Common use of Cost of Living Increase Clause in Contracts

Cost of Living Increase. The Base Rent for all space shall be increased on each date (the "Rental Adjustment Date") as provided in Paragraph 1.12(a) above in accordance with the increase in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for All Urban Consumer (all items for the geographical Statistical Area in which the Property is located on the basis of 1982-1984 = 100) (the "Index") as follows: (a) The Base Rent (the "Comparison Base Rent") in effect immediately before each Rental Adjustment Date shall be increased by the percentage that the Index has increased from the date (the "Comparison Date') on which payment of the Comparison Base Rent began through the month in which the applicable Rental Adjustment Date occurs. The Base Rent shall not be reduced by reason of such computation. Landlord shall notify Tenant of each increase by a written statement which shall include the Index for the applicable Comparison Date, the Index for the increase in the Base Rent provided for in this Section 3.02 shall be subject to any minimum or maximum increase, if provided for in Paragraph 1.12(a). (b) 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 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 the rules and regulations of the American Arbitration Association at its office closest to the Property. The costs of arbitration shall be borne equally by Landlord and Tenant.

Appears in 2 contracts

Samples: Industrial Real Estate Sublease (Pets Com Inc), Industrial Real Estate Sublease (Pets Com Inc)

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Cost of Living Increase. The Base Rent for all space shall be increased on each date (the "Rental Adjustment Date") as provided in subject to Paragraph 1.12(a1.12 (a) above in accordance with the increase in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for All Urban Consumer (all items for the geographical Statistical Area in which the Property is located on the basis of 1982-1984 = 100) (the "Index") as follows: (a) The Base Rent (the "Comparison Base Rent") in effect immediately before each Rental Adjustment Date shall be increased by the percentage that the Index has increased from the date (the "Comparison Date') on which payment of the Comparison Base Rent began through the month in which the applicable Rental Adjustment Date occurs. The Base Rent began through the month in which the applicable Rental Adjustment Date occurs. The Base Rent shall not be reduced by reason of such computation. Landlord shall notify Tenant of each increase by a written statement which shall include the Index for the applicable Comparison Date, the Index for the increase in the Base Rent provided for in this Section 3.02 shall be subject to any minimum or maximum increase, if provided for in Paragraph 1.12(a). (b) 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 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 the rules and regulations of the American Arbitration Association at its office closest to the Property. The costs of arbitration shall be borne equally by Landlord and Tenant.

Appears in 2 contracts

Samples: Industrial Real Estate Sublease (Pets Com Inc), Industrial Real Estate Sublease (Pets Com Inc)

Cost of Living Increase. The Base Rent Landlord and Tenant mutually agree that for all space each year after the first year of this lease the monthly base rent stated hereinabove shall be increased adjusted on each date (the "Rental Adjustment Date") basis as provided in Paragraph 1.12(a) above in accordance with the herein for any increase in the United States Department cost of Labor, Bureau of Labor Statistics, living as reported in the Consumer Price Index Index, all Items and Major Group Figures for All Urban Consumer Consumers (all items for the geographical Statistical Area in which the Property is located on the basis of 1982-1984 = 84-100) (CPI-U) (the "Index") as follows: (a) The Base Rent (the "Comparison Base Rent") in effect immediately before each Rental Adjustment Date shall be increased by the percentage that the Index has increased from the date (the "Comparison Date') on which payment of the Comparison Base Rent began through the month in which the applicable Rental Adjustment Date occurs. The Base Rent shall not be reduced by reason of such computation. Landlord shall notify Tenant of each increase by a written statement which shall include the Index for the applicable Comparison Date, the Index for the increase in the Base Rent provided for in this Section 3.02 shall be subject to any minimum or maximum increase, if provided for in Paragraph 1.12(a). (b) 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 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 Labor Statistics (the "Bureau") of the United States Department of Labor. Annually during the term of the lease, the monthly rent shall be recalculated by the following mathematical formula: Consumer Price Monthly Base Rent for Ensuing Term = Consumer Price Index Level 3 months prior to commencement date of ensuing year Consumer Price Index Level 3 months prior to commencement date of this lease ´ Base monthly Rent of $1,168.22 If the compilation and/or publication of the Index shall be transferred to any other department, bureau, or similar agency of the United States Government, or if the Bureau shall adopt a successor Index, the Index published by such successor department, bureau or agency shall be adopted and which is most nearly equivalent used as a standard for computing adjustments to the Index in effect on Base Rent. As soon as possible after publication of all statistics necessary for calculation of the Commencement Dateadjusted Base Rent applicable to any current period of this lease after the Base period, Landlord shall compute the amount of adjusted Base Rent to be paid by Tenant during such lease period. If the amount of adjusted Base Rent payable during any lease year after the Base period has not or cannot be computed by the due date of the first installment(s) thereof, Tenant shall continue to pay monthly installments of Base Rent at the rate applicable during the preceding annual period until the amount of the new installments has been computed. If the new installments shall be greater than installments due during the preceding year, Tenant shall pay the deficiency with the installment next maturing. The substitute index base monthly rent shall never be less than of the base monthly rent for the year preceding the calculation. The annual base monthly rent increase 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 greater of the substitute index for binding arbitration in accordance with the rules and regulations Arvana Incorporated Standard Lease Form rev. 10/2011 calculated CPI result or three percent (3%) of the American Arbitration Association at its office closest to the Property. The costs of arbitration shall be borne equally by Landlord and Tenantpreceding year’s base monthly rent.

