Draft lease for 7 World Trade Center, March 1998

NYC 9/11 Public Portal Document

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.

ARTICLE 15 DESTRUCTION BY FIRE OR OTBTS2 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 writing that the entire Demised Premises have been reoccupied by Tenant, such Certification 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

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