Common use of CPI Adjustments to Rent Clause in Contracts

CPI Adjustments to Rent. If the Schedule of Basic Terms attached hereto designates a CPI Adjustment for the Leased Property, then, for each Lease Year of the Term beginning on or after the CPI Adjustment Year (as defined in said Schedule of Basic Terms), the Base Rent then in effect, and the Room Revenue Breakpoint then applicable shall be adjusted from time to time beginning in the CPI Adjustment Year as follows: (1) The average Consumer Price Index for the most recently ended Lease Year shall be divided by the average Consumer Price Index for the immediately preceding Lease Year. (2) The new Base Rent for the then current Lease Year shall be the adjusted amount obtained by multiplying the Base Rent for the immediately preceding Lease Year by the quotient obtained in subparagraph (d)(1) above. (3) The new Room Revenue Breakpoint for the then current Lease Year shall be the product of the Room Revenue Breakpoint in effect in the most recently ended Lease Year and the quotient obtained in subparagraph (d)(1) above. (4) By way of example, if the CPI Adjustment Year were 2001, the amount of Base Rent and the Room Revenue Breakpoint amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) for purposes of the computation of Rent for the Lease Year commencing January 1, 2001 would be adjusted to reflect any change in the Average Consumer Price Index from the Lease Year ended December 31, 1999 as compared to the Lease Year ended December 31, 2000. Base Rent and Room Revenue Breakpoint amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) for purposes of the computation of Rent for the Lease Year commencing January 1, 2002 would be the Base Rent and Room Revenue Breakpoint amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) applicable for the fiscal year ended December 31, 2001 as further adjusted to reflect any change in the Consumer Price Index from December 31, 2000 as compared to December 31, 2001. (5) Lessor shall calculate the annual adjustments as soon as reasonably possible after the Consumer Price Index becomes available and shall notify Lessee in writing of the amount of the annual adjustment, together with a copy of the computation showing the adjustment amount. Adjustments calculated as set forth above in the Base Rent and Room Revenue Breakpoint amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) shall be effective on January 1 of the Lease Year to which such adjusted amounts apply. If rent is paid in any Lease Year prior to the determination of the amount of any adjustment to Base Rent or Room Revenue Breakpoint amounts applicable for such Lease Year, payment adjustments for any shortfall in or overpayment of rent paid shall be made with the first Base Rent payment due after the amount of the adjustments are determined. (6) The "AVERAGE CONSUMER PRICE INDEX" for any period shall be the average of the Consumer Price Index for each month during the period. (7) 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 that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.

CPI Adjustments to Rent. If the Schedule of Basic Terms attached hereto designates a CPI Adjustment for the Leased Property, then, for For each Lease Fiscal Year of the Term beginning on or after the CPI Adjustment Year (as defined in said Schedule of Basic Terms)Year, the Base Rent then in effect, the First Annual Room Revenues Break Point and the Second Annual Room Revenue Breakpoint then applicable Revenues Break Point shall be adjusted from time to time beginning in the CPI Adjustment Year as follows: (1i) The average Consumer Price Index for the most recently ended Lease Fiscal Year shall be divided by the average Consumer Price Index for the immediately preceding Lease Fiscal Year. (21) The new Base Rent for the then current Lease Fiscal Year shall be the adjusted amount obtained by multiplying the Base Rent for the immediately preceding Lease Fiscal Year by the quotient obtained in subparagraph (d)(1) above. (32) The new Room Revenue Breakpoint threshold dollar amount in the Period Revenues Computations described in Section 3.1(b) above for the then current Lease Fiscal Year shall be the product of the threshold dollar amount of Room Revenue Breakpoint Revenues in effect in the most recently ended Lease Fiscal Year and the quotient obtained in subparagraph (d)(1) above. (4) d)(1)above. By way of example, if the CPI Adjustment Year were 20012004, the amount of Base Rent and the threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) for purposes of in the computation of Rent Period Revenues Computations for the Lease Fiscal Year commencing January 1, 2001 2005 would be adjusted to reflect any change in the Average average Consumer Price Index from the Lease Fiscal Year ended December 31, 1999 2003 as compared to the Lease Fiscal Year ended December 31, 20002004. Base Rent and the threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) for purposes of in the computation of Rent Period Revenues Computations for the Lease Fiscal