Appears in 1 contract

Samples: Lease Agreement (Quality WallBeds, Inc.)

Cost of Living Increase. The Base Rent for all space shall be increased on each date (at the "Rental Adjustment Date") as provided time specified in Paragraph 1.12(a1.07(a) above above, (I) in accordance with proportion to the increase in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for All Urban Consumer (all items for index which has occurred between the geographical Statistical Area in which the Property is located on the basis of 1982-1984 = 100) (the "Index") as follows: (a) The Base Rent (the "Comparison Base Rent") in effect immediately before each Rental Adjustment Date shall be increased by the percentage that the Index has increased from the date (the "Comparison Date') on which payment first month of the Comparison Base Rent began through Lease Term and the month in which the applicable Rental Adjustment Date occurs. The Base Rent shall not rent is to be reduced by reason of such computationincreased and (ii) subject to the minimum and maximum increases set forth in Paragraph 1.07 (a). Landlord shall notify Tenant of each increase by delivering a written statement which shall include setting forth the Index for the applicable Comparison Datefirst month of the Lease Term, the Index for the increase month in which the Base Rent provided for is to be increased, the percentage increase between those two Indices, and the new amount of the Base Rent. The Base Rent shall not be reduced from the last previous adjusted Base Rent by reason of any decrease in this Section 3.02 shall be subject to any minimum or maximum increase, if provided for in Paragraph 1.12(a). (b) the Index. 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 be given after the applicable Rental Adjustment Date effective date of the increaseincrease since the Index for the appropriate month may be unavailable on the effective date. In such event, and Tenant shall pay Landlord landlord the accrued necessary rental adjustment for the months elapsed lapsed 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 DateDate of Lease, Landlord shall substitute an index which is published by the Bureau of labor Labor Statistics or similar agency and which is most nearly equivalent to the Index in effect on the Commencement Datedate of this Lease. The substitute index Landlord shall notify Tenant of the substituted index, which 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 Index shall be determined in accordance with the rules and regulations of the American Arbitration Association at its office closest to the PropertyAssociation. The costs cost of such arbitration shall be borne equally by be Landlord and Tenant.

Appears in 1 contract

Samples: Lease Agreement (Commonwealth Aluminum Corp)

