RENTAL ADJUSTMENT. The lesser of (i) 2%, or (ii) 1.25 times the change in the Price Index, as described in Section 4.02.
RENTAL ADJUSTMENT. Landlord and Tenant acknowledge that the Leased Premises were conveyed by Tenant to Landlord pursuant to that certain Agreement of Sale and Purchase dated November 17, 2005 (the “Leased Premises Purchase Agreement”), and, as a condition to closing thereunder, leased back to Tenant pursuant to this Lease. Concurrently with the Leased Premises Purchase Agreement, EPT Crotched Mountain and SNH entered into that certain Agreement of Sale and Purchase (the “Crotched Mountain Agreement”), pursuant to which EPT Crotched Mountain agreed, among other things, as follows: (i) SNH would use its best efforts to obtain various consents from third parties for an assignment of the ground lease therein described from SNH to EPT Crotched Mountain (the “Required Consents”) and (ii) if SNH failed to obtain the Required Consents within 90 days from the closing of the Mad River Mountain Agreement then (a) EPT Crotched Mountain would make a loan to SNH in the amount of the purchase price as set forth in the Crotched Mountain Agreement and (b) the rent payable by Tenant under this Lease would automatically be increased retroactively as hereinafter set forth and described. Landlord and Tenant hereby agree that in the event the Required Consents are not obtained as set forth above, then effective retroactively as of the Commencement Date, “Annual Fixed Rent” shall be equal to the following:
(i) From the Commencement Date to the end of the 1st Lease Year, an amount, per annum, equal to $1,017,500.00.
(ii) During each subsequent Lease Year the Annual Fixed Rent shall increase by an amount equal to the lesser of (a) 1.5% multiplied by the Annual Fixed Rent for the previous Lease Year or (b) the percentage increase in the CPI between the CPI in effect during the first month of the Lease Year immediately preceding the then applicable Lease Year and the first month of the then applicable Lease Year. In the event the Required Consents are not obtained prior to the closing of the Crotched Mountain Agreement, then the Annual Fixed Rent, as adjusted by this Section, shall apply retroactively as of the Commencement Date, and shall be effective without further action on the part of either Landlord or Tenant. Notwithstanding the preceding sentence, if the Required Consents are not obtained prior to the closing of the Crotched Mountain Agreement, then, at the closing of the Crotched Mountain Agreement, and upon Landlord’s request, then Tenant shall, at the closing of the Leased Premises Purchase...
RENTAL ADJUSTMENT. (a) The following terms shall have the following meanings:
(i) The term “Expenses” shall mean the actual reasonable cost incurred by Landlord during the applicable calendar year on an accrual basis with respect to the operation, maintenance and repair of the Development, including, without limitation or duplication, (1) the costs incurred for air conditioning; mechanical ventilation; heating; cleaning; rubbish removal; snow removal; general landscaping and ground maintenance; window washing; elevators; xxxxxx and matron services; electric current for common areas; management fees; protection and security service; repairs; maintenance; fire, extended coverage, boiler, sprinkler apparatus, public liability and property damage insurance (including loss of rental income insurance); supplies; wages, salaries, disability benefits, pensions, hospitalization, retirement plans and group insurance respecting service and maintenance employees and management staff (if said employees and/or staff perform services for properties other than the Development, the expenses relating thereto shall be equitably prorated); uniforms and working clothes for such employees and the cleaning thereof; expenses imposed pursuant to any collective bargaining agreement with respect to such employees; payroll, social security, unemployment and other similar taxes with respect to such employees; sales, use and other similar taxes; Landlord’s Michigan Single Business Tax; water rates and sewer rents; the replacement of lighting ballasts and light bulbs and fluorescent tubes in the Building; depreciation of movable equipment and personal property, which is, or should be, capitalized on the books of Landlord, and the cost of movable equipment and personal property, which need not be so capitalized, as well as the cost of maintaining all such movable equipment, and any other costs, charges and expenses which, under generally accepted accounting principles and practices, would be regarded as maintenance and operating expenses, and (2) the cost of any capital improvements made to the Development after the Commencement Date that are intended to reduce other Expenses, or made to the Development by Landlord after the date of this Lease that are required under any governmental law or regulation that was not applicable to the Development at the time it was constructed, such cost or allocable portion thereof to be amortized over the useful life thereof as determined by GAAP, together with interest on ...
