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Common use of CPI Adjustment Clause in Contracts

CPI Adjustment. In addition to the foregoing, the Basic Monthly Rental payable by Lessee for the last month of each Lease Year shall be adjusted as of the first day of each succeeding Lease Year by adding to it thirty percent (30%) of the amount computed by multiplying said Basic Monthly Rental by the percentage increase, if any, in the index now known as "United States Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers (CPI-U), for the Washington, D.C. Standard Metropolitan Statistical Area (SMSA), 'all items' (1982-84=100)" (the "Index"). Any such percentage increase in the Index shall be determined by dividing the amount, if any, by which the Index published for the period that includes the last month of the Lease Year just ended exceeds the corresponding Index published for the period that includes the month immediately preceding the commencement of the Lease Year just ended, by said latter corresponding Index. Lessor shall provide Lessee, during the last month of each Lease Year, written notice of Lessor's reasonable estimate of the adjustment to the Basic Monthly Rental due to increases in the Index, and Lessee shall begin paying the estimated adjusted Basic Monthly Rental as of the first month of the immediately succeeding Lease Year. The computation of the actual amount of any such adjustment to the Basic Monthly Rental shall be contained in the Annual Statement furnished to Lessee as set forth in Article 3(e) above. Promptly after receipt of the Annual Statement, the difference between the estimated monthly payments paid by Lessee and the actual amount of Basic Monthly Rental shall be determined. If the estimated payments by Lessee exceed the actual amount determined to be owing, the excess shall be credited against the next installment of Basic Monthly Rental falling due hereunder. If the actual amount determined to be owing is greater than Lessee's estimated payments, the deficiency shall be paid by Lessee together with the next installment of Basic Monthly Rental due hereunder. Thereafter Lessee shall pay the new Basic Monthly Rental until receipt of the next written notice of the estimated adjustment to Basic Monthly Rental from Lessor. The amount payable by Lessee as Basic Monthly Rental for any Lease Year, as adjusted according to this Article 4 (exclusive of any separate step-up), shall in no case be less than the Basic Monthly Rental, as so adjusted, payable during the preceding Lease Year (exclusive of any separate step-up), and shall not affect in any way Lessee's continuing obligation to pay any and all sums payable as additional rent under this Lease. If such Index shall be discontinued, with no successor or comparable successor index, the parties shall attempt to agree upon a substitute formula; but if the parties are unable to agree upon a substitute formula, then the matter shall be determined by arbitration in accordance with the rules of the American Arbitration Association then prevailing. Notwithstanding anything to the contrary contained in this Article 4, Lessee's Basic Monthly Rental shall not be adjusted pursuant to this Article 4 until September 1, 1991 at which time the increase to said Basic Monthly Rental which would have been effective January 1, 1991 shall become effective. In no event shall any annual increase in Basic Monthly Rental pursuant to this Article 4 exceed three (3%) percent of the Basic Monthly Rental for the immediately preceding Lease Year.

Appears in 1 contract

Samples: Lease (Medialink Worldwide Inc)

