Adjustment to Base Rent. The Base Rent, commencing on the first day of the calendar month immediately following the calendar month in which the third anniversary of the Commencement Date occurs ("INITIAL ADJUSTMENT DATE") shall be adjusted in accordance with the provisions of this Section 3.3 and shall, thereafter, be adjusted annually on each anniversary of the Initial Adjustment Date (each date an "ADJUSTMENT DATE") during the balance of the Term (including the First Extended Term and the Second Extended Term, if applicable). Such adjustment to Base Rent shall reflect two-thirds (2/3) of any increase in the Consumer Price Index and shall be calculated as follows: The base for computing the adjustment is the Consumer Price Index (All Items) for Urban Consumers for the San Francisco-Oakland-San Xxxx Metropolitan Area, published by the United States Department of Labor, Bureau of Labor Statistics ("INDEX") which is in effect immediately prior to the second anniversary of the Commencement Date ("BEGINNING INDEX"). The Index published and in effect on the 30th day preceding the Initial Adjustment Date and on the 30th day preceding each Adjustment Date thereafter ("ADJUSTMENT INDEX") is to be used in determining the amount of the increase from one year to the next. Beginning as of the Initial Adjustment Date and continuing on each Adjustment Date thereafter, the Base Rent shall be increased to equal the product achieved by multiplying the initial Base Rent amount by a fraction, the numerator of which shall be an amount equal to the sum of (i) the Beginning Index plus (ii) two-thirds (2/3) of the amount, if any, by which the Adjustment Index is greater than the Beginning Index, and the denominator of which will be the Beginning Index. Notwithstanding the foregoing, the Base Rent shall not be increased by more than six percent (6%) nor less than four percent (4%) of the Base Rent for the immediately preceding year in any one year period. If the Index is changed so that the base year differs from that described above, the Index shall be converted in accordance with the conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued or revised during the Term, such other government index or computation with which it is replaced shall be used in order to obtain substantially the same result as would be obtained if the Index had not been discontinued or revised. On adjustment of the Base Rent as provided in Section 3.3 above, th...
Adjustment to Base Rent. Except as otherwise provided in this section, the Base Rent for the first Lease Year of the Extension Term shall be adjusted at the beginning of the Extension Term to the "fair rental value " of the Premises as determined in the following manner:
(a) Within thirty (30) days from LESSEE's notice, LESSOR and LESSEE shall meet in an effort to negotiate, in good faith, the fair rental value of the Premises as of the beginning of the Extension Term. If LESSOR and LESSEE have not agreed upon the fair rental value of the Premises at least one hundred twenty (120) days prior to the beginning of the Extension Term , the fair rental value shall be determined by appraisal, by one or more appraisers ( "Appraiser(s) "). The Appraisers shall have at least five (5) years experience in the appraisal of commercial/industrial real property in the area in which the Premises are located and shall be members of professional organizations such as M.A.I. or equivalent.
(b) If LESSOR and LESSEE are not able to agree upon the fair rental value of the Premises within the prescribed time period, then LESSOR and LESSEE shall attempt to agree in good faith upon a single Appraiser not later than one hundred (100) days prior to the beginning of the applicable Extension Term. If LESSOR and LESSEE are unable to agree upon a single Appraiser within such time period, then LESSOR and LESSEE shall each appoint one Appraiser not later than ninety (90) days prior to the beginning of the applicable Extension Term. Within ten (10) days thereafter, the two (2) appointed Appraisers shall appoint a third Appraiser. If either LESSOR or LESSEE fails to appoint its Appraiser within the prescribed time period, the single Appraiser appointed shall determine the fair rental value of the Premises. If both parties fail to appoint Appraisers within the prescribed time periods, then the first Appraiser thereafter selected by a party shall determine the fair rental value of the Premises. Each party shall bear the cost of its own Appraiser and the parties shall share equally the cost of the single or third Appraiser, if applicable.
