Draft lease for 7 World Trade Center, March 1998

NYC 9/11 Public Portal Document

Tenant’s expense, make necessary repairs to Tenant’s Initial Work, Tenant’s alterations and improvements in the Demised Premises.

Notwithstanding anything to the contrary in Article 13 hereof. Landlord shall be responsible for the performance and cost of all repairs resulting from defects of materials and workmanship in construction of Tenant’s Initial Work during the first year immediately following Substantial Completion of such portion of Tenant’s Initial Work.

Following such first year, with respect to Tenant’s repair obligations, upon Tenant’s request, to the extent existing and assignable. Landlord shall assign to Tenant the beneficial interest in all warranties and guarantees received by Landlord from contractors and materialmen engaged in its performance, as well as the right to enforce any contracts made with such contractors and materialmen. Landlord hereby agrees to cooperate fully with Tenant in the event that Tenant seeks to enforce its rights with respect to said warranties and guarantees. The provisions of this paragraph shall be in addition to Landlord’s responsibility set forth in the immediately preceding paragraph of this Article 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 portion of the premises under all of the terms, conditions and covenants of this Lease, except that the rent thereafter shall be apportioned and reduced from the date of each such partial 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 qjplied 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 Article without deduction therefrom for any estate vested in Tenant by this Lease and Tenant shall receive no part of such award, except as hereinafter

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NYC-WTC_000169872