Cost of Living Increase. The In view of the fluctuating power of the dollar, the Parties hereto desiring to adjust the Base Rent Annual Rental provided for all space in Paragraph 3 to such purchasing power, agree that an adjustment shall be increased made in the base annual rental on the first (1st) anniversary date of this Lease and each anniversary date thereafter. The Parties hereto adopt as a standard for measuring such fluctuations the Consumer Price Index, for Urban Wage Earners and Clerical Workers, United States City Average, All Items (1967=100) or any successor thereto as promulgated by the Bureau of Labor Statistics of the United States Department of Labor, hereinafter referred to as the "Rental Adjustment Date"Price Index." The Price Index for the month in which the lease commences shall be taken as the Basic Standard and that figure will, therefore, be the Basic Standard, as that term is hereinafter used. These adjustments shall be made in the rent by multiplying said rental by a fraction, the numerator of which shall be the new Price Index figure, and the denominator of which shall be the Basic Standard. The new Price Index to be used as the numerator of the fraction shall be the Price Index for the last month preceding the anniversary date for which the cost of living increase or decrease is being computed, i.e., the tenth (10th) as provided month for the first (1st) anniversary adjustment. No such adjustment shall result in Paragraph 1.12(aa decrease in the base annual rental below the original base annual rental payable by the LESSEE. /s/ illegible -------------- Initial 1 The Consumer Price Index is the United States Bureau of Labor Statistics, Consumer Price Index, for Urban Wage Earners and Clerical Workers, United States City Average, All Items (1967=100) above in accordance with the increase in or any successor thereto published by the United States Department of Labor, Bureau of Labor Statistics, ; provided that should the said Consumer Price Index for All Urban Consumer (all items for or manner of computing or reporting same be discontinued or changed, the geographical Statistical Area in which Parties shall attempt to agree upon a substitute formula, and failing such agreement the Property is located on the basis of 1982-1984 = 100) (the "Index") as follows: (a) The Base Rent (the "Comparison Base Rent") in effect immediately before each Rental Adjustment Date matter shall be increased determined by the percentage that the Index has increased from the date (the "Comparison Date') on which payment of the Comparison Base Rent began through the month in which the applicable Rental Adjustment Date occurs. The Base Rent shall not be reduced by reason of such computation. Landlord shall notify Tenant of each increase by a written statement which shall include the Index for the applicable Comparison Date, the Index for the increase in the Base Rent provided for in this Section 3.02 shall be subject to any minimum or maximum increase, if provided for in Paragraph 1.12(a). (b) 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 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 North palm Beach under the rules and regulations Rules of the American Arbitration Association at its office closest then prevailing. In the event that the Price Index ceases to use the 1967 average of one hundred (100) as the basis of calculation, or if a substantial change is made in the terms of particular items contained in the Price Index, then the Price Index shall be adjusted to the Propertyfigure that would have been arrived at had the change in the manner of computing the Price Index in effect at the commencement of the full term of this Lease not been effected. The costs of arbitration In the event that such Price Index (or successor or substitute Price Index) is not available, a reliable governmental or other non-partisan publication evaluating the information theretofore used in determining the Price Index shall be borne equally by Landlord and Tenantused. After the base annual rental has been adjusted as set forth in this Paragraph 5(A), the adjusted base annual rental will be payable in advance in twelve (12) equal monthly installments during each year subsequent to the anniversary date adjustment.

Appears in 1 contract

Samples: Standard Office Building Lease (Amcomp Inc /Fl)

Cost of Living Increase. The In view of the fluctuating power of the dollar, the Parties hereto desiring to adjust the Base Rent Annual Rental provided for all space in Paragraph 3 to such purchasing power, agree that an adjustment shall be increased made in the base annual rental on the first (1st) anniversary date of this Lease and each anniversary date thereafter. The Parties hereto adopt as a standard for measuring such fluctuations the Consumer Price Index, for Urban Wage Earners and Clerical Workers, United States City Average, All Items (1982-84=100) or any successor thereto as promulgated by the "Rental Adjustment Date"Bureau of Labor Statistics of the United States Department of Labor, hereinafter referred to as the “Price Index.” The Price Index for the month in which the lease commences shall be taken as the Basic Standard and that figure will, therefore, be the Basic Standard, as that term is hereinafter used. These adjustments shall be made in the rent by multiplying said rental by a fraction, the numerator of which shall be the new Price Index figure, and the denominator of which shall be the Basic Standard. The new Price Index to be used as the numerator of the fraction shall be the Price Index for the last month preceding the anniversary date for which the cost of living increase or decrease is being computed, i.e., the tenth (10th) as provided month for the first (1st) anniversary adjustment. No such adjustment shall result in Paragraph 1.12(aa decrease in the base annual rental below the original base annual rental payable by the LESSEE. The Consumer Price Index is the United States Bureau of Labor Statistics, Consumer Price Index, for Urban Wage Earners and Clerical Workers, United States City Average, All Items (1982-84=100) above in accordance with the increase in or any successor thereto published by the United States Department of Labor, Bureau of Labor Statistics; provided, that should the said Consumer Price Index for All Urban Consumer (all items for or the geographical Statistical Area in which manner of computing or reporting same be discontinued or changed, the Property is located on Parties shall attempt to agree upon a substitute formula, and failing such agreement the basis of 1982-1984 = 100) (the "Index") as follows: (a) The Base Rent (the "Comparison Base Rent") in effect immediately before each Rental Adjustment Date matter shall be increased determined by the percentage that the Index has increased from the date (the "Comparison Date') on which payment of the Comparison Base Rent began through the month in which the applicable Rental Adjustment Date occurs. The Base Rent shall not be reduced by reason of such computation. Landlord shall notify Tenant of each increase by a written statement which shall include the Index for the applicable Comparison Date, the Index for the increase in the Base Rent provided for in this Section 3.02 shall be subject to any minimum or maximum increase, if provided for in Paragraph 1.12(a). (b) 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 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 North Palm Beach under the rules and regulations Rules of the American Arbitration Association at its office closest then prevailing. In the event that the Price Index ceases to use the 1982-84 average of one hundred (100) as the basis of calculation, or if a substantial change is made in the terms of particular items contained in the Price Index, then the Price Index shall be adjusted to the Propertyfigure that would have been arrived at had the change in the manner of computing the Price Index in effect at the commencement of the full term of this Lease not been effected. The costs of arbitration In the event that such Price Index (or successor or substitute Price Index) is not available, a reliable governmental or other non-partisan publication evaluating the information theretofore used in determining the Price Index shall be borne equally by Landlord and Tenantused. After the base annual rental has been adjusted as set forth in this Paragraph 5, the adjusted base annual rental will be payable in advance in twelve (12) equal monthly installments during each year subsequent to the anniversary date adjustment.

