount of the Base Rental payable under the Sublease for the Property to the greater of (i) the Maximum Base Rental for the Property or (ii) the maximum fair rental value of the Property determined in accordance with subsection (b) below.
(b) To the extent any Reimbursement Obligation or accrued interest thereon has not been paid as and when due or any deferred Excess Interest remains unpaid, following the Termination Date and for so long thereafter as any Reimbursement Obligations remain unpaid, unless the Sublease has terminated in accordance with its terms, the County and the Corporation agree, at the Bank’s sole written request, from time to time (but not more than once in any twelve-month period), to determine or cause to be determined, the fair rental value for one or more Components. Such determination shall be by any method that the Bank may reasonably request, subject to the reasonable approval of such method by the County, the Corporation and bond counsel, including a Class C appraisal and shall be at the sole expense of the County and the Corporation. In addition, the County and the Corporation agree to extend the term of (i) the Site Lease in accordance with Section 4 thereof and (ii) the Sublease in accordance with Section 2.2 thereof, if, on the stated expiration thereof, any amounts remain owing to the Bank hereunder, under the Fee Letter or under any of the other Related Documents.
Adjustment of Base Rental. Pursuant to Paragraph 4.1, the following amounts shall be added to the base rent payable under the Lease.
(a) Effective April 1, 1997 Tenant shall pay Landlord minimum monthly base rent for the Expansion Premises of Five Dollars ($5.00) per square foot, or Seven Thousand Five Hundred and 00/100ths U.S. Dollars per month ($7,500.00/month).
(b) On January 1, 1998 or upon completion of the Tenant Improvements in Paragraph 3, whichever comes first, the minimum monthly base rent for the Expansion Premises shall be increased to Nine Dollars ($9.00) per square foot, or Thirteen Thousand Five Hundred and 00/100ths U.S. Dollars ($13,500.00/month). Landlord and Tenant shall mutually agree upon Tenant Improvement plans on or before November 15, 1997. If, through no fault or delay caused by Tenant, including the failure to agree upon Tenant Improvement plans by November 15, 1997, the Tenant Improvements are not completed by January 1, 1998, then the base rent for the Expansion Premises shall not be increased until completion of the Tenant Improvements.
(c) If Landlord constructs Tenant Improvements on just a portion of the Expansion Premises prior to January l, 1998, and just that portion of the Leased Premises is occupied by Tenant, then the minimum monthly base rent for just that portion of the Expansion Premises shall be increased to Nine Dollars ($9.00) per square foot upon completion of such Tenant improvements.
(d) Prior to January 1, 1998, if Tenant improvements are constructed on a portion of the Expansion Premises not exceeding Nine Thousand (9,000) square feet, and such portion is occupied by an approved sublessee of Tenant, then the base rent shall remain Five Dollars ($5.00) per square foot until January 1, 1998. If the sublease is for a portion of the Expansion Premises in excess of Nine Thousand (9,000) square feet, then the base rent shall be increased to Nine Dollars ($9.00) per square foot for that part of the Expansion Premises which has been subleased, upon completion of the sublease Tenant improvements.
(e) Pursuant to Paragraph 4.2, Escalation of Base Rent, the minimum monthly base rent for the Expansion Premises is subject to escalation no earlier than April 1, 1998, thereinafter the escalation shall include and apply to the base rent payable on the entire premises of forty-eight thousand square feet (48,000 square feet) and the anniversary date shall be December 1st of each year.
Adjustment of Base Rental. The Base Rent shall be adjusted downward, effective July 1, 2002, to reflect the reduction in the Premises.