CPI Adjustment. (i) In addition the event that the Consumer Price Index published for the Base Month shall be less than the Consumer Price Index for any Comparison Month, then Tenant shall pay to Landlord or Landlord's Agent, as Additional Rent for and during the next CPI Year, commencing on the first day of the next CPI Year, an amount (the "CPI ADJUSTMENT") equal to the foregoingproduct obtained by multiplying thirty-five percent (35%) of the actual Base Rent payable for those respective portions of the Premises identified on Exhibit N for such CPI Year by a fraction, the Basic Monthly Rental payable by Lessee numerator of which is the Consumer Price Index for the last month Comparison Month minus the Consumer Price Index for the Base Month and the denominator of which is the Consumer Price Index for the Base Month, provided, however, that in no event shall such fraction described above and used in computing the CPI Adjustment for any Comparison Year exceed those amounts set forth on the attached Exhibit N. No CPI Adjustment payment shall be payable for any Base Year. (ii) No CPI Adjustment payment shall be payable for a period of sixteen (16) consecutive months commencing on the Commencement Date. The CPI Adjustment for each Lease CPI Year shall be adjusted as of paid during the CPI Year in advance on the first day of each succeeding Lease Year by adding calendar month in installments each equal to it thirty percent (30%) 1/12th of the amount computed by multiplying said Basic Monthly Rental by the percentage increaseCPI Adjustment, if any, except in the index now known second year of the Term, when such payments shall be made in eight (8) equal monthly installments during the last eight (8) months of such year. Prior to such time as "United States Bureau of Labor Statisticsthe Consumer Price Index shall be available for the Comparison Month, Landlord shall be entitled to reasonably estimate what the Consumer Price Index will be for the Comparison Month on a uniform basis for all Building tenants, and Tenant shall make monthly CPI Adjustment payments in accordance with such estimate. As soon as the Consumer Price Index for All Urban Consumers (CPI-U), for the Washington, D.C. Standard Metropolitan Statistical Area (SMSA), 'all items' (1982-84=100)" (the "Index")Comparison Month is published. Any such percentage increase Landlord shall advise Tenant in the Index shall be determined by dividing the amount, if any, by which the Index published for the period that includes the last month of the Lease Year just ended exceeds the corresponding Index published for the period that includes the month immediately preceding the commencement of the Lease Year just ended, by said latter corresponding Index. Lessor shall provide Lessee, during the last month of each Lease Year, written notice of Lessor's reasonable estimate of the adjustment to the Basic Monthly Rental due to increases in the Index, and Lessee shall begin paying the estimated adjusted Basic Monthly Rental as of the first month of the immediately succeeding Lease Year. The computation writing of the actual amount of any such adjustment to Consumer Price Index for the Basic Monthly Rental shall be contained in the Annual Statement furnished to Lessee as set forth in Article 3(e) above. Promptly after receipt of the Annual Statement, the difference between Comparison Month and if the estimated monthly CPI Adjustment payments paid made to that date by Lessee and Tenant have been less than the actual amount CPI Adjustment payments due through such date, Tenant shall within ten (10) days of Basic Monthly Rental shall be determinedsuch notice pay such difference to Landlord. If the estimated CPI Adjustment payments made by Lessee exceed Tenant to that date have been more than the actual amount CPI Adjustment payments due, Landlord shall within ten (10) days of such notice pay such difference to Tenant. (iii) If the manner in which the Consumer Price Index as determined to be owing, by the excess Department of Labor shall be credited against substantially revised, or if the next installment 1982-1984 average shall no longer be used as an index of Basic Monthly Rental falling due hereunder100, an equitable adjustment shall be made in such revised index so as to obtain the result that would have been obtained if the Consumer Price Index had not been so revised or if said average was still in use. If the actual amount determined Consumer Price Index shall become unavailable to be owing the public because publication is greater than Lessee's estimated paymentsdiscontinued, or otherwise, Landlord will substitute therefor a comparable index based upon changes in the deficiency shall be paid by Lessee together with the next installment cost of Basic Monthly Rental due hereunder. Thereafter Lessee shall pay the new Basic Monthly Rental until receipt living or purchasing power of the next consumer dollar published by another governmental agency or, if no such index shall then be available, a comparable index published by a major bank or other financial institution or by a university or a recognized financial publication. If Tenant shall deliver written notice of the estimated adjustment Tenaxx'x xbjection to Basic Monthly Rental from Lessor. The amount payable by Lessee as Basic Monthly Rental for any Lease Year, as adjusted according to this Article 4 (exclusive of any separate step-up), shall in no case be less than the Basic Monthly Rental, as so adjusted, payable during the preceding Lease Year (exclusive of any separate step-up), and shall not affect in any way Lessee's continuing obligation to pay any and all sums payable as additional rent under this Lease. If such Index shall be discontinued, with no successor or comparable successor index, the parties shall attempt to agree upon a substitute formula; but if the parties are unable to agree upon a substitute formula, index selected by Landlord then the matter shall dispute as to what index should be determined by substituted may be submitted to arbitration in accordance with the rules of the American Arbitration Association then prevailing. Notwithstanding anything to the contrary contained in this Article 4, Lessee's Basic Monthly Rental shall not be adjusted pursuant to this Article 4 until September 1, 1991 at which time the increase to said Basic Monthly Rental which would have been effective January 1, 1991 shall become effective. In no event shall any annual increase in Basic Monthly Rental pursuant to this Article 4 exceed three (3%) percent of the Basic Monthly Rental for the immediately preceding Lease YearParagraph 33 hereof.

