Fillable Printable Sample Form for Commercial Lease Agreement
Fillable Printable Sample Form for Commercial Lease Agreement
Sample Form for Commercial Lease Agreement
LEASE dated ,
between
having a place of business at (hereinafter called "Landlord"),
and , a New York corporation
having a place of business at (hereinafter called "Tenant").
W
I T N E S S E T H :
1. Demise of Premises, Term and Rent.
Landlord does hereby lease and demise to Tenant, and Tenant does hereby
hire and take from Landlord, subject to any ground leases and/or underlying leases and/or mortgages as hereinafter provided,
and upon and subject to the covenants, agreements, term, provisions and conditions of this Lease for the term hereinafter stated,
the portion of the store premises and the portion of the basement each more specifically shown, respectively, hatched and cross-
hatched on the plans attached hereto as Exhibits "A" and "B", said demised premises, together with all fixtures, equipment,
improvements, installations and appurtenances which at the commencement of or during the term of this Lease are thereto
attached (except items not deemed to be included therein and removable by Tenant as provided in Article 4 of this Lease) are
hereinafter called the "premises", and the plot of land on which the Building has been constructed is hereinafter called the "Land".
The term of this Lease shall commence on (subject to
postponement of said specific date as provided in Article 2 hereof) or on such earlier date as Tenant shall occupy the premises
or any part thereof with the consent of Landlord for the purpose of carrying on the normal functions of Tenant's business (such
date for the commencement of the term hereof being hereinafter called the "term commencement date") and shall end on or
shall end on such earlier date upon which said term may expire or be terminated pursuant to any of the conditions of limitation or
other provisions of this Lease or pursuant to law.
The premises shall be used for the following, but not for any other purpose, namely:
Landlord agrees that Landlord will not lease any other space in the Building which is subject to Landlord's control to any
entity for any primary use which includes any use set forth in the preceding paragraph hereof but nothing contained herein shall
preclude Landlord from leasing space where any such use referred to the preceding paragraph hereof is incidental to the primary
or main use of the tenant, occupant or user thereof.
The rent reserved under this Lease for the term hereof shall be and consist of the following fixed rent, namely:
(a) for and during the period commencing on and ending on ,
($ ) Dollars per annum;
(b) for and during the period commencing on and ending on ,
($ ) Dollars per annum;
(c) for and during the period commencing on and ending on ,
($ ) Dollars per annum;
all such fixed rent being payable in equal monthly installments in advance, on the first day of each and every calendar month
during said term (except that Tenant shall pay the monthly installment of fixed rent for the month of on the execution
hereof), plus such additional rent and other charges as shall become due and payable hereunder, which additional rent and other
charges shall be payable as hereinafter provided; all to be paid to Landlord at is office, or such other place as Landlord may
designate, in lawful money in the Untied States of America. The monthly installments of fixed rent for the month during which the
term commencement date occurs and the month during which the term hereof expires shall each be prorated.
In addition to the foregoing, and in further consideration of Landlord entering into this Lease, upon the execution of this
Lease, Tenant shall also pay to Landlord the sum of $ . If Tenant's check or checks f or such sum,
or the sum referred to in the immediately preceding paragraph hereof, shall not be honored by the bank upon which it or they are
drawn for any reason of any kind or nature whatsoever, this Lease shall be, and shall be deemed to be, without notice,
immediately cancelled and terminated and of no further force or effect and Landlord shall have no liability or obligation to Tenant
under this Lease.
Provided Tenant shall not at any time be in default of any of the c onvents, agreements, terms, provisions or conditions of
this Lease on its part to be kept, observed and performed, the monthly installments or part thereof of fixed rent payable by
Tenant to Landlord for the period commencing on the term commencement date and ending on shall
be abated; the twelve (12) monthly installments of fixed rent payable by Tenant to Landlord for the period beginning
and ending shall each be abated by an amount equal to
$ ; and, the sixty (60) monthly installments of fix ed rent payable by Tenant to Landlord for the
period beginning and ending shall each be abated by an amount equal to
$ .
Tenant does hereby covenant and agree promptly to pay the fixed rent, additional rent and other charges herein
reserved as and when the same shall become due and payable, without demand therefor, and without any set-off or deduction
whatsoever, and to keep and perform, and to permit no violation of, each and every of the covenants, agreements, terms
provisions and conditions herein contained on the part and on behalf of Tenant to be kept and performed.
For default in payment of additional rent or other sums or charges herein reserved or payable by Tenant, Landlord shall
have the same remedies as for a default by Tenant in the payment of fixed rent payable hereunder.
If Tenant shall fail to pay any installment of fixed rent or additional rent or other sums or charges within ten (10) days
after the same shall be due then, Tenant shall pay a late charge of $ for each $1.00 so unpaid.
Nothing herein contained shall be intended to violate any applicable law, code or regulation, and, in all instances, such late
charge shall be automatically reduced to any maximum applicable legal rate or charge. Such late charge shall be imposed
monthly for each late payment and is in addition to all other rights and remedies available to Landlord and shall not be deemed to
limit any such rights or remedies.
Tenants' obligations and responsibilities pursuant to any provision of this Lease, including the payment of any fixed rent
or additional rent or the keeping, observance or performance of any covenant, agreement, term, provision or condition of this
Lease on Tenant's part to be kept, observed or performed, shall survive the expiration or termination of the term of this Lease.
2. Occupancy.
(a) If the premises are not ready for Tenant's occupancy on the term commencement date, then this Lease shall not be
affected thereby but, in such case, such specific date shall be deemed to be postponed until the date when the premises are
ready for Tenant's occupancy and Tenant shall not have any claim against Landlord, and Landlord shall have no liability to
Tenant, by reason of any such postponement of such specific date. In the event the term commencement date shall be
postponed, the expiration date of the term of this Lease set forth in Article 1 hereof shall be extended by the number of days
equal to the number of days by which the term commencement date was so postponed and, in addition thereto, each date set
forth in clause (a) through and including (c) of said Article 1 shall likewise be extended by said number of days. In the event of
the foregoing, Tenant will, at the request of Landlord, enter into an agreement setti ng forth the term commencement date and all
other dates required to be modified by reason of such postponement. The parties hereto agree that this Article 2 constitutes an
express provision as to the time at which Landlord shall deliv er possession of the premises to Tenant, and Tenant hereby waives
any rights to rescind this Lease which Tenant might otherwise have pursuant to Section 223a of the Real Property Law of the
State of New York or pursuant to any other law of like import now or hereafter in force.
(b) Tenant understands, and covenants and agrees, that Landlord shall not be required to perform any work or there
installations in or to the premises or the Building and Tenant further convents and agrees that the premises are leased to Tenant,
and Tenant shall accept the premises, in its "as is" condition existing on the term commencement date; provided, however,
Landlord shall deliver the premises to Tenant on the term commencement date vacant and in broom clean condition. Tenant
further understands and agrees that Landlord makes no representations as to the condition of the premises or the Building or the
suitability thereof for the use permitted hereunder. Landlord agrees that Tenant shall be permitted to use one of the two air
conditioning compressors presently being used and designated by Landlord; provided, however, Landlord makes not warranty or
representation with respect to the use or condition or suitability or feasibility of any such compressor and Landlord shall have no
obligation, responsibility or liability of any kind or nature whatsoever in connection with the compressor so used by Tenant.