Appears in 1 contract

Samples: Standard Office Building Lease (Amcomp Inc /Fl)

Cost of Living Increase. The Base Rent for all space Minimum Rental specified in Article I shall be increased on each date subject to increase, but not greater than three (3%) percent any one year, from the "Rental Adjustment Date") as provided in Paragraph 1.12(a) above in accordance with the increase base period in the United States Department of Labor, Bureau of Labor Statistics, Statistics Consumer Price Index Subgroup "all items" entitled Consumer Price Index for All Urban Consumer Wage Earners and Clerical Workers (all items Revised Series) for Los Angeles - Long Beach - Anaheim Average (1967 100). The index for said subgroup published for January of the geographical Statistical Area year in which the Property this Lease is located on the basis of 1982-1984 = 100) (the "Index") as follows: (a) The Base Rent (the "Comparison Base Rent") in effect immediately before each Rental Adjustment Date executed shall be increased by the percentage that the Index has increased from the date (the "Comparison Date') on which payment of the Comparison Base Rent began through the month in which the applicable Rental Adjustment Date occursbase period. The Base Rent shall not be reduced by reason index for January of such computation. Landlord shall notify Tenant of each increase by a written statement which shall include every year after the Index for the applicable Comparison Date, the Index for the increase in the Base Rent provided for in this Section 3.02 base period shall be subject used for comparison purposes to any minimum or maximum determine the amount of increase, if provided any, in the Minimum Rental for the next successive year; provided, however, in Paragraph 1.12(a). (b) no event shall the Minimum Rental be less than the amount specified in Article 1. When the Minimum Rental for any one year period is determined, Landlord shall Tenant shall pay written notice to that effect indicating how the new Base Rent from the applicable Rental Adjustment Date until the next Rental Adjustment Dateminimum annual rental figure was completed. Landlord's notice may be given after the applicable Rental Adjustment Date of the increase, and Tenant shall pay Landlord the accrued rental adjustment for the months elapsed between the The effective date of such increase shall be the increase and Landlord's first day of July of any such year in which Tenant shall receive notice of such an increase within ten in Minimum Rental. In no event shall the CPI adjustment exceed three (103%) days after Landlord's noticein any one year. If at any rental adjustment date there shall not exist the Consumer Price Index in the same format or components of as recited in this Paragraph 3.3, the Index are materially changed after the Commencement Date, Landlord parties shall substitute an any official index which is published by the Bureau of labor Statistics Of Labor Statistics, or any successor or similar agency governmental agency, as may then be in existence and which is shall be 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 noticethereto. If Tenant objectsthe parties are unable to agree upon a successor index, Landlord and Tenant the parties shall submit refer the selection choice of the substitute a successor index for binding to arbitration in accordance with the rules and regulations of the American Arbitration Association at its office closest to Association. At such time as the Property. The costs of arbitration "Los Angeles - Long Beach - Anaheim" index is replaced with the "Los Angeles - Riverside - Anaheim" index, the parties agree that the latter index shall be borne equally by Landlord and Tenantutilized.