Year commencing January 1, 2002 2005 would be the Base Rent and threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) applicable for the fiscal year ended December 31, 2001 2004 as further adjusted to reflect any change in the average Consumer Price Index from December 31, 2000 2004 as compared to December 31, 2001. (5) 2003. Lessor shall calculate the annual adjustments as soon as reasonably possible after the Consumer Price Index becomes available and shall notify Lessee in writing of the amount of the annual adjustment, together with a copy of the computation showing the adjustment amount. Adjustments calculated as set forth above in the Base Rent and threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) shall be effective on January 1 of the Lease Fiscal Year to which such adjusted amounts apply. If rent Rent is paid in any Lease Fiscal Year prior to the determination of the amount of any adjustment to Base Rent or the threshold Room Revenue Breakpoint amounts Revenues applicable for such Lease Fiscal Year, payment adjustments for any shortfall in or overpayment of rent paid shall be made with the first Base Rent payment due after the amount of the adjustments are determined. (6) . The "AVERAGE CONSUMER PRICE INDEX" “Average Consumer Price Index” for any period shall be the average of the Consumer Price Index for each month during the period. (7ii) 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 adjustments to 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 that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.

CPI Adjustments to Rent. If the Schedule of Basic Terms attached Exhibit "D" hereto designates a CPI Adjustment for the Leased Property, then, for each Lease Year of the Term beginning on or after the CPI Adjustment Year (as defined in on said Schedule of Basic TermsExhibit "D"), the Base Rent then in effect, and the Room Revenue Breakpoint then applicable shall be adjusted from time to time beginning in the CPI Adjustment Year as follows:the (1) The average Consumer Price Index for the most recently ended Lease Year shall be divided by the average Consumer Price Index for the immediately preceding Lease Year. (2) The new Base Rent for the then current Lease Year shall be the adjusted amount obtained by multiplying the Base Rent for the immediately preceding Lease Year by the quotient obtained in subparagraph (d)(1) above. (3) The new Room Revenue Breakpoint in the Monthly and Annual Revenues Computations described in Section 3.1(b) above for the then current Lease Year shall be the product of the Room Revenue Breakpoint in effect in the most recently ended Lease Year and the quotient obtained in subparagraph (d)(1) above. (4) By way of example, if the CPI Adjustment Year were 20011997, the amount of Base Rent and the Room Revenue Breakpoint amounts (and Food Sale Revenue Sales and Beverage Sale Revenue Sales amounts, if applicable) for purposes of the computation of Rent Quarterly and Annual Revenues Computations for the Lease Year commencing January 1, 2001 1997 would be adjusted to reflect any change in the Average Consumer Price Index from the Lease Year ended December 31, 1999 1995 as compared to the Lease Year ended December 31, 20001996. Base Rent and Room Revenue Breakpoint amounts (and Food Sale Revenue Sales and Beverage Sale Revenue Sales amounts, if applicable) for purposes of the computation of Rent Quarterly and Annual Revenues Computations for the Lease Year commencing January 1, 2002 1998 would be the Base Rent and Room Revenue Breakpoint amounts (and Food Sale Revenue Sales and Beverage Sale Revenue Sales amounts, if applicable) applicable for the fiscal year ended December 31, 2001 1997 as further adjusted to reflect any change in the Consumer Price Index from December 31, 2000 1996 as compared to December 31, 20011997. (5) Lessor shall calculate the annual adjustments as soon as reasonably possible after the Consumer Price Index becomes available and shall notify Lessee in writing of the amount of the annual adjustment, together with a copy of the computation showing the adjustment amount. Adjustments calculated as set forth above in the Base Rent and Room Revenue Breakpoint amounts (and Food Sale Revenue Sales and Beverage Sale Revenue Sales amounts, if applicable) shall be effective on January 1 of the Lease Year to which such adjusted amounts apply. If rent is paid in any Lease Year prior to the determination of the amount of any adjustment to Base Rent or Room Revenue Breakpoint amounts (and Food Sales and Beverage Sales amounts, if applicable) applicable for such Lease Year, payment adjustments for any shortfall in or overpayment of rent paid shall be made with the first Base Rent payment due after the amount of the adjustments are determined. (6) The "AVERAGE CONSUMER PRICE INDEXAverage Consumer Price Index" for any period shall be the average of the Consumer Price Index for each month during the period. (7) 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 that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.

