ON THE COMMENCEMENT DATE AS A
PART OF THE CONDOMINIUM REGIME AND/OR PILOT STRUCTURE OR THE TERMINATION OF THE
CONDOMINIUM REGIME OF WHICH THE LEASED PREMISES IS A PART (EXCEPT IN CONNECTION
WITH AND AS PERMITTED UNDER PARAGRAPH 18 HEREOF IN CONNECTION WITH A TERMINATION
EVENT), (II) MODIFY THE TERMS OF THE DECLARATION OR ANY OTHER GOVERNING DOCUMENT
TO INCREASE OR DECREASE THE PERCENTAGE INTEREST OF OR USE OF THE COMMON ELEMENTS
OF THE CONDOMINIUM ATTRIBUTABLE TO THE LEASED PREMISES OR THE LIMITED COMMON
ELEMENTS CONSTITUTING A PART OF THE LEASED PREMISES, (III) SELL, TRANSFER,
ASSIGN OR DIMINISH ANY REPRESENTATIVE MEMBER'S SEAT ON THE CONDOMINIUM BOARD OR
THE NYTC BOARD OR ANY VOTING RIGHTS ATTENDANT THERETO, (IV) ENTER INTO ANY PROXY
OR OTHER VOTING AGREEMENT THAT DELEGATES A BOARD MEMBER'S VOTING RIGHTS UNDER
THE GOVERNING DOCUMENTS TO ANY OTHER PERSON (INCLUDING ANY OTHER MEMBER OF THE
CONDOMINIUM BOARD, UNLESS SUCH PERSON IS ANOTHER BOARD MEMBER DESIGNATED BY
TENANT HEREUNDER OR BY LANDLORD UNDER THE SEVERANCE LEASE), OR (V) EXERCISE ANY
VOTING RIGHTS AS THE UNIT OWNER OR MEMBER OF THE CONDOMINIUM BOARD OR DESIGNATE
ANY PERSON TO ACT A BOARD MEMBER AT ANY TIME WHILE AN EVENT OF DEFAULT HEREUNDER
EXISTS, IN WHICH EVENT ANY AND ALL SUCH RIGHTS SHALL AUTOMATICALLY REVERT TO
LANDLORD DURING THE EXISTENCE OF SUCH EVENT OF DEFAULT.
(D)
NOTWITHSTANDING (I) THE PROVISIONS OF THIS PARAGRAPH 4 ABOVE TO
THE CONTRARY, BUT SUBJECT TO THE LIMITATIONS AND RESTRICTIONS THEREIN AS TO ACTS
PERMITTED TO BE TAKEN BY TENANT, (II) ANY FAILURE BY 42DP TO RECOGNIZE LANDLORD
AS "RECOGNIZED MORTGAGEE" UNDER THE SEVERANCE LEASE AND TO CONSENT TO LANDLORD
AS THE LESSEE THEREUNDER, TENANT COVENANTS AND AGREES THAT AS BETWEEN LANDLORD
AND TENANT IT SHALL BE AND REMAIN PRIMARILY RESPONSIBLE FOR, AND SHALL TIMELY
PAY AND PERFORM, ALL OF OBLIGATIONS OF THE LESSEE UNDER THE SEVERANCE LEASE AS
IF TENANT WERE THE NYTC UNIT OWNER UNDER THE GOVERNING DOCUMENTS UNAFFECTED BY
THE TRANSACTION DOCUMENTS, AND ANY DEFAULT UNDER THE SEVERANCE LEASE SHALL
CONSTITUTE A MATERIAL DEFAULT UNDER THIS LEASE.
NOTWITHSTANDING ANYTHING TO THE
CONTRARY CONTAINED IN THIS LEASE, IF TENANT SHALL FAIL TO PAY OR PERFORM ANY
OBLIGATION UNDER THE SEVERANCE LEASE, (INCLUDING, WITHOUT LIMITATION, THE
FAILURE TO PAY ANY "CHARGES" AS DEFINED THEREIN) AND SUCH DEFAULT REMAINS
UNCURED AS OF THE EXPIRATION OF THE APPLICABLE CURE PERIOD PROVIDED FOR IN THE
SEVERANCE LEASE UNDER A "FIRST DEFAULT NOTICE" ISSUED BY 42DP WITH RESPECT TO
SUCH DEFAULT, THEN LANDLORD SHALL HAVE THE RIGHT, UPON ONE (1) BUSINESS DAY'S
NOTICE TO TENANT TO PAY ANY SUCH CHARGES OR TAKE ANY OTHER ACTION (INCLUDING THE
PROCUREMENT OF INSURANCE) NECESSARY OR APPROPRIATE TO CURE SUCH DEFAULT UNDER
THE SEVERANCE LEASE, AND ALL COSTS AND EXPENSES PAID OR INCURRED BY LANDLORD IN
CONNECTION WITH SUCH CURE SHALL CONSTITUTE ADDITIONAL RENT UNDER THIS LEASE AND
SHALL BE IMMEDIATELY DUE AND PAYABLE UPON WRITTEN DEMAND THEREFOR BY LANDLORD TO
TENANT.
5.
Term.
(A)
SUBJECT TO THE PROVISIONS HEREOF, TENANT SHALL HAVE AND HOLD