ADJUSTMENT OF GROUND LEASE FEE Sample Clauses

ADJUSTMENT OF GROUND LEASE FEE. The Ground Lease Fee stated in Section 5.1 above shall be applicable during the term of this Lease, as adjusted in the way provided below or as otherwise stipulated in this lease. However, in the event that, for any reason, the provisions of Article 10 or Article 11 regarding transfers of the Improvements and the Leasehold Estate or Section 4.4 regarding occupancy are suspended or invalidated for any period of time, then during that time, the Ground Lease Fee shall be increased to an amount calculated by VCLT to equal the fair rental value of the Land and any appurtenant rights for use not restricted by the provisions of the suspended portions of the Lease. In such event, VCLT shall notify Homeowner of the amount calculated in this way, and the amount specified in Section 5.1 shall then be this amount until it is recalculated as described below. In order to keep the Ground Lease Fee reasonably current, the amount specified in Section 5.1 shall be recalculated as VCLT shall from time to time determine reasonable, though no more than once in any 12 month period, through such reasonable process as the VCLT shall choose, based upon the standards set forth in Sections 5.3 and 5.4 above. Factors considered in recalculating the Ground Lease Fee include but are not limited to any of the VCLT's administration costs, including but not limited to general liability insurance, directors and officers insurance, administrative consulting fees, legal fees, mediation fees, and leasehold transfer costs including but not limited to recording fees, property taxes and maintenance costs for vacant leaseholds. VCLT shall notify Homeowner promptly upon recalculation of the new Ground Lease Fee amount, and if Homeowner does not state objections to the recalculated amount within thirty (30) days after receipt of this notice, the Ground Lease Fee shall then be as stated by VCLT in the notice. If Homeowner does state objections to the recalculated Ground Lease Fee, and VCLT and Homeowner are then unable to agree on a recalculated Ground Lease Fee within fifteen (15) days of VCLT’s receipt of Homeowner’s objection, the dispute shall be resolved according to the dispute resolution process set forth in Article 13 below. Upon the final determination of the recalculated Ground Lease Fee in accordance with the terms of this section, VCLT shall maintain in its file a notarized certification of the amount of such recalculated Ground Lease Fee and the process by which it was determined.
Sample 1
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ADJUSTMENT OF GROUND LEASE FEE. The Ground Lease Fee stated in Section 5.1 above, as adjusted in the way provided below, shall be applicable during the term of this Lease. However, in the event that, for any reason, the provisions of Article 10 or Article 11 regarding transfers of the Improvements or Section 4.4 regarding occupancy are suspended or invalidated for any period of time, then during that time, the Ground Lease Fee shall be increased to an amount calculated by Lessor to equal the fair rental value of the Leased Premises for use not restricted by the provisions of the suspended portions of the Lease, but initially an amount not to exceed $ . In such event, Lessor shall notify Lessee of the amount calculated in this way, and the Ground Lease Fee shall then be this amount. In order to keep the Ground Lease Fee reasonably current, the amount specified in Section
Sample 1
ADJUSTMENT OF GROUND LEASE FEE. The Ground Lease Fee stated in Section 5.1 above, as adjusted in the way provided for in Section 5.2, shall be applicable during the term of this Lease. However, in the event that, for any reason, the provisions of Article 10 or Article 11 regarding transfers of the Improvements or Section 4.4 regarding occupancy are suspended or invalidated for any period of time, then during that time, the Ground Lease Fee shall be increased to an amount calculated by CHT to equal the fair rental value of the Leased Premises for use not restricted by the provisions of the suspended portions of the Lease.
Sample 1
ADJUSTMENT OF GROUND LEASE FEE. The Ground Lease Fee stated in Section 5.1 above, as adjusted in the way provided below, shall be applicable during the term of this Lease. However, in the event that, for any reason, the provisions of Article 10 or Article 11 regarding transfers of the Improvements or Section 4.4 regarding occupancy are suspended or invalidated for any period of time, then during that time, at the option of Lessor, the Ground Lease Fee shall be increased to an amount reasonably calculated by Lessor to equal the fair rental value of the Leased Premises for use not restricted by the provisions of the suspended portions of this Lease. In such event, Lessor shall notify Lessee of the amount calculated in this way, and the Ground Lease Fee shall then be this amount as of the first day of the month immediately following such notice. In order to keep the Ground Lease Fee reasonably current, the amount specified in Section 5.1 (and the amount specified in the preceding paragraph) shall be subject to adjustment every five years during the term of this Lease, provided any increase in the Ground Lease fee shall not exceed an effective annual increase of three percent (3%). At such intervals, the amount shall be recalculated through such reasonable process as Lessor shall choose, based upon the standards set forth in Sections 5.3 and 5.4 above. Lessor shall notify Lessee promptly upon recalculation of the new Ground Lease Fee amount. Upon the final determination of the recalculated Ground Lease Fee in accordance with the terms of this Section, Lessor shall maintain in its file a certification of the amount of such recalculated Ground Lease Fee and the process by which it was determined.
Sample 1
ADJUSTMENT OF GROUND LEASE FEE. The Ground Lease Fee stated in Section 5.1 above, as adjusted in the way provided below, shall be applicable during the term of this Lease. However, in the event that, for any reason, the provisions of Article 10 or Article 11 regarding
Sample 1

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