ADJUSTMENT OF LAND USE FEE Sample Clauses

ADJUSTMENT OF LAND USE FEE. The Land Use Fee specified in Section 5.1(a) above has been calculated to approximate, in part, the monthly fair rental value of the Land, current as of the commencement of the term of this Lease, recognizing that its use is restricted by provisions of this Lease. The Land Use Fee shall be applicable in calculating the Lease Fee at all times during the term of this Lease, as such Land Use Fee shall be adjusted as provided in this Lease. In the event of a foreclosure or other circumstance under Section 8.8 below or otherwise which suspends or invalidates the provisions of Articles X and XI limiting transfers of the Improvements, then during such portions of the term of this Lease as the Lessee shall not be required to comply with the provisions of Article X and Article XI, the Land Use Fee shall be increased to an amount calculated by the CLT to equal the fair rental value of the Land for use not so restricted. In such event, upon the CLT's election exercised by not less than ninety (90) days' notice to the Lessee, the Land Use Fee shall be as specified in such notice. In order to keep the Land Use Fee reasonably current, the amount specified in Section 5.1(a) shall be recalculated every year during the term of this Lease. The amount shall be equal to five percent (5%) of the current equalized assessed value as reported on the most recent Notice of Assessment (or, in the event the land is exempt from taxation, the most current appraised value), divided by twelve. The Land Use Fee shall be adjusted to reflect the change in equalized assessed value (if any) and notice of the new Land Use Fee amount will be sent to the Lessee within ten (10) days of the CLT's receipt of a Notice of Assessment. Any adjustment to the Land Use Fee will be effective beginning on the first day of the second month following the Lessee's receipt of notice of the adjustment and the adjusted Land Use Fee shall remain in effect until it is next adjusted in accordance with this provision. [ARTICLE VI begins on the following page]
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Related to ADJUSTMENT OF LAND USE FEE

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