Lease Agreement between City and 7 WTC Company, Mar 1998

NYC 9/11 Public Portal Document

be diligently completed. Tenant shall periodically inspect Tenant's Initial Work and make any objections thereto, if called for, without delay, so as to mitigate changes, delays and costs. Landlord shall give Tenant notice (“Landlord’s Completion Notice”) of Substantial Completion of the Demised Premises on or promptly after the date of Substantial Completion, which notice shall include the items under (i) (Port Authority sign-offs) and (ii) above. Tenant shall certify or deny certification of Substantial (Completion (“Certification”) to Landlord within three (3) business days after receipt of Landlord’s (Completion Notice. Failure by Tenant to respond within said three (3) business day period, shall be deemed Cenification by Tenant. If Tenant shall deny Certification, Tenant shall state in writing in reasonable detail the reasons for such denial but, in any event. Substantial Completion shall be deemed to have occurred on the date set forth in Landlord’s Completion Notice, subject to the right of Tenant to have such issue resolved by Arbitration as provided in Paragraph (J) of this Anicle.

(b) Tenant specifically acknowledges and agrees that the Work Cost may increase and there may be delay in completion of Tenant's Initial Work by reason of (i) subject to Paragraph (C) hereof, unreasonable delay or failure by Tenant in supplying information or giving authorizations;(ii) interference by Tenant or Tenant's contractors with the performance of Tenant's Initial Work after notice to Tenant;(iii) additional work or changes or new materials requested by Tenant, it being agreed that Landlord’s response to Tenant’s request for additional work or changes or new materials shall include the cost thereof and estimated resulting delay time; or (iv) any resubmissions or revisions of Tenant’s Final Plans (without regard to any time periods granted to Tenant hereunder for making such resubmissions or revisions). Corrections of errors in the Final Plans shall not be deemed a Tenant delay. Landlord shall advise Tenant within one (l)business day after Landlord has knowledge of any condition or occurrence or act which will result in a delay under this Paragraph, which delay shall be deemed to have commenced, at Landlord’s option, on the earlier of the date of receipt by Tenant of Landlord’s said notice or one (1) business day sooner. At Landlord's option, Substantial Completion shall occur on the date on which Tenant's Initial Work would have been Substantially Completed if not for the occurrence of any such delays.

(I) Notwithstanding anything contained to the contrary in this Lease, the total cost of Tenant's Initial Work which Landlord shall provide Tenant without charge and for installations performed prior to Substantial Completion shall be, as of February 12, 1998, the sum of $1,668,858.00 (the "Landlord’s Contribution"), subject to reduction for increase in the Architect’s fees and/or services as provided in Paragraph (B)(a) hereof. The Work Cost in excess of Landlord’s Contribution will be paid by Tenant. Tenant shall not authorize a change order or changes or new materials to create a Work Cost in excess of $14,287,986.00. The balance of the Work Cost in excess of Landlord’s Contribution, up to the sum of $12,619,128.00 shall be borne by Tenant. If the Work Cost (including Landlord’s Contribution) exceeds $14,287,986.00, Tenant shall promptly meet with Landlord to resolve the overage, but the preceding shall not affect Tenant’s responsibility for payment of the Work Cost in excess of Landlord’s Contribution. Provided Landlord has commenced and is proceding with reasonable diligence in the performance of Tenant’s Initial Work, payment by Tenant of the Work Cost in excess of Landlord’s

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