ADJUSTMENT OF LEASE FEE. The Lease Fee specified in Section 5.1(a) above has been calculated to approximate, in part, the monthly fair rental value of the Land, current as of the commencement of the term of this Lease, recognizing that its use is restricted by provisions of this Lease. The Lease Fee shall be applicable in calculating the Lease Fee at all times during the term of this Lease, as such Lease Fee shall be adjusted as provided in this Lease. In the event of a foreclosure or other circumstance under Section 8.8 below or otherwise which suspends or invalidates the provisions of Articles X and XI limiting transfers of the Improvements, then during such portions of the term of this Lease as the Lessee shall not be required to comply with the provisions of Article X and Article XI, the Lease Fee shall be increased to an amount calculated by the CLT to equal the fair rental value of the Land for use not so restricted. In such event, upon the CLT's election exercised by not less than ninety (90) days' notice to the Lessee, the Lease Fee shall be as specified in such notice. The CLT reserves the right to adjust Lease Fees from time to time and at its discretion, except that no adjustment to the fees shall be made absent a duly forwarded and approved motion within the CLT Board of Directors, which motion shall have been announced to the Lessee at least one month prior to the adjustment in Lease Fees. In no event shall lease fees be increased against any one household, but they shall be increased only against all households pursuant to the motion of the Board of Directors.
ADJUSTMENT OF LEASE FEE. The Lease Fee stated in Section 5.1 above shall be applicable during the term of this Lease, as adjusted in the way provided below. 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 Lease Fee shall be increased to an amount calculated by Lessor to equal the fair rental value of the Land for use not restricted by the provisions of the suspended portions of the Lease, but initially an amount not to exceed $500. In such event, Lessor shall notify Lessee of the amount calculated in this way, and the Lease Fee shall then be this amount.
ADJUSTMENT OF LEASE FEE. The Lease Fee stated in Section 5.1 above shall be applicable during the term of this Lease, as adjusted in the way provided below. However, in the event that, for any reason, the provisions of Article X or Article XI regarding transfers of the Improvements and the Leasehold Estate are suspended or invalidated for any period of time, then during that time, the Lease Fee shall be increased to an amount calculated by Lessor to equal the fair rental value of the Land for use not restricted by the provisions of Article X or Article XI, but initially an amount not to exceed $400 per month as of commencement of this Lease. Such increases to this initial amount shall be equal to the percentage of change (positive or negative), over the period in question, of the Consumer Price Index for urban wage earners and clerical workers for the city of Seattle, Washington (the “Index”). Such Index is maintained by the Office of Prices and Living Conditions of the Bureau of Labor Statistics, of the U.S. Department of Labor. If the Index is discontinued, Lessor shall select a comparable index for this purpose. In such event, Lessor shall notify Lessee of the amount calculated in this way, and the Lease Fee shall then be this amount. In order to keep the Lease Fee reasonably current, the amount specified in Section 5.1, and the maximum initial amount specified in the preceding paragraph, shall be recalculated during 2010 and every 5th year thereafter, during the term of this Lease. At each such interval, the Lease Fee shall be recalculated, based upon the standards set forth in Sections 5.3 and 5.4 above. Lessor shall notify Lessee promptly upon recalculation of the new Lease Fee amount, and if Lessee does not state objections to the recalculated amount within thirty (30) days after receipt of this notice, the Lease Fee shall then be as stated by Lessor in the notice. If Lessee does state objections to the recalculated Lease Fee, and Lessor and Lessee are then unable to agree on a recalculated Lease Fee within fifteen (15) days of Lessor’s receipt of Lessee’s objection, the dispute shall be resolved according to the arbitration process set forth in Article XIII below, except that the arbitrators chosen by each party shall be ones with experience in the valuation of real estate. Upon the final determination of the recalculated Lease Fee in accordance with the terms of this section, Lessor shall maintain in its file a notarized certification of the amount of such recalculated Le...
