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License Agreement terms: Commencement and Termination, Dec 1997

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Legal document excerpt defining license commencement, term duration, and termination conditions for a City property agreement dated December 15, 1997.

NYC-WTC_000171075–000171077

Folder label: “Article 1®Commencement: Term: Termination

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NYC 9/11 Public Portal Document

DEC-15-1997 14:19 NYC LAW DEPT 212 7S8 0366 P.03/04

approved and authorized by Licensee pursuant to Anicle 5 hereof for the following (collectively

the "Licensor’s Work Cost"): (a) architect's fees, engineering fees and related consultant fees; (bj

expeditor's fees and filing and permit fees for the submission of same to the appropriate

governmental authorities, including, without limitation, the Port Authority of New York and New

Jersey (the "Port Authority") for approval, all in connection with Landlord's preparation of the

Final Plans os defined and described in Article 5 below. Licensee's Share of Licensor’s Work

Cost shall be an amount equal to (x) fifty percent (50%) of the first 5400,000.00 of Licensor's

Work Cost plus (y) one hundred percent (100%) of Licensor's Work Cost in excess of said

$400,000.00, up to the additional sum of $100,000, it being agreed that Licensor’s Share of

Licensor's Work Cost shall not exceed the sum of $200,000.00 and that Licensee's Share of

Licensor'.^ Work Cost's shall not exceed the sum of $300,000.00.

In addition to the Licensee'.s Share of Licensor's Work Cost. Licensee shall

concurrently therewith pay to Licensor the reasonable attorneys fees (up-ua^X^XUW^) and Vb A ^0,0o0 reasonable expenses incurred by Licensor in connection with this License and the proposed lease

by Licensee, as tenant, of the Licensed Premises.

Licensor shall provide Licensee with a statement of al! such costs together with

reasonably detailed back-up documentation within fifteen (15) business days after Licensee’s

giving of a termination notice, or if applicable, the expiration of the License. Such costs shall be

subject to audit by DCaS and/or its authorized representative and post-audit by the Comptroller

for the City of New York,

If. prior to the Expiration Date, Licensee shall terminate this License by reason of

Licensor's breach of the ternus of this License and Licensee cannot thereby enter into a lease of the

4 A: \7WTHC6 -WPD

NYC-WTC_000171076

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NYC-WTC_000171076Source: NYC Law Department, mirrored locally

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