Adjustment of Base Rental. DELETED ---------- --------------------------
Adjustment of Base Rental. The Base Rental payable pursuant to this ------------------------- Lease shall be adjusted upward from time to time in accordance with the following provisions:
(a) Tenant's Base Rental is based, in part, upon the assumption that Landlord is contributing as its share of the annual Operating Expenses [as defined in Paragraph 4(e) hereof] of the Building an amount up to the Base Expense Amount. Tenant shall during the term of this Lease pay, as an adjustment to Base Rental pursuant to this Lease, an amount equal to the product of the following: (i) the excess (the "Excess"), if any, from time to time of the annual Operating Expenses in the Building over the Base Expense Amount, times (ii) a fraction, the numerator of which is the number of square feet of Rentable Space in the Premises and the denominator of which is the number of square feet of Rentable Space in the Building. At any time prior to or during any calendar year of Tenant's occupancy, Landlord may make a good faith estimate of the Excess, if any, for the current or immediately succeeding calendar year and upon thirty (30) days' written notice to Tenant shall require the monthly payment of Base Rental to be adjusted in accordance with such estimate. Tenant's proportionate share of any such estimated Excess shall be payable in equal monthly installments over the remaining months of the calendar year after notice of such estimate is delivered to Tenant. Any amounts paid based on such an estimate shall be subject to adjustment pursuant to Paragraph 4(b) when actual Operating Expenses are available for each calendar year.
(b) By April 1 of each calendar year during Tenant's occupancy, or as soon thereafter as practical, Landlord shall furnish to Tenant a statement of Landlord's actual Operating Expenses for the previous calendar year. If any additional Base Rental collected for a prior year, as a result of Landlord's estimate of the Excess, is in excess of the additional Base Rental actually due during such prior year, then Landlord shall refund to Tenant any overpayment (or at Landlord's option, apply such amount against rentals due or to become due hereunder). Likewise, Tenant shall pay to Landlord, within forty-five (45) days after having received a written invoice, any underpayment with respect to the prior year.
(c) Tenant shall have the right at any time within 180 days after Tenant's receipt of Landlord's statement of the previous year's Operating Expenses (but not after such 180-day period), t...
Adjustment of Base Rental. The Base Rental provided for herein is based, in part, upon Landlord's estimate Basic Cost (as hereinafter defined) of repairing, maintaining and operating the
Adjustment of Base Rental. 4 5. Electricity .....................................................................................6
Adjustment of Base Rental. 8.1. The Base Rental provided for herein includes the Basic Cost (as that term is hereafter defined) for the calendar year 2005 grossed up to 95% occupancy. The Basic Cost for the calendar year set out in the preceding sentence is herein called the “Basic Year Cost.”
8.2. The term “Basic Cost,” as used herein, shall mean all Operating Expenses incurred and/or paid with respect to ownership, maintenance and operation of the Building. All operating expenses shall be determined in accordance with generally accepted accounting principles applicable to the real estate industry. The term “Operating Expenses” as used herein shall mean all expenses, costs and disbursements (not including specific costs billable to and payable by specific tenants, nor rental commissions) of every kind and nature which Landlord shall pay or become obligated to pay because of, or in connection with, the ownership, maintenance and operation of the Building, including, but not limited to, the following:
Adjustment of Base Rental. Commencing 12 months from the Commencement Date of this Lease, Sublessee shall pay to Sublessor its pro rata share of Operating Expenses, as calculated in accordance with Article 4 of the Master Lease, except that Section 1(I) of the Master Lease is hereby amended to read, "The aggregate of Operating Expenses incurred in connection with the Building during calendar year 2003" anal the year referenced in Section 4(a) shall be changed to read "2004."
Adjustment of Base Rental. The base rental shall be adjusted at the times and in the manner as follows:
(a) Upon the commencement of the eleventh (llth) year of the lease term, the monthly base rental shall be increased by twenty percent (20%) per month, over the previous period.
(b) Upon the commencement of the sixteenth(16th) year of the lease, term, the monthly rental as adjusted pursuant to paragraph (a) of this section shall be increased by ten percent (10%) per month over the previous
(c) Upon the commencement of the twenty-first (21st) year and the twenty-sixth (26th) year of the lease term, the monthly rental as adjusted pursuant to paragraph (b) of this section shall be increased by ten percent (10%) per month over the previous period.
