Common use of Base Rent Increases Clause in Contracts

Base Rent Increases. The monthly Base Rent shall be increased during the initial Term at the commencement of the 31st, 61st, 91st, 121st and 151st full calendar months following the Commencement Date (and, if Tenant exercises an option to extend, at the commencement of the 31st full calendar month following the commencement of the applicable Option Term) (each such date is hereinafter called a “Rental Adjustment Date”) in accordance with the increase in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers (all items for the Los Angeles – Riverside – Anaheim area, 1982-1984 = 100) (the “Index”) as follows: The monthly Base Rent in effect immediately before each Rental Adjustment Date (the “Comparison Base Rent”) shall be increased by the percentage that the Index has increased from the date on which payment of the Comparison Base Rent began (the “Comparison Date”) through the end of the month in which the applicable Rental Adjustment Date occurs (each such period a “Rental Adjustment Period”); provided, however, that such increase for any Rental Adjustment Period shall be no less than 2.5% per annum, but no more than 4% per annum (except that such 4% annual cap shall be increased to a 5% annual cap at the end of the 10th full Lease year, that is, for the adjustments commencing with the adjustment at the start of the 151st month of the Term) on a compounded, cumulative basis. A numerical example of such Base Rent increase mechanism is provided in Exhibit “B” attached hereto. Landlord shall notify Tenant of each increase by a written statement. Tenant shall pay the new Base Rent from the applicable Rental Adjustment Date until the next Rental Adjustment Date. Landlord’s notice may be given not more than three (3) months after the applicable Rental Adjustment Date of the increase, and Tenant shall pay Landlord the accrued rental adjustment for the months elapsed between the effective date of the increase and Landlord’s notice of such increase within ten (10) days after Landlord’s notice. If the format or components of the Index are materially changed after the Commencement Date, Landlord shall substitute an index which is published by the Bureau of Labor Statistics or similar agency and which is most nearly equivalent to the Index in effect on the Commencement Date. The substitute index shall be used to calculate the increase in the Base Rent unless Tenant objects to such index in writing within fifteen (15) days after receipt of Landlord’s notice. If Tenant objects, Landlord and Tenant shall submit the selection of the substitute index for binding arbitration in accordance with Sections 2.3(d)(i) through 2.3(d)(v) (except the arbitrators shall determine the substitute index rather than the Option Rent). The costs of arbitration shall be borne equally by Landlord and Tenant.

Base Rent Increases. Base Rent increases during the Term shall be on the first (1st) day of the Sixth (6th) Lease Year, Eleventh (11th) Lease Year, Sixteenth (16th) Lease Year, Twenty- first (21st) Lease Year and during the Extended Term (in the event Tenant shall elect to exercise any of the options provided for in Section 2.3 above) shall be on the first day of the Twenty-sixth (26th) Lease Year and the Thirty-first (31st) Lease Year. The monthly then prevailing Base Rent shall be increased during (but not decreased) by the initial Term at the commencement of the 31st, 61st, 91st, 121st and 151st full calendar months following the Commencement Date (andincrease, if Tenant exercises an option to extendany, at the commencement of the 31st full calendar month following the commencement of the applicable Option Term) (each such date is hereinafter called a “Rental Adjustment Date”) in accordance with the increase in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index (hereinafter defined) for the month immediately prior to said day over the Consumer Price Index published for the same month in the calendar year five (5) years preceding, but in no event shall any increase in Base Rent exceed fifteen percent (15%) of the then-prevailing Base Rent. The term “Consumer Price Index” shall mean the Consumer Price Index, All Urban Consumers Consumers, All Items, U.S. City Average (all items for the Los Angeles – Riverside – Anaheim area, 19821993-1984 1995 = 100) (the “Index”) as follows: The monthly Base Rent in effect immediately before each Rental Adjustment Date (the “Comparison Base Rent”) shall be increased by the percentage that the Index has increased from the date on which payment of the Comparison Base Rent began (the “Comparison Date”) through the end of the month in which the applicable Rental Adjustment Date occurs (each such period a “Rental Adjustment Period”); provided, however, that such increase for any Rental Adjustment Period shall be no less than 2.5% per annum, but no more than 4% per annum (except that such 4% annual cap shall be increased to a 5% annual cap at the end of the 10th full Lease year, that is, for the adjustments commencing with the adjustment at the start of the 151st month of the Term) on a compounded, cumulative basis. A numerical example of such Base Rent increase mechanism is provided in Exhibit “B” attached hereto. Landlord shall notify Tenant of each increase by a written statement. Tenant shall pay the new Base Rent from the applicable Rental Adjustment Date until the next Rental Adjustment Date. Landlord’s notice may be given not more than three (3) months after the applicable Rental Adjustment Date of the increase, and Tenant shall pay Landlord the accrued rental adjustment for the months elapsed between the effective date of the increase and Landlord’s notice of such increase within ten (10) days after Landlord’s notice. If the format or components of the Index are materially changed after the Commencement Date, Landlord shall substitute an index which is published by the Bureau of Labor Statistics Statistics, U.S. Department of Labor. In the event the Consumer Price