Common use of Rent Adjustment Clause in Contracts

Rent Adjustment. The eighth and every subsequent eight year Anniversary Date of the commencement of this Lease Agreement shall be the effective dates of rental adjustments, and on such dates the amount of annual rental due and payable hereunder shall be adjusted in the manner hereafter described to reflect the current fair market rental value of the Leased Premises. (a) LESSOR shall use its best efforts to cause the Leased Premises to be reappraised and a redetermination made of the annual fair market rental amount within six months before any adjustment date. In the event LESSOR shall fail to instigate reappraisal within the six months preceding any rent adjustment date, LESSOR shall not be deemed to have waived this provision requiring rent adjustment, and in such event (at any time after a rent adjustment date), LESSOR may proceed to have the Leased Premises reappraised and an adjusted rent determined for any such readjustment period. The adjusted rent shall be effective on the required adjustment date and LESSEE shall pay any deficiency to LESSOR within fifteen (15) days of the determination of the adjusted rent. The reappraisal shall be made pursuant to the Mississippi Code of 1972, § 29-3-69, or pursuant to the statute then in effect governing such leases and procedures for determining fair market rental value. The reappraisal shall establish the fair market value of the property unencumbered by this lease and shall reflect the market rate of return at the time but shall be no less than the minimum acceptable percentage provided by the statute in effect. Unless altered by the procedures described below, the amount of rent so determined as of each rental adjustment date shall be paid until the next rental adjustment date or for the balance of the lease as the case may be. The appraisal process described in this subparagraph (a) may be referred to hereafter as the Statutory Procedure. The cost of the reappraisal shall be borne by LESSEE, using an appraiser selected by LESSOR. (b) Should the Statutory Procedure result in an increase in rent over the amount previously due, LESSEE, by notice in writing given to LESSOR within 15 days after receiving notice of the increase, shall have the right to elect an alternate method of determining the current fair market rental value of the Leased Premises (the “Alternate Procedure”) as follows: (1) LESSEE may provide an appraisal by a Mississippi licensed appraiser having the qualifications hereafter described giving an opinion of current fair market annual rental value based on the (i) the fair market value of the land unencumbered by this lease and

Rent Adjustment. The eighth and every subsequent eight LESSOR shall, at the end of each year Anniversary Date of the commencement of this Lease Agreement shall be lease term, adjust the effective dates of rental adjustmentsannual rent by the increase in the Consumer Price Index-All Urban Consumers ("CPI"), and on such dates the amount of annual rental due and payable hereunder shall be adjusted in the manner hereafter described to reflect the current fair market rental value thereafter notify LESSEE of the Leased Premisesannual rent for the ensuing lease year. (a) LESSOR shall use its best efforts to cause calculate the Leased Premises to be reappraised and a redetermination made amount of the annual fair market rent adjusted by the CPI and notify LESSEE, and the rent for the ensuing lease year shall be fixed as adjusted by the CPI. Said rental amount within six months before any adjustment date. In shall be calculated by multiplying the event LESSOR shall fail to instigate reappraisal within last effective annual rent for the six months preceding any rent adjustment datethen ending lease year by a fraction, LESSOR shall not be deemed to have waived this provision requiring rent adjustmenthaving as its numerator the monthly CPI index number for the first calendar month of the ensuing lease year, and as its denominator the monthly CPI index number for the first calendar month of the then ending lease year. However, in such no event (at any time after a shall the adjusted annual rent adjustment date), LESSOR may proceed to have the Leased Premises reappraised and an adjusted rent determined for any such readjustment period. The adjusted rent shall be effective on the required adjustment date and LESSEE shall pay any deficiency to LESSOR within fifteen one (151) days year period of the determination of the adjusted rent. The reappraisal shall lease term be made pursuant to the Mississippi Code of 1972, § 29-3-69, or pursuant to the statute then in effect governing such leases and procedures for determining fair market rental value. The reappraisal shall establish the fair market value of the property unencumbered by this lease and shall reflect the market rate of return at the time but shall be no less than the minimum acceptable percentage provided by the statute in effect. Unless altered by the procedures described below, the rental amount of rent so determined as of each rental adjustment date shall be paid until the next rental adjustment date or for the balance of the previous lease as the case may be. The appraisal process described in this subparagraph (a) may be referred to hereafter as the Statutory Procedure. The cost of the reappraisal shall be borne by LESSEE, using an appraiser selected by LESSORyear. (b) Should If for