Common use of CPI Adjustment Clause in Contracts

CPI Adjustment. At the end of the first Lease year (as hereinafter defined) and every Lease year thereafter (including any renewal periods) the Base Rental provided for in Paragraph 3 above shall be adjusted by adding to Base Rental the "Add-on Factor". The one (1) year periods are each hereinafter referred to as an "Adjustment Period". As used herein, the "Add- on Factor" shall mean the "Add-on Sum" minus "Net Base Rental"; "Add-on Sum" shall mean a sum determined by multiplying the "Net Base Rental" by the "Adjustment Factor"; "Net Base Rental" shall mean the Base Rental described above minus Initial Basic Cost, and "Adjustment Factor" shall mean a fraction, the numerator of which is the "CPI" published immediately preceding the applicable anniversary date and the denominator of which is the "CPI" published immediately preceding the commencement date of the term of this Lease. "CPI" shall mean the United States Average (1982-84 '" 100), as published bi-monthly (or if the same shall no longer be published bi-monthly, on the most frequent basis available) by the Bureau of Labor Statistics, U.S. Department of Labor (but if such is subject to adjustment later, the later adjusted index shall be used). The Adjusted Rental shall be the new Base Rental of the Premises effective as of the first day of the applicable Adjustment Period. Notwithstanding the foregoing calculation, the yearly percentage rent adjustment pursuant to this Paragraph 9 shall in no event be less than FIVE percent (5%) per year. Tenant shall continue payment of the Base Rental in effect for the expiring Adjustment Period until notified by Landlord of any increase in such Base Rental. Such notification shall include a memorandum showing the calculations used by Landlord in determining the new Base Rental. On the first day of the calendar month immediately succeeding receipt of such notice, Tenant shall commence payment of the new Base Rental spedfied in the notice, and shall also pay to Landlord with respect to the month(s) already expired, the excess of the required monthly rentals spedfied in the notice over the monthly amounts actually paid by Tenant.

CPI Adjustment. At In addition to the end of foregoing, the first Lease year (as hereinafter defined) and every Lease year thereafter (including any renewal periods) the Base Basic Monthly Rental provided for in Paragraph 3 above payable by Lessee shall be adjusted each May 14th (the "Anniversary Date") during the Term, commencing May 14,1997, by adding to Base Rental it thirty percent (30%) of the "Add-on Factor". The one (1) year periods are each hereinafter referred to as an "Adjustment Period". As used herein, the "Add- on Factor" shall mean the "Add-on Sum" minus "Net Base Rental"; "Add-on Sum" shall mean a sum determined amount computed by multiplying the "Net Base Rental" said Basic Monthly Rental by the percentage increase, if any, in the index now known as "Adjustment Factor"; "Net Base Rental" shall mean the Base Rental described above minus Initial Basic Cost, and "Adjustment Factor" shall mean a fraction, the numerator of which is the "CPI" published immediately preceding the applicable anniversary date and the denominator of which is the "CPI" published immediately preceding the commencement date of the term of this Lease. "CPI" shall mean the United States Average (1982-84 '" 100), as published bi-monthly (or if the same shall no longer be published bi-monthly, on the most frequent basis available) by the Bureau of Labor Statistics, U.S. Department of Labor Consumer Price Index for All Urban Consumers (but if CPI-U), for the Washington, D.C. Standard Metropolitan Statistical Area (SMSA), "all items" (1982-84=100)" (the "Index"). Any such is subject to adjustment later, percentage increase in the later adjusted index Index shall be used)determined by dividing the amount, if any, by which the Index published for the month of March immediately preceding the relevant Anniversary Date exceeds the corresponding Index published for the period that includes the month of March immediately preceding the Anniversary Date for the prior year, by said latter corresponding Index. Lessor shall provide Lessee, during each April during the Term written notice of the adjustment to the Basic Monthly Rental due to increases in the Index, and Lessee shall begin paying the adjusted Basic Monthly Rental with the next payment of Basic Monthly Rent due, retroactive, if necessary, to the Anniversary Date. Thereafter Lessee shall pay the new Basic Monthly Rental until receipt of the next written notice of the adjustment to Basic Monthly Rental from Lessor. The Adjusted amount payable by Lessee as Basic Monthly Rental shall be the new Base Rental of the Premises effective for any annual period hereunder, as of the first day of the applicable Adjustment Period. Notwithstanding the foregoing calculationadjusted according this Article 4, the yearly percentage rent adjustment pursuant to this Paragraph 9 shall in no event case be less than FIVE percent (5%) per year. Tenant shall continue payment of the Base Rental in effect for Basic Monthly Rental, as so adjusted, payable during the expiring Adjustment Period until notified by Landlord of any increase in such Base Rental. Such notification shall include a memorandum showing the calculations used by Landlord in determining the new Base Rental. On the first day of the calendar month immediately succeeding receipt of such notice, Tenant shall commence payment of the new Base Rental spedfied in the noticepreceding annual period, and shall also not affect in any way Lessee's continuing obligation to pay to Landlord any and all sums payable as additional rent under this Lease. If such Index shall be discontinued, with respect to the month(s) already expiredno successor or comparable successor index, the excess 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 required monthly rentals spedfied in the notice over the monthly amounts actually paid by TenantAmerican Arbitration Association then prevailing.