(c) For the purposes of such appraisal, the term "fair rental value " shall mean the price that a ready and willing tenant would pay, as of the beginning of the Extension Term, as monthly rent to a ready and willing landlord of property comparable to the Premises if such property were exposed for lease on the open market for a reasonable period of time and taking into account all of ...
Adjustment to Base Rent. Base Rent will be increased effective on the Escalation Date by the addition thereto of an amount which is the product obtained by multiplying the Minimum Annual Escalation percentage set forth in Section 0.06 by the Base Rent in effect immediately prior to the Escalation Date.
Adjustment to Base Rent. Tenant’s annual Base Rent shall adjust from time to time as described in Section 1.1(i)
Adjustment to Base Rent. Monthly payments of Base Rent due under this Lease for the Initial Term shall be increased effective as of the Rent Commencement Date by an amount equal to the monthly amortization obtained when the total amount of the TIW Allowance (defined below) which is used is amortized at an annual interest rate of nine percent (9%) over the Initial Term. Landlord shall provide to Tenant an amortization schedule setting forth the monthly amortization payments and corresponding increases in Base Rent following Landlord’s final accounting of costs applied to the TIW Allowance, which schedule shall be incorporated into this Lease.
Adjustment to Base Rent. Commencing on July 1, 2010 and each July 1 thereafter, Base Rent shall be increased by two percent (2%) of the Base Rent in effect immediately prior to the date of increase. If Tenant exercises any of the options to extend this Lease, Base Rent shall be increased by the same percentages set forth in the Master Lease.
Adjustment to Base Rent. The Base Rent shall be adjusted on August 1, 1999 and every twelve (12) months thereafter, excluding any extensions of the initial term of this Lease (the "Rental Adjustment Dates"), to reflect any increase in the cost of living from the end of July 31, 1999, or the immediately preceding Rental Adjustment Date for all subsequent adjustments (the "Base Dates"). The adjustment or adjustments, if any, shall be calculated upon the basis of the United States Department of Labor, Bureau of Labor Statistics Consumer Price Index for All-Urban Consumers, for San Francisco/Oakland/San Jose (0082-1984 = 100), hereafter referred to as the "Index." The applicable Index for each adjustment made under this Section 4.2 shall be the latest published Index as of the applicable Base Date and the applicable Rental Adjustment Date. On each Rental Adjustment Date, the Base Rent then in effect shall be increased by an amount equal to the Base Rent then in effect multiplied by the percentage increase in the Index during the twelve (12) month period between the Base Date immediately preceding such Rental Adjustment Date and such Rental Adjustment Date. When the adjusted Base Rent is determined upon each Rental Adjustment Date, Lessor shall give Lessee written notice to that effect indicating how the new Base Rent figure was computed in accordance with this Section 4.2. In no event shall the adjusted Base Rent be less than one hundred three percent (103%) or more than one hundred seven percent (107%) of the Base Rent during the month immediately preceding the Rental Adjustment Date. If the Index does not exist on any Rental Adjustment Date in the same format as referred to in this paragraph, Lessor shall substitute in lieu thereof an index reasonably comparable to the Index then published by the Bureau of Labor Statistics, or successor or similar governmental agency, or if no governmental agency then publishes an index, Lessor shall substitute therefor any comparable index then published by a reputable private organization.
