Adjustment of Rental. The Lessee agrees to a review and adjustment of the annual rental payment by City not less often than every fifth year beginning with the rental due after completion of each review period. Any changes or adjustments shall be based primarily upon the values of comparable land in the same or similar areas; such evaluations shall also include all improvements, placed upon or made to the land, to which the city and borough has right or title excluding landfill placed upon the land by the Lessee except that the value of any improvements credited against rentals shall be included in the value. The Lessee may protest the adjustment to City, and if denied wholly or in part, an appeal may be taken to the assembly. The decision of the assembly shall be final.
Adjustment of Rental. Effective on each anniversary of the Commencement Date and each and every anniversary thereafter over the Term (hereinafter referred to as the "Adjustment Date"), the Base Rent due under Paragraph 3.A above shall be adjusted as follows:
A. The Base Rent shall be adjusted to reflect changes in the Consumers’ Price Index - All Items for Dallas-Fort Worth, Texas (hereinafter referred to as the “Consumer Price Index”), as quoted in the publication Consumer Price Index - All Urban Consumers (CPI-U) for the Dallas-Fort Worth, Texas area which is issued by the U.S. Department of Labor, Bureau of Labor Statistics. The base index is the Consumer Price Index existing on the Commencement Date (“Base Index”). The current index is the Consumer Price Index on the first day of the calendar month preceding the then applicable Adjustment Date (the “Current Index”).
B. Beginning with the year that includes the then applicable Adjustment Date, the Base Rent shall be adjusted so that it equals the product of the Base Rent during the first year of this Lease multiplied by a fraction, the numerator of which is the Current Index and the denominator of which is the Base Index, but in no event shall Base Rent ever be decreased below the Base Rent set forth in Paragraph 3.A.
C. In the event that the Consumer Price Index is unavailable for whatever reason for the computations set forth hereinabove, another index approximating the Consumer Price Index as closely as feasible (as reasonably determined by Landlord) shall be substituted therefor.
Adjustment of Rental. Xxxxxx agrees to a review and adjustment of the annual rental payment by the Port Director not less often than every fifth year of the lease term beginning with the rental due after completion of each review period. Any changes or adjustments shall be based primarily upon the values of comparable land in the same or similar areas; such evaluations shall also include all improvements, placed upon or made to the land, to which the City has right or title, excluding landfill placed upon the land by Xxxxxx, except that the value of any improvements credited against rentals shall be included in the value.
Adjustment of Rental. In the event the operating expenses of the Landlord upon the Building and/or project of which the Leased Premises are part shall, in any calendar year during the term of the Lease, exceed the sum of the actual operating expenses incurred in calendar year 2003 (Expense Stop), Tenant agrees to pay as additional rent Tenant's pro rata share of the excess operating expenses. The excess operating expenses shall be defined as the difference between the actual operating expenses for a given calendar year and the expense stop, the difference of which shall be pro rated for any partial calendar year in which the Lease commences and/or terminates. Computation of additional rental under this paragraph shall operate as follows: at the end of calendar year 2003, Landlord shall compute the excess operating expenses, if any, and Tenant shall pay as additional rental to Landlord upon demand Tenant's pro rata share. Further, in subsequent calendar years, 1/12 of the excess operating expenses attributable to the Leased Premises from the previous calendar year shall be payable monthly as additional rental, plus a lump sum annual payment upon demand at the end of the calendar year equaling Tenant's pro rata share of any increase in operating expenses from the end of the previous calendar year through the current Lease year, if any. Tenant shall have the right, at its own expense and at a reasonable time, to audit Landlord's books relevant to the additional rental due under this paragraph. Should Tenant fail to object in writing to any excess operating expenses charged within thirty (30) days of notice thereof, Tenant shall be deemed to have agreed to such increase. Tenant's pro rata share is defined as that fraction in which the numerator is the Leased Premises area of 964 square feet, and the denominator is the Leasable Floor Area in the entire complex known as "Creekview Garden Offices" consisting of 53,035 square feet. Notwithstanding anything contained herein, in no event shall the operating expenses be less than the expense stop as stated in this clause.
