Agenda - Council Work Session - 05/14/2024

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r • oil EArnIBYT C ~ CPZ INDEX FORMULA a The annual CAM rental rate for -the first year following the Initial Term and each succeeding year of all option Terms shall be.increased to the annual CAM rental determined thereof by a:formula as follows: CAM, Rent (CAM Rent)+((IR IL)IIL X CAM Rent) Defim*tions:' IR is the Consumer Price Index for the,month which is three(3)months immediately preceding the month in which the second year p g �' and each succeeding year commence. IL is the Consumer Price Index for the month which is three 3 months immediately preceding the month in which the Option-Term eomtnenced. Tonsumer Price Index" shall mean the Consumer Price Index published by the Bureau of Labor Statistics of the United States Department of Labor for Urban Wage Earners and Clerical Workers-for All Items (CPI-w)-U.S. City average or shall mean the successor thereto, In the event the'Consumer Price Index is'converted to a different standard reference.base or otherwise revised, the deterami�ation of the rent for the second year and each succeeding year shall be made with the use of such conversion factor, formula or table for converting the Consumer Price Index as may be published Fby.the Bureau of Labor Statistics, or if the Bureau should fail to publish the same, then with the use of such conversion factor,formula or table for converting the Consumer Price Index as may be published by Prentice Hall, Inc., or any other nationally recognized publisher or similar statistical inorxnation. If the Consumer Price Index ceases to be published and there is.no successor thereto, such other index as LESSOR and TENANT may agree upon shall be substituted for the Consumer Price Index, and if they are unable to agree, then such matter shall be submitted to arbitration in accordance with the then existing commercial rules of arbitration of the American Arbitration Association at the American Arbitration Association office nearest the LANDLORD. i