NYC 9/11 Public Portal Document
together with intere^ at 18% annum. compQiindpd daily from date due to date of
payment, but in no evePtmore than the highest rate of interest which at the time shall be
permitted under the laws of the State of New York.
(J) Any dispute regarding the determination of Substantial Completion of Tenant’s
Initial Work and/or the Commencement Date shall be resolved by arbitration, in the manner by
the rules and before the American Arbitration Association (or any successor organization) in New
York County. The party desiring arbitration shall appoint as arbitrator on its behalf, a person
having at least 10 years relevant experience and give notice written notice to the other party who
shall, within 15 days thereafter, appoint a second person having at least 10 years relevant
experience and give written notice thereof to the first party. The arbitrators so appointed, shall
within 15 days following the appointment of the second arbitrator appoint a third disinterested
person having no less than 10 years relevant experience.
Said arbitrators shall, as promptly as possible (but in any event within 30 days
following the appointment of the third arbitrator) determine the dispute by a majority of the
arbitrators, whose decision shall be binding and conclusive upon the parties hereto. Each party
shall bear its own fees and expenses of (i) its own attorneys and other experts and the arbitrator
that it selected and (ii) be responsible for one-half the fees and expenses of the third arbitrator.
The arbitrators shall have no power to vary or modify any of the provisions of
this Lease, and their powers and jurisdiction are limited accordingly. The decision of the
arbitrators shall be binding upon the panics, and may be entered as a judgment in any court
having jurisdiction thereover.
(K) If Tenant shall fail to make timely payment of any sums payable to Landlord
F:\CR\LHC\ 4219.IO16\NEWLSE.6 31
NYC-WTC_000169970
OCR can misread numbers and units. Confirm readings against the page image before using them.