Lease Years. 4 through 6. During Lease Years 4, 5 and 6, Base Rent shall be equal to one-hundred three percent (103%) of the Base Rent paid for the immediately preceding Lease Year.
Lease Years. The Initial Term shall commence on the Commencement Date and end on the Initial Term Expiration Date, subject to renewal as set forth in Section 1.3, below.
Lease Years. (Tenant's valid election of the alternative described in this Subsection (ii) is referred to as the "No-sale Election.")
Lease Years. No arbitration resulting from the failure of Lessor and Lessee to agree on the Capital Budget shall increase Lessor's obligation for Capital Expenditures beyond the amount set forth in the immediately preceding sentence. In the event that there is a Capital Improvement in the Capital Budget which exceeds the amounts Lessor is obligated to provide under this Article XXXVIII and Lessor declines to make such Capital Improvement, if Lessee shall disagree with such decision, the matter may be submitted to arbitration pursuant to Section 40.2 hereof. To the extent that Lessee's obligations under this Lease (including, without limitation, the obligations set forth in Sections 7.2, 8.1 and 9.1 and in Article XXXVII) are dependent upon the availability of amounts for Capital Expenditures which exceed the amounts that Lessor is obligated to provide pursuant to this Article XXXVIII, such obligations of Lessee shall be correspondingly diminished.
Lease Years. The first “Lease Year” shall be the period from the Commencement Date to the last day of the twelfth (12th) full calendar month following the calendar month in which the Commencement Date occurs. Thereafter, each consecutive twelve (12) calendar month period shall constitute one (1) Lease Year. Notwithstanding anything contained herein to the contrary, if the Commencement Date occurs on the first (1st) day of a calendar month, the first Lease Year shall be twelve (12) full calendar months. The term may be renewed by sixty (60) days prior written notice by Tenant.
Lease Years. During the first five (5) Lease Years, Tenant shall not be obligated to pay any portion of the Tax Increase.
Lease Years. If, after such inspection Tenant continues to dispute such amounts, Tenant may retain a national independent, certified public accountant to audit Landlord's records to determine the proper amount of Tenant's Share. If such audit reveals that Landlord has overcharged Tenant, then within five (5) days after the results of such audit are made available to Landlord, Landlord shall credit Tenant with the amount of such overcharge. If the audit reveals that Tenant was undercharged, then within five (5) days after the results of the audit are made available to Tenant, Tenant shall reimburse Landlord the amount of such undercharge. Tenant agrees to pay the cost of such audit, provided that, if the audit reveals that Landlord's determination of Tenant's share of Actual Costs was in error in Landlord's favor by more than five percent (5%), Landlord shall pay the costs of such audit. Landlord shall maintain records of all Operating Costs for the entirety of the two-year period ("Review Period") following Landlord's delivery to Tenant of each Statement setting forth Tenant's
Lease Years. Notwithstanding anything to the contrary contained herein, each of Lessor and Lessee acknowledges and agrees that for purposes of Section 9.5 below, (x) funds expended by Lessee to complete any Required Maintenance Projects shall be deemed funds expended as part of the Annual Minimum Capital Project Amount, and (y) the Required Maintenance Projects shall be deemed Capital Projects.
Lease Years. The term “Lease Year” when used herein shall mean the twelve months commencing on the Commencement Date and each subsequent period of twelve months; provided, however, that if the Commencement Date does not occur on the first day of the calendar month, the first Lease Year shall mean the twelve months commencing on the first day of the calendar month following the Commencement Date. As provided above, if the Commencement Date does not occur on the first day of the calendar month, the first Lease Year shall include the period, if any, from the Commencement Date to the end of the month in which the Commencement Date occurs.
Lease Years. If Landlord and Tenant are unable to agree upon such a Monthly Rent amount within thirty (30) days (thus, not later than eleven (11) months prior to the expiration of the , , or Lease Years), then they shall together agree on an MAI qualified appraiser who will establish the current fair market rental value of the Premises. If the parties are unable to agree on a single appraiser, each may designate an MAI qualified appraiser and the two appraisers so designated will independently determine the fair market rental value of the Premises. If the fair market rental values so determined are within ten percent (10%) of each other, they will be averaged. If the difference between the appraisals exceeds ten percent (10%) and the parties are not able to otherwise agree, the two appraisers so chosen will together select a third MAI qualified appraiser who will independently determine the fair market rental value of the Premises, the two values that are closest to each other will be averaged, the third value will be disregarded and the amount so determined will conclusively establish the fair market rental value of the Property; provided, however, that in no case will such fair market rental value be less than the Monthly Rent paid during the , , or Lease Year, as appropriate. The parties will share equally in the cost of a single appraiser, will each be responsible for the cost of their own appraiser (in the event each designates an appraiser) and will share equally in the cost of any third appraiser, if utilized. The appraisal process to establish the fair market rental value of the Premises during the , , or Lease Year will be concluded not later than two hundred forty (240) days prior to the expiration of the , , or Lease Years. The Monthly Rent so established will thereafter be subject to adjustment as set forth in subparagraph (b) above. For purposes of the above paragraph, the “fair market rental value” of the Premises will be based on comparable ground leases of comparable real property, considering the Premises in its unimproved condition and utilizing the highest and best use permitted by applicable land use regulations and by this Lease.
