Base Rent Adjustment Date definition
Examples of Base Rent Adjustment Date in a sentence
The Base Rent rate per RSF set forth in the Basic Lease Information shall be adjusted on the Base Rent Adjustment Date and on each annual anniversary of the Base Rent Adjustment Date by multiplying the Base Rent rate per RSF payable immediately before such date by three percent (3%) and adding the resulting amount to the Base Rent rate per RSF payable immediately before such date.
Such adjusted Base Rent shall continue in effect as the Base Rent until the next Base Rent Adjustment Date.
Notwithstanding anything to the contrary contained herein, in no event shall monthly Base Rent be reduced below the monthly Base Rent applicable to the Premises immediately prior to the Base Rent Adjustment Date.
Until the Consumer Price Index is established, Lessee shall pay the Base Rent calculated in accordance with clause (i) above, and once the Consumer Price Index for the Additional Base Rent Adjustment Date of such Lease Year is published, the new Base Rent (as increased) shall be effective retroactively as of the Additional Base Rent Adjustment Date with the remaining payments to be adjusted ratably.
If Landlord and Tenant are unable to agree upon a single appraiser within such time period, then Landlord and Tenant shall each appoint one appraiser not later than ninety-five (95) days prior the Base Rent Adjustment Date, and Landlord and Tenant shall each give notice to the other of such appointment at the time of such appointment.
Landlord agrees to complete Landlord’s Work described in the Work Letter (Additional Premises) attached hereto as Exhibit B (the “Work Letter (Additional Premises)”) prior to the Base Rent Adjustment Date.
The Base Rent due hereunder shall be subject to annual increases on each anniversary of the Commencement Date (each a “Base Rent Adjustment Date”), such increases equal to % of the Base Rent payable during the month immediately prior to such Base Rent Adjustment Date.
On each Base Rent Adjustment Date, the Base Rent payable under Section 4.1 shall be adjusted as follows: On each Base Rent Adjustment Date, the Base Rent for the next Lease Year shall be adjusted to equal the Base Rent for the prior twelve (12) month period plus or minus the product of such Base Rent and the NOI Growth budgeted by ASOT for the upcoming Lease Year.
When the Fair Market Rental Value is determined, Landlord shall deliver notice thereof to Tenant, and Tenant shall pay to Landlord within ten (10) days after receipt of such notice, the difference between the monthly Base Rent actually paid by Tenant to Landlord for the period from and after the Base Rent Adjustment Date and the new monthly Base Rent determined hereunder effective as of the Base Rent Adjustment Date.
Landlord and Tenant shall instruct the appraiser(s) to complete their determination of Fair Market Rental Value not later than sixty (60) days prior to the Base Rent Adjustment Date.