CPI Adjustment. At The Consumer Price Index for all Urban Wage Earners and Clerical Workers, all items, for the end metropolitan New York area (including Connecticut) published by the Bureau of Labor Statistics of the first United States Department of Labor (base year 1982-84 = 100) is the “CPI”. If, as of the third month prior to the month in which the commencement of the applicable Extension Term occurs, if any, there is a change in the CPI (or any comparable successor or substitute index reasonably designated by the Landlord, appropriately adjusted) reflecting an increase in the cost of living over and above the cost of living as reflected by the CPI for the month in which the Lease year 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 calculated as hereinafter defined) and every Lease year thereafter (including any renewal periods) follows for the purposes set forth in Section 3.03(b), if, by virtue of such calculation, the Base Rental provided for in Paragraph 3 above 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 adjusted multiplied by adding to Base Rental the "Add-on Factor". The one (1) year periods are each hereinafter referred to as an "Adjustment Period". As used herein, the "Add- on Factor" shall mean the "Add-on Sum" minus "Net Base Rental"; "Add-on Sum" shall mean a sum determined by multiplying the "Net Base Rental" by the "Adjustment Factor"; "Net Base Rental" shall mean the Base Rental described above minus Initial Basic Cost, and "Adjustment Factor" shall mean a fraction, the numerator of which is shall be the "CPI" published immediately preceding CPI for the third month prior to the month in which the applicable anniversary date Extension Term commences, and the denominator of which (for each such fraction) shall be the Base Price Index. In the event that Landlord determines that the 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" published , 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 used in calculating the Base Rent and Site Pad Rent shall have been published, the 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 federal government shall yet again revise such figure, in which case the 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 of upon which the term of this Lease. "CPI" shall mean the United States Average (1982-84 '" 100), as published bi-monthly (or if the same shall no longer be published bi-monthly, on the most frequent basis available) by the Bureau of Labor Statistics, U.S. Department of Labor (but if such is subject to adjustment later, the later adjusted index shall be used). The Adjusted Rental shall be the new Base Rental of the Premises effective as of the first day of the applicable Adjustment Period. Notwithstanding the foregoing calculation, the yearly percentage rent adjustment pursuant to this Paragraph 9 shall in no event be less than FIVE percent (5%) per year. Tenant shall continue payment of the Base Rental in effect for the expiring Adjustment Period until notified by Landlord of any increase in such Base Rental. Such notification shall include a memorandum showing the calculations used by Landlord in determining the new Base Rental. On the first day of the calendar month immediately succeeding receipt revision of such notice, Tenant CPI figure shall commence payment of the new Base Rental spedfied in the notice, and shall also pay to Landlord with respect to the month(s) already expired, the excess of the required monthly rentals spedfied in the notice over the monthly amounts actually paid by Tenanthave first been published.