(c) Subject to the provisions of this Lease, including, but not limited to, Article 6 hereof, Tenant, at Tenant's sole cost
and expense, shall be permitted to install an air conditioning generator in the premises and Landlord will permit necessary duct
work therefor to be installed in the portion of the Building presently occupied by Landlord. Upon prior notice to Landlord, Tenant
shall be permitted to enter the portion of the Building occupied by Landlord for the purpose of maintaining and servicing said
generator provided any such entry shall be accomplished only in the presence of a representative of Landlord and shall not
interfere with or affect Landlord or Landlord's use or occupancy of said portion so occupied by Landlord.
(d) Tenant, by entering into occupancy of the premises , shall be conclusively deemed to have agreed that Landlord, up
to the time of such occupancy, had performed all of its obligations hereunder and that the premises were in satisfactory condition
as of the date of such occupancy. Landlord shall not be responsible for latent defects in the Building or the premises.
(e) Tenant covenants agrees that, subject to the covenants, agreements, terms, provisions and conditions of this Lease
including, but not limited to, Article 6 hereof, Tenant, at Tenant's sole cost and expense, shall perform all work and other
alterations and installations necessary in order to prepare the premises for Tenant's occupancy for the use permitted hereunder
including, but not limited to, the construction of demising walls.
(f) If, by reason of any of the provisions of this Lease, the fixed rent under this Lease shall commence on any day other
than the first day of a calendar month, the fixed rent for such calendar month shall be prorated.
(g) A copy of the Certificate of Occupancy covering the Building is attached hereto.
3. Use of Premises.
Tenant shall not use the premises or any part thereof, or permit the premises or any part thereof to
be used, for any purpose other than the use hereinabove specifically mentioned, subject, however, to all the covenants,
agreements, terms, provisions and conditions of this Lease. Those portions, if any, of the premises which on the plan(s)
attached hereto are shown as toilets and utility areas shall be used by Tenant only for the purposes for which they are designed.
Tenant will not at any time use or occupy the premises or any part thereof, or permit the premises or any part thereof to be used
or occupied, in violation of the certificate of occupancy (temporary or final) issued for the Building and/or the premises.
Tenant shall not sue or permit the use of the premises or any part thereof in any way which would violate any of the
covenants, agreements, terms, provisions and conditions of this Lease or for any unlawful purposes or in any unlawful manner
and Tenant shall not suffer or permit the premises or any part thereof to be used in any manner or anything to be done therein or
suffer or permit anything to be brought into or kept in the premises which, in the judgment of Landlord, shall in any way impair or
tend to impair the character, reputation or appearance of the Building as a first-class office building, impair or interfere with or
tend to impair or interfere with any of the Building services or the proper and economic heating, cleaning, air conditioning or other
servicing of the Building or the premises, or impair or interfere with or tend to impair or interfere with the use of any of the other
areas of the Building by, or occasion discomfort, inconvenience or annoyance to, any of the other tenants or occupants of the
Building. Tenant shall not install any electrical or other equipment of any kind which, in the judgment of Landlord, might cause
any such impairment, interference, discomfort, inconvenience or annoyance.
Except as set forth in Article 1 hereof, Tenant will not, and will not permit anyone to, sell or traffic in any spirituous liquors,
wine, ale or beer in or from the premises or carry on any manufacturing in the premises.
If any governmental license or permit shall be required for the proper and lawful conduct of Tenant's business or other
activity carried on it the premises, Tenant, at Tenant's expense, shall duly procure and thereafter maintain such license or permit
and submit the same to inspection by Landlord. Tenant, at Tenant's expense, shall, at all times, comply with the terms and
conditions of each license or permit.
4. Fixtures, etc., Not to be Removed.
All fixtures, equipment, improvements, installations and appurtenances attached
to, or built into, the premises at the commencement of or during the term hereof, whether or not furnished and installed at the
expense of Tenant or by Tenant, shall be and remain part of the premises and be deemed the property of Landlord and shall not
be removed by Tenant, except as otherwise expressly provided in this Lease. Without limiting the generality of the next
preceding sentence, all electric, plumbing, heating, sprinkler, dumbwaiter, elevator, pneumatic tube, telephone, telegraph,
communication, radio and television systems, fixtures and outlets, venetian blinds, partitions, railings, gates, doors, vaults, stairs,
paneling (including, but not limited to, display cases and cupboards recessed in paneling), molding, shelving, radiator enclosures,
cork rubber, linoleum and composition floors, and ventilating, silencing, air conditioning and cooling equipment shall be deemed
to be included in such fixtures, equipment, improvements, installations and appurtenances, whether or not attached to or built
into the premises. Anything hereinbefore in this Article 4 contained to the contrary notwithstanding, any fixture, equipment,
improvement, installation or appurtenance furnished and installed in any part of the premises (whether or not attached thereto or
built therein) at the sole expense of Tenant (and with respect to which no credit or allowance shall have been granted to Tenant
by Landlord and which was not furnished and installed in replacement of an item which Tenant would not be entitled to remove in
accordance with this Article 4) may be removed from the Building by Tenant prior to the expiration of the term hereof and, if and
to the extent requested by Landlord (either prior to or not more than 30 days after such expiration), shall be removed from the
Building by Tenant prior to such expiration unless such request is made after such expiration (or is made prior to such expiration
and Tenant acting with reasonable promptness is not able to remove same from the Building prior to such expiration), in which
event the same shall be removed from the Building by Tenant with reasonable promptness after the receipt of such request. The
cost and expense of any such removal and the cost and expense of repairing any such damage to the premises or to the
Building arising from such removal shall be paid by Tenant on demand. If any fixtures, equipment, improvement, installation or
appurtenances which as aforesaid may or is required to be removed from the Building by Tenant is not removed by Tenant from
the Building within the time above specified therefor, then Landlord (in addition to all other rights and remedies to which Landlord
may be entitled at any time) may at its election deem that the same has been abandoned by Tenant to Landlord, but not such
election shall relieve Tenant of Tenant's obligation to pay the cost and expense of removing the same from the Building or the
cost or repairing damage to the premises or to the Building arising from such removal.
All the perimeter wall of the premises, any balconies, terraces or roofs adjacent to the premises, and any space in and/or
adjacent to the premises used for shafts, stacks, pipes, vertical conveyors, mail chutes, pneumatic tubes, conduits, ducts,
electrical or other utilities, rooms containing elevator or air conditioning machines and equipment, sinks, or other similar or
dissimilar Building facilities, and the use thereof, as well as access thereto through the premises for the purposes of such use
and the operation, improvement, replacement, addition, repair, maintenance and decoration thereof, are expressly reserved to
Landlord.
5. Electric Energy and Water
. Tenant, at Tenant's sole cost and expense, shall furnish through the transmission facilities
initially installed in the Building, and supply to the premises, alternating electrical energy to be used by Tenant in the premises in
such reasonable quantity as may be reasonably required by Tenant for the operation of Tenant's business from the premises.
Tenant covenants and agrees that at all times its use of electrical energy shall not exceed the capacity of existing
feeders to the Building or the risers or wiring installations and Tenant may not use any electrical equipment which, in Landlord's
sole and exclusive opinion, will overload any such installations or will interfere with the use thereof by other tenants or occupants
of the Building or otherwise have a material or adverse effect on electrical energy service to the Building.
