NYC 9/11 Public Portal Document
License, the irrevocable option of entering into a lease for the Licensed Premises on terms
mutually satisfactory to the parties herein. This option shall be exercisable only by execution and
delivery of a Lease of the Licensed Premises between Licensor and Licensee during the term of
this License, and upon the termination or expiration of this License, this option, if such a lease of
the License Premises between Licensor and Licensee shall not have theretofore been executed and
delivered, shall also terminate simultaneously with the termination or expiration of this License.
Even if Licensee shall desire to lease the Licensed Premises, however. Licensor shall have no
obligation to execute a lease with Licensee unless all the terms, covenants and conditions of the
proposed lease are satisfactory to Licensor in Licensor's sole, uncontrolled discretion.
ARTICLE 4
LICENSOR'S INTEREST IN PREMISES
Licensor warrants and represents that it is the owner in fee of the Licensed Premises and
is empowered and authorized to license said Licensed Premises.
ARTICLES
ALTERATIONS AND IMPROVEMENTS
Provided Licensee through its Division of Real Estate Services of DC AS (“DRES) has
approved Licensor’s architect (the “Architect”) and the proposed cost of its services hereunder.
Licensor shall cause its Architect to prepare architectural and engineering plans and specifications
(the "Final Plans"). The Final Plans must be (i) engineering and architecturally complete; and (ii)
coordinated with existing building conditions and facilities; and (iii) conform to all NYC codes
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NYC-WTC_000171086
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