INCLUDE ALL RIGHTS AND
OBLIGATIONS OF LANDLORD UNDER THE CONDOMINIUM DOCUMENTS IN RESPECT OF THE
DEMISED PREMISES AND THE
INTEREST IN THE COMMON ELEMENTS APPURTENANT THERETO SO
THAT TENANT IS VESTED WITH, AND ASSUMES, ALL RIGHTS AND OBLIGATIONS OF A UNIT
OWNER, AS SUCH TERM IS DEFINED IN AND UNDERSTOOD UNDER THE CONDOMINIUM
DOCUMENTS; (B) EXCEPT AS SET FORTH IN THIS LEASE, LANDLORD HAS RETAINED NO
RIGHTS OR OBLIGATIONS AS A UNIT OWNER UNDER THE CONDOMINIUM DOCUMENTS WITH
RESPECT TO THE DEMISED PREMISES AND THE COMMON ELEMENTS; AND (C) NO ACTION OR
OMISSION IN RESPECT OF THE DEMISED PREMISES OR THE COMMON ELEMENTS TAKEN BY OR
ON BEHALF OF TENANT, OR ANY PERSON CLAIMING BY, THOUGH OR UNDER TENANT, MAY OR
WILL BE CHARACTERIZED OR TREATED AS A DEFAULT BY LANDLORD UNDER ANY CONDOMINIUM
DOCUMENT.
(B)
TERM.
SUBJECT TO THE TERMS OF SECTION 2.1(D) HEREOF, THE LEASEHOLD ESTATE
GRANTED IN SECTION 2.1(A) HEREOF IS FOR A TERM COMMENCING ON THE COMMENCEMENT
DATE, AND ENDING UPON DECEMBER 11, 2100 OR THE DATE ON WHICH THIS LEASE SHALL
SOONER TERMINATE AS HEREUNDER PROVIDED (THE "EXPIRATION DATE"), UPON AND SUBJECT
TO THE COVENANTS, AGREEMENTS, TERMS, PROVISIONS AND LIMITATIONS HEREIN SET
FORTH, ALL OF WHICH COVENANTS, AGREEMENTS, TERMS, PROVISIONS AND LIMITATIONS
LANDLORD AND TENANT COVENANT AND AGREE TO PERFORM AND OBSERVE.
(C)
INTENTIONALLY OMITTED.
(D)
INTENTIONALLY OMITTED.
SECTION 2.2
CONDITION OF DEMISED PREMISES AND COMMON ELEMENTS.
TENANT IS FULLY FAMILIAR WITH THE DEMISED PREMISES AND COMMON ELEMENTS, THE
CONDITION THEREOF AND THE PERMITTED ENCUMBRANCES, AND TENANT ACCEPTS AND AGREES
TO LEASE THE SAME IN THEIR THEN "AS IS" CONDITION ON THE COMMENCEMENT DATE AND
WITHOUT ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IN FACT OR BY LAW,
BY 42DP, NYCEDC, ESDC OR THE CITY, EXCEPT AS EXPRESSLY
31
PROVIDED IN THIS LEASE, AND WITHOUT RECOURSE TO 42DP, NYCEDC, ESDC OR THE CITY
AS TO THE TITLE THERETO, THE NATURE, CONDITION OR USABILITY THEREOF OR THE USE
OR USES TO WHICH THE DEMISED PREMISES AND COMMON ELEMENTS OR ANY PART THEREOF
MAY BE PUT, EXCEPT AS EXPRESSLY PROVIDED IN THIS LEASE.
SECTION 2.3
WAIVER OF RIGHT TO RESCIND.
TENANT WAIVES ANY RIGHT TO
RESCIND THIS LEASE UNDER SECTION 223-A OF THE NEW YORK STATE REAL PROPERTY LAW
OR UNDER ANY PRESENT OR FUTURE STATUTE OF SIMILAR IMPORT THEN IN FORCE AND
FURTHER EXPRESSLY WAIVES THE RIGHT TO RECOVER ANY DAMAGES WHICH MAY RESULT FROM
LANDLORD'S FAILURE TO DELIVER POSSESSION OF THE DEMISED PREMISES.
TENANT AGREES
THAT THIS SECTION 2.3 IS INTENDED TO CONSTITUTE "AN EXPRESS PROVISION TO THE
CONTRARY" WITHIN THE MEANING OF SAID SECTION 223-A.
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ARTICLE III
CHARGES AND FEES
SECTION 3.1
PILOT.
(A)
DETERMINATION OF PILOT.
TENANT COVENANTS AND AGREES TO PAY TO LANDLORD,
DURING THE TERM OF THIS LEASE, PAYMENTS IN LIEU OF REAL ESTATE TAXES ("PILOT")
DETERMINED AS FOLLOWS:
(I)
PRIOR TO SCHEDULED PILOT CONVERSION DATE.
(A)
IN RESPECT OF THE FIRST PILOT PAYMENT PERIOD AFTER THE LEASE ASSIGNMENT
DATE THROUGH THE DAY BEFORE THE SCHEDULED PILOT CONVERSION