Landlord shall in no way be liable for any failure of or defect in the character or supply of electrical energy furnished to
the premises except for actual damage suffered by Tenant by reason of any such defect or failure resulting from the willful gross
negligence of Landlord.
In order that Landlord may at all times have all necessary information which it requires in order to maintain and protect
its equipment, Tenant agrees that it will not make any alteration or addition to the electrical equipment and/or appliances in the
premises without prior written consent of Landlord in each instance.
Tenant shall pay Landlord the cost for all water consumed in the premises and for any required pumping and heating
thereof or other charges which may be imposed by the city or other governmental authority or agency thereof based on the
quantity of water so used by Tenant and/or the charge therefor.
All meters necessary for the measurement of Tenant's consumption of electrical energy and water in the premises shall
be installed, if required, and maintained by Tenant at Tenant's sole cost and expense.
6. Various Covenants.
Tenant covenants and agrees that Tenant will:
(a) throughout the term, at Tenant's expense, make all repairs, restoration and replacements in, at and to the premises
as and when the same are necessary in order to keep and mainta in the premises and the fixtures and appurtenances therein in
good order, condition and repair and pay to Landlord the cost of making good any injury, damage or breakage to the Building or
the premises (including plate glass).
(b) faithfully observe and comply with the rules and regulations annexed hereto and such additional rules and
regulations as Landlord and "Owner" as such term is hereinafter defined hereafter at any time or from time to time may make and
may communicate to Tenant, which, in the judgment of Landlord of Owner, shall be necessary or desirable for the reputation,
safety, care or appearance of the Building, or the preservation of good order therein, or the operation or maintenance of the
Building, or the equipment thereof, or the comfort of tenants or others in the Building; provided, however, that in the case of any
conflict between the provisions of this Lease and any such rules or regulations, the provisions of this Lease shall control, and
provided further that nothing contained in this Lease shall be construed to impose upon Landlord any duty or obligation to
enforce the rules and regulations or the terms, covenants or conditions in any other lease as against any other tenant and,
provided further, that Landlord shall not be liable to Tenant for violation of the same by any other tenant, its servants, employees,
agents, visitors, invitees, subtenants or licensees.
(c) permit Landlord and any mortgagee of the Building or of the Building and the Land or of the interest of Landlord
therein and any lessor under any ground or underlying lease, and their representatives, to enter the premises at all reasonable
hours, for the purposes of inspection, or of making repairs, replacements or improvements in or to the premises or the Building or
equipment, or of complying with all laws, orders and requirements of governmental or other authority or of exercising any right
reserved to Landlord by this Lease (including the right, during the progress of any such repairs, replacements, or improvements
or while performing work and furnishing materials in connection with compliance with any such laws, orders or requirements, to
keep and store within the premises all necessary materials, tools and equipment).
(d) make no claims against Landlord or any lessor under any ground or underlying lease for any injury or damage to
Tenant or to any other person or for any damage to, or loss (by theft or otherwise) of, or loss of use of, any property of Tenant or
of any other person irrespective of the cause of such injury, damage or loss, unless caused by the willful gross negligence of
Landlord or Owner in the operation or maintenance of the Building, it being understood and agreed that no property other than
such as might normally be brought upon or kept in the premises for the purposes herein specified will be brought upon or kept in
the premises.
(e) make no alterations, decorations, installations, repairs, additions, improvements or replacements including, but not
limited to, demising walls, in, to or about the premises without Landlord's prior written consent, and then only by contractors or
mechanics approved by Landlord which approval of contractors and mechanics Landlord agrees will not be unreasonably
withheld or delayed. Landlord, as a condition of such consent, may impose such requirements upon Tenant for the furnishing, by
Tenant, at Tenant's sole cost and expense, of such insurance as Landlord shall determine necessary, appropriate and desirable
including, but not limited to, personal liability, property damage and workers' compensation insurance and Landlord, any
mortgagee or any ground or underlying lessor as shall be designated by Landlord shall be named as additional insured under
any such insurance. All such alterations, decorations, installations, repairs, additions, improvements or replacements shall be
done at Tenant's sole expense and at such times and in such manner as Landlord may from time to time designate. Prior to the
commencement of any such alterations, decorations, installations, repairs, additions, improvements or replacements, Tenant
shall submit to Landlord, for Landlord's approval, plans and specifications (to be prepared by and at the expense of Tenant) of
such proposed alterations, decorations, installations, repairs, additions, improvements or replacements, in detail, satisfactory to
Landlord. In no event shall any material or equipment be incorporated in or to the premises in connection with any such
alteration, decoration, installation, repair, addition, improvement or replacement which is subject to any lien, security agreement,
charge, mortgage or other encumbrance of any kind whatsoever or is subject to any conditional sale or other similar or dissimilar
title retention agreement. Any mechanic's lien field against the premises or the Building for work claimed to have been done for,
or materials claimed to have been furnished to, Tenant shall be discharged by Tenant within 10 days thereafter, at Tenant's
expense, by payment or filing the bond required by law. All alterations, decorations, installations, repairs, additions,
improvements, replacements or work done by Tenant shall at all times comply with (1) laws, rules, orders, and regulations of
governmental authorities having jurisdiction thereof, including without limitation, the American's With Disabilities Act and all
regulations issued thereunder and the Accessibility Guidelines for Buildings and Facilities issued pursuant thereto, (2) rules and
regulations of Landlord, and (3) plans and specifications prepared by and at the expense of Tenant theretofore submitted to
Landlord for Landlord's prior written approval and which Landlord shall have approved. No structural alterations, installations,
repairs, additions, improvements, replacements or work or any alterations, installations, repairs, additions, improvements,
replacement or work to any utility system in or serving the Building or the premises shall be undertaken, started or begun by
Tenant, its agents, servants or employees, until Landlord has approved such plans and specifications; and no amendments or
additions to such plans and specifications shall be made without the prior written approval of Landlord; provided, however,
Landlord's review and/or approval of such plans and specifications or amendments or additions thereto shall not constitute a
determination or acknowledgement by Landlord that such plans and specifications comp ly with applicable laws, rules, orders and
regulations of governmental authorities. Tenant shall be entitled to make nonstructural alterations to the interior of the premises
provided Tenant furnishes Landlord with plans and specifications therefor, including "as built" plans and specifications, and
otherwise complies with the provisions of this Lease including this paragraph (e). The construction of demising walls by Tenant
shall be subject to the prior written consent of Landlord. If Landlord provides hoist and/or elevator service to Tenant's
contractors, such service shall be provided on the same terms and conditions as the same is provided to Landlord's contractors.
Tenant agrees that it will not at any time prior to or during the term of this Lease, either directly or indirectly, use any contractors
and/or labor and/or materials if the use of such contractors and/or labor and/or materials would or will create any difficulty with
other contractors and/or labor engaged by Tenant of Landlord or others in the construction, maintenance and/or operation of the
Building or any part thereof.
(f) not violate, or permit the violation of, any condition imposed by the standard fire insurance policy issued for office
buildings in the County of , and not do anything or permit anything to be done, or keep anything or
permit anything to be kept, in the premises, which would increase the fire or other casualty insurance rate on the Building or the
property therein, or which would result in insurance companies of good standing refusing to insure the Building or any such
property in amounts and against risks as determined by Landlord.
