Common use of ADJUSTMENTS DURING THE RENEWAL TERM Clause in Contracts

ADJUSTMENTS DURING THE RENEWAL TERM. Commencing on the first day of each Renewal Term the Rent shall be adjusted to an amount which, in Landlord's reasonable judgment, is equal to the then current market rental rate for similar buildings, in similar locations and in the same geographic area. Provided, however, in no event shall the Rent for the Renewal Term be less than the Rent which was paid by Tenant during the immediately preceding Term. Commencing on the first anniversary of such date and continuing on the same date every year thereafter during the Renewal Term, the Rent due and payable to Landlord shall be adjusted for the next succeeding year. The adjusted Rent for each year shall be equal to the Rent paid during the immediately preceding 12 month period (the "lease year") increased by a percentage equal to the percentage increase in the CPI computed by comparing the CPI figure for that month which is two months prior to the adjustment date (the "adjustment month") with the CPI figure for the month occurring 12 months prior to the adjustment month (the "base month"). For example, in computing the percentage increase for the lease year commencing January 31, 2002, the percentage increase in the CPI would be determined by comparing the CPI figure for November, 2001, the adjustment month with the CPI figure for November, 2000, the base month, and similar comparisons will be made using the CPI figures for adjustment months and base months every year thereafter.