Common use of Base Rent Adjustment Clause in Contracts

Base Rent Adjustment. Commencing with the second Lease Year, as hereinafter defined, and at the start of each succeeding Lease Year, the Base Rent shall be increased by an amount equal to the product obtained by multiplying the then applicable annual Base Rent by the sum of (a) one percent (1%), plus (b) the percentage of increase in the Consumer Price Index ("CPI") for December of the prior Lease Year over the CPI for the period ending December 31, 1995. For example, if the Term commences September 1, 1996, the second Lease Year shall begin September 1, 1997 and the CPI comparison applicable to the second Lease Year shall be December 31, 1996 compared to December 31, 1995. The result thus obtained shall thereafter be deemed the Base Rent for such Lease Year, provided, in no event shall the annual Base Rent payable during any Lease Year be less than the annual Base Rent payable during the immediately preceding Lease Year. For purposes of this Lease, the first Lease Year shall be a period of twelve calendar months and shall commence on the first day of the Term. Each succeeding twelve-month period shall be a Lease Year. Notwithstanding the foregoing, in no event shall the total Base Rent, as adjusted, for a Lease Year be more than one hundred and four percent (104%) higher than the adjusted Base Rent for the immediately preceding Lease Year. No base adjustment until 2001 @ 25.63 2002 @ 26.66 [initials]. For purposes of this Lease, the CPI shall mean the twelve (12) month average as of December in any year of the Consumer Price Index for All Urban Consumers (All Items And Commodity Groups-Chicago-Gary-Lake County, IL-IN-WI) (1982-84 = 100), or such other successor or substitute area index as may be applicable to Chicago Metropolitan Area, as appropriately adjusted. If the manner in which the CPI is determined by the Department of Labor shall be substantially revised, and the effect of that revision can be reasonably determined or approximated, an adjustment shall be made in such revised index in order to produce results equivalent, as nearly as possible, to those which would have been obtained if the CPI had not

Base Rent Adjustment. Commencing with as of the second Lease Year, as hereinafter definedfirst day of the thirteenth (13th) full calendar month following the Commencement Date, and at continuing on each annual anniversary of such day throughout the start remainder of the Lease Term (each succeeding Lease Yearsuch day being referred to as a "Rent Adjustment Date", and including any extension options), the Base Rent shall be increased by an amount adjusted to equal to the product obtained by multiplying of the then applicable annual Base Rent in effect for the calendar month immediately preceding the Rent Adjustment Date multiplied by a fraction, the sum numerator of (a) one percent (1%), plus (b) the percentage of increase in which is the Consumer Price Index ("CPI") for December of the prior Lease Year over the CPI published for the period ending December 31, 1995. For example, if month immediately preceding the Term commences September 1, 1996, the second Lease Year shall begin September 1, 1997 Rent Adjustment Date in question and the CPI comparison applicable denominator of which is the Consumer Price Index published for the month immediately preceding the Commencement Date (with respect to the second Lease Year shall be December 31, 1996 compared first rent adjustment) or the immediately preceding Rent Adjustment Date (with respect to December 31, 1995. The result thus obtained shall thereafter be deemed the Base Rent for such Lease Year, each other rent adjustment); provided, however, that in no event shall the annual Base Rent payable during any Lease Year on a Rent Adjustment Date be less than the annual Base Rent payable during the immediately preceding Lease Year. For purposes of this Leaseone hundred two percent (102%), the first Lease Year shall be a period of twelve calendar months and shall commence on the first day of the Term. Each succeeding twelve-month period shall be a Lease Year. Notwithstanding the foregoing, in no event shall the total Base Rent, as adjusted, for a Lease Year be nor more than one hundred and four six percent (104106%) higher than of the adjusted Base Rent due for the immediately preceding Lease Yearperiod. No base adjustment until 2001 @ 25.63 2002 @ 26.66 [initials]. For purposes of this Lease, the CPI The term "Consumer Price Index" shall mean the twelve Consumer Price Index, for All Urban Consumers, Subgroup "All Items", for the San Francisco-Oakland-San Xxxx Metropolitan Area (12) month average Base Year 1982-84=100), which is currently being published by the United States Department of Labor, Bureau of Labor Statistics. If, however, this Consumer Price Index is changed so that the base year is altered from that used as of December in any year of the Commencement Date, then the Consumer Price Index for All Urban Consumers (All Items And Commodity Groups-Chicago-Gary-Lake County, IL-IN-WI) (1982-84 = 100), or such other successor or substitute area index as may shall be applicable to Chicago Metropolitan Area, as appropriately adjusted. If converted in accordance with the manner in which the CPI is determined conversion factor published