(g) permit Landlord, at reasonable times, to show the premises to any lessor under any ground or underlying lease, or
any lessee or mortgagee, or any prospective purchaser, lessee, mortgagee, or assignee of any mortgage, of the Building and/or
the Land or of Landlord's interest therein, and their representatives, and during the period of 12 months next preceding the date
of expiration of the term hereof with respect to any part of the premises similarly show such part to any person contemplating the
leasing of all or a portion of the same.
(h) at the end of the term, quit and surrender to Landlord the premises broom-clean and in good order, condition and
repair except for ordinary wear and tear. If the last day of the term of this Lease falls on Sunday or a legal holiday, this Lease
shall expire on the business day immediately preceding.
(i) at any time and from time to time upon not less than 5 days' prior notice by Landlord to Tenant, execute,
acknowledge and deliver to Landlord, or to anyone Landlord shall designate, a statement of Tenant (or if Tenant is a corporation,
an appropriate officer of Tenant) in writing certifying that this Lease is unmodified and in full force and effect (or if there have been
modifications, that the same is in full force and effect and as modified and stating the modifications), and the dates to which the
fixed rent, additional rent, and other charges have been paid in advance, if any, and stating whether or not Landlord is in default
in performance of any covenant, agreement, term, provision or condition contained in this Lease and, if so, specifying each such
default, it being intended that any such statement delivered pursuant hereto may be relied upon by Landlord, any lessor under
any ground or underlying lease, or any lessee or mortgagee, or any prospective purchaser, lessee, mortgagee, or assignee of
any mortgage, of the Building and/or the Land or of Landlord's interest therein.
(j) indemnify, and save harmless, Landlord and any mortgagee and any lessor any under ground or underlying lease,
and their respective officers, directors, contractors, agents and employees, from and against any and all liability (statutory or
otherwise), claims, suits, demands, damages, judgments, costs, interest and expenses (including, but not limited to, counsel fees
and disbursements incurred in the defense of any action or proceeding), to which they may be subject or which they may suffer
by reason of, or by reason of any claim for, any injury to, or death of, any person or persons or damage to property (including any
loss of use thereof) or otherwise arising from or in connection with the use of or from any work, installation or thing whatsoever
done (other than by Landlord or its contractors or the agents or employees of either) in the premises prior to, during, or
subsequent to, the term of this Lease or arising from any condition of the premises due to or resulting from any default by Tenant
in the performance of Tenant's obligations under this Lease or from any act, omission or negligence of Tenant or any of Tenant's
officers, directors, agents, contractors, servants, employees, subtenants, licensees or invitees.
7. Assignment, Mortgaging, Subletting, etc.
(a) Tenant covenants and agrees, for Tenant and its successors, assigns and legal representatives, that neither this
Lease nor the term and estate hereby granted, nor any part hereof of thereof, will be assigned, mortgaged, pledged, encumbered
or otherwise transferred (whether voluntarily, involuntarily, by operation of law, or otherwise), and that neither the premises, nor
any part thereof, will be encumbered in any manner by reason of any act or omission on the part of Tenant, or will be used or
occupied, or permitted to be used or occupied, or utilized for desk space or for mailing privileges or as a concession, by anyone
other than Tenant, or for any purpose other than as hereinbefore set forth, or will be sublet, without the prior written consent of
Landlord in every case and any attempt thereat shall be void any of no force or effect. For the purposes of this Lease, (i) the
transfer or transferee or sale or sales (in either one or a series of transactions) of fifty (50%) percent or more of the capital stock
of Tenant, if Tenant is a corporation or fifty (50%) percent or more of the ownership interests of Tenant, if Tenant is a partnership
or (ii) a merger or consolidation of Tenant into or with an other corporation or business entity shall, in each instance referred to in
the preceding clauses (i) and (ii), be deemed to be an assignment of this Lease requiring the prior written consent of Landlord as
herein set forth.
If this Lease be assigned or if the premises or any part thereof by sublet or occupied by anybody other than Tenant,
Landlord may, after default by Tenant, collect rent from the assignee, subtenant or occupant, and apply the net amount collected
to the rent herein reserved, but no such assignment, subletting, occupancy or collection shall be deemed a waiver or any of
Tenant's covenants contained in this Article 7 or elsewhere in this Lease or the acceptance of the assignee, subtenant or
occupant as Tenant, or a release of Tenant as sub-lessor or assignor from the further performance by Tenant of the covenants,
agreements, terms, provisions and conditions of this Lease on the part of the tenant hereunder to be kept, performed or
observed. Tenant's liability under this Lease, in the event of an assignment, shall not at any time be released, relieved or
discharged by reason of Landlord's consent to such assignment nor shall Tenant at any time be released, relieved or discharged
of any such obligations of the parties to this Lease or by any stipulation extending any time for performance hereunder or
Landlord's waiver of performance of any obligation hereunder or Landlord's failure to enforce any obligation set forth in this
Lease. If this Lease be assigned or if all or any portion of the premises be sublet, the assignee or subtenant, as the case may
be, shall have no right, and shall not be entitled, to exercise any option contained in this Lease which may be exercised by
Tenant.
(b) Notwithstanding anything to the contrary contained in this Article 7, and so long as Tenant is not in default of any of
the covenants, agreements, terms, provisions and conditions of this Lease on its part to be kept, observed and performed,
Tenant may, in connection with (i) the sale of all of the capital stock of Tenant, if T enant is a corporation, or of all of the ownership
interests of Tenant, if Tenant is a partnership, or (ii) a merger or consolidation of Tenant into or with any other corporation or
business entity or (iii) the sale of all or substantially all of the assets of Tenant, assign this Lease, with Landlord's prior written
consent which shall not be unreasonably withheld or delayed, provided that:
(c) Tenant shall furnish Landlord with the name and business address of the proposed assignee, a counterpart of the
proposed assignment agreement, and satisfactory information with respect to the nature and character of the business of the
proposed assignee together with current financial information of the proposed assigned certified by a certified public accountant
and references, including banking references, satisfactory to Landlord;
(d) in the judgment of Landlord, the proposed assignee is financially responsible with respect to its proposed obligations
under the proposed assignment agreement and is of a character and reputation, and engaged in a business, which is in keeping
with the standards of the Building;
(e) the premises shall be used only for the purpose set forth in Article 1 hereof;
(f) an executed duplicate original, in form satisfactory to Landlord for review by Landlord's counsel, of such assignment
agreement shall be delivered to Landlord at least thirty (30) days prior to the effective date thereof. Tenant will also deliver to
Landlord, at least thirty (30) days prior to the effective date thereof, an assumption agreement in form satisfactory to Landlord
wherein the assignee agrees to assume all of the covenants, agreements, terms, provisions and conditions of this Lease to be
kept, observed and performed by Tenant hereunder and which provides that Tenant named herein and such assignee shall, after
the effective date of such assignment, be jointly and severally liable for the performance of all of the convents, agreements,
terms, provisions and conditions of this Lease;
(g) each assignment shall be subject and subordinate to all of the covenants, agreements, terms, provisions and
conditions of this Lease and the "Prime Lease" as such term is hereinafter defined; and
(h) Assignee shall deposit with Landlord an amount equal to months of the fixed rent then in effect;
and
(i) Tenant covenants and agrees that, notwithstanding any assignment and/or the acceptance of rent or additional rent
by Landlord from any assignee, Tenant shall and will remain fully liable for the payment of the rent and additional rent due and to
become due hereunder and for the performance of all the covenants, agreements, terms, provisions and conditions contained in
this Lease and Guaranty on the part of Tenant to be kept, observed and performed, ("Obligation") provided
, however, that if
Tenant shall timely have complied with all of the conditions set forth in this Article 7 and Landlord has approved (in writing) the
proposed assignee, Tenant shall be released from said Obligations, effective upon the effective date of the assignment of this
Lease.