any reason the Statutory Procedure rent adjustment calculation is not completed or LESSOR has not notified LESSEE of the rent adjustment for the ensuing lease before the Anniversary Date, LESSOR and LESSEE agree that the interim annual rent pending completion of the calculation of the rent adjustment shall be equal to the annual rent in effect as of the close of the then ending lease year. LESSEE agrees to pay the interim annual rent by the annual rent due date. If the annual rent for the ensuing lease year increases as a result of the adjustment procedure set forth in an increase in rent over the amount previously dueSubpart (a) and (b) of Paragraph 3 of this Lease Agreement, LESSEE, by notice in writing given then LESSEE shall pay to LESSOR such excess within 15 ten (10) days after of receiving notice of such increase. (c) This annual adjustment shall satisfy the increase, shall have the right to elect an alternate rent adjustment required "not less than once every ten (10) years" under Miss. Code Xxx. §29-3-69 (1972) as amended. The method of determining rental adjustment utilized herein is for the current fair market rental value purpose of facilitating stable operation of the Leased Premises (commercial operation on the “Alternate Procedure”) as follows: (1) LESSEE may provide an appraisal Premises. In the event the rent adjustment section of paragraph 3 of this Lease Agreement shall be declared inadequate for any reason by a Mississippi licensed appraiser having court of competent jurisdiction, such declaration shall not affect or be construed to affect the qualifications hereafter described giving an validity of this Lease Agreement, and the Lease Agreement shall continue in full force and effect and be binding on the parties, subject only to the establishment of a rental adjustment section that, in the opinion of current fair market annual rental value based on the appropriate court having jurisdiction, meets the requirements of Miss. Code Xxx. §29-3-63 and §29-3-69 (i1972) the fair market value of the land unencumbered by this lease andpresently in effect.

Rent Adjustment. The eighth and every each subsequent eight eighth year Anniversary Date of the commencement of this Lease Agreement shall be the effective dates of rental adjustments, and on such dates the amount of annual rental due and payable hereunder shall be adjusted in the manner hereafter described to reflect the current fair market rental value of the Leased Premises. (a) LESSOR shall use its best efforts to cause the Leased Premises to be reappraised and a redetermination made of the annual fair market rental amount within six months before any adjustment date. In the event LESSOR shall fail to instigate reappraisal within the six months preceding any rent adjustment date, LESSOR shall not be deemed to have waived this provision requiring rent adjustment, and in such event (at any time after a rent adjustment date), ) LESSOR may proceed to have the Leased Premises reappraised and an adjusted rent determined for any such readjustment period. The adjusted rent shall be effective on the required adjustment date date, and LESSEE shall pay any deficiency to LESSOR within fifteen (15) days of the determination of the adjusted rent. The reappraisal shall be made pursuant to the Mississippi Code of 1972, § 29-3-69, or pursuant to the statute then in effect governing such leases and procedures for determining fair market rental value. The reappraisal shall establish the fair market value of the property unencumbered by this lease Lease Agreement and shall reflect the market rate of return at the time but shall be no less than the minimum acceptable percentage provided by the statute in effect. Unless altered by the procedures described below, the amount of rent so determined as of each rental adjustment date shall be paid until the next rental adjustment date or for the balance of the lease Lease Agreement as the case may be. The appraisal process described in this subparagraph (a) may be referred to hereafter as the Statutory Procedure. The cost of the reappraisal shall be borne by the LESSEE, using an appraiser selected by LESSOR. (b) Should the Statutory Procedure result in an increase in rent over the amount previously due, LESSEE, by notice in writing given to LESSOR within 15 days after receiving notice of the increase, shall have the right to elect an alternate method of determining the current fair market rental value of the Leased Premises (the “Alternate Procedure”) as follows: (1) LESSEE may provide an appraisal by a Mississippi licensed appraiser having the qualifications hereafter described giving an opinion of current fair market annual rental value based on the (i) the fair market value of the land unencumbered by this Lease Agreement and (ii) a reasonable percentage of return on comparable land investments as of the rental adjustment date. The written report of LESSEE’S appraiser shall be delivered to LESSOR within 45 days after the date on which LESSOR gave notice of an increase in rent under the Statutory Procedure. UPON FAILURE TO PROVIDE AN ALTERNATE APPRAISAL WITHIN THE TIME ALLOWED, LESSEE SHALL FORFEIT THE RIGHT TO PURSUE THE ALTERNATE PROCEDURE, AND ANNUAL RENT DETERMINED UNDER THE STATUTORY PROCEDURE SHALL BECOME DUE AND PAYABLE. 