by the United States Department of Labor, Bureau of Labor shall be substantially revised, and the effect of that revision can be reasonably determined or approximated, an adjustment shall be made in such revised index in order to produce results equivalent, as nearly as possibleStatistics, to those which obtain the same results that would have been obtained had the base year not been changed. If no conversion factor is available or if the CPI Consumer Price Index is otherwise changed, revised or discontinued for any reason, there shall be substituted in lieu thereof and the term "Consumer Price Index" shall thereafter refer to the most nearly comparable official price index of the United States Government to obtain substantially the same result as would have been obtained had notthe original Consumer Price Index not been changed, revised or discontinued, which alternative index shall be selected by Lessor and shall be subject to Lessee's approval, which approval will not be unreasonably withheld or delayed.

Base Rent Adjustment. Commencing with At the second commencement of the Fourth year of the initial term of this Lease Year, as hereinafter defined, and at each year thereafter during the start remainder of each succeeding Lease Yearthe initial term or any extension ("the adjustment date"), the Base Rent shall be adjusted in the following manner; the base for computing the adjustment is "All Items and Major Group Figures for All Urban Consumers" commonly abbreviated as "CPI--U", published by the United States Department of Labor, Bureau of Labor Statistics ("Index"), which is in effect on the date of the commencement of the third year of this Lease ("Beginning Index"). The Index most immediately preceding the adjustment date in question ("Extension Index") is to be used in determining the amount of the adjustment. If the Extension Index has increased by an amount equal to over the product obtained Beginning Index, the Base Rent payable during the fourth year shall be adjusted by multiplying the then applicable annual current Base Rent set forth in Paragraph 4 by a fraction, the numerator of which is the Extension Index, and the denominator of which is the Beginning Index. As soon as the Base Rent for the extended term is adjusted, Landlord shall give Tenant notice of the amount of the Base Rent for the fourth year. For the fourth year of the initial term of this Lease and each year thereafter during the remainder of the term or any extended term, the "Extension Index" shall be the Index published for the month immediately preceding the month in which the next year of the term commences. If the Extension Index has decreased over the Beginning Index, the Base Rent shall remain unchanged. If the Index has changed so that the base year differs from that used as of the month immediately preceding the month in which the term commences, the Index shall be converted in accordance with the conversion factor published by the sum United States Department of (a) one percent (1%)Labor, plus (b) Bureau of Labor Statistics. If the percentage of increase Index is discontinued or revised during the term, such other government index or computation with which it is replaced shall be used in order to obtain substantially the same result as would be obtained if the Index had not been discontinued or revised. Notwithstanding any other provisions herein to the contrary, the initial Base Rent or any Base Rent Adjustments shall not be decreased based upon adjustments in the Consumer Price Index ("CPI") for December of the prior Lease Year over the CPI for the period ending December 31, 1995. For example, if the Term commences September 1, 1996, the second Lease Year shall begin September 1, 1997 and the CPI comparison applicable to the second Lease Year shall be December 31, 1996 compared to December 31, 1995. The result thus obtained shall thereafter be deemed the Base Rent for such Lease Year, as herein provided, in no event shall the annual Base Rent payable during any Lease Year be less than the annual Base Rent payable during the immediately preceding Lease Year. For purposes of this Lease, the first Lease Year shall be a period of twelve calendar months and shall commence on the first day of the Term. Each succeeding twelve-month period shall be a Lease Year. Notwithstanding the foregoing, in no event shall the total Base Rent, as adjusted, for a Lease Year be more than one hundred and four percent (104%) higher than the adjusted Base Rent for the immediately preceding Lease Year. No base adjustment until 2001 @ 25.63 2002 @ 26.66 [initials]. For purposes of this Lease, the CPI shall mean the twelve (12) month average as of December in any year of the Consumer Price Index for All Urban Consumers (All Items And Commodity Groups-Chicago-Gary-Lake County, IL-IN-WI) (1982-84 = 100), or such other successor or substitute area index as may be applicable to Chicago Metropolitan Area, as appropriately adjusted. If the manner in which the CPI is determined by the Department of Labor shall be substantially revised, and the effect of that revision can be reasonably determined or approximated, an adjustment shall be made in such revised index in order to produce results equivalent, as nearly as possible, to those which would have been obtained if the CPI had not.

