Common use of Initial Adjustment Clause in Contracts

Initial Adjustment. Commencing on each such adjustment date described in Section 3.1.2, the Basic Rent shall be automatically increased, such increase to equal the product of three percent (3.0%) multiplied by the number of Lease Years which have elapsed from the Commencement Date through the subject adjustment date, as an estimate of the actual change in effect as set forth inSection3.l.2 above ("Estimated Change"). The Estimated Change shall be applied to the amount of the Basic Rent. As soon as practicable following the subject adjustment date, the actual change in the Consumer Price Index as calculated in Section 3.1.2 shall be determined and reconciled with the Estimated Change. In the event the Estimated Change has resulted in Lessee paying excessive Basic Rent, then such excess shall be paid by Lessor to Lessee or credited to future Basic Rent, at the option of Landlord.

Initial Adjustment. Commencing on each such adjustment date described in Section 3.1.2, the Basic Rent shall be automatically increased, such increase to equal the product of three percent (3.0%) multiplied by the number of Lease Years which have elapsed from the Commencement Date through the subject adjustment date, as an estimate of the actual change in effect as set forth inSection3.l.2 in Section 3.1.2 above ("Estimated Change"). The Estimated Change shall be applied to the amount of the Basic Rent. As soon as practicable following the subject adjustment date, the actual change in the Consumer Price Index as calculated in Section 3.1.2 shall be determined and reconciled with the Estimated Change. In the event the Estimated Change has resulted in Lessee paying excessive Basic Rent, then such excess shall be paid by Lessor to Lessee or credited to future Basic Rent, at the option of Landlord.