Common use of RENEWAL TERM MINIMUM RENT Clause in Contracts

RENEWAL TERM MINIMUM RENT. The Minimum Rent for each Renewal Term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. Such annual Minimum Rent shall be equal to the product of: 2.3.1 the greater of (a) the fair market value of the Premises on the date of Tenant's notice of exercise pursuant to Section 1.2.1 or (b) Landlord's Adjusted Investment (defined below) in the Premises, both as applicable; and 2.3.2 a percentage equal to three hundred twenty (320) basis points over the average 10 year United States Treasury rate for the 20 day period ending on the date of Tenant's notice of exercise pursuant to Section 1.2.1 above. 2.3.3 As used in this Lease, the term "LANDLORD'S ADJUSTED INVESTMENT" means the product of Landlord's Investment (defined below) times the percentage equal to the sum of (i) One Hundred Percent (100%) plus (ii) the Increase. For purposes of this Section 2.3.3, the Increase shall be determined by comparing the CPI in effect as of January 1, 1998 to the CPI in effect on January 1 of the calendar year during which the applicable Renewal Term begins.

RENEWAL TERM MINIMUM RENT. The Minimum Rent for each Renewal Term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. Such annual Minimum Rent shall be equal to the product of: 2.3.1 the greater of (a) the fair market value of the Premises on the date of Tenant's notice of exercise pursuant to Section 1.2.1 or (b) Landlord's Adjusted Investment (defined below) in the Premises, both as applicable; and 2.3.2 a percentage equal to three hundred twenty (320) basis points over the average 10 year United States Treasury rate for the 20 day period ending on the date of Tenant's notice of exercise pursuant to Section 1.2.1 above. 2.3.3 As used in this Lease, the term "LANDLORD'S ADJUSTED INVESTMENT" means the product of Landlord's Investment (defined below) times the percentage equal to the sum of (i) One Hundred Percent (100%) plus (ii) the CPI Increase. For purposes of this Section 2.3.3, the CPI Increase shall be determined by comparing the CPI in effect as of January 1, 1998 to the CPI in effect on January 1 of the calendar year during which the applicable Renewal Term begins.