Common use of REVISION OF RENT Clause in Contracts

REVISION OF RENT. A. On December 1, 2020, and annually thereafter, Ready Car Parking Area Rent, Common Area Rent and Overflow Parking Rent, if applicable, shall be automatically adjusted in proportion to changes in the Consumer Price Index for Los Angeles-Long Beach-Anaheim (All Urban Consumers - All Items) promulgated by the Bureau of Labor Statistics of the U.S. Department of Labor. This adjustment shall be calculated by means of the following formula: X = A x B/C Where: X = Adjusted Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent A = Prevailing Ready Car Parking Area Rent, Common Area Rent or Overflow Parking Rent B = Monthly index for the fourth month prior to the month in which each rent adjustment is to become effective C = Monthly index for the month in which this Lease is signed by COUNTY and thereafter on each successive anniversary of the date the Lease was signed. In the event that the CPI ceases to use 1982-84 = 100 as the basis of calculation, or if, in COUNTY's sole judgment, a substantial change is made in the method used by the federal government to determine the CPI or the items used to calculate the CPI, then the CPI shall be converted to the figure that would have been calculated at (or as close to such figure as shall be practical) had the manner of calculating the CPI in effect at the date of this Lease not been altered. In the event that the Consumer Price Index is not issued or published for the period for which such MAG Rent, Ready Car Parking Area Rent, Overflow Parking Area Rent is to be adjusted and computed hereunder, or in the event that the Bureau of Labor Statistics of the United States Department of Labor should cease to publish said index figures, then any similar index published by any other branch or department of the United States Government selected by COUNTY shall be used and if none is so published, then another index generally recognized as authoritative shall be substituted by COUNTY. Notwithstanding the foregoing, in no event shall the Ready Car Parking Area Rent, Common Area Rent, or Overflow Parking Rent be reduced by any such adjustment.