CPI Adjustments to Rent. If the Schedule of Basic Terms attached hereto designates a CPI Adjustment for the Leased Property, then, for For each Lease Fiscal Year of the Term beginning on or after in January of 2015 and each Fiscal Year thereafter for the CPI Adjustment Year (as defined in said Schedule of Basic Terms)Base Rent and the Revenue Thresholds, the Base Rent and the Revenue Thresholds then in effect, and the Room Revenue Breakpoint then applicable effect shall be adjusted from time to time beginning in the CPI Adjustment Year annually as follows: (1) : The average Consumer Price Index for the last month of the most recently ended Lease Fiscal Year shall be divided by the average Consumer Price Index for the last month of the Fiscal Year immediately preceding Lease Year. (2) the most recently ended Fiscal Year and rounded to the nearest 1/10th of a percent. The new Base Rent for the then current Lease Fiscal Year shall be the adjusted amount obtained by multiplying the Base Rent for the immediately preceding Lease most recently ended Fiscal Year by the quotient obtained in subparagraph (d)(1Section 3.1(d)(i)(A) above. (3) . The new Room Revenue Breakpoint Thresholds (used in the Periodic Revenue Computations set forth in Exhibit “B-1”) for the then then-current Lease Fiscal Year shall be the product of adjusted amount obtained by multiplying the Room Revenue Breakpoint in effect in Thresholds for the most recently ended Lease Fiscal Year and by the quotient obtained in subparagraph (d)(1Section 3.1(d)(i)(A) above. (4) . By way of example, if the CPI Adjustment Year were 2001, the amount of Base Rent and the Room Revenue Breakpoint amounts (and Food Sale Thresholds in the Periodic Revenue and Beverage Sale Revenue amounts, if applicable) for purposes of the computation of Rent Computations for the Lease Fiscal Year commencing January 1, 2001 would 2015 shall be adjusted to reflect any change in the Average Consumer Price Index from the Lease Year ended December 31, 1999 as compared to the Lease Year ended December 31, 2000. Base Rent and Room Revenue Breakpoint amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) for purposes of the computation of Rent for the Lease Year commencing January 1, 2002 would be the Base Rent and Room Revenue Breakpoint amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) applicable for the fiscal year ended December 31, 2001 as further adjusted to reflect any change in the Consumer Price Index from December 31, 2000 2014 as compared to December 31, 2001. (5) Lessor shall calculate the annual adjustments as soon as reasonably possible after the Consumer Price Index becomes available and shall notify Lessee in writing of the amount of the annual adjustment, together with a copy of the computation showing the adjustment amount2013. Adjustments calculated as set forth above in the Base Rent and Room Revenue Breakpoint amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) Thresholds shall be effective on January 1 in the first Accounting Period of the Lease Fiscal Year to which such adjusted amounts apply. If rent is paid in any Lease Fiscal Year prior to the determination of the amount of any adjustment to Base Rent or Room and the Revenue Breakpoint amounts Thresholds applicable for such Lease Fiscal Year, payment adjustments for any shortfall in or overpayment of rent Rent paid shall be made with the first Base Rent payment due after the amount of the adjustments are determined. (6) The "AVERAGE CONSUMER PRICE INDEX" for any period shall be the average of the Consumer Price Index for each month during the period. (7) . If (i1) a significant change is made in the number or nature (or both) of items used in determining the Consumer Price Index, Index or (ii2) 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 the city the Facility is located that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.

