Common use of Base Rent Increases Clause in Contracts

Base Rent Increases. During the initial Lease Term (and any Option Term), commencing on the one (1) year anniversary of the Lease Commencement Date, and on each annual anniversary thereafter during the Lease Term (the “Adjustment Dates”), the Base Rent set forth in Section 13 of the Summary of Basic Lease Information above shall be adjusted as follows: the adjusted Base Rent as of each Adjustment Date shall be the monthly Base Rent effective on the day immediately preceding that Adjustment Date, multiplied by one hundred three percent (103%) (i.e., multiplied by 1.03, for a 3% annual cumulative and compounded increase in Base Rent).