Adjustment of Rental. Effective each July 1, (hereinafter referred to as the "Adjustment Date"), the Base Rent due under Paragraph 3.A above shall be adjusted as follows:
A. The Base Rent shall be adjusted to reflect changes in the Consumers’ Price Index - All Items for Dallas-Fort Worth, Texas (hereinafter referred to as the “Consumer Price Index”), as quoted in the publication Consumer Price Index - All Urban Consumers (CPI-U) for the Dallas-Fort Worth, Texas area which is issued by the U.S. Department of Labor, Bureau of Labor Statistics. The base index is the Consumer Price Index existing on the Commencement Date (“Base Index”). The current index is the Consumer Price Index on the first day of the calendar month preceding the then applicable Adjustment Date (the “Current Index”).
B. Beginning with the year that includes the then applicable Adjustment Date, the Base Rent shall be adjusted so that it equals the product of the Base Rent during the first year of this Lease multiplied by a fraction, the numerator of which is the Current Index and the denominator of which is the Base Index, but in no event shall Base Rent ever be decreased below the Base Rent set forth in Paragraph 3.A.
C. In the event that the Consumer Price Index is unavailable for whatever reason for the computations set forth hereinabove, another index approximating the Consumer Price Index as closely as feasible (as reasonably determined by Landlord) shall be substituted therefor.
Adjustment of Rental. In the event of a termination of this Lease with respect to a Property pursuant to this Section 20 (which does not involve the acceptance (or deemed acceptance) of a Rejectable Substitution Offer) the Base Annual Rental then in effect shall be reduced by an amount equal to the product of (i) a fraction, the numerator of which is the original purchase price allocated to such Property, and the denominator of which is the original purchase price for all of the Properties, and (ii) the Base Annual Rental then in effect.
Adjustment of Rental. For each lease year, the Tenant shall pay to Landlord a pro rata share of any excess of the annualized cost to Landlord of performing its duties under paragraph 8 through 10 of this Lease, over the annualized cost to Landlord of performing such duties during the base year. The base year is defined as the earlier of the calendar year in which this lease was dated or the calendar year in which the Tenant first became a tenant of any part of Landlord's premises. Tenant's pro rata share shall be determined by the ratio, the numerator of which is the total amount of square feet of floor area in the demised premises and the denominator of which is the total number of square feet of all floor area under Lease in the Landlord's
Adjustment of Rental. A. Commencing on the second anniversary of the Commencement Date and on every second anniversary thereafter (hereinafter referred to as the “Adjustment Date”), the monthly rental due under Section 3.A.1. (Base Rent) shall be adjusted as follows:
1. Annual Rent (including Base Rent) shall be adjusted to reflect changes in the Consumers’ Price Index - All Items for Dallas, Texas Metropolitan Area (hereinafter referred
2. Beginning with the first full month following the then applicable Adjustment Date, the annual Rent (including the Base Rent)) shall be adjusted so that it equals the product of the annual Rent (including the Base Rent) multiplied by a fraction, the numerator of which is the Current Index and the denominator of which is the Basic Index (the “Adjusted Rental”), but in no event shall such annual Rent (including the Base Rent) ever be decreased below the Base Rent set forth in Section 3.A.1.
3. In the event that the Consumer Price Index is unavailable for whatever reason for the computations set forth hereinabove, another index approximating the Consumer Price Index as closely as feasible (as determined by Landlord) shall be substituted therefor.
Adjustment of Rental. The rental under the Previous Property Lease Agreement is subject to adjustment once for every five years. The actual amount of adjustment is to be negotiated between the parties but, in any event, shall not exceed 10% of the preceding annual rental.
Adjustment of Rental. The rental under the New Property Lease Agreement is subject to adjustment once for every five years. The actual amount of adjustment is to be negotiated between the parties but, in any event, shall not exceed 10% of the preceding annual rental. The subject properties under the Previous Property Lease Agreement and the Existing Properties which consist of (i) a main plant of steel structure with an area of 23,944 square metres; (ii) a plant of steel structure with an area of 5,346 square metres; and (iii) an office premises with an area of 3,061 square metres. The subject properties under the New Property Lease Agreement are the Additional Properties, which consist of part of the factory premises for production stage 2 and the factory premises for production of high-end steel wire rope products with a total area of 32,606 square metres. The term of the lease of the Existing Properties will be extended to 30 June 2036 pursuant to the New Property Lease Agreement. The annual caps of the transactions contemplated under the New Property Lease Agreement for the three years ending 31 December 2018 will be aggregated to and will form part of the Aggregate Annual Caps and shall subject to the approval by the Independent Shareholders. Please refer to the paragraph headed “Annual Caps and Historical Transaction Amounts – Group A Transactions” in this announcement for details of the annual caps of the Property Lease Agreements for the three years ending 31 December 2018.
