CPI Adjustments to Base Rent and Percentage Rent. For each year of the Term beginning on or after January 1, 2009, the Base Rent shall be adjusted from time to time as follows: (1) If the most recently published Consumer Price Index as of the last day of the last month (the “Comparison Month”) of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows: (A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto. (B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above. (C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent. (2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 6 contracts
Samples: Hotel Lease Agreement (Apple REIT Nine, Inc.), Hotel Lease Agreement (Apple REIT Nine, Inc.), Hotel Lease Agreement (Apple REIT Nine, Inc.)
CPI Adjustments to Base Rent and Percentage Rent. For each year of the Term beginning on or after January 1, 20092008, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “Comparison Month”) of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above.
(C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 5 contracts
Samples: Hotel Lease Agreement (Apple REIT Eight, Inc.), Hotel Lease Agreement (Apple REIT Eight, Inc.), Hotel Lease Agreement (Apple REIT Eight, Inc.)
CPI Adjustments to Base Rent and Percentage Rent. For each year of the Term beginning on or after January 1, 20092012, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “Comparison Month”) of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above.
(C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 4 contracts
Samples: Hotel Lease Agreement (Apple REIT Ten, Inc.), Hotel Lease Agreement (Apple REIT Ten, Inc.), Hotel Lease Agreement (Apple REIT Ten, Inc.)
CPI Adjustments to Base Rent and Percentage Rent. For each year of the Term beginning on or after January 1, 20092001, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “"Comparison Month”") of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above.
(C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Quarterly Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 3 contracts
Samples: Hotel Lease Agreement (Apple Suites Inc), Master Hotel Lease Agreement (Apple Suites Inc), Master Hotel Lease Agreement (Apple Suites Inc)
CPI Adjustments to Base Rent and Percentage Rent. For each year of the Term beginning on or after January 1, 20092005, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “Comparison Month”) of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above.
(C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 3 contracts
Samples: Hotel Lease Agreement (Apple Hospitality Two Inc), Hotel Lease Agreement (Apple Hospitality Five Inc), Hotel Lease Agreement (Apple Reit Six Inc)
CPI Adjustments to Base Rent and Percentage Rent. For each year of the Term beginning on or after January 1, 20092007, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “Comparison Month”) of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above.
(C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 2 contracts
Samples: Hotel Lease Agreement, Hotel Lease Agreement (Apple REIT Seven, Inc.)
CPI Adjustments to Base Rent and Percentage Rent. For each year of ------------------------------------------------ the Term beginning on or after January 1, 20092002, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “"Comparison Month”") of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above.
(C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Quarterly Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 2 contracts
Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc), Hotel Lease Agreement (Apple Suites Inc)
CPI Adjustments to Base Rent and Percentage Rent. For each year of the Term beginning on or after January 1, 20092004, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “Comparison Month”) of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above.
(C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Quarterly Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 2 contracts
Samples: Hotel Lease Agreement (Apple Hospitality Two Inc), Hotel Lease Agreement (Apple Hospitality Five Inc)
CPI Adjustments to Base Rent and Percentage Rent. For each year full Fiscal Year of the Term beginning on or after January 1the Commencement Date (except as otherwise indicated in the Annual Budget for the first such full Fiscal Year), 2009and for any partial Fiscal Year during which the Term of this Lease ends, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “Comparison Month”"COMPARISON MONTH") of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above.
(C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite [or Room] Revenue Breakpoint then included in the Annual Revenues Computation pursuant to Subsection Section 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 1 contract
Samples: Omnibus Lease Amendment Agreement (Felcor Lodging Trust Inc)
CPI Adjustments to Base Rent and Percentage Rent. For each year of the Term beginning on or after January 1, 20092005, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “Comparison Month”) of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above.
(C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Quarterly Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 1 contract
CPI Adjustments to Base Rent and Percentage Rent. For each year of the Term beginning on or after January 1, 20092004, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “"Comparison Month”") of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above.
(C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Quarterly Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 1 contract
Samples: Master Hotel Lease Agreement (Apple Hospitality Five Inc)
CPI Adjustments to Base Rent and Percentage Rent. For each year of the Term beginning on or after January 1, 20092010, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “Comparison Month”) of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above.
(C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 1 contract
CPI Adjustments to Base Rent and Percentage Rent. For each year of the Term beginning on or after January 1, 20092003, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “"Comparison Month”") of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(Ae)
(1) (A) above.
(C) The product obtained in subparagraph (d)(1)(Be)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Quarterly Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 1 contract
Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc)
CPI Adjustments to Base Rent and Percentage Rent. For each year ------------------------------------------------ of the Term beginning on or after January 1, 20092001, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “"Comparison Month”") of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(A) above.
(C) The product obtained in subparagraph (d)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Quarterly Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 1 contract
CPI Adjustments to Base Rent and Percentage Rent. For each year of ------------------------------------------------ the Term beginning on or after January 1, 20092003, the Base Rent shall be adjusted from time to time as follows:
(1) If the most recently published Consumer Price Index as of the last day of the last month (the “"Comparison Month”") of any Fiscal Year is different than the average Consumer Price Index for the twelve (12) month period prior thereto, the Base Rent for the next Fiscal Year shall be adjusted by the percentage change in the Consumer Price Index calculated as follows:
(A) The difference between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month period prior thereto.
(B) The Base Rent shall be multiplied by the lesser of (i) seven percent (7%) or (ii) the quotient obtained in subparagraph (d)(1)(Ae)
(1) (A) above.
(C) The product obtained in subparagraph (d)(1)(Be)(1)(B) above shall be added to the Base Rent. Adjustments in the Base Rent shall be effective on the first day of the first calendar month of the Fiscal Year to which such adjusted Base Rent applies. The Suite Revenue Breakpoint then included in the Annual Quarterly Revenues Computation pursuant to Subsection 3.1(b) shall be similarly adjusted, effective with any such adjustment in the Base Rent.
(2) If (i) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, or (ii) the Consumer Price Index shall be discontinued for any reason, the Bureau of Labor Statistics shall be requested to furnish a new index comparable to the Consumer Price Index, together with information which will make possible a conversion to the new index in computing the adjusted Base Rent hereunder. If for any reason the Bureau of Labor Statistics does not furnish such an index and such information, the parties will instead mutually select, accept and use such other index or comparable statistics on the cost of living in Washington, D.C. that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.
Appears in 1 contract
Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc)