Draft lease for 7 World Trade Center, March 1998

NYC 9/11 Public Portal Document

manner designated in Article 21 hereof. The parties acknowledge that Pilot (hereinafter defined) payable by Landlord to the Port Authority constitutes a component of Base Rent.

AR’nCLE3 OPTION TO TERMINATE

The Tenant shall have the right to terminate this Lease, in whole, without any penalty or liability to Tenant, except as provided in this Article, effective as of the end of the 2nd Rental Period, or at any time thereafter, upon eighteen (18) months prior written notice to the Landlord (the “Termination Notice”), in which event, this Lease shall terminate at the end of the 2nd Rental Period (or later date contained in the Termination Notice) as if such date were the Expiration Date, provided that (i) the Expiration Date shall fall on the last day of a calendar month and (ii) within one hundred eighty (180) days after the delivery of Tenant’s Termination Notice under this Article 3, Tenant shall pay to Landlord an amount equal to the unamortized portion of the brokerage commission (as of the Expiration Date in the Termination Notice) paid by Landlord to the Broker (as defined in Article 29). Landlord shall provide Tenant with a statement of such commission within 36 thirty (30) days following receipt of the Termination Notice. Time shall be of the essence with respect to the giving of the Termination Notice and payment by Tenant.

ARTICLE 4 TAX AND OPERATING EXPENSE ESCALATIONS

Landlord and Tenant agree that in addition to the annual Base Rent provided for in the preceding paragraphs of this Lease, additional rent shall be payable, consisting of Real Estate Tax Escalations or Pilot Escalations and Operating Expense Escalations as those terms are hereinafter defined. Landlord and Tenant agree Tenant’s pro-rata share of Real Estate Tax Escalations, Pilot Escalations, and Operating Expense Escalations accurately reflects the ratio of Tenant’s rentable square footage to the total rentable square footage in the Building.

A. 1. BASE YEAR OPERATING EXPENSES “Base Year Operating Expenses” shall be defined as all reasonable costs and expenses (and taxes thereon), without duplication, paid or incurred by Landlord in [see A.2. 1.4, i.e. the Operating Expense Base Year,] in the reasonable exercise of Landlord's business judgment with respect to following:

I. Items included in Operating Expenses

(1) Labor costs for the services of the following classes of employees performing services required in connection with the operation, cleaning, safety, security, repair and maintenance of the Real Property (including, without limitation, all Building equipment);

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