Appears in 1 contract

Samples: Sublease (Universal Access Inc)

CPI Adjustment. In addition to the foregoing, the Basic Monthly Rental payable by Lessee for the last month of each Lease Year shall be adjusted as of each May 14th (the first day of each succeeding Lease Year "Anniversary Date") during the Term, commencing May 14,1997, by adding to it thirty percent (30%) of the amount computed by multiplying said Basic Monthly Rental by the percentage increase, if any, in the index now known as "United States Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers (CPI-U), for the Washington, D.C. Standard Metropolitan Statistical Area (SMSA), '"all items' " (1982-84=100)" (the "Index"). Any such percentage increase in the Index shall be determined by dividing the amount, if any, by which the Index published for the period that includes the last month of March immediately preceding the Lease Year just ended relevant Anniversary Date exceeds the corresponding Index published for the period that includes the month of March immediately preceding the commencement of Anniversary Date for the Lease Year just endedprior year, by said latter corresponding Index. Lessor shall provide Lessee, during each April during the last month of each Lease Year, Term written notice of Lessor's reasonable estimate of the adjustment to the Basic Monthly Rental due to increases in the Index, and Lessee shall begin paying the estimated adjusted Basic Monthly Rental as of with the first month of the immediately succeeding Lease Year. The computation of the actual amount of any such adjustment to the Basic Monthly Rental shall be contained in the Annual Statement furnished to Lessee as set forth in Article 3(e) above. Promptly after receipt of the Annual Statement, the difference between the estimated monthly payments paid by Lessee and the actual amount next payment of Basic Monthly Rental shall be determined. If Rent due, retroactive, if necessary, to the estimated payments by Lessee exceed the actual amount determined to be owing, the excess shall be credited against the next installment of Basic Monthly Rental falling due hereunder. If the actual amount determined to be owing is greater than Lessee's estimated payments, the deficiency shall be paid by Lessee together with the next installment of Basic Monthly Rental due hereunderAnniversary Date. Thereafter Lessee shall pay the new Basic Monthly Rental until receipt of the next written notice of the estimated adjustment to Basic Monthly Rental from Lessor. The amount payable by Lessee as Basic Monthly Rental for any Lease Yearannual period hereunder, as adjusted according to this Article 4 (exclusive of any separate step-up)4, shall in no case be less than the Basic Monthly Rental, as so adjusted, payable during the preceding Lease Year (exclusive of any separate step-up)annual period, and shall not affect in any way Lessee's continuing obligation to pay any and all sums payable as additional rent under this Lease. If such Index shall be discontinued, with no successor or comparable successor index, the parties shall attempt to agree upon a substitute formula; but if the parties are unable to agree upon a substitute formula, then the matter shall be determined by arbitration in accordance with the rules of the American Arbitration Association then prevailing. 6. Notwithstanding anything to Effective May 14, 1996, Articles 26(a) and 30 shall be deleted. Article 30 shall be replaced by the contrary contained in this Article 4, Lessee's Basic Monthly Rental shall not be adjusted pursuant to this Article 4 until September 1, 1991 at which time the increase to said Basic Monthly Rental which would have been effective January 1, 1991 shall become effective. In no event shall any annual increase in Basic Monthly Rental pursuant to this Article 4 exceed three (3%) percent of the Basic Monthly Rental for the immediately preceding Lease Year.following:

Appears in 1 contract

Samples: Lease (Medialink Worldwide Inc)