CPI Adjustments to Rent. If the Schedule of Basic Terms attached hereto designates a CPI Adjustment for the Leased Property, then, for For each Lease Fiscal Year of the Term beginning on or after the CPI Adjustment Year (as defined in said Schedule of Basic Terms)Year, the Base Rent then in effect, and the threshold Room Revenue Breakpoint Revenues then applicable included in the Quarterly and Annual Revenues Computations set forth in Section 3.1(b) shall be adjusted from time to time beginning in the CPI Adjustment Year as follows: (1) The average Consumer Price Index for the most recently ended Lease Fiscal Year shall be divided by the average Consumer Price Index for the immediately preceding Lease Fiscal Year. (2A) The new Base Rent for the then current Lease Fiscal Year shall be the adjusted amount obtained by multiplying the Base Rent for the immediately preceding Lease Fiscal Year by the quotient obtained in subparagraph (d)(1) above. (3B) The new Room Revenue Breakpoint threshold dollar amount in the Quarterly and Annual Revenues Computations described in Section 3.1(b) above for the then current Lease Fiscal Year shall be the product of the threshold dollar amount of Room Revenue Breakpoint Revenues in effect in the most recently ended Lease Fiscal Year and the quotient obtained in subparagraph (d)(11) above. (4) . By way of example, if the CPI Adjustment Year were 20012002, the amount of Base Rent and the threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue Sales and Beverage Sale Revenue Sales amounts, if applicable) for purposes of in the computation of Rent Quarterly and Annual Revenues Computations for the Lease Fiscal Year commencing January 1, 2001 2002 would be adjusted to reflect any change in the Average average Consumer Price Index from the Lease Fiscal Year ended December 31, 1999 2000 as compared to the Lease Fiscal Year ended December 31, 20002001. Base Rent and the threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue Sales and Beverage Sale Revenue Sales amounts, if applicable) for purposes of in the computation of Rent Quarterly and Annual Revenues Computations for the Lease Fiscal Year commencing January 1, 2002 2003 would be the Base Rent and threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue Sales and Beverage Sale Revenue Sales amounts, if applicable) applicable for the fiscal year ended December 31, 2001 2002 as further adjusted to reflect any change in the average Consumer Price Index from December 31, 2000 2002 as compared to December 31, 2001. (5) . Lessor shall calculate the annual adjustments as soon as reasonably possible after the Consumer Price Index becomes available and shall notify Lessee in writing of the amount of the annual adjustment, together with a copy of the computation showing the adjustment amount. Adjustments calculated as set forth above in the Base Rent and threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue Sales and Beverage Sale Revenue Sales amounts, if applicable) shall be effective on January 1 of the Lease Fiscal Year to which such adjusted amounts apply. If rent Rent is paid in any Lease Fiscal Year prior to the determination of the amount of any adjustment to Base Rent or the threshold Room Revenue Breakpoint amounts Revenues (and Food Sales and Beverage Sales amounts, if applicable) applicable for such Lease Fiscal Year, payment adjustments for any shortfall in or overpayment of rent paid shall be made with the first Base Rent payment Payment due after the amount of the adjustments are determined. (6) The "AVERAGE CONSUMER PRICE INDEX" for any period shall be the average of the Consumer Price Index for each month during the period. (7) 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 that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.