The listing of any name other than that of Tenant, whether on the doors of the premises, on the Building directory, or
otherwise, shall not operate to vest any right or interest in this Lease or in the premises or to be deemed to be the written consent
of Landlord mentioned in this Article 7, it being expressly understood that any such listing is a privilege extended by Landlord
revocable at will by written notice to Tenant.
8. Changes or Alterations by Landlord.
Landlord reserves the right to make such changes, alterations, additions,
improvements, repairs or replacements in or to the Building (including the premises) and the fixtures and equipment thereof, as
well as in the street entrances, halls, passages, tunnels, elevators, escalators, stairways and other parts thereof, and to erect,
maintain and use pipes, ducts and conduits in and through the premises, all as Landlord may deem necessary, appropriate or
desirable; provided, however, that there be no unreasonable obstruction of the means of access to the premises or unreasonable
interference with the use of the premises. Nothing contained in this Article 8 shall be deemed to relieve Tenant of any duty,
obligation or liability of Tenant with respect to making any repair, replacement or improvement or complying with any law, order
or requirement or any governmental or other authority. Landlord reserves the right to name the Building and to change the name
or address of the Building at any time and from time to time. Neither this Lease nor any use by Tenant shall give Tenant any
right or easement to the use of any door or any passage or any tunnel or any concourse or any plaza connecting the Building
with any other building or to any public convenience, and the use of such doors, passages, tunnels, concourses and Plazas and
of such conveniences may without notice to Tenant be regulated or discontinued at any time and from time to time by Landlord
without Landlord incurring any liability to Tenant therefor and without affecting the obligations of Tenant under this Lease.
If at any time any windows of the premises are darkened or obstructed incident to or by reason of repairs, replacements,
maintenance and/or cleaning in, on, to or about the Building or any part or parts thereof or otherwise or are temporarily or
permanently closed, Landlord shall not be liable for any damage Tenant may sustain ther eby and Tenant shall not be entitled to
any compensation therefor nor abatement of rent nor shall the same release Tenant from its obligations hereunder nor constitute
an eviction.
There shall be no allowance to Tenant for a diminution of rental value and no liability on the part of Landlord by reason of
inconvenience, annoyance or injury to business arising from Landlord, Tenant or others making any changes, alterations,
additions, improvements, repairs or replacements in or to any portion of the Building or the premises, or in or to fixtures,
appurtenances or equipment thereof, and no liability upon Landlord for failure of Landlord or others to make any changes,
alterations, additions, improvements, repairs or replacements in or to any portion of the Building or the premises, or in or to the
premises, or in or to the fixtures appurtenances or equipment thereof.
9. Damage by Fire, etc.
If any part of the premises shall be damaged by fire or other casualty, Tenant shall give prompt
written notice thereof to Landlord and Landlord shall proceed with reasonable diligence subsequent to the collection by Landlord
of insurance proceeds, and in a manner consistent with the provisions of any underlying lease and any underlying mortgage, to
repair such damage, and if any part of the premises shall be rendered untenantable by reason of such damage, the annual fixed
rent payable hereunder, to the extent that such fixed rent relates to such part of the premises and such abatement is in excess of
the annual rate of any other existing abatement of fixed rent relating thereto under any other covenant, agreement, term,
provision or condition of this Lease, shall be abated for the period from the date of such damage to the date when such part of
the premises shall have been made tenantable or to such earlier date upon which the full term of this Lease with respect to such
part of the premises shall expire or terminate, unless such fire or other casualty shall have resulted from the negligence of Tenant
or the employees, licensees or invitees of Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant or
injury to the business of Tenant resulting in any way from such damage or the repair thereof. Tenant understands that Landlord
will not carry insurance of any kind on Tenant's property, to wit, Tenant's goods, furniture or furnishings or any fixtures,
equipment, improvements, installations or appurtenances removable by Tenant as provided in this Lease, and that the Landlord
shall not be obligated to repair any damage thereto or replace the same.
If substantial alteration or reconstruction of the Building shall, in the opinion of Landlord, be required as a result of
damage by fire or other casualty (whether or not the premises shall have been damaged by such fire or other casualty), then this
Lease and the term and estate hereby granted may be terminated by Landlord giving to Tenant within 90 days after the date of
such damage written notice specifying a date, not less than 30 days after the giving of such notice, for such termination. In the
event of the giving of such notice of termination, this Lease and the term and estate hereby granted shall expire as of the date
specified therefor in such notice with the same effect s if such date were the date hereinbefore specified for the expiration of the
full term of this Lease, and the fixed rent and additional rent payable hereunder shall be apportioned as of such date of
termination, subject to abatement, if any, as and to the extent above provided. In the event Landlord shall not give such notice of
termination, Tenant's obligation to pay all rent and additional rent due and to become hereunder shall continue for so long as
Tenant's rent insurance policy (as required under Article 10(b) below) shall be in effect or for the period of nine (9) months from
the date of such damage, whichever is longer.
Notwithstanding anything to the contrary contained herein, if at the time of the damage or destruction the premises shall
in the Tenant's opinion reasonably exercised be prospectively untenantable for 12 months or more, Tenant shall have the right,
within 10 days after date of damage, to elect to cancel the Lease by giving written notice to Landlord, which notice shall specify
the date of cancellation not earlier than 30 days following the giving of such notice. Such cancellation shall otherwise be of no
effect upon the covenants and agreements of this Lease to be kept and observed by the Tenant, and Tenant shall not be
released or relieved of any liability or obligation theretofore accrued or incurred or outstanding or unsatisfied as of the date of
such cancellation.
Each party agrees to endeavor to have included in each of its insurance policies (insuring the Building and Landlord's
property therein, in the case of Landlord, and insuring Tenant's Property in the premises, in the case of Tenant, against loss,
damage of destruction by fire or other casualty) a waiver of the insurer's right of subrogation against the other party and against
all other tenants in the Building, or, if such waiver should be unobtainable or unenforceable, (a) an express agreement that such
policy shall not be invalidated if the assured waives the right of recovery against any party responsible for a casualty covered by
the policy before the casualty or (b) any other form of permission for the release of the other party. If such waiver, agreement or
permission shall not be, or shall cease to be, obtainable (i) without additional charge, or (ii) at all, then the insured party shall so
notify the other party promptly after learning thereof. In case such waiver, agreement, or permission can be obtained at
additional charge, if the party so notified shall so elect and shall pay the insurer's charge therefor, such waiver, agreement or
permission shall be included in the policy.