Appears in 1 contract

Samples: Lease Agreement (Network Holdings International Inc)

Cost of Living Increase. The If this Sublease shall be extended ----------------------- pursuant to the option to extend contained in the Rider to this Sublease, if any, commencing at the end of the first calendar year of the renewal term hereof, and for each calendar year of the renewal term thereafter, the monthly Base Rent to be paid to Sublessor by Subtenant for all space shall be increased on each date (the "Rental Adjustment Date") as provided in Paragraph 1.12(a) above upcoming calendar year will increase in accordance with the cost of living as follows: The percentage increase of the cost of living will be made by calculating the percentage of variation of the current year from the previous calendar year, as indicated by the Consumer Price Index - Seasonally Adjusted U.S. City Average - All Items and Major Group Figures - All Urban Consumers (1982-84=100) ("CPI-U"), published by the Xxxxxx xx Xxxxx Xxxxxxxxxx xx xxx Xxxxxx Xxxxxx Department of Labor from September to September. Said percentage will be multiplied by the existing monthly Base Rent (excluding increases in operating expenses provided for herein) as illustrated in the sample formula below: [(August 1999 CPI-U - August 1998 CPI-U) (divided by) August 1998 CPI-U] x monthly Base Rent = adjustment in 1999 monthly Base Rent The resulting product will be the amount of increase in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for All Urban Consumer (all items for upcoming year's monthly Base Rent. In no event shall the geographical Statistical Area in which the Property is located on the basis of 1982-1984 = 100) (the "Index") as follows: (a) The Base Rent (the "Comparison Base Rent") in effect immediately before each Rental Adjustment Date shall be increased by the percentage that the Index has increased from the date (the "Comparison Date') on which payment of the Comparison Base Rent began through the month in which the applicable Rental Adjustment Date occurs. The Base Rent shall not ever be reduced by reason of such computationthis subsection (c). Landlord shall notify Tenant In the event that (i) the CPI-U ceases to use the 1982-84 base of each increase by 100, or (ii) a written statement which shall include the Index for the applicable Comparison Date, the Index for the increase substantial change is made in the Base Rent provided for number of items used in this Section 3.02 determining the CPI-U such that Sublessor and Subtenant agree that the CPI-U does not accurately reflect the purchasing power of the dollar, or (iii) the CPI-U shall be subject discontinued for any reason, Sublessor shall designate upon notice to any minimum Subtenant, a new index or maximum increasebase that measures the cost of living, if provided for with appropriate adjustment in Paragraph 1.12(a). (b) Tenant shall pay such base or index to make the new Base Rent from the applicable Rental Adjustment Date until the next Rental Adjustment Date. Landlord's notice may be given 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 same comparable 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 the rules and regulations of the American Arbitration Association at its office closest to the Property. The costs of arbitration shall be borne equally by Landlord and Tenant.CPI-U.

Appears in 1 contract

Samples: Sublease Agreement (Paradigm Genetics Inc)