CPI Adjustments to Rent. If the Schedule of Basic Terms attached hereto designates a CPI Adjustment for the Leased Property, then, for For each Lease Fiscal Year of the Term ----------------------- beginning on or after with the CPI Adjustment Year (as defined in said Schedule of Basic Terms)Year, the Base Rent then in effect, and the threshold Room Revenue Breakpoint Revenues then applicable included in the Quarterly Revenues Computations and Annual Revenues Computations set forth in Section 3.1(b) shall be adjusted adjusted, upward only, from time to time beginning in the CPI Adjustment Year as follows: (1) The average Consumer Price Index for on the last date of the most recently ended Lease Fiscal Year shall be divided by the average Consumer Price Index for on the last date of the Fiscal Year immediately preceding Lease Yearthe most recently ended Fiscal Year (but in no event shall the quotient be less than 1). (2A) The new Base Rent for the then current Lease Fiscal Year shall be the adjusted amount obtained by multiplying the Base Rent for the immediately preceding Lease Fiscal Year by the quotient obtained in subparagraph (d)(1) above. (3B) The new Room Revenue Breakpoint threshold dollar amount in the Quarterly Revenues Computations and Annual Revenues Computations described in Section 3.1(b) above for the then current Lease Fiscal Year shall be the product of the threshold dollar amount of Room Revenue Breakpoint Revenues in effect in the most recently ended Lease Fiscal Year and the quotient obtained in subparagraph (d)(1) above. (4) . By way of example, if the CPI Adjustment Year were 20012000, the amount of Base Rent and the threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue Sales and Beverage Sale Revenue Sales amounts, if applicable) for purposes of in the computation of Rent Quarterly Revenues Computations and Annual Revenues Computations for the Lease Fiscal Year commencing January 1, 2001 2000 would be adjusted to reflect any change in the Average Consumer Price Index from the Lease Fiscal Year ended December 31, 1999 1998 as compared to the Lease Fiscal Year ended December 31, 20001999. Base Rent and the threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue Sales and Beverage Sale Revenue Sales amounts, if applicable) for purposes of in the computation of Rent Quarterly Revenues Computations and Annual Revenues Computations for the Lease Fiscal Year commencing January 1, 2002 2001 would be the Base Rent and threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue Sales and Beverage Sale Revenue Sales amounts, if applicable) applicable for the fiscal year Fiscal Year ended December 31, 2001 2000 as further adjusted to reflect any change in the Consumer Price Index from December 31, 2000 1999 as compared to December 31, 2001. (5) Lessor 2000. Landlord shall calculate the annual adjustments as soon as reasonably possible after the Consumer Price Index becomes available and shall notify Lessee Tenant in writing of the amount of the annual adjustment, together with a copy of the computation showing the adjustment amount. Adjustments calculated as set forth above in the Base Rent and threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue Sales and Beverage Sale Revenue Sales amounts, if applicable) shall be effective on January 1 of the Lease Fiscal Year to which such adjusted amounts apply. If rent is paid in any Lease Fiscal Year prior to the determination of the amount of any adjustment to Base Rent or the threshold Room Revenue Breakpoint amounts Revenues (and Food Sales and Beverage Sales amounts, if applicable) applicable for such Lease Fiscal Year, payment adjustments for any shortfall in or overpayment of rent paid shall be made with the first Base Rent payment due after the amount of the adjustments are determined. (6) The "AVERAGE CONSUMER PRICE INDEX" for . In no event shall any period shall be the average of adjustment made pursuant to this Section 3.1(d), or any decrease in the Consumer Price Index during any Fiscal Year, ever result in a decrease in the Base Rent or threshold computed under subparagraph d(1)(B) for each month during any Fiscal Year below the periodthen current Base Rent and threshold. In that event, the existing Base Rent and threshold shall continue in effect until the next adjustment hereunder. (72) 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.

