ADJUSTMENT OF MINIMUM RENT. The Minimum Rent shall be increased at the end of each lease year during the term hereby by three percent (3%) of the rent then being paid. There shall be no additional pass-throughs of increases in operating expenses except for real estate taxes or as otherwise provided for herein.
ADJUSTMENT OF MINIMUM RENT. The minimum annual rent is subject to adjustment every five (5) years during the term of this Lease, with each adjustment to commence on May 1 of the year of adjustment ("Adjusted Minimum Rent"). The Adjusted Minimum Rent shall be effective as of May 1, 2002, May 1, 2007, and May 1, 2012 during the term hereof, with the Adjusted Minimum Rent payable in advance in equal monthly installments on the first day of each calendar month thereafter, without prior demand therefor.
ADJUSTMENT OF MINIMUM RENT. The minimum rent shall be adjusted at the end of each year during the term hereof by a 3% increase over the rent then being paid. There also shall be no additional pass-throughs of increases in operating expenses except as specifically referenced herein.
ADJUSTMENT OF MINIMUM RENT. (a) The initial Minimum Rent amount (as stipulated in Exhibit D to the Lease) has been calculated based on the assumption that the Actual Construction Cost will equal the Stipulated Sum. If the Actual Construction Cost exceeds the Stipulated Sum due solely to (i) Change Orders required as a result of Tenant Delay or (ii) Change Orders requested by Tenant, then the initial annual Minimum Rent shall be increased by nine and 1/2 cents ($0.095) for each dollar that the Actual Construction Cost exceeds Stipulated Sum for any of the reasons set forth in this sentence; provided, however, that Tenant agrees that it shall not require or request any such aggregated Change Orders that will solely, and not in addition to any other reason not described above, cause the Actual Construction Cost to exceed Four Million Two Hundred Thousand dollars $4,200,000 (the “Maximum Construction Cost”). Conversely, if the Actual Construction Cost is less than the Stipulated Sum as a result of any Change Order requested by Tenant, then the initial annual Minimum Rent shall be decreased by nine and 1/2 cents ($0.095) for each dollar that the Actual Construction Cost is less than the Stipulated Sum. To the extent the Actual Construction Cost is increased or decreased due to reasons not described above, then such increase or decrease shall have no effect upon Tenant’s Minimum Rent. For example, if the Actual Construction Cost is increased to $4,050,000 due to Change Orders required as a result of Tenant Delay or Change Orders requested by Tenant, then the initial annual Minimum Rent under the Lease would increase by $11,203.16 (($4,050,000 -$3,932,072) x $0.095). Conversely, if the Actual Construction Cost is decreased to $3,800,000 due to a Change Order requested by Tenant, then the initial annual Minimum Rent under the Lease would decrease by $12,546.84 (($3,932,072 — $3,800,000) x $0.095).
ADJUSTMENT OF MINIMUM RENT. The net annual minimum basic rent for each Lease Year during the Term hereof subsequent to the first Lease Year shall be increased in the same amount of any increase in the Consumer Price Index during the preceding Lease Year. Such increase shall be calculated by multiplying the net minimum basic rent by a fraction whose numerator is the Consumer Price Index for the twelfth (12th) month of the preceding Lease Year and whose denominator is the Consumer Price Index for the first month of such Lease Year. In no event shall the net annual minimum basic rent be decreased due to changes in the Consumer Price Index and in no event shall the net annual minimum basic rent increase by more than three percent (3%) in any given Lease Year. For purposes hereof "Consumer Price Index" shall mean the Consumer Price Index for All Urban Consumers, U.S. City Average, published by the Bureau of Labor Statistics of the United States Department of Labor, All Items (1982-84=100). For purposes hereof, “Lease Year” shall mean each consecutive twelve (12) month period commencing on the Rent Commencement Date.
ADJUSTMENT OF MINIMUM RENT. The Minimum Rent specified in Section 1.1. hereof (and the monthly installments thereof) will be adjusted and automatically modified, with the same being due from Tenant without notice or demand from Landlord, as follows: Months 1 through Month 6: $20,000 per month, plus applicable sales, use, occupation and other taxes as may be applicable to this Lease and Tenant from time to time during the Lease term. Months 7 through Month 24: $25,000 per month, plus applicable sales, use, occupation and other taxes as may be applicable to this Lease and Tenant from time to time during the Lease term. Months 25 through Month 36: $28,000 per month, plus applicable sales, use, occupation and other taxes as may be applicable to this Lease and Tenant from time to time during the Lease term.
ADJUSTMENT OF MINIMUM RENT. At any time during the fifth (5th) Lease Year, and again at any after Tenant’s election to exercise its option to extend this Agreement for the Extended Term but before the first day of the Extended Term, Landlord, in its sole discretion may elect to adjust the Minimum Rent for the Leased Premises to the then Fair Market Rental Value of the Leased Premises (the “Fair Market Rent Reset”). Thereafter, the Fair Market Rental Value shall increase by three percent (3%) in each subsequent Accounting Year during the Term of this Lease (including any Extended Term). If Landlord does not elect to exercise the Fair Market Rent Reset prior to the first day of the Extended Term, the Minimum Rent during the Extended Term shall increase by three percent (3%) from the immediately preceding Accounting Year and shall continue to increase by three percent (3%) for each Accounting Year of the Extended Term thereafter. If Landlord elects to exercise the Fair Market Rent Reset, any funds available in the Excess Cash Flow Reserve will be released to Tenant pursuant to Section 5.3 hereof (an “Excess Cash Flow Reserve Release Event.”)
ADJUSTMENT OF MINIMUM RENT. A. The Minimum Rent shall be increased at the end of each lease year during the term hereby by three percent (3%) of the rent then being paid. There shall be no additional pass-throughs of increases in operating expenses except for real estate taxes or as otherwise provided for herein. For purposes of clarification, any adjustment of the Minimum Rent under this the Article 4 during the initial eighteen (18) months of the Lease shall be abated. Additionally Tenant shall pay its pro rata share (33%) of the Building insurance and common area maintenance charges (collectively, “Operating Expenses”) in addition to its pro rata share of the real estate taxes as identified in Section 5. Operating Expenses shall not include:
ADJUSTMENT OF MINIMUM RENT. [Specify here any scheduled increases ("Adjusted Annual Minimum Rent") in Annual Minimum Rent over the Lease Term.] Annual Percentage Rent. From the Commencement Date forward, payment of Annual Percentage Rent shall commence upon the beginning of any activity that is subject to payment of Annual Percentage Rent. During any month when cumulative Annual Percentage Rent exceeds that month's cumulative Annual Minimum Rent, Lessee shall pay to Lessor Annual Percentage Rent ("Annual Percentage Rent") in addition to Annual Minimum Rent. Annual Percentage Rent shall be based upon the following percentages of the gross sales and rents of the operations and businesses conducted on or from the Premises as follows: [Specify percentages.]
ADJUSTMENT OF MINIMUM RENT. The net annual minimum basic rental shall be increased three percent (3%) annually effective on the anniversary of this Agreement.