Index ceases to be based on 1993-1995 = 100, or similar agency and which if a substantial change is most nearly equivalent to made in - 4 - the terms or number of items contained in the Consumer Price Index, then the Consumer Price Index in effect on the Commencement Date. The substitute index for any particular period shall be adjusted appropriately. In the event the Consumer Price Index or a successor or substitute Index is no longer published, a reliable governmental or other non-partisan publication evaluating information used to calculate in determining the Consumer Price Index shall be the basis for adjusting the Base Rent. Landlord shall advise Tenant promptly of any increase in the Base Rent unless Tenant objects to such index by reason of increases in writing within fifteen (15) days after receipt of Landlord’s notice. If Tenant objects, Landlord and Tenant shall submit the selection of the substitute index for binding arbitration in accordance with Sections 2.3(d)(i) through 2.3(d)(v) (except the arbitrators shall determine the substitute index rather than the Option Rent). The costs of arbitration shall be borne equally by Landlord and TenantConsumer Price Index.

Base Rent Increases. The monthly Commencing on January 1, 2016, and on each January 1st thereafter, the Base Rent for the next twelve month period shall be increased during by the initial Term at greater of (i) 3%, or (ii) the commencement change in the Consumer Price Index for the immediate twelve month period using the CPI formula as set forth herein. The Consumer Price Index shall be defined as follows: At the end of each January, the 31st, 61st, 91st, 121st and 151st full calendar Base Rent for the next succeeding 12 months following the Commencement Date (and, if Tenant exercises an option to extend, at the commencement of the 31st full calendar month following the commencement of the applicable Option Term) (each such date is hereinafter called a “Rental Adjustment Date”) in accordance with shall be increased by the increase in the Consumer Price Index (“CPI”) where the “CPI” is the Consumer Price Index for the month of December instant, and the “Base CPI” is the Consumer Price Index for the December of the previous calendar year. As used herein, Consumer Price Index shall mean and refer to that table which is presently designated as the Consumer Price Index “All Urban Consumers” (“CPI-U”) with a base period equaling One Hundred (100) in 1982-84, and specifically that portion of the “CPI-U” relating to Denver, Colorado published by the United States Department of Labor, Bureau of Labor Statistics. In the event the statistics are not available from said Index relating to Denver, Colorado, the Index for the next nearest city of comparable population to Denver, Colorado, in which such statistics are available, shall be used. In the event that publication of the said Consumer Price Index is modified or discontinued in its entirety, the adjustment provided for All Urban Consumers (all items for the Los Angeles – Riverside – Anaheim area, 1982-1984 = 100) (the “Index”) as follows: The monthly Base Rent in effect immediately before each Rental Adjustment Date (the “Comparison Base Rent”) herein shall be increased made on the basis of changes in the most comparable and recognized index of the purchasing power of the United States consumer dollar published by the percentage that the Index has increased from the date on which payment U.S. Department of the Comparison Base Rent began (the “Comparison Date”) through the end Labor or other governmental agency, if said Department of the month in which the applicable Rental Adjustment Date occurs (each Labor ceases to publish such period a “Rental Adjustment Period”); provided, however, that such increase for any Rental Adjustment Period shall be no less than 2.5% per annum, but no more than 4% per annum (except that such 4% annual cap shall be increased to a 5% annual cap at the end of the 10th full Lease year, that is, for the adjustments commencing with the adjustment at the start of the 151st month of the Term) on a compounded, cumulative basis. A numerical example of such Base Rent increase mechanism is provided in Exhibit “B” attached hereto. Landlord shall notify Tenant of each increase by a written statementindex. Tenant shall pay the new Base Rent from the applicable Rental Adjustment Date its effective date until the next Rental Adjustment Dateperiodic increase. Landlord’s notice may In no event shall Base Rent be given not more than three (3) months after reduced from the applicable Rental Adjustment Date last previous adjusted Base Rent by reason of any decrease in the increase, and Index. Tenant shall pay Landlord the accrued rental adjustment for the months elapsed between the new Base Rent from its effective date of until the increase and Landlord’s notice of such increase within ten (10) days after Landlord’s noticenext periodic increase. If the format or components of the Index are materially changed after the Commencement Date, Landlord shall substitute an index which is published by the Bureau of Labor Statistics or similar agency and which is most nearly equivalent to the Index in effect on the Commencement Date. The substitute index shall be used to calculate the increase in the Base Rent unless Tenant objects to such index in writing within fifteen (15) days after receipt of Landlord’s notice. If Tenant objects, Both Landlord and Tenant agree that if the December CPI has not been determined when March Monthly Base Rent is due, Tenant will pay the previous year’s Base Rent until the December CPI has been determined, and then Tenant shall submit pay over the selection of difference to Landlord upon demand and thereafter, pay the substitute index for binding arbitration in accordance with Sections 2.3(d)(i) through 2.3(d)(v) (except the arbitrators shall determine the substitute index rather than the Option Rent). The costs of arbitration shall be borne equally by Landlord and Tenantnewly determined rent.