CPI Adjustments to Rent. If the Schedule of Basic Terms attached hereto designates a CPI Adjustment for the Leased Property, then, for For each Lease Fiscal Year of the Term beginning on or after the CPI Adjustment Year (as defined in said Schedule of Basic Terms)Year, the Base Rent then in effect, and the Room Revenue Breakpoint then applicable effect shall be adjusted from time to time beginning in the CPI Adjustment Year as follows: (1) The average Consumer Price Index for the most recently ended Lease Fiscal Year shall be divided by the average Consumer Price Index for the immediately preceding Fiscal Year. ----------------------- Lease Year.Agreement (2A) The new Base Rent for the then current Lease Fiscal Year shall be the adjusted amount obtained by multiplying the Base Rent for the immediately preceding Lease Fiscal Year by the quotient obtained in subparagraph (d)(1) above. (3) The new Room Revenue Breakpoint for the then current Lease Year shall be the product of the Room Revenue Breakpoint in effect in the most recently ended Lease Year and the quotient obtained in subparagraph (d)(1) above. (4) . By way of example, if the CPI Adjustment Year were 20012002, the amount of Base Rent and the Room Revenue Breakpoint amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) for purposes of the computation of Rent for the Lease Fiscal Year commencing January 1, 2001 2003 would be adjusted to reflect any change in the Average average Consumer Price Index from the Lease Fiscal Year ended December 31, 1999 2001 as compared to the Lease Fiscal Year ended December 31, 20002002. Base Rent and Room Revenue Breakpoint amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) for purposes of the computation of Rent for the Lease Fiscal Year commencing January 1, 2002 2004 would be the Base Rent and Room Revenue Breakpoint amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) applicable for the fiscal year ended December 31, 2001 2003 as further adjusted to reflect any change in the average Consumer Price Index from December 31, 2000 2003 as compared to December 31, 2001. (5) 2002. Lessor shall calculate the annual adjustments as soon as reasonably possible after the Consumer Price Index becomes available and shall notify Lessee in writing of the amount of the annual adjustment, together with a copy of the computation showing the adjustment amount. Adjustments calculated as set forth above in the Base Rent and Room Revenue Breakpoint amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) shall be effective on January 1 of the Lease Fiscal Year to which such adjusted amounts amount apply. If rent Rent is paid in any Lease Fiscal Year prior to the determination of the amount of any adjustment to Base Rent or Room Revenue Breakpoint amounts applicable for such Lease Fiscal Year, payment adjustments for any shortfall in or overpayment of rent paid shall be made with the first Base Rent payment due after the amount of the adjustments are determined. (6) . The "AVERAGE CONSUMER PRICE INDEX" for any period shall be the average of the Consumer Price Index for each month during the period. (72) 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 adjustments to 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 that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.

CPI Adjustments to Rent. If the Schedule of Basic Terms attached hereto designates a CPI Adjustment for the Leased Property, then, for For each Lease Fiscal Year of the Term beginning on or after the CPI Adjustment Year (as defined in said Schedule of Basic Terms)Year, the Base Rent then in effect, and the threshold Room Revenue Breakpoint Revenues then applicable included in the Period Revenues Computations set forth in SECTION 3.1(b) shall be adjusted from time to time beginning in the CPI Adjustment Year as follows: (1) The average Consumer Price Index for the most recently ended Lease Fiscal Year shall be divided by the average Consumer Price Index for the immediately preceding Lease Fiscal Year. (2A) The new Base Rent for the then current Lease Fiscal Year shall be the adjusted amount obtained by multiplying the Base Rent for the immediately preceding Lease Fiscal Year by the quotient obtained in subparagraph (d)(1) above. (3B) The new Room Revenue Breakpoint threshold dollar amount in the Period Revenues Computations described in SECTION 3.1(b) above for the then current Lease Fiscal Year shall be the product of the threshold dollar amount of Room Revenue Breakpoint Revenues in effect in the most recently ended Lease Fiscal Year and the quotient obtained in subparagraph (d)(1) above. (4) . By way of example, if the CPI Adjustment Year were 20012002, the amount of Base Rent and the threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) for purposes of in the computation of Rent Period Revenues Computations for the Lease Fiscal Year commencing January 1, 2001 2003 would be adjusted to reflect any change in the Average average Consumer Price Index from the Lease Fiscal Year ended December 31, 1999 2001 as compared to the Lease Fiscal Year ended December 31, 20002002. Base Rent and the threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) for purposes of in the computation of Rent Period Revenues Computations for the Lease Fiscal Year commencing January 1, 2002 2004 would be the Base Rent and threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) applicable for the fiscal year ended December 31, 2001 2003 as further adjusted to reflect any change in the average Consumer Price Index from December 31, 2000 2003 as compared to December 31, 2001. (5) 2002. Lessor shall calculate the annual adjustments as soon as reasonably possible after the Consumer Price Index becomes available and shall notify Lessee in writing of the amount of the annual adjustment, together with a copy of the computation showing the adjustment amount. Adjustments calculated as set forth above in the Base Rent and threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) shall be effective on January 1 of the Lease Fiscal Year to which such adjusted amounts apply. If rent Rent is paid in any Lease Fiscal Year prior to the determination of the amount of any adjustment to Base Rent or the threshold Room Revenue Breakpoint amounts Revenues applicable for such Lease Fiscal Year, payment adjustments for any shortfall in or overpayment of rent paid shall be made with the first Base Rent payment due after the amount of the adjustments are determined. (6) . The "AVERAGE CONSUMER PRICE INDEX" for any period shall be the average of the Consumer Price Index for each month during the period.. Lease Agreement Ashford TRS Corporation (72) 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 adjustments to 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 that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.