2) The two appraisers shall make a good faith effort to reconcile their differences. If they have been unable to do so within 10 days after delivery of the report of LESSEE’S appraiser, the two appraisers within such 10 day period shall each submit the names of three appraisers having the qualifications hereafter described who practice in Mississippi to serve as a review appraiser, and they shall select the review appraiser from names in common on the two lists. If there is no name in common on the two lists, or if the person selected shall decline to serve, then each appraiser shall submit another list of three names of persons meeting the same criteria. 3) The review appraiser shall review and analyze the two appraisal reports, and if needed, inspect the land, consult with the two appraisers, review their assumptions and source information and request corrections, revisions, and additions to the appraisal reports. The review appraiser may also consider relevant information from his own files, conduct such independent investigation as he deems appropriate, and may consider comparable transactions which occurred after the rental adjustment date. 4) The review appraiser shall report his opinion of annual fair market rent, and such amount shall be accepted by LESSOR and LESSEE as the current fair market rental value of the Leased Premises. (c) If LESSEE requests the Alternate Procedure, LESSEE shall pay all fees and expenses of LESSEE’S appraiser, the review appraiser, and any additional charges of LESSOR’S appraiser. The review appraiser, however, shall perform his duties in an independent and impartial manner irrespective of the source of payment of his fees and expenses. (d) The annual rentals on any adjustment date shall not be reduced below the amount established upon the initial date of this lease andexcept upon determination by the Statutory Procedure. (e) The amount of rent determined in the above manner shall be remitted on or before the rental adjustment date or, if the rental adjustment procedures are concluded after such date, then promptly upon conclusion of such procedures effective as of the rental adjustment date. (f) The rent adjustment procedures will not delay the due date of rent at the existing annual rate and will not affect LESSOR’S right to declare a default, if such rent is not timely paid. (g) LESSEE’S appraiser and the review appraiser must be members of the same organization of appraisers as LESSOR’S appraiser, or an organization having higher requirements for admission, and must have the same or higher designation (such as, for example, Member, Appraisal Institute). If LESSOR’S appraiser belongs to more than one organization, the other appraisers must belong to the organization having the highest standards and qualifications for membership. If the organization has multiple designations for appraisers, the review appraiser and LESSEE’S appraiser must hold the same or a higher designation as held by LESSOR’S appraiser.

Rent Adjustment. The eighth and every each subsequent eight eighth year Anniversary Date of the commencement of this Lease Agreement shall be the effective dates of rental adjustments, and on such dates the amount of annual rental due and payable hereunder shall be adjusted in the manner hereafter described to reflect the current fair market rental value of the Leased Premises. (a) LESSOR shall use its best efforts to cause the Leased Premises to be reappraised and a redetermination made of the annual fair market rental amount within six months before any adjustment date. In the event LESSOR shall fail to instigate reappraisal within the six months preceding any rent adjustment date, LESSOR shall not be deemed to have waived this provision requiring rent adjustment, and in such event (at any time after a rent adjustment date), ) LESSOR may proceed to have the Leased Premises reappraised and an adjusted rent determined for any such readjustment period. The adjusted rent shall be effective on the required adjustment date date, and LESSEE shall pay any deficiency to LESSOR within fifteen (15) days of the determination of the adjusted rent. The reappraisal shall be made pursuant to the Mississippi Code of 1972, § 29-3-69, or pursuant to the statute then in effect governing such leases and procedures for determining fair market rental value. The reappraisal shall establish the fair market value of the property unencumbered by this lease Lease Agreement and shall reflect the market rate of return at the time but shall be no less than the minimum acceptable percentage provided by the statute in effect. Unless altered by the procedures described below, the amount of rent so determined as of each rental adjustment date shall be paid until the next rental adjustment date or for the balance of the lease Lease Agreement as the case may be. The appraisal process described in this subparagraph (a) may be referred to hereafter as the Statutory Procedure. The cost of the reappraisal shall be borne by the LESSEE, using an appraiser selected by LESSOR. (b) Should the Statutory Procedure result in an increase in rent over the amount previously due, LESSEE, by notice in writing given to LESSOR within 15 days after receiving notice of the increase, shall have the right to elect an alternate method of determining the current fair market rental value of the Leased Premises (the “Alternate Procedure”) as follows: (1) LESSEE may provide an appraisal by a Mississippi licensed appraiser having the qualifications hereafter described giving an opinion of current fair market annual rental value based on the (i) the fair market value of the land unencumbered by this Lease Agreement and (ii) a reasonable percentage of return on comparable land investments as of the rental adjustment date. The written report of LESSEE’S appraiser shall be delivered to LESSOR within 45 days after the date on which LESSOR gave notice of an increase in rent under the Statutory Procedure. UPON FAILURE TO PROVIDE AN ALTERNATE APPRAISAL WITHIN THE TIME ALLOWED, LESSEE SHALL FORFEIT THE RIGHT TO PURSUE THE ALTERNATE PROCEDURE, ANDANNUAL RENT DETERMINED UNDER THE STATUTORY PROCEDURE SHALL BECOME DUE AND PAYABLE. 