Each party hereby releases the other party, and Tenant hereby releases all other tenants in the Building, with respect to
any claim (including a claim for negligence) which it might otherwise have against the other party (or, in the case of Tenant,
against all such other tenants) for loss, damages with respect to its property occurring during the term of this Lease to the extent
to which it is insured under a policy or policies containing a waiver of subrogation or permission to release liability, as provided in
the preceding paragraph. If, notwithstanding the recovery of insurance proceeds by either party for loss, damage or destruction
of its property, the other party is liable to the first party with respect thereto or is obligated under this Lease to make replacement,
repair or restoration or payment, then, provided the first party's right of full recovery under its insurance policies is not thereby
prejudiced or otherwise adversely affected, the amount of the net proceeds of the first party's insurance against such loss,
damage or destruction shall be offset against the second party's liability to the first party therefor, or shall be made available to
the second party to pay for replacement, repair of restoration, as the case may be. Nothing contained in this paragraph shall be
deemed to relieve either party of any duty imposed elsewhere in this Lease to repair, restore or rebuild or to nullify any
abatement of rents provided for elsewhere in this Lease.
This Lease shall be considered an express agreement governing any case of damage to or destruction of the Building or
any part thereof by fire or other casualty, and Section 227 of the Real Property Law of the State of New York providing for such a
contingency in the absence of express agreement, and any other law of like import now or hereafter in force, shall have no
application in such case.
10. Insurance.
Tenant, at its own expense, shall maintain, for the benefit of Landlord and Tenant and any mortgagee
and any lessor under any ground or underlying lease:
(a) insurance covering the premises and equipment therein against loss or damage by fire and such risks as are
customarily included in extended coverage endorsements attached to fire insurance policies covering comparable property in the
vicinity of the premises including vandalism and malicious mischief, war risk (when obtainable), atomic bomb (when obtainable),
in an amount sufficient to prevent the assured from becoming a co-insurer within the terms of the applicable policies, but in any
event in an amount not less than the full replacement value thereof, or the amount required under any mortgage to which this
Lease is subject, whichever is greater,
(b) rent insurance in an amount equal to the fixed net rent and additional rent payable under this Lease for as long as a
period as Tenant is able to secure not to exceed one year, and
(c) if required by Landlord or any mo rtgagee, such other or additional insurance in such amounts against other insurable
hazards (including but not limited to war risk insurance when obtainable) as Landlord or such mortgagee shall determine.
The term "full replacement value", as use herein shall mean the cost of actual replacement (excluding foundation and
excavation costs and cost of underground flues, pipes or drains) without provision for physical depreciation, and said "full
replacement value" shall be determined from time to time, at Landlord's request, but at Tenant's expense, not more frequently
than once every two years, by an appraiser for any of insurance companies issuing the policies referred to in subdivisions (a) or
(c) hereinabove set forth. Insurance in the amount set forth in subdivision (a) shall be carried if same is issued regularly for
comparable buildings by licensed insurance companies in New York State and, if same is not so regularly issued, Tenant shall
obtain the closest type of protective insurance then available or, at Landlord's sole election, Landlord may obtain such "full
replacement value" coverage and Tenant shall pay any additional premium therefor.
Tenant shall not carry any separate insurance of the same character required by this Article unless Landlord and any
mortgagee and any lessor under any ground or underlying lease shall be named as assureds with loss payable as interest may
appear. However, Tenant may carry insurance, solely for its own account and benefit, insuring against loss of all or part of its
leasehold estate hereunder.
Tenant, at its own expense, shall maintain for the mutual benefit of Landlord, Tenant, Owner and any mortgagee and
any lessor under any ground or underlying lease, general public liability insurance against claims for bodily injury, death or
property damage occurring in, on or about the premises and any adjoining sidewalk, curb or vault (including, without limitation,
bodily injury, death or property damage resulting directly or indirectly from any change, alteration, improvement or repair thereof)
with such limits as Landlord from time to time may require for bodily injury or death to any one person and for bodily injury or
death to any number of persons arising out of one accident and for property damage.
Tenant at its own expense, shall also maintain for the mutual benefit of Landlord, Tenant and any mortgagee and any
lessor under any ground or underlying lease, single limit coverage of ($ )
Dollars for bodily injury or death to any one person or any number of persons arising out of one accident and for property
damage as of the date hereof.
The insurance required under this Article shall be effected by valid and enforceable policies issued by insurance
companies licensed to do business in the State of New York and approved in writing by Landlord and shall set forth the indemnity
referred to in paragraph (j) of Article 6 hereof. Any insurance policy or policies under this Article shall cover only the premises
and not any other properties owned, operated or leased by Tenant.
At the commencement of the term of this Lease and thereafter, not less than thirty (30) days prior to the expiration date
or the expiring policies theretofore furnished pursuant to this Article, originals of such policies or renewal policies, as the case
may be, shall be delivered by Tenant to Landlord with proof of payment of premium thereof. However, if the premium under any
policy is payable in installments, Tenant shall furnish, simultaneously with the delivery of the policy, proof of payment of the
current installment, and thereafter Tenant shall furnish to Landlord proof of payment of each subsequent installment within five
(5) days after it becomes due. If the premiums are covered by a mortgage to which this Lease is subject, originals of the policies
for the insurance required hereunder shall be delivered to the mortgagee, and, if obtainable, duplicates thereof, and if not
obtainable, certificates thereof shall be delivered to Landlord.
All policies of insurance required under this Article shall name Landlord, Tenant and any mortgagee and any lessor
under any ground or underlying lease, as the assureds, as their respective interests may appear, and the policies for the
insurance required under subdivisions (a) and (c) hereinabove set forth also shall be payable, under a standard mortgagee
clause, without contribution, to the holder of any mortgage covering the premises. Each policy of insurance required under this
Article, to the extent obtainable, shall contain an agreement by the insurer that it will not be cancelled without at least thirty (30)
days' prior written notice to Landlord and the insured holder of any mortgage covering the premises and that no act or omission
of any insured party (including mortgagees) named therein shall serve to invalidate, cancel or release or relieve the insurer
thereunder from any liability which it may have to any other insured party so named. If such agreement cannot be obtained with
respect to any policy, Tenant shall notify Landlord, in writing, to such effect and Tenant shall accept an insurer named by
Landlord who will consent to include such agreement in like policy provided that the inclusion thereof does not require Tenant to
pay any substantial additional premium.
The loss, if any, under policies provided for herein (other than a loss under the insurance required by subdivision (b)
which shall be adjusted by and paid to Landlord) shall be adjusted by and paid to Landlord or any mortgagee. All insurance
policies, to the extent reasonably obtainable, shall provide that the loss, if any thereunder, shall be adjusted and paid as
provided in this Article.
