LIMIT ON INCREASE IN ANNUAL RENTAL ADJUSTMENT Sample Clauses

LIMIT ON INCREASE IN ANNUAL RENTAL ADJUSTMENT. For purposes of this subpart, "Capped Operating Expenses" shall mean all Operating Expenses except real estate taxes and assessments (including all costs and expenses of contesting the validity or amount thereof), fees and charges imposed by any governmental entity, insurance premiums, utility charges, snow removal charges, janitorial expenses, and costs imposed by covenants or easements. The portion of the Annual Rental Adjustment relating to the Capped Operating Expenses shall be called the "Capped Portion." Notwithstanding the provisions of this section, beginning with the calendar year following the first full calendar year for which Tenant is obligated to pay an Annual Rental Adjustment, Tenant shall not be obligated to pay that portion of the Capped Portion which exceeds 107% of the greater of (i) the amount of the Capped Portion for the immediately preceding calendar year, or (ii) the amount the Capped Portion for the immediately preceding calendar year would have been had the Capped Portion increased at the rate of 7% per annum in all previous years.
Sample 1
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LIMIT ON INCREASE IN ANNUAL RENTAL ADJUSTMENT. For purposes of this subpart, "Capped Operating Expenses" shall mean all Operating Expenses except real estate taxes and assessments (including all reasonable costs and expenses of contesting the validity or amount thereof), fees and charges imposed by any governmental entity, insurance premiums, utility charges, snow removal charges, janitorial expenses, and costs imposed by covenants or easements. The portion of the Annual Rental Adjustment relating to the Capped Operating Expenses shall be called the "Capped Portion." Notwithstanding the provisions of this Section, Tenant shall not be obligated to pay that portion of the Capped Portion which exceeds 107% of the greater of (i) the amount of the Capped Portion for the immediately preceding calendar year, or (ii) the amount the Capped Portion for the immediately preceding calendar year would have been had the Capped Portion increased at the rate of 107% per annum in all previous years.
Sample 1

Related to LIMIT ON INCREASE IN ANNUAL RENTAL ADJUSTMENT

  • Rental Adjustments 6.1 The Basic Annual Rent then in effect (and as previously increased pursuant to this Section 6.1) shall be increased each year by three percent (3%) on each annual anniversary of the Term Commencement Date for so long as this Lease continues in effect.

  • Rental Adjustment The lesser of (i) 2%, or (ii) 1.25 times the change in the Price Index, as described in Section 4.02.

  • Base Rent Adjustment (a) The BASE RENT (subject to adjustment as set forth in Section 1.08(a) above) payable during the EXTENDED TERM, subject to the provisions of part (b) of this Section 3.03, shall be increased from the BASE RENT payable immediately prior to the first month of the EXTENDED TERM to the then fair market rental rate determined in connection with part (b) of this Section 3.03.

  • Base Rent Adjustments Base Rent shall be increased on each annual anniversary of the first day of the first full month during the Term of this Lease (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated.

  • Maximum Annual Operating Expense Limit The Maximum Annual Operating Expense Limit with respect to each Fund shall be the amount specified in Schedule A based on a percentage of the average daily net assets of each Fund.

  • Rent Adjustments 4.1 For the purpose of this Article 4, the following terms are defined as follows:

  • Rent Adjustment (a) If, solely as a result of Congressional enactment of any law (including, without limitation, any modification of, or amendment or addition to, the Internal Revenue Code of 1986, as amended, (“Code”)), the maximum effective corporate income tax rate (exclusive of any minimum tax rate) for calendar-year taxpayers (“Effective Rate”) is higher than thirty-five percent (35%) for any year during the lease term, then Lessor shall have the right to increase such rent payments by requiring payment of a single additional sum. The additional sum shall be equal to the product of (i) the Effective Rate (expressed as a decimal) for such year less .35 (or, in the event that any adjustment has been made hereunder for any previous year, the Effective Rate (expressed as a decimal) used in calculating the next previous adjustment) times (ii) the adjusted Termination Value (defined below), divided by (iii) the difference between the new Effective Rate (expressed as a decimal) and one (1). The adjusted Termination Value shall be the Termination Value (calculated as of the first rent due in the year for which the adjustment is being made) minus the Tax Benefits that would be allowable under Section 168 of the Code (as of the first day of the year for which such adjustment is being made and all future years of the lease term). The Termination Values and Tax Benefits are defined on the Schedule. Lessee shall pay to Lessor the full amount of the additional rent payment on the later of (i) receipt of notice or (ii) the first day of the year for which such adjustment is being made.

  • Minimum Annual Rent Tenant agrees to pay to Landlord the Minimum Annual Rent in equal monthly installments in the amount set forth in Section 1(d) (as increased at the beginning of each lease year as set forth in Section 1(d)), in advance, on the first day of each calendar month during the Term, without notice, demand or setoff, at Landlord's address designated at the beginning of this lease unless Landlord designates otherwise; provided that rent for the first full month shall be paid at the signing of this lease. If the Commencement Date falls on a day other than the first day of a calendar month, the rent shall be apportioned pro rata on a per diem basis for the period from the Commencement Date until the first day of the following calendar month and shall be paid on or before the Commencement Date. As used in this lease, the term "LEASE YEAR" means the period from the Commencement Date through the succeeding 12 full calendar months (including for the first lease year any partial month from the Commencement Date until the first day of the first full calendar month) and each successive 12 month period thereafter during the Term.

  • Basic Annual Rent It is the intent of both parties that the Basic Annual Rent herein specified shall be absolutely net to the Landlord throughout the term of this Lease, and that all costs, expenses and obligations relating to Tenant’s pro-rata share of the Building, Property and/or Building, Property and/or Leased Premises which may arise or become due during the term shall be paid by Tenant in the manner hereafter provided. For purposes of this Part IV and the Lease in general, the following words and phrases shall have the meanings set forth below:

  • Base Monthly Rent Commencing on the Commencement Date and continuing throughout the Lease Term, Tenant shall pay to Landlord the Base Monthly Rent set forth in Section K of the Summary.

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