Base Rent Increases. Base Rent increases during the Term shall be on the first (1st) day of the Sixth (6th) Lease Year, Eleventh (11th) Lease Year, Sixteenth (16th) Lease Year, Twenty- first (21st) Lease Year and during the Extended Term (in the event Tenant shall elect to exercise any of the options provided for in Section 2.3 above) shall be on the first day of the Twenty-sixth (26th) Lease Year and the Thirty-first (31st) Lease Year. The monthly then prevailing Base Rent shall be increased during (but not decreased) by the initial Term at the commencement of the 31st, 61st, 91st, 121st and 151st full calendar months following the Commencement Date (andincrease, if Tenant exercises an option to extendany, at the commencement of the 31st full calendar month following the commencement of the applicable Option Term) (each such date is hereinafter called a “Rental Adjustment Date”) in accordance with the increase in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index (hereinafter defined) for the month immediately prior to said day over the Consumer Price Index published for the same month in the calendar year five (5) years preceding, but in no event shall any increase in Base Rent exceed fifteen percent (15%) of the then-prevailing Base Rent. The term “Consumer Price Index” shall mean the Consumer Price Index, All Urban Consumers Consumers, All Items, U.S. City Average (all items for the Los Angeles – Riverside – Anaheim area, 19821993-1984 1995 = 100) (the “Index”) as follows: The monthly Base Rent in effect immediately before each Rental Adjustment Date (the “Comparison Base Rent”) shall be increased by the percentage that the Index has increased from the date on which payment of the Comparison Base Rent began (the “Comparison Date”) through the end of the month in which the applicable Rental Adjustment Date occurs (each such period a “Rental Adjustment Period”); provided, however, that such increase for any Rental Adjustment Period shall be no less than 2.5% per annum, but no more than 4% per annum (except that such 4% annual cap shall be increased to a 5% annual cap at the end of the 10th full Lease year, that is, for the adjustments commencing with the adjustment at the start of the 151st month of the Term) on a compounded, cumulative basis. A numerical example of such Base Rent increase mechanism is provided in Exhibit “B” attached hereto. Landlord shall notify Tenant of each increase by a written statement. Tenant shall pay the new Base Rent from the applicable Rental Adjustment Date until the next Rental Adjustment Date. Landlord’s notice may be given not more than three (3) months after the applicable Rental Adjustment Date of the increase, and Tenant shall pay Landlord the accrued rental adjustment for the months elapsed between the effective date of the increase and Landlord’s notice of such increase within ten (10) days after Landlord’s notice. If the format or components of the Index are materially changed after the Commencement Date, Landlord shall substitute an index which is published by the Bureau of Labor Statistics Statistics, U.S. Department of Labor. In the event the Consumer Price Index ceases to be based on 1993-1995 = 100, or similar agency and which if a substantial change is most nearly equivalent to made in the terms or number of items contained in the Consumer Price Index, then the Consumer Price Index in effect on the Commencement Date. The substitute index for any particular period shall be adjusted appropriately. In the event the Consumer Price Index or a successor or substitute Index is no longer published, a reliable governmental or other non-partisan publication evaluating information used to calculate in determining the Consumer Price Index shall be the basis for adjusting the Base Rent. Landlord shall advise Tenant promptly of any increase in the Base Rent unless Tenant objects to such index by reason of increases in writing within fifteen (15) days after receipt of Landlord’s notice. If Tenant objects, Landlord and Tenant shall submit the selection of the substitute index for binding arbitration in accordance with Sections 2.3(d)(i) through 2.3(d)(v) (except the arbitrators shall determine the substitute index rather than the Option Rent). The costs of arbitration shall be borne equally by Landlord and TenantConsumer Price Index.