Draft lease for 7 World Trade Center, March 1998

NYC 9/11 Public Portal Document

of Tenant’s Initial Work, payment by Tenant of the Woric Ckm in excess of Landlord’s Contribution shall be maido as ggg^g|gyg||gjg|gj|4dUCkllllJ3ltt^ follows: (1) within (SO days following approval of the bids of aU trades necessary for Substantial Completion of the Demifed Premises, but not earlier than 60 days after receipt^ Tenant of an Invoice therefor, Tenant shall pay to Landlord the sum of $3,500,000.00. (ii) within 120 days following approval of the blds of all trades necessary for Substantial Compledon of the Demised Premises, but not earier than 60 days after receipt by Tsnaut of an invoice therefor. Tenant shall pay to Landlord an additional sum of $3,500,000.00, and (Ui) 30 days after Substantial Completion, Tenant shall pay to Landlord the balance of the Work Cost in excess of Landlord’s Contribution. Said payment by Tenant upon Substantial Completion may exclude the undisputed value of uncompleted punch list items and uncompleted Scheduled Items, which amount shall be paid promptly by Tenant after completion by Landlord, Any late payment by Tenant alter flu said ghfizg stated dates shall be made together with interest at 10% per annum, compounded daily from date due to date of payment, but In no event more than the highest rate of interest which at the time shall be permitted under the laws of the State of New York. (J) Any dilute regarding the determination of Substantial Completion of Tenants Initial Work shall be resolved by arbitration, in die manner by the rules and before the American Arbitration Aasociation (or arty successor organization) in New York County, The party desiring arbitration rfiall ^ipoint as arbitrator on its behalf, a person having at least 10 years relevant experience and give notice written notice to the other party who shall, within 15 days thereafter. ap^int a second person having at least 10 years relevant experience and give written notice thereof tn the first party. The arbitrators so appointed, shall within IS days following the appointment of the 86 1 arbitrator appoint a third disinterested person having no less than 10 >ears relevant experience. Said arbitrators shall, as promptly as possible (but in any event within 30 days following die appointment of the third arbitrator) determine the di^rute by a majority of the arbitrators, whoK decision shall be landing and conclusive upon the parties hereto. Each party Shall bear iu own fees and expenses of (i) its own attorneys and other experts and the arbitrator that it selected and (ii) be re^nsible for one-half the fees and expenses of the third arbitrator. The arbitrators shall liave no power to vary or modify any of the provisions of this Lease, and their powers and jurisdiction are limited accordingly. The decision of the arbitrators shall be binding upon the parties, and may be entered as a judgment in any court having jurisdiction thereover. (IQ If Tenant shall foil to make timely payment of any sums payable to Landlord pursuant this Article, dien, in addition to all other rights and remedies afforded lendlonl in foe event of such non-payment, Landlord may. without notice to Tenant, discontinue the performance of Tenant's Initial Work, Including any additional work (or any items tlicreof) until such time as Tenant makes payment to Landlord of all such past due sums and provides Landlord with adequate assurance of the timely payment of all additional sums which may or shall be payable by

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NYC-WTC_000169826