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HomeMy WebLinkAbout1345 ~ 25. DEfBRMINATION AND ADJUSTMTsNT OF RENTAL PAYMENTS. The parties hereby covenant and agree that rental payments provided in this Lease and all subleases shall be adjusted at ten (10) year inter- vals comaencing on July 1, 1979, and continuing each ten (10) years throughout ~he lease term. The ac~justment to the rent to be made, therefore, shall be determined by multiplying the basic monthly rental provided for in each lease by a fraction, the numerator of which shall be the index figure indicated for the month imuediately preceding the end of the ten (10) year term as shall be shown by the Consumer's - Price Index--the United States City Average All Iteme and Coninodity Groups, iasued by the Bureau of Labor Statistics of the United States Department of Labor, and the denominator of which shall be the Basic Standard Index Figure of such Price Index for that month. The pro- duct of such multiplication shall be the amount of the monthly rental ~ payments to be made thereunder the succeeding ten (10) year period until the next computation provided for thereunder shall be made. I It is understood that the above described Index is now being published monthly by the Bureau of I.abor Statistics of the United States Department of Iabor. Should it be published at other intervals, the trew Index, hereinabove provided for, shall be arrived at fram the Index or Indexes published by said Bureau most closely approximating ; the month of the year immediately preceding the adjustment date. Should said Bureau of Labor Statistics change the manner of computing such Index, the Buresu shall be requested to furnish a conversion factor designed to adjust the new Index to the one previously in use, and adjustment to the new Index shall be made on the basis of such conversion factor. Should the publication of such Index be discontinued by said Bureau of Labor Statistics, ehen such ottie r Index as may be published by such Bureau most nearly approaching said discontinued Index , shall be used in making the adjustment herein provided for. ' Should said Bureau discontinue the publication of an Index approxi- mating the Index herein contemplated, then such Index as may be pub- lished by another United States Government Agency as most nearly - approximates the Index herein first above referred to shall govern and be substituted as the Index to be used, subject'to the application j of an appropriate conversion factor to be furnished by the Governmental t Agency publishing the adopted Index. If such Governmental Agency will ~ not furnish such conversion factor, then the parties shall agree upon ~ a conversion factor or a new Index, and in the event agreement cannot ~ be reached as to such conversion factor, or such new Index,then the parties hereto agree to submit to arbitrators chosen in the usual manner, the selection of a new Index approximating as nearly as can ~ be the Index hereinabove first contemplated, which new Index may be ; ° one published by a Governmental Agency or one published by a private ~ agency and generally accepted and approved as an Index reflecting the ~ contemplated fluctuation in the purchasing power of the United States ~ dollar. The Index selected by such arbitrators in either of the ~ abovE events shall be binding upon the parties hereto. In the event of any controversy arising as to the proper adjustment for the rental paymente, as herein provided, t he lessee si~all continue paying the a rental to the leasor under the last preceding rental adjustment, as ~ herein provided,until such time as said controversy has been seEtled, ~ at which time an adjustment will be made retroactive to the beginning ~ of the adjustment period in which the controversy arose. This para- i ~ graph shall be expanded to include the contingency of discontinuation of such Index by the Bureau of Labor Statistics. In no event and under no computation or in anywise shall the monthly rental to be ~ paid by the leasee to the lessor under the provisions of this lease ~ or any aublease be less than the amount provided for as the actual ~ y annual rent in the initial lease or sublease. ~ ~ 26. LIEN. In the event that VILIA DSL SOL, INC. condominium ~ is terminated under the provisions of Florida Statutes or under the ' proviaions of Section 24 of the Declaration of Condaminium, the Lesaora shall acquire a lien on the undivided interest of each o~mer in the ~ ~ . ~ ' . q- ~ • ~ : Page eix ~ ~ ~ ~ dooK182 PA~~1343 ~ ~ ~ . ~ ..~f - .