BASE RENTAL ADJUSTMENT. The Base Rental payable hereunder ---------------------- shall be adjusted from time to time in accordance with the following provisions:
(a) Tenant shall pay Tenant's Proportionate Share (hereinafter defined) of Basic Costs in excess of the Basic Costs for calendar year 1997 ("Excess Basic Costs"). Prior to January 1 of each calendar year during the Lease Term, Landlord shall provide an estimate of Excess Basic Costs for the forthcoming calendar year. Tenant shall pay Base Rental for such forthcoming calendar year adjusted upward by Tenant's Proportionate Share of the amount of such forthcoming year's estimated Excess Basic Costs, or downward if the estimate of Excess of Basic Costs for such forthcoming calendar year is less than the prior year's estimate, but in no event shall Base Rental be less than the amount specified in Paragraph 1.
(b) By June 1 of each calendar year during the Lease Term commencing June 1, 1999, or as soon thereafter as possible, Landlord shall furnish to Tenant a statement of Landlord's Basic Costs for the previous calendar year or partial calendar year, if applicable. If actual Basic Costs are greater than Landlord's estimate thereof, a lump sum payment (which payment shall be deemed a payment of rent hereunder for all purposes) will be made from Tenant to Landlord within thirty (30) days of the delivery of such statement equal to Tenant's Proportionate Share of the amount by which actual Excess Basic Costs exceeded Landlord's estimate thereof. If actual Excess Basic Costs are less than Landlord's estimate thereof, Landlord shall promptly after delivery of such statement (but in no event within less than thirty (30) days) make a lump sum payment to Tenant (or at Landlord's option, Landlord may credit such lump sum amount against the rent installment due in the immediately succeeding month) equal to Tenant's Proportionate Share of the amount by which estimated Excess Basic Costs exceeded the actual amount thereof. The effect of this reconciliation payment or credit, as applicable, is that Tenant will pay during the Lease Term Tenant's Proportionate Share of Excess Basic Costs, and no more.
(c) All rent attributable to Excess Basic Costs shall be paid by Tenant in the proportion that the Net Rentable Area of the Premises bears to ninety-five percent (95%) of the Net Rentable Area of the Building ("Tenant's Proportionate Share").
BASE RENTAL ADJUSTMENT. The Base Rental Adjustment shall be calculated and paid as follows:
(a) The Rentable Area (hereinafter referred to as "RA") in the Leased Premises is hereby stipulated to be the number of square feet of Rentable Area specified in the Schedule, whether the same should be more or less as a result of variations resulting from actual construction and completion of the Leased Premises for occupancy.
BASE RENTAL ADJUSTMENT. Intentionally left blank.
BASE RENTAL ADJUSTMENT. Commencing with the first anniversary of the Commencement Date and on each anniversary thereof throughout the term, Lessee's Monthly Base Rent shall be increased by three percent (3%) of the previous year's Monthly Base Rent. Lessee shall pay such increased Rent in monthly installments commencing with the Monthly Base Rent payment then due.
BASE RENTAL ADJUSTMENT. The Base Rental Adjustment shall be determined as of each anniversary of the Commencement Date of the Lease Term in the manner hereinafter provided (each such date being hereinafter called an “Adjustment Date,” and each one (1) year period from any given Adjustment Date through the day before the next succeeding Adjustment Date being herein called an “Adjustment Period”). Each such Base Rental Adjustment shall be payable in monthly installments in advance on the first day of every calendar month during the Adjustment Period for which such Base Rental Adjustment was determined. Landlord shall notify Tenant in writing of the monthly amount of the Base Rental Adjustment for each Adjustment Period as soon as practicable.
(a) Subject to subsection (b) below, the Base Rental Adjustment is equal to the lesser of i) 2% (the “percentage increase factor”), or ii) any increase in the CPI as determined by comparing the CPI in effect at the beginning of the Adjustment Period to the CPI in effect at the end of the Adjustment Period (the “Change in CPI”); provided, that
(b) in the event the change in CPI for any applicable Adjustment Period is less than 2%, the difference between 2% and the Change in CPI (the “Cumulative CPI Balance”) shall accumulate in reserve and in the event the change in CPI in any subsequent Adjustment Period during the Term of this Lease exceeds 2%, the Cumulative CPI Balance will be added to the percentage increase factor of 2% such that the Base Rental Adjustment shall then be equal to the lesser of i) 2% plus the Cumulative CPI Balance, or (ii) the Change in CPI. Once the Cumulative CPI Balance is used for any applicable Adjustment Period, the portion so used shall be deducted from the Cumulative CPI Balance for the calculation of the Base Rental Adjustment as to any subsequent Adjustment Date.