11. Condemnation.
In the event that the whole of the premises shall be lawfully condemned or taken in any manner for
any public or quasi-public use, this Lease, and the term and estate hereby granted, shall forthwith cease and terminate as of the
date of vesting of title. In the event that only a part of the premises shall be so condemned or taken, then, effective as of the date
of vesting of title, the fixed rent hereunder shall be abated in an amount thereof apportioned accordingly to the area of the
premises so condemned or taken. In the event that only a part of the Building s hall be so condemned or taken, then (a) Landlord
(whether or not the premises be affected) may, at Landlord's option, terminate this Lease and the term and estate hereby
granted as of the date of such vesting of title by notifying Tenant in writing of such termination within 60 days following the date
on which Landlord shall have received notice of vesting of title, or (b) if such condemnation or taking shall be of a substantial part
of the premises, Tenant may, at Tenant's option, by delivery of notice in writing to Landlord within 60 days following the date on
which Tenant shall have received notice of vesting of title, terminate this Lease and the term and estate hereby granted as of the
date of vesting of title; provided, however, if neither Landlord nor Tenant elects to terminate this Lease, as aforesaid, this Lease
shall be and remain unaffected by such condemnation or taking, except that the fixed rent payable hereunder shall be abated to
the extent, if any, hereinbefore provided in this Article 11. In the event that only a part of the premises shall be so condemned or
taken and this Lease and the term and estate hereby granted are not terminated as herein before provided, Landlord will, with
reasonable diligence and at its expense, restore the remaining portion of the premises as nearly as practicable to the same
condition as it was in prior to such condemnation or taking.
In the event of their termination in any of the cases hereinbefore provided, this Lease and the term and estate hereby
granted shall expire as of the date of such termination with the same effect as if that were the date hereinbefore set for the
expiration of the term of this Lease, and the fixed rent and additional rent payable hereunder shall be apportioned as of such
date.
In the event of any condemnation or taking hereinbefore mentioned of all or a part of the Building, Landlord shall be
entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested
by this Lease in Tenant, and Tenant hereby expressly assigns to Landlord any and all right, title and interest of Tenant now or
hereafter arising in or to any such award or any part thereof, and Tenant shall be entitled to receive no part of such award.
It is expressly understood and agreed that the provisions of this Article 11 shall not be applicable to any condemnation or
taking for governmental occupancy for a limited period.
12. Compliance with Laws.
Tenant, at Tenant's expense, shall comply with all laws and ordinances, and all rules,
orders and regulations of all governmental authorities and of all insurance bodies, at any time duly issued or in force, applicable
to the premises or any part thereof or to Tenant's use thereof (including, without limitation, the Americans With Disabilities Act
and all regulations issued thereunder and the Accessibility Guidelines for Buildings and Facilities issued pursuant thereto),
except that Tenant shall not hereby be under any obligation to comply with any law, ordinance, rule, order or regulation requiring
any structural alteration of or in connection with the premises, unless such alteration is required by reason of a condition which
has been created by, or at the instance of, Tenant, or is attributable, directly or indirectly, to the use or manner of use to which
Tenant puts the premises, or is required by reason of a breach of any of Tenant's covenants and agreements hereunder. Where
any structural alteration of or in connection with the premises is required by any such law, ordinance, rule, order or regulation,
and, by reason of the express exception hereinabove contained, Tenant is not under any obligation to make such alteration, then
Landlord shall have the option of making such alteration and paying the cost thereof, or of terminating this Lease and the term
and estate hereby granted by giving to Tenant not less than 30 days' prior written notice of such termination; provided, however,
that if within 15 days after the giving by Landlord of its notice of termination as aforesaid, Tenant shall give written notice to
Landlord stating that Tenant elects to make such alteration at the expense of Tenant, then such notice of termination shall be
ineffective provided that Tenant, at Tenant's expense, shall, concurrently with the giving of such notice to Landlord, execute and
deliver to Landlord Tenant's written undertaking, with a surety and in form and substance satisfactory to Landlord, obligating
Tenant to promptly and duly make such alteration in a manner satisfactory to Landlord and to save Landlord harmless from any
and all costs, expenses, penalties and/or liabilities (including, but not limited to, accountants' and attorneys' fees) in connection
therewith or by reason thereof; and Tenant covenants and agrees that, after so electing to make any such alteration, Tenant will,
at Tenant's expense, and in compliance with all the covenants, agreements, terms, provisions and conditions of this Lease,
including, but not limited to, subparagraph (e) of Article 6 hereof, make such alteration and Tenant, at Tenant's expense, will
promptly and duly perform all covenants, conditions and provisions of such undertaking and that all such covenants, conditions,
and provisions of such undertaking shall be deemed to constitute covenants, condition and provisions of this Lease to be kept or
performed on the part of Tenant with the same force and effect as if the same had been set forth herein.
In the event that a notice of termination shall be given by the Landlord under the provisions of this Article 12 and such
notice shall not become ineffective as hereinbefore provided, this Lease and the term and estate hereby granted shall expire as
of the date specified therefor in such notice with the same effect as if that were the date hereinbefore set for the expiration of the
term of this Lease, and the fixed rent and additional rent payable hereunder shall be apportioned as of such date of termination.
13. Accidents to Plumbing and Other Systems
. Tenant shall give to Landlord prompt written notice of any damage to, or
defective condition in, any part or appurtenance of the Building's plumbing, electrical, heating, air conditioning or other similar or
dissimilar system serving, located in, or passing through, the premises and the damage or defective condition shall be remedied
by Landlord with reasonable diligence, but if such damage or defective condition was caused by, or resulted from the use or
manner of use by, Tenant or by the employees, licensees or invitees of Tenant, the cost of the remedy thereof shall be paid by
Tenant as additional rent promptly upon receipt of Landlord's bill therefor. Tenant shall not be entitled to claim any damage
arising from any such damage or defective condition unless the same shall have been caused by the willful gross negligence of
Landlord in the operation or maintenance of the Building and the same shall not have been remedied by Landlord with
reasonable diligence after written notice thereof from Tenant to Landlord; nor shall Tenant be entitled to claim any eviction by
reason of any such damage or defective condition.
14. Subordination.
(a) This Lease is subject and subordinate in all respects to all ground leases and/or underlying
leases now or hereafter covering the real property of which the premises form a part and to all mortgages which may now or
hereafter be placed on or affect such leases and/or real property, and/or Landlord's interest therein, and to each advance made
and/or hereafter to be made under any such mortgages, and to all renewals, additions, modifications, consolidations,
replacements, spreaders and extensions thereof and all substitutions of and for such ground leases and/or underlying leases
and/or mortgages. This subparagraph (a) shall be self-operative and no further instrument of subordination shall be required. In
confirmation of such subordination, Tenant shall execute and deliver promptly any certificate that Landlord and/or mortgagee
and/or the lessor under any ground or underlying lease and/or their respective successors in interest may request. Tenant
hereby constitutes and appoints Landlord and/or any mortgagee and/or the lessor under any ground or underlying lease and/or
their respective successors in interest Tenant's attorney-in-fact to execute and deliver any such certificate or certificates for and
on behalf of Tenant.
(b) Without limitation of any of the provisions of this Lease, if at any time during the term of this Lease, Landlord shall be
the holder of a leasehold estate covering the real property of which the premises form a part, and if such leasehold estate shall
terminate or be terminated for any reason, Tenant agrees, at the election and upon demand of any owner of the real property of
which the premises form a part, or of any mortgagee in possession thereof, or of any holder of a leasehold hereafter affecting the
real property of which the premises form a part, to attorn, from time to time, to any such owner, mortgagee or holder, upon the
terms and conditions set forth herein for the remainder of the term demised in this Lease. The foregoing provisions shall inure to
the benefit of any such owner, mortgagee or holder, shall apply to the tenancy of Tenant notwithstanding that this Lease may
terminate upon the termination of any such leasehold estate, and shall be self-operative upon any such demand, without
requiring any further instrument to give effect to said provisions. Tenant, however, upon demand of any such owner, mortgagee
or holder, agrees to execute, from time to time, an instrument in confirmation of the foregoing provisions, satisfy to such owner,
mortgagee or holder, in which Tenant shall acknowledge such attornment and shall set forth the terms and conditions of its
tenancy, which shall be the same as those set forth herein and shall apply for the remainder of the term originally demised in this
Lease. Nothing contained in this subparagraph (b) shall be construed to impair any right, privilege or option of any such owner,
mortgagee or holder.
