Adjustments to Rent. Commencing at the end of the first full year of the original term of this Lease, the rental amount provided in Paragraph 2 above shall be adjusted annually in accordance with the Consumer Price Index as published by the Bureau of Labor Statistics of the U.S. Department of Labor. Such adjustment shall be computed as follows:
(a) The percentage of which the Price Index available as of the commencement date of the year in which the annual adjustment is to be made differs from the Price Index as of the commencement date of the next preceding year shall be multiplied by the annual minimum rental rate for the lease year preceding the year in which the adjustment is to be made; the product shall be added to such preceding lease year’s annual minimum rental for the lease year in which such adjustment is to be made.
(b) In no event shall the minimum rental for any calendar year be less than the annual minimum rental of the immediately preceding year.
(c) The minimum rental as adjusted pursuant to the provisions of this paragraph shall be payable in equal monthly installments in advance on the first day of each month during the lease year or part thereof for which such adjustment was made.
(d) In the event that there is any substantial change in the method by which the Price Index is computed, then, for the purposes of this Lease, the Price Index shall be adjusted to the figure which would have resulted had no change occurred in the manner in which such Price Index was computed. In the event such Price Index shall become unavailable, Landlord shall have the right to choose a substitute index which shall be reliable governmental or other nonpartisan publication evaluating substantially the same information as previously used in determining the Price Index.
Adjustments to Rent. Tenant agrees to pay a Pro Rata Share, as defined below, of the amount, if any, by which the Landlord's Expenses, as defined below, for each calendar year during the Term increases above the expenses for the Base Year, as defined below, ("Expense Increase") plus the amount, if any, by which Taxes, as defined below, for each calendar year during the Term exceeds the Taxes for the Base Year ("Tax Increase"). If the Expenses or Taxes in any calendar year decrease below the amount for the Base Year, Tenant's Pro Rata Share of Expenses or Taxes, as the case may be, for that calendar year shall be $0. Landlord shall provide Tenant with an estimate of the Expense Increase and of the Tax Increase for each calendar year during the Term in good faith. On the date Rent is due each month, Tenant shall pay Landlord a monthly installment equal to one-twelfth of Tenant's Pro Rata Share of Landlord's estimate of both the Expense Increase and Tax Increase. If Landlord does not provide Tenant with an estimate of the Expense Increase or the Tax Increase by the end of the first business day of a calendar year, Tenant shall continue to pay monthly installments based on the previous year's estimate(s) until Landlord provides Tenant with the new estimate. As soon as practicable after the end of a calendar year, Landlord shall furnish Tenant with a statement of the actual Expenses and Expense Increase and the actual Taxes and Tax Increase for the prior calendar year. Landlord shall apply any overpayment by Tenant against Rent due or next becoming due, provided if the Term expires before the determination of the overpayment, Landlord shall refund any overpayment to Tenant after first deducting the amount of Rent due. If the estimated Expense Increase or estimated Tax Increase for the prior calendar year is less than the actual Expense Increase or actual Tax Increase, as the case may be, for such prior year, Tenant shall pay Landlord, within thirty (30) days after its receipt of the statement of Expenses or Taxes, any underpayment for the prior calendar year. Within one hundred eighty (180) days after receiving Landlord's statement of Expenses, Tenant may give Landlord written notice that Tenant intends to review Landlord's records of the Expenses for the calendar year to which the statement applies. Landlord shall make available all relevant records that are reasonably necessary for Tenant's review, within a reasonable time. Tenant shall be solely responsible for all costs, expens...
Adjustments to Rent. Basic Rent and the schedules of Casualty values, Termination Values and Special Casualty Values attached hereto shall be adjusted (upward or downward) to preserve Net Economic Return if there is any Change in Tax Law other than a change in respect of a minimum tax; provided, however, that the aggregate amount of such downward adjustments shall not exceed the aggregate amount of such upward adjustments. Adjustments under this paragraph (d) shall be (1) made not more than once a year and (2) limited in the aggregate to the extent necessary such that the aggregate amount of Basic Rent theretofore and thereafter payable throughout the Basic Lease Term (computed for such purposes only without regard to any adjustments theretofore made pursuant to Section 3(e)) shall not exceed by more than 4% the aggregate amount of Basic Rent which would have been payable throughout the Basic Lease Term (calculated as aforesaid) had no such adjustments been made. The provisions of this Section 3(d) to the contrary notwithstanding, if any Change in Tax Law is, or becomes, applicable to the transaction contemplated by this Facility Lease in consequence of the transfer
47:1 of the Owner Participant's beneficial interest in the Trust (whether or not permitted by section 15 of the Participation Agreement) or if such change in Tax Law would not have been applicable to such transaction had no such transfer occurred, then no adjustment shall be, or be required to be, made pursuant to this Section 3.(d) ; provided, however, that this sentence shall not apply to the initial transfer of the owner Participant's beneficial interest in the Trust to one of its Affiliates.
Adjustments to Rent. 6.01. Base Rent payable under Section 5 of this Lease shall be increased annually, commencing with the second year of the term of this Lease and each year thereafter by a rate of three percent (3%) of the amount of the rent paid by Tenant during the year preceding each annual increase.
Adjustments to Rent. (a) Tenant will pay a prorated Monthly Rent for any partial month. The prorated Monthly Rent will be determined by dividing the Monthly Rent by the number of days in the partial month.