CPI Adjustment. In addition Consumer Price Index" or "CPI" shall refer to the foregoingAll Urban Consumers, the Basic Monthly Rental payable by Lessee for the last month of each Lease Year shall be adjusted Los Angeles-Riverside-Orange County, All Items Index (Base Period 1982-84=100) as of the first day of each succeeding Lease Year by adding to it thirty percent (30%) of the amount computed by multiplying said Basic Monthly Rental published by the percentage increase, if any, in the index now known as "United States Department of Labor, Bureau of Labor StatisticsStatistics in mid-January of each year relating to the prior calendar year (annual column) as published by the United States Department of Labor, Bureau of Labor Statistics ("Bureau"). In the event that the Bureau shall cease to publish said Consumer Price Index, then the successor or such nearly comparable index as reasonably determined by Landlord shall be used. If the Bureau substantially revises the manner in which the CPI is determined, an adjustment shall be made in the revised index which would produce results equivalent, as nearly as possible, to those which would be obtained if the CPI had not been so revised. If the 1982-84 average shall no longer be used as an index of 100, such change shall constitute a substantial revision. If the CPI becomes unavailable to the public because publication is discontinued, or otherwise becomes unavailable, or if equivalent data is not readily available to enable Landlord to make the adjustment to the revised index referred to above, Landlord shall substitute a comparable index based upon changes in the cost of living or purchasing power of the consumer dollar published by any other governmental agency or, if no such index is available, then a comparable index published by a major bank, other financial institution, university or recognized financial publication. On January 1st 2009 and on each January 1st thereafter (or as soon thereafter as available) the Consumer Price Index for All Urban Consumers (CPI-U), figure for the Washington, D.C. Standard Metropolitan Statistical Area (SMSA), 'all items' (1982-84=100)" (the "Index"). Any such percentage increase in the Index preceding year shall be determined determined, and the Base Rent for the calendar year shall be increased or decreased by dividing the amountsame percentage as the percentage, if any, by which the Consumer Price Index published for the period that includes the last month January of the Lease Year just ended exceeds preceding year shall have increased as compared with the corresponding Consumer Price Index published for the period that includes the month immediately preceding the commencement January of the Lease Year just endedcurrent year; provided, by said latter corresponding Index. Lessor shall provide Lesseehowever, during the last month of each Lease Year, written notice of Lessor's reasonable estimate of the adjustment to the Basic Monthly Rental due to increases that in the Index, and Lessee shall begin paying the estimated adjusted Basic Monthly Rental as of the first month of the immediately succeeding Lease Year. The computation of the actual amount of any such adjustment to the Basic Monthly Rental shall be contained in the Annual Statement furnished to Lessee as set forth in Article 3(e) above. Promptly after receipt of the Annual Statement, the difference between the estimated monthly payments paid by Lessee and the actual amount of Basic Monthly Rental shall be determined. If the estimated payments by Lessee exceed the actual amount determined to be owing, the excess shall be credited against the next installment of Basic Monthly Rental falling due hereunder. If the actual amount determined to be owing is greater than Lessee's estimated payments, the deficiency shall be paid by Lessee together with the next installment of Basic Monthly Rental due hereunder. Thereafter Lessee shall pay the new Basic Monthly Rental until receipt of the next written notice of the estimated adjustment to Basic Monthly Rental from Lessor. The amount payable by Lessee as Basic Monthly Rental for any Lease Year, as adjusted according to this Article 4 (exclusive of any separate step-up), shall in no case be less than the Basic Monthly Rental, as so adjusted, payable during the preceding Lease Year (exclusive of any separate step-up), and shall not affect in any way Lessee's continuing obligation to pay any and all sums payable as additional rent under this Lease. If such Index shall be discontinued, with no successor or comparable successor index, the parties shall attempt to agree upon a substitute formula; but if the parties are unable to agree upon a substitute formula, then the matter shall be determined by arbitration in accordance with the rules of the American Arbitration Association then prevailing. Notwithstanding anything to the contrary contained in this Article 4, Lessee's Basic Monthly Rental shall not be adjusted pursuant to this Article 4 until September 1, 1991 at which time the increase to said Basic Monthly Rental which would have been effective January 1, 1991 shall become effective. In no event shall any annual increase in Basic Monthly Rental pursuant to Base Rent under the provisions of this Article 4 exceed three Section 2.2 be less than two percent (32%) or exceed six percent (6%) per year. Landlord shall provide written notice of the Basic Monthly Rental CPI adjustment to Tenant. In the event that the adjustment has not been determined in time for any invoicing sent, then upon determination of the immediately preceding Lease Yearadjustment, Landlord shall send out adjustment invoice(s).

Appears in 1 contract

Samples: Triple Net Hospital Building Lease (Integrated Healthcare Holdings Inc)

