Common use of Initial Rent Clause in Contracts

Initial Rent. The annual rent shall be based on market rates as set out in Exhibit F for space necessary for the installation of a Network Hut and surrounding fence at each City Site. The rent shall be subject to an annual escalation factor of three percent (3%). The applicable rent and three percent (3%) annual escalation factor will become effective on the Effective Date of this Master Lease regardless of when communication shelter installations take place. Therefore, any installations occurring later than one year after the Effective Date will be subject to the applicable rent and annually compounding three percent (3%) escalation factor applicable to the number of years that have passed between the Effective Date and the date of the installation.