Common use of Adjustments to Annual Space Rent Clause in Contracts

Adjustments to Annual Space Rent. On each Rent Adjustment Date, the Annual Space Rent will be adjusted as follows: if the Comparison Index shall exceed the Base Index, then the Annual Rent with respect to the upcoming Lease Year shall be increased to equal the following amount: Initial Annual Rent x Comparison Index Base Index Notwithstanding anything to the contrary herein, in no event will the Annual Space Rent for any Lease Year of the Term be lower than the Annual Space Rent with respect to the prior Lease Year. If City exercises its option to extend the term of this Lease, the land value portion of the rental rate(s) described above will be adjusted to reflect the then-current market value of unimproved land in the vicinity of Airport. Unimproved land value shall be determined by market value appraisal performed by City’s Director of Property, using comparable sales and/or rental data, adjusted to reflect any particular physical and environmental characteristics and regulatory limitations which distinguish the Premises from comparable land.

Adjustments to Annual Space Rent. On each Rent MAG Adjustment Date, the Annual annual Space Rent will be adjusted as follows: if the Comparison Index shall exceed exceeds the Base Index, then the Annual annual Space Rent with respect to the upcoming Lease Year shall be increased to equal the following amount: Initial Annual Space Rent x Comparison Index Base Index Notwithstanding anything to the contrary herein, in no event will the Annual annual Space Rent for any Lease Year of the Term be lower than the Annual annual Space Rent with respect to the prior Lease Year. If City exercises its option to extend the term of this Leasean Extension Option, the land value portion of both the rental rate(s) described above Structure Rate and the Surface Rent will be adjusted to reflect the then-current market value of unimproved land in the vicinity of the Airport. Unimproved land value shall be determined by a market value appraisal performed by City’s Director of Property, using comparable sales and/or rental data, adjusted to reflect any particular physical and environmental characteristics and regulatory limitations limitations, which distinguish the Premises from comparable land.