CPI Adjustment. In addition to the foregoingThe Consumer Price Index for all Urban Wage Earners and Clerical Workers, the Basic Monthly Rental payable by Lessee all items, for the last month metropolitan New York area (including Connecticut) published by the Bureau of each Lease Year shall be adjusted Labor Statistics of the United States Department of Labor (base year 1982-84 = 100) is the “CPI”. If, as of the first day of each succeeding Lease Year by adding third month prior to it thirty percent (30%) the month in which the commencement of the amount computed by multiplying said Basic Monthly Rental by the percentage increaseapplicable Extension Term occurs, if any, there is a change in the CPI (or any comparable successor or substitute index now known as "United States Bureau of Labor Statisticsreasonably designated by the Landlord, Consumer Price Index for All Urban Consumers (CPI-U), for the Washington, D.C. Standard Metropolitan Statistical Area (SMSA), 'all items' (1982-84=100)" (the "Index"). Any such percentage appropriately adjusted) reflecting an increase in the Index cost of living over and above the cost of living as reflected by the CPI for the month in which the Lease Commencement Date occurs (or, with respect to subsequent Extension Terms, the CPI for the month in which the prior Extension Term commenced) (hereinafter called the “ Base Price Index”), Base Rent and Site Pad Rent shall be determined by dividing calculated as follows for the amountpurposes set forth in Section 3.03(b), if anyif, by virtue of such calculation, the Base Rent and Site Pad Rent as adjusted by the CPI is higher than the Market Rent as determined above: the Base Rent and Site Pad Rent shall be multiplied by a fraction, the numerator of which shall be the CPI for the third month prior to the month in which the Index published applicable Extension Term commences, and the denominator of which (for each such fraction) shall be the period Base Price Index. In the event that includes Landlord determines that the last CPI ceases to use the 1982-84 average of 100 as the basis of calculation, or if a substantial change is made in the terms or number of items contained in the CPI, then the CPI shall be adjusted to the figure that would have been arrived at had the manner of computing the CPI in effect at the date of this Lease not been changed. In the event that within one (1) year following the date that the CPI figure for any month of used in calculating the Lease Year just ended exceeds Base Rent and Site Pad Rent shall have been published, the corresponding Index published federal government shall revise such figure, then: (x) such revised CPI figure shall thereafter be deemed to be the correct CPI figure for all purposes (unless the period that includes federal government shall yet again revise such figure, in which case the month most recently revised CPI figure shall be deemed to be correct); and (y) any retroactive adjustment or recomputation resulting from such revised CPI figure shall be limited to encompass only the year immediately preceding the commencement date upon which the revision of the Lease Year just ended, by said latter corresponding Index. Lessor such CPI figure shall provide Lessee, during the last month of each Lease Year, written notice of Lessor's reasonable estimate of the adjustment to the Basic Monthly Rental due to increases in the Index, and Lessee shall begin paying the estimated adjusted Basic Monthly Rental as of the have first month of the immediately succeeding Lease Year. The computation of the actual amount of any such adjustment to the Basic Monthly Rental shall be contained in the Annual Statement furnished to Lessee as set forth in Article 3(e) above. Promptly after receipt of the Annual Statement, the difference between the estimated monthly payments paid by Lessee and the actual amount of Basic Monthly Rental shall be determined. If the estimated payments by Lessee exceed the actual amount determined to be owing, the excess shall be credited against the next installment of Basic Monthly Rental falling due hereunder. If the actual amount determined to be owing is greater than Lessee's estimated payments, the deficiency shall be paid by Lessee together with the next installment of Basic Monthly Rental due hereunder. Thereafter Lessee shall pay the new Basic Monthly Rental until receipt of the next written notice of the estimated adjustment to Basic Monthly Rental from Lessor. The amount payable by Lessee as Basic Monthly Rental for any Lease Year, as adjusted according to this Article 4 (exclusive of any separate step-up), shall in no case be less than the Basic Monthly Rental, as so adjusted, payable during the preceding Lease Year (exclusive of any separate step-up), and shall not affect in any way Lessee's continuing obligation to pay any and all sums payable as additional rent under this Lease. If such Index shall be discontinued, with no successor or comparable successor index, the parties shall attempt to agree upon a substitute formula; but if the parties are unable to agree upon a substitute formula, then the matter shall be determined by arbitration in accordance with the rules of the American Arbitration Association then prevailing. Notwithstanding anything to the contrary contained in this Article 4, Lessee's Basic Monthly Rental shall not be adjusted pursuant to this Article 4 until September 1, 1991 at which time the increase to said Basic Monthly Rental which would have been effective January 1, 1991 shall become effective. In no event shall any annual increase in Basic Monthly Rental pursuant to this Article 4 exceed three (3%) percent of the Basic Monthly Rental for the immediately preceding Lease Yearpublished.

