Draft lease for 7 World Trade Center, March 1998

NYC 9/11 Public Portal Document

Tenant shall notify Landlord of the completion of any Tenant’s alterations, and Specialty Alterations and of the cost thereof, and shall maintain adequate records with respect to same to facilitate the adjustment of any insurance claims with respect thereto. In addition, as a condition to Landlord’s obligation to provide and maintain insurance covering any Specialty Alterations and to repair and restore such Specialty Alterations pursuant to the provisions of this Article, Tenant shall provide Landlord with a schedule of Specialty Alterations after their completion and certificates of the costs thereof. Tenant shall reimburse Landlord, as additional rent hereunder, thirty (30) business days after demand for the amount of any insurance premiums paid or payable by Landlord which are specifically attributable to the cost of insuring any such Specialty Alterations. Tenant shall cooperate with Landlord and Landlord’s insurance companies in the adjustment of any claims for any damage to the Building or such Tenant’s alterations or Specialty Alterations. The term “Specialty Alterations” as used in this Lease shall mean alterations, installations, improvements, additions or other physical changes (other than decorations) in or about the Demised Premises consisting of kitchens, executive bathrooms, raised computer floors, vaults and other alterations of a similar character.

(G) In the event of the termination of this Lease pursuant to the provisions of this Anicle, this Lease shall expire as fully and completely on the date fixed in such notice of termination as if that were the date definitely fixed for the expiration of the Term of this Lease, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in the manner required by this Lease and applicable upon the end of the Term of this Lease. Any prepaid rents will be refunded to Tenant.

(H) No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building. No penalty shall accrue for reasonable delays which may arise by reason of adjustment of fire insurance on the part of Landlord, for reasonable delays on account of labor troubles, or for other delays beyond Landlord’s control (as set forth in Article 22 hereof), except as expressly provided in this Lease.

(I) Landlord will not carry insurance of any kind on Tenant's property or Tenant's alterations, and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, Landlord shall not be obligated to repair any damage thereto or replace the same.

(J) The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.

ARTICLE 16 NO EMPLOYEE OF CITY HAS ANY INTEREST IN LEASE

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