HomeMy WebLinkAbout1391 25. DETBRMINATION AND ADJUSTMSNT OF RBNPAL PAYMENrS. 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 commencing on July 1, 1979, and continuing each ten (10) years
throughout the lease term. The ad~ustment 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 imnediately 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 Itema and Commodity ~
Groups, issued by the Buresu of Labor Statistica 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 ~ltiplication shall be the amount of the monthly rental
payments to be made thereunder the succeeding ten (10) year period
until the next computatinn provided for thereunder shall be made.
It is understood that the above described Index is now
being published monthly by the Bureau of Labor Statistics of the United
States Department of Labor. Should it be published at other intervals,
the new Index, hereinabove provided for, shall be arrived at fram the
Index or Indexes published by said Bureau most closely approximating
the month of the yesr i,m~ediately preceding the adjustment date.
Should said Bureau of Labor Statistics change the manner of camputing ~
such Index, the Bureau shall be requested to furnish a conversion ,
factor designed to adjust the new Index to the one previously in use, ~
and ad~ustment to the new Index shall be made on the basis of such
conversion factor. Should the publication of such Index be discontinued
by said Buresu of Labor Statistics, then such other 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 IInited States Goverrnnent Agency as most nesrly
approximates the Index herein first above referred to shall govern
and be substituted as the Index to be used, sub~ject to the application
t
of an appropriate conversion factor to be furnished by the Goveramental
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 even~ agreement cannot
be reached as to such conversion factor, or such new Index,then the 1
parties hereto agree to sub~nit to arbitrators chosen in the usual
manner, the selection of a new Index approximating as nearly as can
be the Index hereinabove fiFst 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
payments, as herein provided, t he lessee a~hall continue paying the
rental to the lessor under the last preceding rental adjustment, as
herein provided,until such time as said cont~roversy has been settled,
at which time an adjustment will be made retroactive to the beginning
of the adjustment period in which the controversy arose. This para-
graph sha21 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 lessee to the lessor under the provisions of this lease
or any sublease be less than the amount provided for as the actual -
annual rent in the initial lease or sublease.
26. LIEN. In the event that VILIA DEL SOL, INC. condaminium
is terminated under the provisions of Florida Statutes or under the
provisions of Section 24 of the Declaration of Condominium, the Lessors
shall acquire a lien on the undivided interest of each owner in the
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