BASE RENTAL ADJUSTMENT. The increase in Base Rental payable determined as of each anniversary of the Commencement Date of the Lease Term as described in Section 4 of the Lease.
BASE RENTAL ADJUSTMENT. The Base Rental Adjustment shall be determined as of each anniversary of the Commencement Date of the Lease Term in the manner hereinafter provided (each such date being hereinafter called an “Adjustment Date,” and each one (1) year period from any given Adjustment Date through the day before the next succeeding Adjustment Date being herein called an “Adjustment Period’). Each such Base Rental Adjustment shall be payable in monthly installments in advance on the first day of every calendar month during the Adjustment Period for which such Base Rental Adjustment was determined. Landlord shall notify Tenant in writing of the monthly amount of the Rental Adjustment for each Adjustment Period as soon as practicable. For each Adjustment Period, the Base Rental Adjustment shall be an amount equal to the difference between (a) the original Base Rental and (b) the amount that the Base Rental would be if increased on each Adjustment Date by two percent (2%) per annum, compounded.
BASE RENTAL ADJUSTMENT. Effective the first day following the expiration of each twelve (12) month period during the Lease Term, the Base Rental shall be adjusted as follows: Successive yearly base rates are one hundred four and one half percent (104.5%) of the previous year's Base Rental. Landlord shall be entitled to require that the payment of the adjustment to Base Rental provided for in this paragraph, be made in monthly installments equal to 1/12 of such adjustment for each year during the remainder of the Lease Term, such installments being due and payable on the first day of each calendar month during such Year. The Expense Stop initially stated in paragraph 1(a) hereof shall be utilized throughout the term of this Lease for the purpose of calculating the Excess pursuant to Paragraph 1(a) notwithstanding any adjustment to Base Rental pursuant to this paragraph. TENANT: Keyvxx Xxxxx, x LANDLORD: Met Life International Real sole proprietorship Estate Equity Shares. Inc., a Delaware corporation By: /s/ KEYVXX XXXXX By: /s/ MICHXXX X. XXXXXX ------------------------------- ------------------------------- Keyvxx Xxxxx Michxxx X. Xxxxxx Xxxle: A Sole Proprietorship Title: Assistant Vice President ---------------------------- --------------------------- Date: 5-18-92 Date: 5/29/92 ----------------------------- ----------------------------- ---------------------
BASE RENTAL ADJUSTMENT. The Base Rental Adjustment shall be determined as of each anniversary of the Commencement Date of the Lease Term in the manner hereinafter provided (each such date being hereinafter called an “Adjustment Date,” and each one (1) year period from any given Adjustment Date through the day before the next succeeding Adjustment Date being herein called an “Adjustment Period”). Each such Base Rental Adjustment shall be payable in monthly installments in advance on the first day of every calendar month during the Adjustment Period for which such Base Rental Adjustment was determined. Landlord shall notify Tenant in writing of the monthly amount of the Rental Adjustment for each Adjustment Period as soon as practicable. For each Adjustment Period, the Base Rental Adjustment shall be an amount equal to the difference between (a) the original Base Rental and (b) the amount that the Base Rental would be if increased on each Adjustment Date by one percent (1%) per annum, compounded.”
5. Landlord and Tenant agree that the Base Rental Adjustment as amended by this Amendment shall apply to the determination of the Base Rental Adjustment for the lease year beginning April 1, 2016 and ending March 31, 2017.
6. Except as provided in this Amendment, all of the terms and conditions of the Lease Agreement shall remain in full force and effect. The validity, construction and enforcement hereof shall be determined according to the substantive laws of the State of Tennessee.
7. This Amendment may be executed in counterparts, each of which when so executed shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.
BASE RENTAL ADJUSTMENT. The Base Rental adjustments for the ---------------------- Term are set forth in the Summary.