2) The two appraisers shall make a good faith effort to reconcile their differences. If they have been unable to do so within 10 days after delivery of the report of LESSEE’S appraiser, the two appraisers within such 10 day period shall each submit the names of three appraisers having the qualifications hereafter described who practice in Mississippi to serve as a review appraiser, and they shall select the review appraiser from names in common on the two lists. If there is no name in common on the two lists, or if the person selected shall decline to serve, then each appraiser shall submit another list of three names of persons meeting the same criteria. 3) The review appraiser shall review and analyze the two appraisal reports, and if needed, inspect the land, consult with the two appraisers, review their assumptions and source information and request corrections, revisions, and additions to the appraisal reports. The review appraiser may also consider relevant information from his own files, conduct such independent investigation as he deems appropriate, and may consider comparable transactions which occurred after the rental adjustment date. 4) The review appraiser shall report his opinion of annual fair market rent, and such amount shall be accepted by LESSOR and LESSEE as the current fair market rental value of the Leased Premises. (c) If LESSEE requests the Alternate Procedure, LESSEE shall pay all fees and expenses of LESSEE’S appraiser, the review appraiser, and any additional charges of LESSOR’S appraiser. The review appraiser, however, shall perform his duties in an independent and impartial manner irrespective of the source of payment of his fees and expenses. (d) The annual rentals on any adjustment date shall not be reduced below the amount established upon the initial date of this lease andexcept upon determination by the Statutory Procedure. (e) The amount of rent determined in the above manner shall be remitted on or before the rental adjustment date or, if the rental adjustment procedures are concluded after such date, then promptly upon conclusion of such procedures effective as of the rental adjustment date. (f) The rent adjustment procedures will not delay the due date of rent at the existing annual rate and will not affect LESSOR’S right to declare a default, if such rent is not timely paid. (g) LESSEE’S appraiser and the review appraiser must be members of the same organization of appraisers as LESSOR’S appraiser, or an organization having higher requirements for admission, and must have the same or higher designation (such as, for example, Member, Appraisal Institute). If LESSOR’S appraiser belongs to more than one organization, the other appraisers must belong to the organization having the highest standards and qualifications for membership. If the organization has multiple designations for appraisers, the review appraiser and LESSEE’S appraiser must hold the same or a higher designation as held by LESSOR’S appraiser.

Rent Adjustment. The eighth and every subsequent eight year Anniversary Date 4.1 At the end of each lease year, the commencement Base Rent due under the terms of this Lease Agreement shall be adjusted. The adjustment for each monthly payment of the effective dates of rental adjustments, and on such dates the amount of annual rental due and payable hereunder next following year shall be adjusted in an amount equal to the manner hereafter described monthly Base Rent for the preceding year multiplied by five percent (5%). This adjustment shall then be added to reflect the current fair market rental value Base Rent for the preceding year. Lessor shall notify Lessee of the Leased Premises. adjustment within thirty (a) LESSOR shall use its best efforts to cause the Leased Premises to be reappraised and a redetermination made of the annual fair market rental amount within six months before any adjustment date. In the event LESSOR shall fail to instigate reappraisal within the six months preceding any rent adjustment date, LESSOR shall not be deemed to have waived this provision requiring rent adjustment, and in such event (at any time after a rent adjustment date), LESSOR may proceed to have the Leased Premises reappraised and an adjusted rent determined for any such readjustment period. The adjusted rent shall be effective on the required adjustment date and LESSEE shall pay any deficiency to LESSOR within fifteen (1530) days of the end of each lease year. 4.2 Within sixty (60) days of the end of each calendar year Lessor shall compute the difference between the Operating Costs which Lessee has paid during the calendar year and Lessee's actual proportionate share of Operating Costs due and owing for that year and the additional rent based on operating costs shall be adjusted accordingly. The adjusted operating costs for the previous calendar