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Form #1172

Cost of Living and Tax Adjustments

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Cost of Living and Tax Adjustments - Free Lease Available for download and use

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Cost of living and tax adjustments.

The fixed annual rent reserved in this lease and payable hereunder shall be adjusted, as of the times and in the manner set forth herein:

(a). Definitions: For the purposes of this section, the following definitions shall apply:

1. The term "base month" shall mean the full calendar month during which the term of this lease commences.

2. The term "price index" shall mean the "consumer price index" published by the Bureau of Labor Statistics of the U.S. Department of Labor, New York City, all items, or a substitute index appropriately adjusted.

3. The term "real estate taxes" shall mean all taxes and assessments levied, assessed or imposed at any time by any governmental authority upon or against the land and/or building of which the demised premises form a part, and also any tax or assessment levied, assessed or imposed at any time by any governmental authority in connection with the receipt of income or rents from such land and/or building to the extent that same shall be in lieu of all or a portion of any of such taxes or assessments upon or against such land and/or building. If any real estate taxes are permitted to be paid in installments, then all references in this section to the dates on which real estate taxes are payable shall be deemed to refer to the dates on which the installments are payable.

4. The term "base year" for taxes shall mean either the first year for which the building is assessed by municipal authority as completed and for which taxes for a full year are payable pursuant to such assessment or shall mean the calendar year of the date of this lease whichever is the later.

(b). Effective as of each January and July subsequent to the base month, but in no event sooner than six months after the commencement date of this lease, there shall be made a cost of living adjustment of the annual rental rate payable hereunder. The July adjustment shall be based on the percentage difference between the price index for the preceding month of June and the price index for the base month. The January adjustment shall be based on such percentage difference between the price index for the preceding month of December and the price index for the base month.

1. In the event the price index for June in any calendar year during the term of this lease reflects an increase over the price index for the base month, then the fixed annual rent originally herein provided to be paid as of the July 1st following such month of June (unchanged by any adjustments under this section) shall be multiplied by 50% of the percentage difference between the price index for June and the price index for the base month, and the resulting sum shall be added to such fixed annual rent, effective as of such July 1st. Such adjusted annual rent (plus any tax adjustment computed hereunder) shall thereafter be payable hereunder, in equal monthly installments, until it is readjusted pursuant to the terms of this lease.

2. In the event the price index for December in any calendar year during the term of this lease reflects an increase over the price index for the base month, then the fixed annual rent originally herein provided to be paid as of the January 1st following such month of December (unchanged by any adjustments under this section) shall be multiplied by 50% of the percentage difference between the price index for December and the price index for the base year, and the resulting sum shall be added to such fixed annual rent effective as of such January 1st. Such adjusted annual rent (plus any tax adjustment computed hereunder) shall thereafter be payable hereunder, in equal monthly installments, until it is readjusted pursuant to the terms of this lease.

The following illustrates the intentions of the parties hereto as to the computation of the aforementioned cost of living adjustment in the annual rent payable hereunder:

Assuming that such fixed annual rent is $10,000, that the price index for the base year was 102.0 and that the price index for the month of June in a calendar year following the base year was 105.0, then 50% of

the percentage increase thus reflected, i.e., 50% × 2.91% (3.0/102.0), or 1.47%, would be multiplied by $10,000, and such fixed annual rent would be increased by $147 (plus any tax adjustment computed hereunder) effective as of July 1st of such calendar year.

In the event that the price index ceases to use the [year—year] average of 100 as the basis of calculation, or if a substantial change is made in the terms or number of items contained in the price index, then the price index shall be adjusted to the figure that would have been arrived at had the manner of computing the price index in effect at the date of this lease not been altered. In the event such price index (or a successor or substitute index) is not available, a reliable governmental or other nonpartisan publication evaluating the information theretofore used in determining the price index shall be used.

No adjustments or recomputations, retroactive, or otherwise, shall be made due to any revision which may later be made in the first published figure of the price index for any month.

(c). Effective as of January 1 of each calendar year following the base year, during the term of this lease, there shall be made a tax adjustment of the annual rental rate payable hereunder. Such adjustment shall be in addition to the cost of living adjustments computed as aforesaid. The tax adjustment shall be based on the percentage increase between the real estate taxes payable during each such calendar year following the base year and the real estate taxes payable during the base year. Lessee will pay the proportionate amount of any such increase based upon the ratio of the lessee's demised premises to the aggregate of all the rentable area of the building herein defined to be _________ sq. ft.

(d). In no event shall the fixed annual rent originally provided to be paid under this lease (exclusive of the adjustments under this section) be reduced.

(e). Any delay or failure of lessor, beyond July or January of any year, in computing or billing for the rent adjustments provided above, shall not constitute a waiver of or in any way impair the continuing obligation of lessee to pay such rent adjustments hereunder.

(f). Notwithstanding any expiration or termination of this lease prior to the lease expiration date (except in the case of a cancellation by mutual agreement), lessee's obligation to pay rent as adjusted under this section shall continue and shall cover all periods up to the lease expiration date, and shall survive any expiration or termination of this lease.

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Name of Firm Anonymous
Total Forms Contributed 51
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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