CPI Adjustment. At In addition to the end foregoing, the Basic Monthly Rental payable by Lessee for the last month of the first each Lease year (as hereinafter defined) and every Lease year thereafter (including any renewal periods) the Base Rental provided for in Paragraph 3 above Year shall be adjusted by adding to Base Rental the "Add-on Factor". The one (1) year periods are each hereinafter referred to as an "Adjustment Period". As used herein, the "Add- on Factor" shall mean the "Add-on Sum" minus "Net Base Rental"; "Add-on Sum" shall mean a sum determined by multiplying the "Net Base Rental" by the "Adjustment Factor"; "Net Base Rental" shall mean the Base Rental described above minus Initial Basic Cost, and "Adjustment Factor" shall mean a fraction, the numerator of which is the "CPI" published immediately preceding the applicable anniversary date and the denominator of which is the "CPI" published immediately preceding the commencement date of the term of this Lease. "CPI" shall mean the United States Average (1982-84 '" 100), as published bi-monthly (or if the same shall no longer be published bi-monthly, on the most frequent basis available) by the Bureau of Labor Statistics, U.S. Department of Labor (but if such is subject to adjustment later, the later adjusted index shall be used). The Adjusted Rental shall be the new Base Rental of the Premises effective as of the first day of each succeeding Lease Year by adding to it thirty percent (30%) of the applicable Adjustment Periodamount 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 foregoing calculationcontrary contained in this Article 4, the yearly percentage rent adjustment Lessee's Basic Monthly Rental shall not be adjusted pursuant to this Paragraph 9 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 in become effective. In no event be less than FIVE percent shall any annual increase in Basic Monthly Rental pursuant to this Article 4 exceed three (53%) per year. Tenant shall continue payment percent of the Base Basic Monthly Rental in effect for the expiring Adjustment Period until notified by Landlord of any increase in such Base Rental. Such notification shall include a memorandum showing the calculations used by Landlord in determining the new Base Rental. On the first day of the calendar month immediately succeeding receipt of such notice, Tenant shall commence payment of the new Base Rental spedfied in the notice, and shall also pay to Landlord with respect to the month(s) already expired, the excess of the required monthly rentals spedfied in the notice over the monthly amounts actually paid by Tenantpreceding Lease Year.

CPI Adjustment. At The Base Rent provided herein shall be subject to increase at the commencement of the first Extended term hereof, and upon the expiration of the thirtieth (30th) month of the first Extended Term (hereinafter, the “adjustment dates”), as follows: The basis for computing the increase in Base Rent is the Consumer Price Index, All Urban Consumers, All Items, Los Angeles-San Diego-Riverside Area, published by the United States Department of Labor, Bureau of Labor Statistics (1984=100) (the “Index”). The Index which is published nearest to the commencement of the ninety-second (92nd) full calendar month of the initial term of this Lease (for the rental adjustment as of the commencement of the first Extended Term), or the immediately prior adjustment date (for the rental adjustment as of the end of the thirtieth (30th) month of the first Lease year (as hereinafter definedExtended Term) and every Lease year thereafter (including any renewal periods) shall be deemed to be the “Beginning Index”. The Index published nearest to the applicable adjustment date shall be deemed to be the “Extension Index”. If the Extension Index has increased over the applicable Beginning Index, the Base Rental provided for in Paragraph 3 above Rent until the next rent adjustment date, if any, shall be adjusted by adding to Base Rental the "Add-on Factor". The one (1) year periods are each hereinafter referred to as an "Adjustment Period". As used herein, the "Add- on Factor" shall mean the "Add-on Sum" minus "Net Base Rental"; "Add-on Sum" shall mean a sum determined established by multiplying the "Net Base Rental" Rent in effect immediately prior to the applicable adjustment date by the "Adjustment Factor"; "Net Base Rental" shall mean the Base Rental described above minus Initial Basic Cost, and "Adjustment Factor" shall mean a fraction, the numerator of which is the "CPI" Extension Index and the denominator is the Beginning Index. In no event, however, shall the Base Rent as established at the (i) first adjustment date be less than seven percent (7%) more than, or more than fourteen percent (14%) more than, the Base Rent due immediately prior to the first adjustment date, and (ii) second adjustment date be less than seven and one-half percent (7.5%) more than, or more than fifteen percent (15%) more than, the Base Rent due immediately prior to the second adjustment date. Lessor shall notify Lessee of the amount of such adjustment, and Lessee shall acknowledge such adjustment within five (5) days of such notice from Lessor. Following adjustment of the Base Rent as specified herein, the parties shall immediately execute an amendment to the Lease on request of either party stating the new Base Rent. In the event the Extension Index has not been published immediately preceding as of the applicable anniversary adjustment date, the previous Base Rent shall remain in effect until publication thereof. On the first calendar month following publication of the Extension Index (the “Retroactive Date”), Lessee shall pay to Lessor (i) the Base