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NEGOTIATING KEY LEASE PROVISIONS A Landlord's Point of View - page 35 / 60

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FORM 11

CPI - NO CAP (NEUTRAL)

Minimum Rent payable under Paragraph ____

of this Lease shall be subject to adjustment on the

first day of the following month(s) during the Lease Term: . Said ____________________ adjustment shall be computed as follows: The "All Items" Consumer Price Index for Urban Wage Earners and Clerical Workers (1982-84 = 100) for Seattle-Tacoma published by the United States Department of Labor's Bureau of Labor Statistics ("CPI") for the first full calendar month of the Lease Term shall be the "Base Index." The CPI for each month referred to in the first sentence of this paragraph shall be the "Adjustment Index" to compute rent adjustments to-commence with each said month. If the applicable Adjustment Index has increased over the Base Index, then Minimum Rent payable under this Lease commencing with each Adjustment Index month and continuing until another adjustment to Minimum Rent is made shall be the Minimum Rent set forth in Paragraph multiplied by a fraction, the numerator of which is the appropriate Adjustment Index and denominator of which is the Base Index. If, during the Lease Term, Minimum Rent payable under Paragraph is changed by an amendment to this Lease, said Minimum Rent payable pursuant to the latest Lease amendment shall be the Minimum Rent which is adjusted by the formula set forth in this paragraph. In no event shall Minimum Rent payable under Paragraph be reduced below the sum payable thereunder in the calendar month immediately preceding a month when an adjustment in Minimum Rent, becomes effective. If any index is calculated from a base different from the base period 1982-84 = 100, such index shall be converted to a base period of 1982-84 = 100 by use of a conversion factor supplied by said Bureau of Labor Statistics. If the CPI is discontinued or replaced during the term of this Lease, or any extensions thereof, such other governmental Cost of Living Index or computation which replaces the CPI shall be used in order to obtain substantially the same result as would be obtained if the CPI had not been discontinued or replaced.

99999\11111\215691.V01 JDC

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