(c) The term "mortgage(s)" as used in this Lease shall include any mortgage or any deed of trust. The term
"mortgagee(s)" as used in this Lease shall include any mortgagee or any trustee under a deed of trust. The term "mortgagor(s)"
as used in this Lease shall include any mortgagor or any grantor under a deed of trust.
15. Notices.
Any notice, consent, approval, request, bill, demand or statement hereunder by either party to the other
party shall be in writing and shall be deemed to have been duly given when mailed if sent by registered or certified mail. return
receipt requested addressed to such other party, which address for Landlord shall be and
for Tenant shall be the premises (or Tenant's address as hereinbefore set forth if mailed prior to Tenant's occupancy of the
premises), or if the address of such other party for such notices, consents, approvals, requests, bills, demands or statements
shall have been duly changed as hereinafter provided, if mailed, as aforesaid, to such other party at such changed address.
Either party may at any time change the address for such notices, consents, approvals, requests, bills, demands or statements
by delivering or mailing, as aforesaid, to the other party a notice stating the change and setting forth the changed address. If the
term "Tenant" as used in this Lease refers to more than one person, any notice, consent, approval, request, bill, demand or
statement given as aforesaid to any one of such persons shall be deemed to have been duly given to Tenant. Notwithstanding
the foregoing, bills and statements by Landlord to Tenant for fixed rent, additional rent or other sums or charges payable by
Tenant to Landlord may be delivered personally or sent by regular mail.
16. Conditions of Limitation.
This Lease and the term and estate hereby granted are subject to the limitation that:
(a) in case Tenant shall make an assignment of its property for the benefit of creditors or shall file a voluntary petition
under any bankruptcy or insolvency law, or an involuntary petition under any bankruptcy or insolvency law shall be filed against
Tenant and such involuntary petition is not dismissed within 60 days after the filing thereof,
(b) in case a petition is filed by or against Tenant under the Reorganization provisions of the United States Bankruptcy
Act or under the provisions of any law of like import, unless such petitioner under said Reorganization provisions be one filed
against Tenant which is dismissed within 60 days after its filing,
(c) in case Tenant shall file a petition under the Arrangement provisions of the United States Bankruptcy Act or under
the provisions of any law of like import,
(d) in case a permanent receiver, trustee or liquidator shall be appointed for Tenant or of or for the property of Tenant,
and such receiver, trustee or liquidator shall not have been discharged within 60 days from the date of his appointment,
(e) in case Tenant shall default in the payment of any fixed rent or additional rent or any other sum or charge payable
hereunder by Tenant to Landlord on any date upon which the same becomes due,
(f) in case Tenant shall default in the due keeping, observing or performance of any covenant, agreement, term,
provision or condition of this Lease on the part of Tenant to be kept, observed or performed (other than a default of the character
referred to in subparagraph (e) of this Article 16), and if such default shall continue and shall not be remedied by Tenant within 10
days after Landlord shall have given to Tenant a written notice specifying the same, or, in the case of such a default which for
causes beyond Tenant's control cannot with due diligence be cured within said period of 10 days, if Tenant (i) shall not, promptly
upon the giving of such notice, advise Landlord in writing of Tenant's intention to duly institute all steps necessary to remedy such
default, (ii) shall not duly institute and thereafter diligently prosecute to completion all steps necessary to remedy the same, or (iii)
shall not remedy the same within a reasonable time after the date of the giving of said notice by Landlord,
(g) in case any event shall occur or any contingency shall arise whereby this Lease or the estate hereby granted or the
unexpired balance of the term hereof would, by operation of law or otherwise, devolve upon, or pass to, any person, firm,
association or corporation other than Tenant except as expressly permitted under Article 7 hereof, or whenever Tenant shall
desert or abandon the premises or the same shall become vacant (whether the keys are surrendered or not an whether the rent
be paid or not), or
(h) in case any other lease held by Tenant from Landlord shall expire and terminate (whether or not the term thereof
shall then have commenced) as a result of the default of Tenant thereunder or of the occurrence of an event as therein provided
(other than by expiration of the fixed term thereof or pursuant to a cancellation or termination option therein contained), then in
any of said cases Landlord may give to Tenant a notice of intention to end the term of this Lease at the expiration of 3 days from
the date of the giving of such notice, and, in the event that such notice is given, this Lease and the term and estate hereby
granted (whether or not the term shall theretofore have commenced) shall expire and terminate upon the expiration of said 3
days with the same effect as if that day were the date hereinbefore set for the expiration of the term of this Lease, but Tenant
shall remain liable for damages as provided in Article 18 hereof. If the term "Tenant", as used in this Lease, refers to more than
one person, then, as used in subparagraphs (a), (b), (c), (d) and (h) of this Article 16, said term shall be deemed to include all of
such persons or any one of them,; if any of the obligations of Tenant under this Lease is guaranteed, the term "Tenant", as used
in said subparagraphs, shall be deemed to include also the guarantor or, if there be more than one guarantor, all or any one of
them; and if this Lease shall have been assigned, the term "Tenant", as used in said subparagraphs, shall be deemed to include
the assignee and the assignor or either of them under any such assignment unless Landlord shall, in connection with such
assignment, release the assignor from any further liability under this Lease, in which event the term "Tenant", as used in said
paragraph, shall not include the assignor so released.
17. Re-Entry by Landlord.
If Tenant shall default in the payment of any fi xed rent or additional rent or any other sum or
charge payable hereunder by Tenant to Landlord on any date upon which the sum becomes due, or if this Lease shall expire as
in Article 16 hereof provided, Landlord of Landlord's agents and servants may immediately, or at any time thereafter, re-enter into
or upon the premises, or any part thereof, in the name of the whole, either by summary dispossess proceedings or by any
suitable action or proceeding at law, or by force or otherwise, without being liable to indictment, prosecution or damages therefor,
and may repossess the same, and may remove any persons theref rom, to the end that Landlord may have, hold and enjoy the
premises again as and of its first estate and interest therein. The words "re-enter", "re-entry" and "re-entered" as used in this
Lease are not restricted to their technical legal meanings. In the event of any termination of this Lease under the provisions of
Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of this Article 17 or in the event of
the termination of this Lease (or of re-entry) by or under any summary dispossess or other proceeding or action or any provision
of law, Tenant shall thereupon pay to Landlord the fixed rent, additional rent and any other sum or charge payable hereunder by
Tenant to Landlord up to the time of such termination of this Lease, or of such recovery of possession of the premises by
Landlord, as the case may be, and shall also pay to Landlord damages as provided in Article 18 hereof.
In the event of a breach of threatened breach on the part of the Tenant with respect to any of the covenants,