RENTAL ADJUSTMENT. If the Index in an Anniversary Month shall exceed the Base Index, then the Rent payable for the ensuing calendar year, and thereafter until a new index comparative statement is sent to Lessee, shall be increased by an amount equal to the Percentage Increase multiplied by the Annual Rent set forth in the first sentence of Article 4. At any time after January 1st of the said ensuing calendar year, Lessor shall send Lessee an index comparative statement setting forth (a) the Index in the Anniversary Month preceding the date of the statement, (b) the Base Index, (c) the Percentage Increase, and (d) the increase in the Annual Rent. On the first day of the calendar month (“current month”) following the month in which the Index comparative statement was sent (i) Lessee shall pay to Lessor a sum equal to one-twelfth of said Increase in the Annual Rent multiplied by the number of calendar months of the Lease term then elapsed since said January 1st, and (ii) thereafter, commencing with the current month and continuing monthly thereafter until a different index comparative statement is sent to Lessee, the monthly installments of rent shall be increased by an amount equal to one-twelfth of said increase. In the event the last mentioned increased monthly installments of rent shall continue beyond the end of the calendar year for which such payments were payable, any necessary adjustment will be made when the next succeeding index comparative statement is sent to Lessee. In no event shall the rent computed for any Lease Year be less than the rent for any prior Lease Year.
RENTAL ADJUSTMENT. Xxxxxx County may adjust rents in its sole discretion and agrees to give Tenant thirty (30) calendar days’ prior written notice of an adjustment.
RENTAL ADJUSTMENT. (a) For the purpose of this Lease, the following terms are defined as follows:
RENTAL ADJUSTMENT. (a) For the purpose of this Article 4, the following terms are defined as follows:
RENTAL ADJUSTMENT a. For the purposes of this Paragraph 6, the following terms are defined as follows:
RENTAL ADJUSTMENT. Base Rent shall be increased as of the third (3rd) anniversary of the commencement of the term of this Lease and every other three (3) years thereafter during the term hereof by the percentage of increase, if any, shown by The "Consumer Price Index for the U.S. and Selected Areas for Urban Wage Earners and Clerical Worker, All items (1967 - 100)," Published by the United States Department of Labor, Bureau of Labor Statistic, for the San Francisco, Oakland area (the "Adjusting Index") as compared with the Consumer Price Index for the calendar month immediately preceding the commencement of the term Hereof: (The monthly rent for the following three years shall be set by multiplying the monthly rent for the calendar month Immediately preceding the effective date of the adjustment by a fraction, the numerator of which is the Extension Index and the Denominator of which is the Beginning Index) provided, however, that in no event shall the then current Base Rent be decreased. If any adjustment date shall occur on other than the first (1st) day of any calendar month, the current Base Rent as the first (1st) day of Such month shall be paid on such a day, and Base Rent due on the first (1st) day of the following calendar month shall be adjusted Accordingly for adjustment applicable to the portion of the prior calendar month commencing on such adjustment date. If the Adjusting Index is unavailable on the date on which the first installment of Base Rent as adjusted shall become due, Tenant shall pay The same Base Rent for such installment as the Base Rent for the preceding month, and any adjustment for the change in such installment shall be paid with Base Rent for the following month. If the Bureau of Labor Statistics ceases to use the 1967 average if 100 as the basis of calculation for the Consumer Price Index, then the Consumer Price Index shall be adjusted in accordance with the conversion formula published by the Bureau of Labor Statistics. If at the time required for the determination of the amount of any adjustment in Base Rent, the Consumer Price Index is no longer published or issued, a reliable government or other non partisan publication evaluating the information therefore used in determining the Consumer Price Index shall be used.
RENTAL ADJUSTMENT. (a) The base year for the Must-take Premises shall be 1994.