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Cost of Living Increase. The Base Annual Minimum Rent for all space specified in Paragraph 1.01 of Article I shall, commencing in the third year of the lease Term, be increased annually by the amount of the "Rent adjustment" which shall be increased on each date (computed by reference to the "Rental Adjustment Date") as provided statistics published in Paragraph 1.12(a) above in accordance with the increase in Monthly Labor Review by the United States Department of Labor, Bureau of Labor Statistics, designated "CPI-W" for all urban wage earners and clerical workers, U.S. city average (1967 = 100), all items (hereinafter called the "Consumer Price Index"). The Rent Adjustment shall be computed by the following formula: I = Consumer Price Index figure for the month that is two (2) months prior to the calendar month in which the period under adjustment begins. i = Consumer Price Index for All Urban Consumer the month that is two (all items for 2) months prior to the geographical Statistical Area in which the Property is located on the basis of 1982-1984 = 100) (the "Index") as follows: (a) The Base Rent (the "Comparison Base Rent") in effect immediately before each Rental Adjustment Date shall be increased by the percentage that the Index has increased from the date (the "Comparison Date') on which payment of the Comparison Base Rent began through the calendar month in which the applicable Rental Adjustment Date of Occupancy occurs. The Base If the Rent Adjustment is a positive number (if I is larger than i), the Rent Adjustment shall be added to the first year's Annual Minimum Rent and the sum thereof shall be the Annual Minimum Rent for the subsequent year. Monthly installments shall be recomputed based on the adjusted rent; provided however, that adjusted rent shall not be reduced less than three percent (3%) increase of the previous year's Annual Minimum Rent, plus applicable sales tax. If the Bureau of Labor Statistics shall change the method of determining the Consumer Price Index, the formula for determining "rent adjustment" shall be altered or amended, if possible, so as to continue the base period and base figure, but in the event it shall be impossible so to do, or in the event the Bureau of Labor Statistics shall cease to publish the said statistical information, and it is not available from any other source, public, or private, acceptable to both parties, or by reason of such computation. Landlord arbitration if the parties are unable to agree, then a new formula for determining the "rent adjustment" shall notify Tenant of each increase be adopted for the parties by a written statement which shall include the Index for the applicable Comparison Dateboard of arbitration to consist of three (3) persons, the Index for the increase in the Base Rent provided for in this Section 3.02 one (1) of whom shall be subject to any minimum or maximum increasechosen by the Landlord, if provided for in Paragraph 1.12(a). one (b1) Tenant of whom shall pay be chosen by Tenant, and the new Base Rent from third shall be chosen by the applicable Rental Adjustment Date until the next Rental Adjustment Datetwo (2) selected. Landlord's notice may be given after the applicable Rental Adjustment Date If either of the increase, and Tenant parties 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 fail to select an arbitrator within ten sixty (1060) days after Landlord's noticeactual receipt of notice by the other party that an arbitrator has been selected, then the second arbitrator may be selected by the other party. If The board of arbitration shall meet as soon as practical after appointment and shall fix the format or components formula for determining "rent adjustment" and shall file a written report with the Landlord and with the Tenant signed by at least two (2) members of the Index are materially changed after board of arbitration, and 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 decision of the substitute index for binding arbitration in accordance with the rules and regulations of the American Arbitration Association at its office closest to the Property. The costs board of arbitration shall be borne equally by Landlord final and Tenantshall be binding upon both parties.

Appears in 1 contract

Samples: Lease Agreement (Sagemark Companies LTD)

Cost of Living Increase. The Base Rent for all space Subject to Section 32 hereof, beginning on February 1, 1996, the rent (not including the portion attribut able to taxes and insurance) shall be increased adjusted annually on February 1st of each date (year in proportion to the "Rental Adjustment Date") as provided in Paragraph 1.12(a) above in accordance with the increase changes in the United States Department of Labor, Consumer Price Index (CPI) published by the Bureau of Labor Statistics, based upon changes in the CPI for over the past calendar year (twelve months) between the date of initial occupancy (2-1-95) and the years of the Lease as set forth above. At the end of the 1995 year of occupancy thereafter, based upon the renewal options, if any contained herein, a similar adjustment in the then current rent shall be made by comparing the CPI at the beginning of each renewal year with the CPI at the beginning of the first year of occupancy. Such adjusted rentals shall be payable in twelve (12) equal monthly installments during the year hereof, and each renewal year thereafter. The adjustment, if any, shall be calculated upon the basis of the U.S. Consumer Price Index for All Urban Consumer urban consumers, St. Paul - Xinneapolis area (all items for the geographical Statistical Area in which the Property is located on the basis of 1982-1984 = 100) (the "Index") issued by the Bureau of Labor Statistics of the U.S. Department of Labor ("Bureau"), (1967 = 100). The Index for said subgroup published as follows: (a) The Base Rent (of the month prior to the commencement date shall be considered the "Comparison Base". The monthly Base Rent") in effect immediately before Rental for each Rental Adjustment Date year shall be increased adjusted by the percentage increase, if any, in the index, as of the month prior to the month of commencement over the Base; provided, however, that in no event shall the monthly Base Rental be less than the amount specified in this Lease not withstanding the fact that the Index has increased from may, as of some adjustment date, be less than the date (Base. When the "Comparison Date') on which payment of monthly Base Rental for the Comparison year is determined, Lessor shall give Lessee written notice to the effect indicating how the new monthly Base Rent began through the month in which the applicable Rental Adjustment Date occursfigure was computed. The Base Rent If at any rental adjustment date, there shall not be reduced by reason of such computation. Landlord shall notify Tenant of each increase by a written statement which shall include exist the Index for in the applicable Comparison Datesame format as recited in this Section, the Index for the increase in the Base Rent provided for in this Section 3.02 shall be subject to any minimum or maximum increase, if provided for in Paragraph 1.12(a). (b) 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 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 parties shall substitute an any official index which is published by the Bureau of labor Statistics Labor Statistics, or successor or similar agency governmental agency, as may then be in existence and which is shall be most nearly equivalent to thereto. If the Index in effect on the Commencement Date. The substitute index parties shall be used unable to calculate agree upon a successor index, the increase in parties shall refer the Base Rent unless Tenant objects choice of a successor index 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 the rules and regulations of the American Arbitration Association at its office closest to the PropertyAssociation. The costs of arbitration CPI increase shall be borne equally by Landlord commence on February 1, 1996, and Tenantshall not exceed six (6) percent in any one year.

