NYC 9/11 Public Portal Document
1.
License, the irrevocable option of entering into a lease for the Licensed Premises on terms
mutually satisfactory to the parties herein. This option shall be exercisable only by execution and
delivery of a Lease of the Licensed Premises between Licensor and Licensee during the term of
this License, and upon the Expiration Date (or sooner termination) of this License, this option, if
such a lease of the License Premises between Licensor and Licensee shall not have theretofore
been executed and delivered, shall also terminate simultaneously upon the Expiration Date (or
sooner termination) of this License. Even if Licensee shall desire to lease the Licensed Premises,
however. Licensor shall have no obligation to execute a lease with Licensee unless all the terms.
covenants and conditions of the proposed lease are satisfactory to Licensor in Licensor's sole.
uncontrolled discretion.
ARTICLE 4
LICENSOR’S INTEREST IN PREMISES
Licensor warrants and represents that it is the leasehold owner of the Licensed
Premises and is empowered and authorized to license said Licensed Premises.
ARTICLE 5
ALTERATIONS AND IMPROVEMENTS
Licensee through its Division of Real Estate Services of DCAS (“DRES”) has
approved Licensor’s architect (the “Architect”) and the proposed cost of its services hereunder.
Licensor shall cause its Architect to prepare architectural and engineering plans and specifications
(the "Final Plans") for leasing of the Licensed Premises to Licensee. The Final Plans must be (i)
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NYC-WTC_000169396
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