Lease Agreement for 7 WTC, Mar 1998

NYC 9/11 Public Portal Document

immediately preceding paragraph of this Anicle 13.

ARTICLE 14 CONDEMNATION

If the whole of the Demised Premises shall be taken in condemnation, this Lease shall terminate upon the vesting of title in the condemnor and all rent and other charges paid or payable by Tenant shall be apportioned as of the date of vesting of title in such condemnation proceeding.

If less than all but more than 30% of the useable area of the Demised Premises shall be so taken in condemnation, then Tenant may either terminate this Lease as to the remainder of the premises on ten (10) days written notice to Landlord or remain in possession of the remaining ponion of the premises under all of the terms, conditions and covenants of this Lease, except that the rent thereafter shall be apponioned and reduced from the date of each such panial taking to the amount equal to the product of the dollar amount of rent payable on such date and the number of square feet in the part remaining. The proceeds of any award for partial taking shall be applied by Landlord to the repair, restoration or replacement of the remaining premises, and if there be any deficiency, it shall be made up by Landlord, but if there be any surplus, it shall belong to the Landlord. Said repairs, restoration or replacement of the remaining premises shall be completed within nine (9) months of the aforesaid taking in condemnation, pursuant to plans and specifications approved by the Tenant. In the event said repairs, restoration or replacement are not completed within said nine (9) month period. Tenant, in addition to any other remedy it may have, may terminate this Lease or perform said repairs, restoration and replacement and deduct the cost thereof from any rent which may be due and payable under this Lease.

Landlord shall be entitled to receive the entire award in any proceeding with respect to any taking provided for in this Anicle without deduction therefrom for any estate vested in Tenant by this Lease and Tenant shall receive no pan of such award, except as hereinafter expressly provided in this Article. Tenant hereby expressly assigns to Landlord all of its right, title and interest in or to every such award. Notwithstanding anything herein to the contrary. Tenant may, at its sole cost and expense, make an independent claim with the condemning authority for Tenant's moving expenses, the value of Tenant's fixtures or Tenant's alterations which do not become part of the Building or property of the Landlord, provided however that Landlord's award is not thereby reduced or otherwise adversely affected.

AR'nCLE IS DESTRUCTION BY FIRE OR OTHER CASUALTY

(A) If the whole of the Demised Premises is totally destroyed or damaged by fire or other casualty, or destroyed or damaged to such an extent that they are unsuitable or untenantable for use for the purpose for which they are leased, then from the date of such damage or destruction the rent shall cease until such time as Landlord fully repairs and restores the same to suitable and tenantable condition (excluding Long Lead Work) and Tenant/DRES certifies in

F \CR\LHC\ 4219 1OI6\NEWLSE.FNL 32

NYC-WTC_000169758