year shall be divided by twelve (12) to establish the additional monthly rental based on operating costs shall be adjusted accordingly. The adjusted operating costs for the previous calendar year shall be divided by twelve (12) to establish the additional monthly rental based on operating costs during the following calendar year. 4.3 If Lessee disputes the determination of Operating Costs as determined above or the adjusted rentcalculation of any amount payable, Lessee shall given Lessor written notice of such dispute within thirty (30) days after receipt of notice from Lessor of the matter giving rise to the dispute. The reappraisal If Lessee does not give Lessor such notice within such time, Lessee shall have waived its right to dispute the determination or calculation. Promptly after the giving of notice, Lessee shall cause to be made pursuant a complete audit of Lessor's records relating to the Mississippi Code of 1972, § 29-3-69, or pursuant to the statute then matter in effect governing such leases and procedures for determining fair market rental value. The reappraisal shall establish the fair market value of the property unencumbered dispute by this lease and shall reflect the market rate of return at the time but shall be no less than the minimum acceptable percentage provided by the statute in effect. Unless altered by the procedures described below, the amount of rent so determined as of each rental adjustment date shall be paid until the next rental adjustment date or for the balance of the lease as the case may be. The appraisal process described in this subparagraph (a) may be referred to hereafter as the Statutory Procedureindependent certified public accountants. The cost of the reappraisal audit shall be borne by LESSEE, using Lessee unless the audit discloses an appraiser selected error which favors Lessor by LESSOR. (b) Should the Statutory Procedure result in an increase in rent over more than 5% of the amount previously duedetermined, LESSEE, by notice in writing given to LESSOR within 15 days after receiving notice which event Lessor shall bear the cost of the increaseaudit. If the audit reveals that the amount previously determined by Lessor was incorrect, a correction shall have be made accordingly. During the right to elect an alternate method pendency of determining any such dispute Lessee shall make payments based upon Lessor's determination or calculation until the current fair market rental value of the Leased Premises (the “Alternate Procedure”) as follows: (1) LESSEE may provide an appraisal by a Mississippi licensed appraiser having the qualifications hereafter described giving an opinion of current fair market annual rental value based on the (i) the fair market value of the land unencumbered by this lease anddispute has been resolved.

Rent Adjustment. The eighth and every subsequent eight year Anniversary Date of the commencement of this Lease Agreement shall be the effective dates of rental adjustments, and on such dates the amount of annual rental due and payable hereunder shall be adjusted in the manner hereafter described to reflect the current fair market rental value of the Leased Premises. (a) LESSOR shall use its best efforts to cause the Leased Premises to be reappraised and a redetermination made of the annual fair market rental amount within six months before any adjustment date. In the event LESSOR shall fail to instigate reappraisal within the six months preceding any rent adjustment date, LESSOR shall not be deemed to have waived this provision requiring rent adjustment, and in such event (at any time after a rent adjustment date), LESSOR may proceed to have the Leased Premises reappraised and an adjusted rent determined for any such readjustment period. The adjusted rent shall be effective on the required adjustment date and LESSEE shall pay any deficiency to LESSOR within fifteen (15) days of the determination of the adjusted rent. The reappraisal shall be made pursuant to the Mississippi Code of 1972, § 29-3-69, or pursuant to the statute then in effect governing such leases and procedures for determining fair market rental value. The reappraisal shall establish the fair market value of the property unencumbered by this lease and shall reflect the market rate of return at the time but shall be no less than the minimum acceptable percentage provided by the statute in effect. Unless altered by the procedures described below, the amount of rent so determined as of each rental adjustment date shall be paid until the next rental adjustment date or for the balance of the lease as the case may be. The appraisal process described in this subparagraph (a) may be referred to hereafter as the Statutory Procedure. The cost of the reappraisal shall be borne by LESSEEXXXXXX, using an appraiser selected by LESSORXXXXXX. (b) Should the Statutory Procedure result in an increase in rent over the amount previously due, LESSEE, by notice in writing given to LESSOR within 15 days after receiving notice of the increase, shall have the right to elect an alternate method of determining the current fair market rental value of the Leased Premises (the “Alternate Procedure”) as follows: (1) LESSEE may provide an appraisal by a Mississippi licensed appraiser having the qualifications hereafter described giving an opinion of current fair market annual rental value based on the (i) the fair market value of the land unencumbered by this lease and