Appears in 1 contract

Samples: Lease Agreement (Ivex Packaging Corp /De/)

Cost of Living Increase. The Base Subject to Section 32 hereof beginning on January 1, 1994 the Rent for all space (not including the portion attributable to taxes and insurance) shall be increased adjusted annually on January 1st of each date (year in proportion to the "Rental Adjustment Date") as provided in Paragraph 1.12(a) above in accordance with the increase changes in the United States Department of Labor, Consumer Price Index (CPI) published by the Bureau of Labor Statistics, based upon changes in the CPI for over the past calendar year (twelve (12) months) between the date of initial occupancy (2-1-92) and the years of the Lease as set forth above. At the end of the 1992 year of occupancy thereafter, based upon the renewal options, if any, contained herein, a similar adjustment in the then current rent shall be made by comparing the CPI at the beginning of each renewal year with the CPI at the beginning of the first year of occupancy. Such adjusted rentals shall be payable in twelve (12) equal monthly installments during the year hereof, and each renewal year thereafter. The adjustment, if any, shall be calculated upon the basis of the U.S. Consumer Price Index for All Urban Consumer urban consumers, St. Paul - Xinneapolis area (all items for the geographical Statistical Area in which the Property is located on the basis of 1982-1984 = 100) (the "Index") ), issued by the Bureau of Labor Statistics of the U.S. Department of Labor ("Bureau"), (1967 = 100). The Index for said subgroup published as follows: (a) The Base Rent (of the month prior to the commencement date shall be considered the "Comparison Base". The monthly Base Rent") in effect immediately before each Rental Adjustment Date for the year shall be increased adjusted by the percentage increase, if any, in the index as of the month prior to the month of commencement over the Base; provided, however, that in no event shall the monthly Base Rental be less than the amount specified in this Lease not withstanding the fact that the Index has increased from may, as of some adjustment date, be less than the date (Base. When the "Comparison Date') on which payment of monthly Base Rental for the Comparison year is determined, Lessor shall give Lessee written notice to that effect indicating how the new monthly Base Rent began through the month in which the applicable Rental Adjustment Date occursfigure was computed. The Base Rent If at any rental adjustment date, there shall not be reduced by reason of such computation. Landlord shall notify Tenant of each increase by a written statement which shall include exist the Index for in the applicable Comparison Datesame format as recited in this Section, the Index for the increase in the Base Rent provided for in this Section 3.02 shall be subject to any minimum or maximum increase, if provided for in Paragraph 1.12(a). (b) 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 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 parties shall substitute an any official index which is published by the Bureau of labor Statistics Labor Statistics, or successor or similar agency governmental agency, as may then be in existence and which is shall be most nearly equivalent to thereto. If the Index in effect on the Commencement Date. The substitute index parties shall be used unable to calculate agree upon a successsor index, the increase in parties shall refer the Base Rent unless Tenant objects choice of a successor index 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 the rules and regulations of the American Arbitration Association at its office closest to the PropertyAssociation. The costs of arbitration CPI increased shall be borne equally by Landlord commence on January 1, 1994 and Tenantshall not exceed six (6) percent in any one year.

