PERIODIC RENT ADJUSTMENT Sample Clauses

PERIODIC RENT ADJUSTMENT. The annual rental to be paid by Lessee, as set forth in Paragraph 4 above, shall be adjusted at the end of the tenth (10th) full calendar year of the Term and, thereafter, at the end of each successive five (5)-year period during the Term. The rent adjustment shall be made to reflect the prevailing rental rate at the time of each adjustment for land of like kind and quality with a comparable water supply and comparable improvements, located in Monterey County, California south of San Ardo; provided, that no consideration shall be given to the value of improvements made by Lessee upon the Premises; provided further, that if at the time of a particular adjustment the Premises are planted to vineyard, the lands to be used for comparison purposes shall consist solely of Monterey County vineyards located south of San Ardo ("Comparable Vineyards"), but only (i) those Comparable Vineyards which have had a rent adjustment within the previous three (3) years, and (ii) there shall be excluded from the rental rates of such Comparable Vineyards any rental paid for the value of the vineyards thereon and the value of any improvements thereon comparable to the improvements made by Lessee upon the Premises. Lessor and Lessee acknowledge and agree that rental rates on properties underlying Comparable Vineyards may include amounts being paid in consideration of obligations and liabilities other than the rental of such property (for example, the performance of services, contracts and other agreements or the payment of fees, costs or other expenses), and consideration paid for such other liabilities and obligations shall not be taken into account in the determination of the prevailing rental rates.
Sample 1
AutoNDA by SimpleDocs
PERIODIC RENT ADJUSTMENT. The rent specified in Section 6 (Rent) shall be subject to automatic annual adjustments in proportion to changes in the Consumer Price Index for Los Angeles-Riverside-Orange County, CA [All Urban Consumers-All Items, Not Seasonally adjusted (Base Period 1982-84=100)] promulgated by the Bureau of Labor Statistics of the U.S. Department of Labor (“CPI”). The automatic adjustment shall be effective on each anniversary of the Effective Date of this Lease (if the Effective Date of this Lease falls on a day other than the first day of the month, the automatic adjustment shall be effective on the first day of the month following the anniversary of the Effective Date of this Lease) and shall be calculated by means of the following formula, rounded up to the nearest dollar. A = $1,500 x B A = Adjusted Rent B = CPI for the month prior to the month in which each rental rate adjustment is to become effective C = CPI for the month in which the lease becomes effective Notwithstanding the foregoing, in no event shall the rent be reduced by reason of any such adjustment. In the event that the CPI is not issued or published for the period for which such rent is to be adjusted and computed hereunder, or in the event that the Bureau of Labor Statistics of the U.S. Department of Labor should cease to publish said CPI figures, then any similar index published by any other branch or department of the U.S. Government shall be used and if none is so published, then another index generally recognized and authoritative shall be substituted by Director.
Sample 1
PERIODIC RENT ADJUSTMENT. The annual rental to be paid by Lessee, as set forth in Paragraph 3 above, shall be adjusted at the end of the fifth (5th) year of the lease term and at the end of each successive five-year period during said term. The rent adjustment shall be made to reflect the prevailing rental rate at the time of each adjustment for land of like kind and quality with a comparable water supply and comparable improvements, located in Monterey County, California; provided, that no consideration shall be given to the value of improvements made by Lessee upon the Premises; provided further, that if at the time of a particular adjustment the Premises are planted to vineyard, the lands to be used for comparison purposes shall consist solely of Monterey County vineyards, but only those vineyards which have had a rent adjustment within the previous three (3) years.
Sample 1

Related to PERIODIC RENT ADJUSTMENT

  • Rent Adjustment (a) If, solely as a result of Congressional enactment of any law (including, without limitation, any modification of, or amendment or addition to, the Internal Revenue Code of 1986, as amended, ("Code")), the maximum effective corporate income tax rate (exclusive of any minimum tax rate) for calendar-year taxpayers ("Effective Rate") is higher than thirty-five percent (35%) for any year during the lease term, then Lessor shall have the right to increase such rent payments by requiring payment of a single additional sum. The additional sum shall be equal to the product of (i) the Effective Rate (expressed as a decimal) for such year less .35 (or, in the event that any adjustment has been made hereunder for any previous year, the Effective Rate (expressed as a decimal) used in calculating the next previous adjustment) times (ii) the adjusted Termination Value (defined below), divided by (iii) the difference between the new Effective Rate (expressed as a decimal) and one (1). The adjusted Termination Value shall be the Termination Value (calculated as of the first rent due in the year for which the adjustment is being made) minus the Tax Benefits that would be allowable under Section 168 of the Code (as of the first day of the year for which such adjustment is being made and all future years of the lease term). The Termination Values and Tax Benefits are defined on the Schedule. Lessee shall pay to Lessor the full amount of the additional rent payment on the later of (i) receipt of notice or (ii) the first day of the year for which such adjustment is being made.

  • Subsequent Adjustments In the event that the Assuming Institution or the Receiver discovers any errors or omissions as contemplated by Section 8.2 or any error with respect to the payment made under Section 8.3 after the Settlement Date, the Assuming Institution and the Receiver agree to promptly correct any such errors or omissions, make any payments and effect any transfers or assumptions as may be necessary to reflect any such correction plus interest as provided in Section 8.4.

  • Base Rent Lessee shall pay Base Rent and other rent or charges, as the same may be adjusted from time to time, to Lessor in lawful money of the United States, without offset or deduction, on or before the day on which it is due under the terms of this Lease. Base Rent and all other rent and charges for any period during the term hereof which is for less than one full month shall be prorated based upon the actual number of days of the month involved. Payment of Base Rent and other charges shall be made to Lessor at its address stated herein or to such other persons or at such other addresses as Lessor may from time to time designate in writing to Lessee.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!