INACCESSIBLE PARCEL RENT definition
INACCESSIBLE PARCEL RENT. The product of $2.09 multiplied by the greater of (i) 80,000 or (ii) the total square feet of FAR Floor Area of Improvements constructed on the Inaccessible Parcel, subject to increase on the tenth anniversary of the Date of Lease Execution (June 1, 1992) and every five years thereafter by an amount equal to the CPI Escalation multiplied by the aforementioned product. From and after the Development 3 Plan Rent Commencement Date, no Inaccessible Parcel Rent shall be payable. PREMISES: The land and improvements located on the lot described in Appendix A attached to the Existing Lease, which lot consists of the Development Parcel and the Holding Parcel (which Holding Parcel includes the Inaccessible Parcel) as the same are initially established and described in said Appendix A. Effective as of the Development Plan Commencement Date, the Inaccessible Parcel shall be deemed to have been moved from the Holding Parcel to the Development Parcel. The Holding Parcel, exclusive of the Inaccessible Parcel, may be eliminated from the Premises by Landlord upon the terms and conditions set forth in this Lease. RENT: The sum of all Holding Parcel Rent, Inaccessible Parcel Rent, Development Parcel Rent and Adjusted Rent, per annum. TERM: From the Date of Lease Execution (June 1, 1992) until the sixty-fifth anniversary of such Date."