Revised draft lease, 7 World Trade Center, July 1997

NYC 9/11 Public Portal Document

jjiomuiaL :ization (on a straieht-line basis over a depreciable life in accordance with generally accepted accounting principles consistently applied, with interest calculated at an annual rate of two (2) percentage points above then £ Base Rate at the time of Landi •IPH!r s having made such expenditure) of expenditures incurred bv Landlord after the Commencement Date for anv •t'lillOnl;nt« device or capital iitill di*:ivement which is required bv law or insurance ££ ents or which is reasonably designed as a cost-saving measure (and the annual amortization in respect of which bears a reasonable relationship to the amount of actual savings) in the operation or maintenance of the Real Property or the Building i2i equipment (including, without limitation, tbe^ jjiJlfinjT! £l££tQ£2! i£ihlililiiil- rs). The term “ Base Refft^s used in the Lease shall mean the rate of interest publicly announced from time to time bv Citibank. N.A». or its successor, as its “ base rate” (or such other term as mav be used bv Citibank. N.A.. from time to time, for the rate presently referred to as its “ base rate”).

(4) Management fees provided that said management fee shall be no higher than that which is ordinary and customary for first class office buildings in Manhattan in the real estate management industry in Manhattan,

The costs of electricity and all other utilities for the common areas of the Building. including taxes thereon.

(6) “ All Risk” fire insurance, including rent insurance .

II. Items Excluded from Operating Expenses

(1) The cost of correcting defects in the construction of the Building or in the Building equipment, except that conditions (not occasioned by construction defects) resulting from ordinary wear and tear shall not be deemed defects for the purpose of this category;

(2) Cost of any repair made by Landlord to remedy damage caused by or resulting from the negligence of Landlord, its agents, servants or employees;

(3) Labor costs in respect to executives of Landlord not assigned to the Building as part of the normal Building operation staff;

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