Lease Agreement between City and 7 WTC Company, Mar 1998

NYC 9/11 Public Portal Document

writing that the entire Demised Premises have been reoccupied by Tenant, such Cenification not to be unreasonably withheld, delayed or conditioned.

(B) In case the Demised Premises shall be substantially damaged or destroyed by fire or other cause at any time during the last 18 months of the Term of this Lease, then Landlord may cancel this Lease, as of a date designated by Landlord, upon written notice to Tenant given within sixty (60) days after such damage or destruction. In the event the Demised Premises is substantially damaged or destroyed by fire or other casualty during the last 18 months of the Term, then Tenant may cancel this Lease, as of a date thereafter designated by Tenant, which date shall be within thirty (30) days of the giving of written notice thereof to Landlord, which written notice shall be given to Landlord within sixty (60) days after such damage or destruction.

(C) If the Building shall be (a) totally destroyed or so damaged so that Landlord shall decide to demolish or not to rebuild it, or (b) so damaged or destroyed that substantial alteration or reconstruction of the Building shall be required, whether or not the Demised Premises have been damaged, then Landlord, shall in the case of clause (a), or may, in the case of clause (b), within ninety (90) days after such fire or other casualty, give Tenant a notice in writing of the termination of this Lease, and thereupon the Term of this Lease shall expire by lapse of time upon the thirtieth (30th) day after such notice is given, provided, however, that Landlord shall not make the election described in (b) above unless, either (i) sixty percent (60%) or more of the usable area of the Building is damaged or destroyed by fire or other casualty, or (ii) the Building is so damaged or destroyed by fire or other casualty that its repair or restoration requires the expenditure (as estimated by an independent reputable contractor or registered architect designated by Landlord) of more than sixty percent (60%) of the full insurable value of the Building immediately prior to the fire or other casualty, or (iii) at least seventy-five percent (75%) of the leases in the Building or leases of seventy-five percent (75%) of usable area in the portions of the Building (excluding retail space) occupied or available for occupancy by tenants or other occupants (exclusive of any usable area in such portions occupied by Landlord or its affiliates at such time) are cancelled effective on dates no later than the termination date of this Lease (inclusive of this Lease).

(D) Unless Landlord or Tenant elects to cancel this Lease as provided under Paragraph (B) and (C) hereof. Landlord agrees to give Tenant a notice (“Completion Notice”) within sixty (60) days following the date of notice to Landlord of any fire or other casualty affecting ten percent (10%) or more of the Demised Premises, setting forth Landlord’s estimate of the date when the Demised Premises is expected to be rebuilt and restored as provided in Paragraph (A). If such date in the Completion Notice shall extend beyond nine (9) months following the date of giving of such Completion Notice, Tenant shall have the right to terminate this Lease upon thirty (30) days’ notice given within twenty-five (25) days of the receipt of the Completion Notice and on the expiration of such thirty (30) day period this Lease shall terminate as if such date were the Expiration Date. If the date set forth in the Completion Notice shall not extend beyond nine (9) months following the date of giving of such Completion Notice, Tenant shall have no further right to terminate this Lease. Notwithstanding the foregoing, if in the event

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