Base Rent Adjustment. The Base Rent payable hereunder shall be adjusted upward from time to time in accordance with the following provisions:
(a) Tenant shall pay to Landlord as an adjustment to Rent, an amount equal to the excess (the “Excess”) from time to time of total annual Operating Expenses per square foot of Rentable Area of the Premises, as Grossed-Up, over and above the Expense Stop. The Excess shall be obtained by multiplying (i) the difference between the annual Operating Expense per square foot of Rentable Area in the Premises and the Expense Stop, by (ii) the total Rentable Area of the Premises as set forth in Section 1.15. Such amount shall be paid in advance in monthly installments on the same dates as Base Rent is due and payable hereunder based on Landlord’s notice delivered to Tenant from time to time setting forth Landlord’s good faith estimate of the Operating Expenses for the current calendar year. Landlord shall have the right to adjust such amount no more than once a year to reflect any changes in Landlord’s estimate of Operating Expenses.
(b) By April 1 of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall furnish to Tenant a statement (“Actual Statement”) of Landlord’s annual Operating Expenses, as Grossed-Up, for the previous calendar year. If for any calendar year the amounts collected from Tenant for the prior year, as a result of Landlord’s estimate of Operating Expenses, exceeds the amount of the Excess actually due during such prior year, then Landlord shall refund to Tenant any overpayment (or at Landlord’s option, apply such amount against Rent due or to become due hereunder). Likewise, Tenant shall pay to Landlord, on demand, any underpayment with respect to the prior year.
(c) In the event of any good faith dispute as to the amount of the Excess as set forth in the statement of actual Operating Expenses, Tenant shall have the right, no more frequently than once per calendar year, after reasonable notice to Landlord and at reasonable times, to inspect and photocopy Landlord’s Operating Expenses records at Landlord’s offices. If, after such inspection and photocopy, Tenant continues, in good faith, to dispute the amount of the Excess as set forth in said statement, Tenant shall be entitled not later than one (1) year following Tenant’s receipt of an Actual Statement to retain a national, independent, certified public accountant who is not contracted on a contingency fee basis and is mutually acceptabl...
Base Rent Adjustment. (a) The BASE RENT (subject to adjustment as set forth in Section 1.08(a) above) payable during the EXTENDED TERM, subject to the provisions of part (b) of this Section 3.03, shall be increased from the BASE RENT payable immediately prior to the first month of the EXTENDED TERM to the then fair market rental rate determined in connection with part (b) of this Section 3.03.
Base Rent Adjustment. Effective as of each annual anniversary of the -------------------- Commencement Date, the Base Rent payable by Tenant for the Premises shall increase to one-hundred four percent (104%) of the Base Rent then in effect for the Premises (without taking into account any temporary rental abatements then in effect).
Base Rent Adjustment. A. Base Rent will be adjusted beginning one year following the Commencement Date (as stated in the Basic Terms) each year thereafter, including any renewal periods, based on the annual percentage change in the Consumer Price Index for All Urban Consumers (“CPI-U”). In no event will the annual adjustment result in Base Rent being less than the amount charged during the prior year or more than 3% above the amount charged during the prior year. The most recent available CPI-U as of first anniversary of the Commencement Date and on an annual basis thereafter for each year of the Term and any renewal terms, calculated over the preceding twelve months, shall be used to adjust the Rent for the next year. The Tenant Improvement Rent shall not be increased by the CPI-U (only the Base Rent).
Base Rent Adjustment. In addition to the Base Rent payable by Tenant hereunder, Tenant shall pay to Landlord, as Additional Rent, commencing on the Commencement Date, the Rent Adjustment described in this Section 5.2 without set off or deduction. Until such time as Tenant receives the first Adjustment Statement provided for in clause (C) of this Section 5.2, Tenant shall, commencing on the Commencement Date and on the first day of each and every month thereafter, make the Initial Monthly Rent Adjustment Deposit specified in Article I hereof.
A. For the purposes of this Lease:
Base Rent Adjustment. On each anniversary of the Commencement Date the monthly Base Rent shall increase by One Hundred Twenty Dollars ($120.00).
Base Rent Adjustment. In the event the assumed interest rate for the Financing set forth as a part of the Project Costs increases after the Effective Date, then the annual Base Rent shall be immediately, automatically and equitably increased so as to ensure that any and all of the additional cost associated therewith or resulting therefrom is borne by Tenant in the form of increased Base Rent throughout the Term and without any impact to Landlord or its financial return associated with this Lease.
Base Rent Adjustment. See Paragraph 1.3.
Base Rent Adjustment. The Base Rent Adjustment shall be calculated and paid as follows:
Base Rent Adjustment. (a) Pursuant to the terms of the OPG Lease, the Generator is required to pay Base Rent to OPG. The Base Rent is a fixed dollar amount per year, for each year up to the end of December 31, 2018, and a fixed amount per renewal period of the OPG Lease following December 31, 2018. In addition, the OPG Lease provides for a mechanism for the Base Rent to be adjusted, up or, in certain circumstances, down, to reflect changes in OPG’s anticipated decommissioning costs for the Facility. In accordance with the terms of the OPG Lease, the Base Rent may be changed by OPG at any time and from time to time (currently anticipated to be once every five (5) years) to reflect such changes in anticipated decommissioning costs (a “Base Rent Adjustment”). Upon the Generator receiving a notice from OPG providing for a Base Rent Adjustment, the Generator shall provide same to the Counterparty together with such information with respect thereto as the Counterparty may reasonably request. The Counterparty acknowledges and agrees that the Generator has no ability to challenge or dispute a Base Rent Adjustment provided by OPG. The Parties acknowledge that the Base Rent is a Base Operating Cost of the Generator. The Parties further acknowledge and agree that any Base Rent Adjustment is intended to result in a change in the Contract Price so that, in the case of an increase in Base Rent, the cost of such increase is recovered by the Generator, and in the case of a decrease in Base Rent, the Contract Price is decreased so that the Generator is not overcompensated, all in accordance with the provisions of Section 4.12(a) and Exhibit 4.12.
(b) In connection with any proposed amendment to the OPG Lease that is reasonably expected to materially increase the Base Rent to be recovered by the Generator pursuant to the terms hereof, the Generator will provide the Counterparty with a copy of each draft of such amendment to the OPG Lease circulated between the Generator and OPG; provided that any failure to so provide shall not constitute a Generator Event of Default. Any such amendment to the OPG Lease that materially increases the Base Rent to be recovered by the Generator shall require the prior written approval of the Counterparty, such approval not to be unreasonably withheld.
(c) The Generator shall provide the Counterparty with a copy of each amendment to the OPG Lease that does not materially increase the Base Rent to be recovered by the Generator no later than fifteen (15) Business Days...