(b) If at any time any taxes or governmental fees or charges assessed against the Hotel are due but remain unpaid, Tenant may withhold the Monthly Rent payments until all delinquencies are remedied. Tenant will pay any withheld Monthly Rent promptly upon the resolution of any delinquency.
(c) Landlord and Tenant acknowledge and agree that the Leased Space is subject to that certain Rental Agent Agreement dated as of an even date herewith by and between Tenant and Black Point Investments, LLC (the “Rental Agent Agreement”). The Monthly Rent will be credited as provided in the Rental Agent Agreement.
(d) The Monthly Rent may also be adjusted pursuant to Article VII or Article IX of this Lease.
Adjustments to Rent. Commencing with the third year of the term of this Lease, the monthly rent to be paid Landlord by Tenant shall be increased annually effective on the anniversary of the commencement date of this Lease by a percentage equal to the annual percentage increase in the Consumer Price Index. As used herein, the term "Consumer Price Index" shall mean the United States Department of Labor Statistics' Consumer Price Index, All Union Consumers, All Items, San Francisco/Oakland, California (1967-1(I)), or the successor of such index. The lease of the index for computation of the increase, if any, shall be the month in which this Lease commences. If no publication is made for the month in which this Lease commences, the Lease shall be the last prevailing month for which publication is made. The index for the same month shall be compared annually to determine the percentage increase and the resulting percentage shall be applied to the monthly rental rate then in effect to determine the monthly rent to be paid the ensuing year. Landlord shall notify Tenant of any increase in the monthly rental rate resulting from such computation and Tenant shall pay Landlord the amount of such increase retroactively to the effective date thereof. In no event shall the rate of increase exceed seven percent (7%) per annum. In the case of the initial rental adjustment, its rate of increase shall not exceed fourteen percent (14%).
Adjustments to Rent. (i) CPI Rent Adjustment Region (Section 3.2): N/A -------------------------- ___________________________ * First year commences when Tenant occupies any portion of the Premises; Tenant pays Fixed Rent only on portions that Tenant occupies (prorated to nearest 100 square feet), but shall pay Fixed Rent on entire Premises commencing December 15, 1992 in any event. Second year commences 12 months after commencement of First year, etc. All of Tenant's other obligations in this Lease commence on the Commencement Date defined in Section E, above.
(ii) Market Value Rent Adjustment Dates (Section 3.3
Adjustments to Rent. Notwithstanding any other terms, covenants or conditions herein, the Rent may be adjusted by written addendum to this Lease as follows:
1. Move-in Period Rent: From the Possession Date to the Commencement of the Lease, Tenant shall pay no Rent, but shall be responsible for fifty (50%) percent of the monthly CAM fee.
2. Reduced Rent:
Adjustments to Rent. (i) The percentages for Basic Rent and Stipulated Loss Value, all as set forth in Schedules 1 and 2 hereto, have been calculated on the basis of the Pricing Assumptions.
(ii) If (A) the Closing Date is different than Xxxxx 00, 0000, (X) on or prior to the Closing Date, the characterization of the Project by depreciation category as set forth in the Appraisal is different than that set forth in the Pricing Assumptions, (C) on or subsequent to the Closing Date, the Debt Rate or the amortization schedule of the Notes or the amount of Transaction Expenses is other than as set forth in the Pricing Assumptions including, without limitation, as a result of any change in the Debt Rate to a fixed or variable rate of interest on the Reset Date pursuant to Article XIII of the Participation Agreement and the terms of the Notes, (D) on the Closing Date, the ratio of the Equity Portion of the Purchase Price to the Purchase Price is different than as set forth in the Pricing Assumptions as a result of any adjustments referred to in clauses (A) through (C) above, in the aggregate, (E) on or prior to the Closing Date, there is any Change in Tax Law, (F) subsequent to the Closing Date, any refinancing of the Notes or any Supplemental Financing is consummated pursuant to Section 9.01 of the Participation Agreement,(G) subsequent to the Closing Date, the Tax Indemnity Agreement provides for the readjustment of Stipulated Loss Value, (H) subsequent to the Closing Date, in the event of a Partial Taking and the payment of the proceeds thereof to the Indenture Trustee for application in accordance with the Indenture (unless the Lien of the Security Documents shall have been discharged in accordance with Section 10.1 of the Indenture, in which case such payment shall be paid to, and applied by, the Corporate Owner Trustee on behalf of the Lessor) as contemplated by Section 9(g)(i) hereof and Sections 4.5 and 5.1(c) of the Indenture, or (I) on the Closing Date, any other Pricing Assumption set forth on Schedule 3 proves incorrect then, and in each such case, such percentages for Basic Rent and Stipulated Loss Value, as applicable, shall (subject always to Section 3(g) hereof) be adjusted (upward or downward) so as to preserve the Owner Participant's Net Economic Return. Any such adjustments shall (subject always to Section 3(g) hereof) be reflected in a Lease Supplement.
(iii) Any adjustments pursuant to this Section 3(e): (A) shall, to the extent consistent with preserving the Own...
Adjustments to Rent. At the beginning of the second Lease Year (following the expiration of the Zero Cost Period with respect to any applicable adjustments of Rent during the Initial Term) and continuing at the beginning of each Lease Year thereafter (excluding the first Lease Year of any Renewal Term), the Rent for such Lease Year shall be an amount equal to the sum of
(i) the Rent applicable to the immediately preceding Lease Year, plus
(ii) the product of (A) the Rent applicable to the immediately preceding Lease Year multiplied by (B) the lesser of (1) 2% or (2) the CPI Increase during the immediately preceding Lease Year.
