Common use of REVISION OF RENT Clause in Contracts

REVISION OF RENT. Section 4.02(A) shall be deleted and replaced with the following: A. On December 1, 2024, 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: Where: DocuSign Envelope ID: 1536AD4A-9AAD-470E-B390-90EA059E5B02 DocuSign Envelope ID: 638107A2-F6F2-4B4A-BD73-E7484F7BA084 X = Adjusted Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent. A = 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. 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 and year in which this Fifth Amendment is signed by COUNTY and thereafter the monthly index for each successive anniversary of the date the Fifth 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 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 Ready Car Parking Rent, Common Area Rent, Overflow Parking 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 Rent, Common Area Rent, or Overflow Parking Rent be reduced by reason of any such adjustment or be reduced below the initial amount as set forth in Section 4.01.”

REVISION OF RENT. Section 4.02(A) shall be deleted and replaced with the following: A. On December 1, 2024, 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: Where: DocuSign Envelope ID: 1536AD4A-9AAD-470E-B390-90EA059E5B02 DocuSign Envelope ID: 638107A2-F6F2-4B4A-BD73-E7484F7BA084 X = Adjusted Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent. A = Ready Car Parking Area Rent, Common Area Rent or Overflow Parking Rent identified in Section 4.01 (B)(C)(D4.01(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. C = Monthly index for the month and year in which this Fifth Third Amendment is signed by COUNTY and thereafter the monthly index for each successive anniversary of the date the Fifth 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 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 Ready Car Parking Rent, Common Area Rent, Overflow Parking 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 Rent, Common Area Rent, or Overflow Parking Rent be reduced by reason of any such adjustment or be reduced below the initial amount as set forth in Section 4.01.”

REVISION OF RENT. Section 4.02(A) shall be deleted and replaced with the following: A. On December 1, 2024, 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: Where: DocuSign Envelope ID: 1536AD4A-9AAD-470E-B390-90EA059E5B02 DocuSign Envelope ID: 638107A2-F6F2-4B4A-BD73-E7484F7BA084 X = Adjusted Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent. A = 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: 9631E69A-D57B-44A6-82C5-2121F16CE10F DocuSign Envelope ID: E6C814B2-77EB-4FBA-9AC0-0702D2395E6A 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 and year in which this Fifth Third Amendment is signed by COUNTY and thereafter the monthly index for each successive anniversary of the date the Fifth 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 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 Ready Car Parking Rent, Common Area Rent, Overflow Parking 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 Rent, Common Area Rent, or Overflow Parking Rent be reduced by reason of any such adjustment or be reduced below the initial amount as set forth in Section 4.01.”

REVISION OF RENT. Section 4.02(A) shall be deleted and replaced with the following: A. On December 1, 2024, 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: Where: DocuSign Envelope ID: 1536AD4A-9AAD-470E-B390-90EA059E5B02 DocuSign Envelope ID: 638107A2-F6F2-4B4A-BD73-E7484F7BA084 X = Adjusted Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent. A = 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. C = Monthly index for the month and year in which this Fifth Third Amendment is signed by COUNTY and thereafter the monthly index for each successive anniversary of the date the Fifth 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 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 Ready Car Parking Rent, Common Area Rent, Overflow Parking 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 Rent, Common Area Rent, or Overflow Parking Rent be reduced by reason of any such adjustment or be reduced below the initial amount as set forth in Section 4.01.”

REVISION OF RENT. Section 4.02(A) shall be deleted and replaced with the following: A. On December 1, 2024, 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 DocuSign Envelope ID: 1536AD4A-9AAD-470E-B390-90EA059E5B02 DocuSign Envelope ID: 638107A2-F6F2-4B4A-BD73-E7484F7BA084 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: Where: DocuSign Envelope ID: 1536AD4A-9AAD-470E-B390-90EA059E5B02 DocuSign Envelope ID: 638107A2-F6F2-4B4A-BD73-E7484F7BA084 X = Adjusted Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent. A = 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. 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 and year in which this Fifth Eighth Amendment is signed by COUNTY and thereafter the monthly index for each successive anniversary of the date the Fifth Eighth 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 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 Ready Car Parking Rent, Common Area Rent, Overflow Parking 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 Rent, Common Area Rent, or Overflow Parking Rent be reduced by DocuSign Envelope ID: 1536AD4A-9AAD-470E-B390-90EA059E5B02 DocuSign Envelope ID: 638107A2-F6F2-4B4A-BD73-E7484F7BA084 reason of any such adjustment or be reduced below the initial amount as set forth in Section 4.01.”

REVISION OF RENT. Section 4.02(A) shall be deleted and replaced with the following: A. On December 1, 2024, 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: DocuSign Envelope ID: 1536AD4A-9AAD-470E-B390-90EA059E5B02 DocuSign Envelope ID: 638107A2-F6F2-4B4A-BD73-E7484F7BA084 X = Adjusted Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent. A = 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. C = Monthly index for the month and year in which this Fifth Third Amendment is signed by COUNTY and thereafter the monthly index for each successive anniversary of the date the Fifth 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 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 Ready Car Parking Rent, Common Area Rent, Overflow Parking 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 Rent, Common Area Rent, or Overflow Parking Rent be reduced by reason of any such adjustment or be reduced below the initial amount as set forth in Section 4.01.”