Base Rent Adjustment. Commencing with the second Lease Year, as hereinafter defined, and at the start The amount of each succeeding Lease Year, the Base Rent shall be increased by an amount equal to the product obtained by multiplying the then applicable annual Base Rent by the sum of (a) one percent (1%), plus (b) the percentage of increase in the Consumer Price Index ("CPI") for December of the prior Lease Year over the CPI for the period ending December 31, 1995. For example, if the Term commences September 1, 1996, the second Lease Year shall begin September 1, 1997 and the CPI comparison applicable to the second Lease Year shall be December 31, 1996 compared to December 31, 1995. The result thus obtained shall thereafter be deemed the Base Rent for such Lease Year, provided, in no event shall the annual Base Rent payable during any Lease Year hereunder shall be less than the annual Base Rent payable during the immediately preceding Lease Year. For purposes of this Leaseadjusted annually, the “Adjustment Date,” commencing with the first Lease Year annual anniversary date (twelve months after the Commencement Date) and thereafter on each anniversary date of the Commencement date or any extension thereof. Such adjustments shall be a period for the purpose of twelve calendar months and shall commence on reflecting the first day increase, if any, in the cost of the Termliving. Each succeeding twelve-month period Adjustments, if any, shall be a Lease Year. Notwithstanding calculated based upon the foregoingUnited States Department of Labor, in no event shall the total Base Rent, as adjusted, for a Lease Year be more than one hundred and four percent (104%) higher than the adjusted Base Rent for the immediately preceding Lease Year. No base adjustment until 2001 @ 25.63 2002 @ 26.66 [initials]. For purposes Bureau of this Lease, the CPI shall mean the twelve (12) month average as of December in any year of the Labor Statistics Consumer Price Index for All Urban Consumers (All Items And Commodity GroupsCPI-Chicago-Gary-Lake County, IL-IN-WI) (1982-84 = 100U), or San Francisco Bay Area, Sub-group “All Items”, the “Index”. The Index, published as of the most recent month prior to the Adjustment Date shall be compared with the Index, twelve (12) months immediately preceding. On Adjustment Date, the monthly rent shall be increased by a percentage equal to the percentage increase, if any, in the Index during the previous twelve (12) month period. Notwithstanding any subsequent decrease in the Index, the adjusted Base Rent shall not be less than that paid the immediately preceding year. The adjusted Base Rent amount shall in no case reflect an increase of more than 5% over the amount of the most recent past year rental amount. When the adjusted Base Rent payable on the adjustment date is determined, Lessor shall give Lessee written notice of such other successor or adjusted Base Rent and in the manner in which it was computed. If at the Adjustment Date the Consumer Price Index is not of the format as recited in this Section, Lessor shall substitute area any such official index as may be applicable to Chicago Metropolitan Area, as appropriately adjusted. If the manner in which the CPI is determined published by the Department Bureau of Labor shall Statistics, or any successor of similar governmental agency as may then exist or similar governmental agency as may then exist or be substantially revised, and the effect of that revision can be reasonably determined or approximated, an adjustment shall be made in such revised index in order to produce results equivalent, as most nearly as possible, to those which would have been obtained if the CPI had notequivalent thereto.