Draft lease for 7 World Trade Center, March 1998

NYC 9/11 Public Portal Document

affiliates at such time) are cancelled effective on dates no later than the termination date of this Lease (inclusive of this Lease).

(D) Unless Landlord or Tenant elects to cancel this Lease as provided under Paragraph (B) and (C) hereof, Landlord agrees to give Tenant a notice (“Completion Notice”) within sixty (60) days following the date of notice to Landlord of any fire or other casualty affecting ten percent (10%) or more of the Demised Premises, setting forth Landlord’s estimate of the date when the Demised Premises is expected to be rebuilt and restored as provided in Paragraph (A). If such date in the Completion Notice shall extend beyond nine (9) months following the date of giving of such Completion Notice, Tenant shall have the right to terminate this Lease upon thirty (30) days’ notice given within twenty-five (25) days of the receipt of the Ck)mpletion Notice and on the expiration of such thirty (30) day period this Lease shall terminate as if such date were the Expiration Date. If the date set forth in the Completion Notice shall not extend beyond nine (9) months following the date of giving of such (Completion Notice, Tenant shall have no further right to terminate this Lease. Notwithstanding the foregoing, if in the event 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 pan 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 Anicle 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.

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