Adjusted Base Rent definition
Adjusted Base Rent means the adjustment to the Base Rent which occurs every five (5) years of the Term pursuant to Article 1, Section 4 of this Agreement.
Adjusted Base Rent shall be an amount equal to (a) the aggregate amount of the then current installment of Base Rent payable by Lessee during the then current Lease Year for Operating Expenses, plus (b) Lessee’s Percentage of Taxes for the Building apportioned with respect to the portions of the Tax Years covered by the Lease Year for Operating Expenses referenced in item (a), plus (c) Lessee’s Percentage of Operating Expenses for the Lease Year for Operating Expenses corresponding to the Lease Year for Operating Expenses referenced in item (a), and the term “monthly Adjusted Base Rent” shall refer to an amount equal to one twelfth (1/12th) of the then current Adjusted Base Rent.
Adjusted Base Rent. Beginning on the first anniversary of the Commencement Date, the Base Rent will be adjusted on each anniversary of the Commencement Date (or nearest month-end for which data is published) (the "Adjustment Date") to reflect increases in the Consumer Price Index for "All Urban Consumers, U.S. City Average, All Items" issued by the Bureau of Labor Statistics of the United States Department of Labor. The adjustments in the Base Rent will be determined by multiplying the Minimum Guaranteed Rental by a fraction, the numerator of which is the index number for the last month before the adjustment and the denominator of which is the index number for the first month of the first year of the Term. If the product is greater than the Minimum Guaranteed Rent, Tenant will pay this greater amount as Base Rent until the next rental adjustment. Base Rent will never be less than the Minimum Guaranteed Rent. Landlord will notify Tenant of each adjustment to Base Rent no later than sixty days after the Adjustment Date.
Examples of Adjusted Base Rent in a sentence
The difference between the actual increase in Operating Expenses and Taxes for any Comparison Year and the estimated Adjusted Base Rent for such Comparison Year shall be promptly paid by Tenant upon Tenant's receipt of a statement of such adjustment.
After the Adjusted Base Rent has been established, it shall retroactively become payable from the beginning of the calendar year.
The Adjusted Base Rent for any Comparison Year shall serve as the basis for an estimate of Adjusted Base Rent due for the next Comparison Year until the computation for that Comparison Year has been made.
The Base Rent as so increased is herein referred to as the "Adjusted Base Rent".
Any such payments that are made in excess of the Adjusted Base Rent then due shall be considered prepayments of future rent during the balance of the term hereof and for any period beyond the original term hereof Lessee may extend this lease for less than the minimum renewal term for the sole purpose of exhausting such prepaid rent credit notwithstanding the minimum renewal term specified in Article 6.
More Definitions of Adjusted Base Rent
Adjusted Base Rent shall be the product of the Base Rent multiplied by a fraction, the numerator of which is the Adjustment Level and the denominator of which is the Base Level. Stated as a mathematical formula, the Adjusted Base Rent shall be computed as follows: Adjusted Base Rent = Adjustment Level x Base Rent ---------------- Base Level If the compilation and/or publication of the Index shall be transferred to any other department, bureau or agency of the United States Government, or if the Bureau shall adopt a successor Index, the Index published by such successor department, bureau or agency shall be adopted and used as a standard for computing adjustments to the base rent. In the event no Index Level is published on each anniversary of the Commencement Date, the levels for computation shall be arrived at by interpolation from the published levels nearest to the dates on which the levels are to be determined. As soon as possible after publication of all statistics necessary for calculation of this Adjusted Base Rent applicable to any calendar year of the Renewal Term, Landlord shall compute the amount of annual Adjusted Base Rent to be paid by Tenant during such Renewal Term Year and shall notify Tenant in writing, setting forth the manner in, and statistics upon, which Adjusted Base Rent was computed. If the annual amount of Adjusted Base Rent payable during any Renewal Term Year has not or cannot be computed by the due date of the first installment(s) thereof, Tenant shall continue to pay monthly installments of base rent until the amount of the new installments has been computed. If the new installments shall be greater than installments due during the preceding year, Tenant shall pay the deficiency with the installment(s) next maturing.
Adjusted Base Rent shall have the meaning given to it in Section 4.1(b).
Adjusted Base Rent means the minimum monthly rent that would be paid under the “2985 and 3105 Xxxxx Sublease” and the “2980 Xxxxx Sublease” from the Termination Date through and including February 20, 2008 based on the minimum monthly rent in effect on the Termination Date, increased by two percent (2%) on every September 21 thereafter. For purposes of this calculation, “Adjusted Property Taxes” means the taxes, assessments, license fees and other charges payable on personal property and real property taxes and general and special assessments payable on the real property and improvements under the “2985 and 0000 Xxxxx Xxxxxx Sublease” and the “2980 Xxxxx Sublease” from the Termination Date through February 20,
Adjusted Base Rent means Base Rent as adjusted in accordance with the provisions hereinafter set forth.
Adjusted Base Rent means, with respect to each Tenant Lease of Vacant Space, the Unadjusted Base Rent per square foot of the Demised Premises for such Tenant Lease, plus or minus the adjustments provided for in Sections 12.03(c) and (d) hereof.
Adjusted Base Rent. The first sentence shall be amended to read “The amount of Base Rent (and the corresponding Monthly installments of Base Rent) payable hereunder shall be adjusted commencing on Tenant’s Adjustment Date of October 1, 2015 and each three (3) year period after Tenant’s Adjustment Date.”
Adjusted Base Rent shall refer to "Base Rent" established pursuant to Paragraph 6 above when determining rental adjustments for this 1995 Addendum.