Adjustment to Base Rent. Base Rent as stated in the Basic Lease Information has been calculated on the basis of the following costs to develop the Project (collectively “Project Costs” and individually a “Project Cost”): Land $6,675,000 Due Diligence/Closing $208,000 Environmental (including $300,000 [“Remediation” Cost”] remediations and insurance Shell (including demo) $7,020,000 Permits and Fees $580,000 Architectural and Engineering $175,000 Loan Costs -0- Interest carry is projected at 9.25% (“Interest Carry”) over a carry period of 19 months commencing on the Acquisition Date (“Carry Period”). The time to remediate Hazardous Materials at the Project site is estimated to be 6 months (“Haz Mat Remediation Period”). If (i) an actual Project Cost exceeds the amount set forth above, or (ii) the Interest Carry exceeds the rate set forth above, or (iii) the Haz Mat Remediation Period exceeds the period set forth above, the Base Rent as shown on the Basic Lease Information shall be adjusted upwards to achieve an 11% return (“Yield”) to the Landlord on two-thirds (2/3) of the increased costs adjusted by carry over the Carry Period extended by any increase in the Haz Mat Remediation Period plus a 5% contingency and a 4% development fee on Shell Costs. The Base Rent calculation includes a 5% vacancy factor and a 1% structural reserve. [For example: If the actual Land Cost increases by $100,000 Base Rent as shown on the Basic Lease Information would be adjusted upwards as follows: $115,708 (cost increased by Interest Carry over Carry Period) $12,727.88 ($115,708 times 11% Yield) $8,485.25 2/3 of increased cost, etc. $.1697 ($8,488.25 divided by 50,000 square feet [actual size to be used]) $.1714 ($.1697 divided by 1 minus the structural reserve) $.1804 ($1714 divided by 1 minus the vacancy factor) *$.015 ($.1804 divided by 12) *Monthly increase in initial Base Rent per square foot.] Base Rent as shown on the Basic Lease Information shall also be increased if Landlord’s financial or joint venture partner on or before the Acquisition Date (defined in Section 37H) requires an investment return in excess of 11%. Not later than ten (10) days after the Acquisition Date, Landlord shall give Tenant written notice of the amount of the investment return in excess of 11% required by Landlord’s financial or joint venture partner. In such case, the Base Rent as shown on the Basic Lease Information shall be adjusted upwards to reflect the required return; provided, however, that Tenant, by written no...
Adjustment to Base Rent. Commencing on the Effective Date, the schedule of Base Rent in Paragraph 1.5.1 of the Lease shall be replaced by the following: Applicable Period Monthly Base Rent March February 1, 2005 to July 31, 2005 $ 85,910.00 August 1, 2005 to July 31, 2006 $ 89,346.40 August 1, 2006 to July 31, 2007 $ 92,920.26 August 1, 2007 to July 31, 2008 $ 96,637.07 August 1, 2008 to July 31, 2009 $ 100,502.55 5. Lender’s Approval. Lessor’s and Lessee’s obligations under this Amendment are conditioned upon receipt by Lessor, on or before April 30th, 2005, of written approval of Aegon (i.e., Lessor’s existing lender) (“Aegon”) of the terms of this Amendment. If on or before April 30th, 2005, Aegon fails to deliver written approval of this Amendment, then the following shall apply:
5.1 At any time after April 30th, 2005, either party may deliver to the other party written notice of intention to terminate this Amendment (“the Termination Notice”).
5.2 If either party delivers a Termination Notice, then this Amendment will terminate unless, within 15 days following receipt of the Termination Notice, Aegon delivers written approval of this Amendment.
Adjustment to Base Rent. On June 1 of each year during the term hereof, the base rent for the following year shall be adjusted to reflect increases or decreases in the Consumer Price Index during the period from June 1 through May 31 immediately preceding the adjustment month each year, as follows: the base rent for the final month of the preceding year shall be multiplied by a number which is reached by dividing the Consumer Price Index for Denver/Boulder, Colorado -- All Items, as published by the Bureau of Labor Statistics, U.S. Department of Labor (the "CPI") figure for said final month by the CPI figure for the initial month of this lease term, which is expressed formulaically as: base rent x last month's CPI/initial month's CPI. If the official monthly CPI is not available for use as a cost-of-living index for the months provided to be used as a basis for such formula, it is agreed that the CPI as issued and published for the earliest preceding months should be used in determining such formula. If, at any time during the term hereof, the U.S. Bureau of Labor Statistics shall discontinue the issuance of the Bureau of Labor Statistics Consumer Price Index, the parties shall use any other standard, nationally recognized cost-of-living index then issued and available, which is published by the U.S. government.