CPI Adjustments to Rent. If the Schedule of Basic Terms attached hereto designates a CPI Adjustment for the Leased Property, then, for For each Lease Fiscal Year of the Term beginning on or after the CPI Adjustment Year (as defined in said Schedule of Basic Terms)Year, the Base Rent then in effect, and the threshold Room Revenue Breakpoint Revenues then applicable included in the Period Revenues Computations set forth in SECTION 3.1(b) shall be adjusted from time to time beginning in the CPI Adjustment Year as follows: (1) The average Consumer Price Index for the most recently ended Lease Fiscal Year shall be divided by the average Consumer Price Index for the immediately preceding Lease Fiscal Year. (2A) The new Base Rent for the then current Lease Fiscal Year shall be the adjusted amount obtained by multiplying the Base Rent for the immediately preceding Lease Fiscal Year by the quotient obtained in subparagraph (d)(1d) (1) above. (3B) The new Room Revenue Breakpoint threshold dollar amount in the Period Revenues Computations described in SECTION 3.1(b) above for the then current Lease Fiscal Year shall be the product of the threshold dollar amount of Room Revenue Breakpoint Revenues in effect in the most recently ended Lease Fiscal Year and the quotient obtained in subparagraph (d)(1d) (1) above. (4) . By way of example, if the CPI Adjustment Year were 20012004, the amount of Base Rent and the threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) for purposes of in the computation of Rent Period Revenues Computations for the Lease Fiscal Year commencing January 1, 2001 2004 would be adjusted to reflect any change in the Average average Consumer Price Index from the Lease Fiscal Year ended December 31, 1999 2003 as compared to the Lease Fiscal Year ended December 31, 20002002. Base Rent and the threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) for purposes of in the computation of Rent Period Revenues Computations for the Lease Fiscal Year commencing January 1, 2002 2005 would be the Base Rent and threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) applicable for the fiscal year ended December 31, 2001 2004 as further adjusted to reflect any change in the average Consumer Price Index from December 31, 2000 2004 as compared to December 31, 2001. (5) 2003. Lessor shall calculate the annual adjustments as soon as reasonably possible after the Consumer Price Index becomes available and shall notify Lessee in writing of the amount of the annual adjustment, together with a copy of the computation showing the adjustment amount. Adjustments calculated as set forth above in the Base Rent and threshold Room Revenue Breakpoint Revenues amounts (and Food Sale Revenue and Beverage Sale Revenue amounts, if applicable) shall be effective on January 1 of the Lease Fiscal Year to which such adjusted amounts apply. If rent Rent is paid in any Lease Fiscal Year prior to the determination of the amount of any adjustment to Base Rent or the threshold Room Revenue Breakpoint amounts Revenues applicable for such Lease Fiscal Year, payment adjustments for any shortfall in or overpayment of rent paid shall be made with the first Base Rent payment due after the amount of the adjustments are determined. (6) . The "“AVERAGE CONSUMER PRICE INDEX" ” for any period shall be the average of the Consumer Price Index for each month during the period. (72) 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 adjustments to 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 that is computed and published by an agency of the United States or a responsible financial periodical of recognized authority.