Lease Agreement between City and 7 WTC Company, Mar 1998

NYC 9/11 Public Portal Document

of any fire or other casualty described in the first sentence of this Paragraph (D), Landlord shall have failed to so rebuild and restore the Demised Premises (excluding Long Lead Work) on or before the later of (x) nine (9) months (plus any delay due to adjustment of insurance or force majeure not exceeding three (3) months in the aggregate) following the date of the giving of such Completion Notice and (y) the date set forth in the Completion Notice, Tenant’s sole remedy shall be that Tenant shall have the right to terminate this Lease upon fifteen (15) days’ notice to Landlord given within thirty (30) days following the later of such dates, and on the expiration of such fifteen (15) day period this Lease shall terminate as if such date were the Expiration Date.

(E) From the date of any partial damage by fire or other casualty to the date certified by Tenant/DRES in writing that the entire premises have been restored to its pre-existing condition, excluding Long Lead Work and Tenant’s personal property. Tenant shall pay rent for that part of the premises it is using during the alterations and repairs on a square foot basis in an amount equal to the product of the dollar amount of rent per square foot payable on such date and the number of square feet being occupied by Tenant.

(F) The time periods in this Article shall exclude Long Lead Work. The term “Long Lead Work” as used in this Lease shall mean any item of a repair to Tenant’s Initial Work or Tenant’s alterations to be made by Landlord pursuant to this Article 15 which item must be specifically manufactured or fabricated and is not a Building standard item commonly found in first class non-institutional office buildings in Manhattan, with the result that there will be a delay in its manufacture, fabrication, delivery or installation, notwithstanding that the order for same was given in due course, so that the item of repair in question delays the completion of the standard items of the repair even though the items of Long Lead Work in question are (1) ordered together with the other items required for the repair and (2) then installed or performed (after the manufacture or fabrication thereof) in order and sequence that such Long Lead Work and other items of repair are normally installed or performed in accordance with good construction practice.

Tenant shall notify Landlord of the completion of any Tenant’s alterations, and Specialty Alterations and of the cost thereof, and shall maintain adequate records with respect to same to facilitate the adjustment of any insurance claims with respect thereto. In addition, as a condition to Landlord’s obligation to provide and maintain insurance covering any Specialty Alterations and to repair and restore such Specialty Alterations pursuant to the provisions of this Article, Tenant shall provide Landlord with a schedule of Specialty Alterations after their completion and certificates of the costs thereof. Tenant shall reimburse Landlord, as additional rent hereunder, thirty (30) business days after demand for the amount of any insurance premiums paid or payable by Landlord which are specifically attributable to the cost of insuring any such Specialty Alterations. Tenant shall cooperate with Landlord and Landlord’s insurance companies in the adjustment of any claims for any damage to the Building or such Tenant’s alterations or Specialty Alterations. The term “Specialty Alterations” as used in this Lease shall mean alterations, installations, improvements, additions or other physical changes (other than decorations) in or about the Demised Premises consisting of kitchens, executive bathrooms, raised computer floors, vaults and other alterations of a similar character.

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NYC-WTC_000169646