Common use of Market Rent Clause in Contracts

Market Rent. 5.1.2.1.1. Rent shall be adjusted to Market Value, based on the findings of a Rent Study, five years from the date of execution of the Agreement, and every five years thereafter. If the Airport has not obtained a Rent Study before the five year term for market value adjustment has passed, then the rent shall be adjusted to Market Value in the next calendar month after a Rent Study is obtained. Consumer Price Index (CPI) 5.1.2.1.2. Annual rent adjustments shall be made based on the percentage change (each year) in CPI. The term “CPI” as used herein shall mean the Consumer Price Index for All Urban Consumers (CPI-U) for the Midwest Region, published monthly by the United States Department of Labor, Bureau of Labor Statistics (1982-84=100). 5.1.2.1.3. If CPI is discontinued or modified during the duration of this Agreement, such other government index or computation with which it is replaced shall be used in order to obtain substantially the same result as would be obtained if CPI had not been discontinued or modified.

Market Rent. 5.1.2.1.1. Rent shall be adjusted to Market Value, based on the findings of a Rent Study, five years from the date of execution of the Agreement, and every five years thereafter. If the Airport has not obtained a Rent Study before the five year term for market value adjustment has passed, then the rent shall be adjusted to Market Value in the next calendar month after a Rent Study is obtained. Consumer Price Index (CPI) 5.1.2.1.2. Annual rent Rent adjustments shall be made based on the percentage change (each year) in CPI. The term “CPI” as used herein shall mean the Consumer Price Index for All Urban Consumers (CPI-U) for the Midwest Region, published monthly by the United States Department of Labor, Bureau of Labor Statistics (1982-84=100). 5.1.2.1.3. If CPI is discontinued or modified during the duration of this Agreement, such other government index or computation with which it is replaced shall be used in order to obtain substantially the same result as would be obtained if CPI had not been discontinued or modified.