Appears in 1 contract

Samples: Lease Agreement (Ivex Packaging Corp /De/)

Cost of Living Increase. The Base Rent for all space shall be increased on each date (the "Rental Adjustment Date") as provided stated in Paragraph 1.12(a) above in .in accordance with the increase in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for All Urban Consumer Consumers (all items for the geographical Statistical Area in which the Property is located on the basis of 1982-1984 = 100) (the "Index") as follows: (a) The Base Rent (the "Comparison Base Rent") in effect immediately before each Rental Adjustment Date shall be increased by the percentage that the Index has increased from the date (the "Comparison Date'") on which payment of the Comparison Base Rent began through the month in which the applicable Rental Adjustment Date occurs. The Base Rent shall not be reduced by reason of such computation. Landlord shall notify Tenant of each increase by a written statement which shall include the Index index for the applicable Comparison comparison Date, the Index index for the applicable Rental Adjustment Date, the percentage increase between those two Indices, and the new Base Rent. Any increase in the Base Rent provided for in this Section 3.02 shall be subject to any minimum or maximum increase, if provided for fore in Paragraph 1.12(a). (b) Tenant shall pay the new Base Rent from the applicable Rental Rentable Adjustment Date until the next Rental Adjustment Date. Landlord's notice may be given 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 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 the rules and regulations of the American Arbitration Association at its office closest closes to the Property. The costs of arbitration shall be borne equally by Landlord and Tenant.

Appears in 1 contract

Samples: Industrial Real Estate Lease (LML Payment Systems Inc)

Cost of Living Increase. Tenant agrees that at each Adjustment Date (as hereinafter defined) the Monthly Minimum Rent shall be adjusted based upon a Cost of Living Increase as and to the extent provided in this Section 2.01. The Base rents as so adjusted (referred to herein as the "Adjusted Monthly Minimum Rents") shall become the Monthly Minimum Rent for all space the month which includes the Adjustment Date and for each month thereafter until the Minimum Monthly Rent is again adjusted pursuant to this Section 2.01. The amount of the Cost of Living Increase under this Section 2.01 shall be increased based on each date (the "Rental Adjustment Date") as provided in Paragraph 1.12(a) above in accordance with the increase changes in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for All Urban Consumer Consumers - U.S. City Average (1982-84=100), all items for published by the geographical Statistical Area in which the Property is located on the basis Bureau of 1982-1984 = 100) Labor Statistics, U.S. Department of Labor (the "Price Index") as follows). The Adjustment Dates shall be the following: (a) The Base Rent (the "Comparison Base Rent") in effect immediately before each Rental Adjustment Date shall be increased by the percentage that the Index has increased from the date (the "Comparison Date') on which payment first day of the Comparison Base Rent began through thirteenth (13th) month of the month in which Term of this Lease, excluding the applicable Rental Adjustment Date occurs. The Base Rent shall not be reduced by reason of such computation. Landlord shall notify Tenant of each increase by a written statement which shall include the Index for the applicable Comparison Date, the Index for the increase in the Base Rent provided for in this Section 3.02 shall be subject to any minimum or maximum increaseinitial partial month, if provided for in Paragraph 1.12(a).any; and (b) Tenant shall pay the new Base Rent from first day of the applicable Rental Adjustment Date until same calendar month of each subsequent year during the next Rental Term of this Lease and any renewals, extensions or hold over (tenant at will) periods following the first Adjustment Date. Landlord's notice may be given after , the applicable Rental Adjustment Date intent being to provide for an annual evaluation of the increaseMonthly Minimum Rents hereunder. At each Adjustment Date, and Tenant a fraction shall pay Landlord be computed, the accrued rental adjustment denominator of which is the Price Index 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 month 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 months prior to the Adjustment Date and the numerator of Landlord's noticewhich is said Price Index for the calendar month which is three (3) months prior to the Adjustment Date. If the fraction so computed is greater than one (1.00), the Monthly Minimum Rent (or if there has been a prior adjustment, the Adjusted Monthly Minimum Rent then required to be paid hereunder) shall be multiplied by such fraction to determine the new Adjusted Monthly Minimum Rent. If the fraction so computed at any Adjustment Date is less than one (1.00), there shall be no adjustment under this Section 2.01 and the Tenant objectsshall continue to pay the Monthly Minimum Rents then being paid until the next Adjustment Date at which time the Monthly Minimum Rents shall be again evaluated under this Section 2.01 and, if appropriate, adjusted xxxxxxxxx.Xx the event the Price Index is discontinued or ceases to be published, Landlord and Tenant shall submit will designate a comparable index reflecting changes in the selection cost of living or purchasing power of the substitute consumer dollar published by any other governmental agency, bank or financial institution or any other recognized authority and in such event the designated index for binding arbitration in accordance with shall thereafter be the rules and regulations of the American Arbitration Association at its office closest to the Property. The costs of arbitration shall be borne equally by Landlord and TenantPrice Index.

Appears in 1 contract

Samples: Lease Agreement (Interactive Magic Inc /Md/)

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