Common use of Adjustments to Base Rent Clause in Contracts

Adjustments to Base Rent. Immediately prior to each tenth anniversary of the Lease Commencement Date, the market value of the Property shall be determined by an MAI Appraiser appointed by Lessor. If the appraisal indicates that the market value of the Property has increased, the Base Rent will be adjusted to reflect this increase, provided that such increase shall not exceed twenty percent (20%) of the previous Base Rent. For current Leaseholders, the Base Rent shall increase from the previous rate in successive five percent (5%) increments until such time as the adjusted Base Rent is achieved or the Base Rent is adjusted by way of a subsequent decennial anniversary (i.e., Base Rent plus five percent (5%) of the increased amount for the first year following the tenth anniversary, ten percent (10%) for the second year, fifteen percent (15%) for the third year, and so on, until such time as the Base Rent is adjusted to equal the increase).

Adjustments to Base Rent. Immediately prior to each tenth anniversary of the Lease Commencement Date, the market value of the Property shall be determined by an MAI Appraiser appointed by Lessor▇▇▇▇▇▇. If the appraisal indicates that the market value of the Property has increased, the Base Rent will be adjusted to reflect this increase, provided that such increase shall not exceed twenty percent (20%) of the previous Base Rent. For current Leaseholders, the Base Rent shall increase from the previous rate in successive five percent (5%) increments until such time as the adjusted Base Rent is achieved or the Base Rent is adjusted by way of a subsequent decennial anniversary (i.e., Base Rent plus five percent (5%) of the increased amount for the first year following the tenth anniversary, ten percent (10%) for the second year, fifteen percent (15%) for the third year, and so on, until such time as the Base Rent is adjusted to equal the increase).