NYC 9/11 Public Portal Document
ARTICLE 25
SIGNIFICANT RELATED PARTY TRANSACTIONS
Landlord shall be required to disclose and notify Tenant of any transactions with
significant related parties, including subsidiaries and affiliates of Landlord, the costs of which are
charged to Tenant as rent or additional rent, including, but not limited to. Base Year Operating
Expenses (if CPI formula is used) overtime HVAC and Tenant repairs. For purposes of this
Article, Landlord and Tenant agree that the Port Authority is not a related party of Landlord.
Landlord shall provide Tenant with written notice of such transactions upon submission of
invoices for Rent or at the end of the calendar year in which the transactions to be billed as Rent
were performed by significant related parties. When such transactions occur, prices of same must
be in line with normal industry practice in New York City. Upon 5 days notice to Landlord and
Landlord’s failure to notify Tenant of such related party transactions shall result in a disallowance
of such costs that would otherwise be billed as rent. If such related party transactions occurred
and were disclosed, but it is found by Tenant that the costs thereof exceed normal industry costs
in an arms length third party transaction in New York City, then such excessive charges shall be
disallowed. {This Article excludes management fees included in Operating Expenses. - Side
Letter!
ARTICLE 26
ASBESTOS
During the Term of this Lease, upon Tenant’s discovery and notice to Landlord,
Landlord shall monitor and manage and, where necessary abate (i.e., repair, remove, enclose.
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NYC-WTC_000170219
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