Rent for the current month as increased as provided herein, and (ii) the monthly increase in the Base Rent resulting from the calculation upon publication of the Extension Index multiplied by the number of months that have elapsed between the last adjustment date and the denominator of which is Retroactive Date, such that the "CPI" published newly revised Base Rent shall have been paid in full commencing with the immediately preceding adjustment date. If the commencement date of Index is changed so that the term of this Lease. "CPI" Beginning Index differs from that used for the Extension Index, the Index shall mean be converted in accordance with the conversion factor published by the United States Average (1982-84 '" 100)Department of Labor, as published bi-monthly (or if the same shall no longer be published bi-monthly, on the most frequent basis available) by the Bureau of Labor Statistics. If the Index is discontinued or revised during the term of the Lease, U.S. Department of Labor (but if such other government index or computation with which it is subject to adjustment later, the later adjusted index replaced shall be used). The Adjusted Rental shall be used in order to obtain substantially the new Base Rental of same result as would have been obtained if the Premises effective as of the first day of the applicable Adjustment Period. Notwithstanding the foregoing calculation, the yearly percentage rent adjustment pursuant to this Paragraph 9 shall in no event be less than FIVE percent (5%) per year. Tenant shall continue payment of the Base Rental in effect for the expiring Adjustment Period until notified by Landlord of any increase in such Base Rental. Such notification shall include a memorandum showing the calculations used by Landlord in determining the new Base Rental. On the first day of the calendar month immediately succeeding receipt of such notice, Tenant shall commence payment of the new Base Rental spedfied in the notice, and shall also pay to Landlord with respect to the month(s) already expired, the excess of the required monthly rentals spedfied in the notice over the monthly amounts actually paid by TenantIndex had not been discontinued or revised.

CPI Adjustment. At If, at the end commencement of the first applicable Extension Term, there is a change in the CPI (or any comparable successor or substitute index reasonably designated by the Landlord, appropriately adjusted, and approved by Tenant, such approval not to be unreasonably withheld,) reflecting an increase in the cost of living over and above the cost of living as reflected by the CPI for the month in which the Lease year Commencement Date occurs (as or, with respect to the Second or Third Extension Tram, the CPI for the month in which the prior Extension Term commenced) (hereinafter defined) and every Lease year thereafter (including any renewal periods) called the “Base Price Index”), the “Adjustment” of the Base Rental provided for in Paragraph 3 above Rent shall be adjusted by adding to Base Rental calculated as follows for the "Add-on Factor". The one purposes set forth in Section 3.03(d), clause (1) year periods are each hereinafter referred to as an "Adjustment Period". As used herein, the "Add- on Factor" shall mean the "Add-on Sum" minus "Net Base Rental"; "Add-on Sum" shall mean a sum determined by multiplying the "Net Base Rental" by the "Adjustment Factor"; "Net Base Rental" shall mean y): the Base Rental described above minus Initial Basic Cost, and "Adjustment Factor" Rent shall mean be multiplied by a fraction, the numerator of which is shall be the "CPI" published immediately preceding CPI for the month in which the applicable anniversary date Extension Term commences, and the denominator of which (for each such fraction) shall be the Base Price Index. In the event that Landlord determines, and Tenant agrees, that the 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" published , then the CPI shall be adjusted to the figure that the parties agree in good faith 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 used in calculating the Adjustment shall have been published, the 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 federal government shall yet again revise such figure, in which case the 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 term of this Lease. "CPI" such CPI figure shall mean the United States Average (1982-84 '" 100), as published bi-monthly (or if the same shall no longer be published bi-monthly, on the most frequent basis available) by the Bureau of Labor Statistics, U.S. Department of Labor (but if such is subject to adjustment later, the later adjusted index shall be used). The Adjusted Rental shall be the new Base Rental of the Premises effective as of the have first day of the applicable Adjustment Periodbeen published. Notwithstanding the foregoing calculationforegoing, the yearly percentage rent adjustment pursuant to this Paragraph 9 any such increase in CPI shall in no event be less than FIVE not exceed four percent (54%) per year. Tenant shall continue payment of the Base Rental in effect for the expiring Adjustment Period until notified by Landlord of any increase in such Base Rental. Such notification shall include a memorandum showing the calculations used by Landlord in determining the new Base Rental. On the first day of the calendar month immediately succeeding receipt of such notice, Tenant shall commence payment of the new Base Rental spedfied in the notice, and shall also pay to Landlord with respect to the month(s) already expired, the excess of the required monthly rentals spedfied in the notice over the monthly amounts actually paid by Tenantyear compounded annually.