Common use of REVISION OF RENT Clause in Contracts

REVISION OF RENT. A. On December 1, 2020, and annually thereafter, Ready Car Parking Area Rent, Common Area Rent and Overflow Parking Rent, if applicable, shall be automatically adjusted in proportion to changes in the Consumer Price Index for Los Angeles-Long Beach-Anaheim (All Urban Consumers - All Items) promulgated by the Bureau of Labor Statistics of the U.S. Department of Labor. This adjustment shall be calculated by means of the following formula: X = A x B/C Where: X = Adjusted Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent A = Prevailing Ready Car Parking Area Rent, Common Area Rent or Overflow Parking Rent B = Monthly index for the fourth month prior to the month in which each rent adjustment is to become effective C = Monthly index for the month in which this Lease is signed by COUNTY and thereafter on each successive anniversary of the date the Lease was signed. In the event that the CPI ceases to use 1982-84 = 100 as the basis of calculation, or if, in COUNTY's sole judgment, a substantial change is made in the method used by the federal government to determine the CPI or the items used to calculate the CPI, then the CPI shall be converted to the figure that would have been calculated at (or as close to such figure as shall be practical) had the manner of calculating the CPI in effect at the date of this Lease not been altered. In the event that the Consumer Price Index is not issued or published for the period for which such MAG Rent, Ready Car Parking Area Rent, Overflow Parking Area Rent is to be adjusted and computed hereunder, or in the event that the Bureau of Labor Statistics of the United States Department of Labor should cease to publish said index figures, then any similar index published by any other branch or department of the United States Government selected by COUNTY shall be used and if none is so published, then another index generally recognized as authoritative shall be substituted by COUNTY. Notwithstanding the foregoing, in no event shall the Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent be reduced by any such adjustment.

REVISION OF RENT. A. On December 1, 2020, the first anniversary of the commencement of each Annual Period and annually thereafterthereafter annually, Ready Car Parking Area Rent, Common Area Rent and Overflow Parking Rent, if applicable, shall be automatically adjusted in proportion to changes in the Consumer Price Index for Los Angeles-Long Beach-Anaheim (All Urban Consumers - All Items) promulgated by the Bureau of Labor Statistics of the U.S. Department of Labor. This adjustment shall be calculated by means of the following formula: X = A x B/C Where: X = Adjusted Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent A = Prevailing Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent identified in 4.01(B), (C), and (D) and thereafter the adjusted Ready Car Parking Area Rent, Common Area Rent or Overflow Parking Rent for the prior Annual Period. B = Monthly index for the fourth month prior to the month in which each rent adjustment is to become effective effective. C = Monthly index for the month and year in which this Lease is signed by COUNTY and thereafter on the monthly index for each successive anniversary of the date the Lease was signed. In the event that the CPI ceases to use 1982-84 = 100 as the basis of calculation, or if, in COUNTY's sole judgment, a substantial change is made in the method used by the federal government Federal Government to determine the CPI or the items used to calculate the CPI, then the CPI shall be converted to the figure that would have been calculated at (or as close to such figure as shall be practical) had the manner of calculating the CPI in effect at the date of this Lease not been altered. In the event that the Consumer Price Index is not issued or published for the period for which such MAG Rent, Ready Car Parking Area Rent, Common Area Rent, and Overflow Parking Area Rent is to be adjusted and computed hereunder, or in the event that the Bureau of Labor Statistics of the United States Department of Labor should cease to publish said index figures, then any similar index published by any other branch or department of the United States Government selected by COUNTY shall be used and if none is so published, then another index generally recognized as authoritative shall be substituted by COUNTY. Notwithstanding the foregoing, in no event shall the Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent be reduced by reason of any such adjustment.

REVISION OF RENT. Section 4.02(A) shall be deleted and replaced with the following: A. On December 1, 20202024, and annually thereafter, the Ready Car Parking Area Rent, Common Area Rent and Overflow Parking Rent, if applicable, shall be automatically adjusted in proportion to changes in the Consumer Price Index for Los Angeles-Long Beach-Anaheim (All Urban Consumers - – All Items) promulgated by the Bureau of Labor Statistics of the U.S. Department of Labor. This adjustment shall be calculated by means of the following formula: X = A x B/C Where: X = Adjusted Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent Rent. A = Prevailing Ready Car Parking Area Rent, Common Area Rent or Overflow Parking Rent identified in Section 4.01(B)(C)(D) and thereafter the adjusted Ready Car Parking Area Rent, Common Area Rent or Overflow Parking Rent for the prior Annual Period. DocuSign Envelope ID: F6DB3F7F-F4DA-465E-8268-F0BD05F2922B DocuSign Envelope ID: 090506F9-0BD1-49B1-9A7D-72F42E1D4D88 B = Monthly index for the fourth month prior to the month in which each rent adjustment is to become effective effective. C = Monthly index for the month and year in which this Lease Third Amendment is signed by COUNTY and thereafter on the monthly index for each successive anniversary of the date the Lease Third Amendment was signed. In the event that the CPI ceases to use 1982-84 = 100 as the basis of calculation, or if, in COUNTY's ’s sole judgment, a substantial change is made in the method used by the federal government to determine the CPI or the items used to calculate the CPI, then the CPI shall be converted to the figure that would have been calculated at (or as close to such figure as shall be practical) had the manner of calculating the CPI in effect at the date of this Lease not been altered. In the event that the Consumer Price Index is not issued or published for the period for which such MAG Rent, Ready Car Parking Rent, Common Area Rent, Overflow Parking Area Rent is to be adjusted and computed hereunder, or in the event that the Bureau of Labor Statistics of the United States Department of Labor should cease to publish said index figures, then any similar index published by any other branch or department of the United States Government selected by COUNTY shall be used and if none is so published, then another index generally recognized as authoritative shall be substituted by COUNTY. Notwithstanding the foregoing, in no event shall the Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent be reduced by reason of any such adjustmentadjustment or be reduced below the initial amount as set forth in Section 4.01.”