Appears in 1 contract

Samples: Industrial Real Estate Lease (Alexion Pharmaceuticals Inc)

CPI Adjustment. In addition to the foregoing, the Basic Monthly Rental payable by Lessee for the last month of each Lease Year shall be adjusted Effective as of the first day of each succeeding Lease Year by adding to it thirty percent the thirty-first (30%31st) -------------- month of the amount computed by multiplying said Basic Monthly Rental by Term (the "CPI Adjustment Date"), the Base Rent in effect immediately before the CPI Adjustment Date shall be increased, in accordance with the percentage increase, if any, in the index now known Consumer Price Index, to an amount which is equal to the product of (i) the Index (as hereinafter defined) for the third month preceding the CPI Adjustment Date, multiplied by (ii) the initial Base Rent set forth in the Basic Lease Information, divided by (iii) the Basic Index (as hereinafter defined); provided, however, in no event shall the Base Rent (as adjusted) in effect immediately prior to the CPI Adjustment Date be decreased, nor shall it be increased as a result of a CPI adjustment by more than six percent (6%) per Lease Year, compounded annually. The "Index" shall mean the Consumer Price Index, All Items, 1982-1984 = 100, All Urban Consumers, for the Los Angeles/Riverside/Anaheim Area, as published by the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers (CPI-U)or its successor index, for the Washington, D.C. Standard Metropolitan Statistical Area (SMSA), 'all items' (1982-84=100)" (and the "Basic Index"). Any such percentage increase in the Index " shall be determined by dividing the amount, if any, by which mean the Index published for the period that includes third month preceding the last month of Commencement Date. The adjusted Base Rent shall be rounded to the Lease Year just ended exceeds nearest $1.00. If the corresponding Index published required for the calculation specified in this subsection is not available on the CPI Adjustment Date in question, Tenant shall continue to pay the same amount of Base Rent payable during the period that includes the month immediately preceding the commencement of CPI Adjustment Date until the Lease Year just endedIndex is available and the necessary calculation is made. As soon as such calculation is made, by said latter corresponding Index. Lessor Tenant shall provide Lessee, during immediately pay to Landlord the last month of each Lease Year, written notice of Lessor's reasonable estimate of the adjustment to the Basic Monthly Rental due to increases in the Index, and Lessee shall begin paying the estimated adjusted Basic Monthly Rental as of the first month of the immediately succeeding Lease Year. The computation of the actual amount of any such adjustment to underpayment of Base Rent for the Basic Monthly Rental month(s) that may have elapsed. In the event the compilation or publication of the Index shall be contained in the Annual Statement furnished transferred to Lessee as set forth in Article 3(e) above. Promptly after receipt of the Annual Statementany other governmental department, the difference between the estimated monthly payments paid by Lessee and the actual amount of Basic Monthly Rental shall be determined. If the estimated payments by Lessee exceed the actual amount determined to be owing, the excess shall be credited against the next installment of Basic Monthly Rental falling due hereunder. If the actual amount determined to be owing is greater than Lessee's estimated payments, the deficiency shall be paid by Lessee together with the next installment of Basic Monthly Rental due hereunder. Thereafter Lessee shall pay the new Basic Monthly Rental until receipt of the next written notice of the estimated adjustment to Basic Monthly Rental from Lessor. The amount payable by Lessee as Basic Monthly Rental for any Lease Year, as adjusted according to this Article 4 (exclusive of any separate step-up), shall in no case be less than the Basic Monthly Rental, as so adjusted, payable during the preceding Lease Year (exclusive of any separate step-up), and shall not affect in any way Lessee's continuing obligation to pay any and all sums payable as additional rent under this Lease. If such Index bureau or agency or shall be discontinued, with no successor or comparable successor index, the parties shall attempt to agree upon a substitute formula; but if index most nearly the parties are unable to agree upon a substitute formula, then same as the matter Index shall be determined by arbitration in accordance with the rules of the American Arbitration Association then prevailing. Notwithstanding anything used to the contrary contained in this Article 4, Lessee's Basic Monthly Rental shall not be adjusted pursuant to this Article 4 until September 1, 1991 at which time the increase to said Basic Monthly Rental which would have been effective January 1, 1991 shall become effective. In no event shall any annual increase in Basic Monthly Rental pursuant to this Article 4 exceed three (3%) percent of the Basic Monthly Rental for the immediately preceding Lease Yearmake such calculation.

Appears in 1 contract

Samples: Single Tenant Industrial Lease (Mohawk Industries Inc)