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Document Preview Operating Sublease |
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Title: |
Operating Sublease |
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Entities: |
Metropolitan Life Insurance Co.; SL Green Realty Corp.; New York Clearing House Association; Precision Dynamics Corporation; Graybar Building Company; Harry B. Helmsley |
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Date: |
2002 |
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Size: |
Preview shows 10KB of 192KB total |
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Price: |
$63 |
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ID: |
#257306 |
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OPERATING SUBLEASE
BETWEEN
PRECISION DYNAMICS CORPORATION
AS SUB-SUBLANDLORD
AND
GRAYBAR BUILDING COMPANY
AS SUB-SUBTENANT
------------
Dated, as of June 1, 1964.
Affecting Premises on the Westerly side of Lexington Avenue,
253 feet 4 inches Northerly of 42nd Street
================================================================================
Recorded in the Office of the Register of the City of New York in New York
County on , 19 in Liber of Conveyances at Page .
{Page}
TABLE OF CONTENTS
{Table}
{Caption}
PAGE
{S} {C}
ARTICLE 1.
Definitions, Demise and Initial Term .......................................... 1
ARTICLE 2.
Rent .......................................................................... 7
ARTICLE 3.
Payment of Taxes, Assessments, etc. ........................................... 13
ARTICLE 4.
Surrender ..................................................................... 19
ARTICLE 5.
Insurance ..................................................................... 21
ARTICLE 6.
Sub-sublandlords' Rights to Perform Sub-subtenant's Covenants ................. 27
ARTICLE 7.
Repairs and Maintenance of the Property ....................................... 29
ARTICLE 8.
Compliance with Laws, Ordinances, etc. ........................................ 31
ARTICLE 9.
Changes and Alterations ....................................................... 33
ARTICLE 10.
Discharge of Liens ............................................................ 37
ARTICLE 11.
Use of Property ............................................................... 38
{/Table}
{Page}
ii TABLE OF CONTENTS
{Table}
{Caption}
PAGE
{S} {C}
ARTICLE 12.
Subordination to Prior Leases and Compliance Therewith ........................ 39
ARTICLE 13.
Entry on Property by Sub-sublandlord, etc. .................................... 41
ARTICLE 14.
Indemnification of Sub-sublandlord ............................................ 43
ARTICLE 15.
Damage or Destruction ......................................................... 44
ARTICLE 16.
Condemnation .................................................................. 48
ARTICLE 17.
Vault Space ................................................................... 53
ARTICLE 18.
Mortgages, Assignments, Subleases and Transfers of Sub-subtenant's Interest ... 54
ARTICLE 19.
Conditional Limitations--Default Provisions ................................... 69
ARTICLE 20.
Renewal Privileges ............................................................ 77
ARTICLE 21.
Invalidity of Particular Provisions ........................................... 80
ARTICLE 22.
Notices ....................................................................... 80
{/Table}
{Page}
TABLE OF CONTENTS iii
{Table}
{Caption}
PAGE
{S} {C}
ARTICLE 23.
Condition of and Title to Property, Quiet Enjoyment ........................... 81
ARTICLE 24.
Excavation and Shoring ........................................................ 82
ARTICLE 25.
Arbitration ................................................................... 83
ARTICLE 26.
Miscellaneous ................................................................. 84
SCHEDULES:
A. Description of Grant of Term ............................................ 89
B. Description of Ground Lease ............................................. 90
C. Description of Mesne Lease .............................................. 91
D. Description of Operating Lease .......................................... 92
{/Table}
{Page}
THIS LEASE dated as of the 1st day of June, 1964, between PRECISION
DYNAMICS CORPORATION, a New York corporation, having an office, c/o Kahr &
Spitzer & Howard at 405 Park Avenue, New York 22, New York (hereinafter called
the "Sub-sublandlord"), and Harry B. Helmsley, d/b/a Graybar Building Company,
with an office at 60 East 42nd Street, New York 17, New York (hereinafter called
the "Sub-subtenant");
W I T N E S S E T H :
ARTICLE 1
DEFINITIONS, DEMISE AND INITIAL TERM
That for purposes of this lease, unless the context otherwise requires:
(a) the term "Grant of Term" shall mean the instrument described
in Schedule A annexed hereto;
(b) the term "Ground Lease" shall mean the instrument described
in Schedule B annexed hereto;
(c) the term "Ground Lessor" shall mean the lessor under the
Ground Lease, and the term "Ground Lessee" shall mean the lessee under
the Ground Lease;
(d) the term "Ground Rent" shall mean the rental payable under
the Ground Lease and therein defined as the "Ground Rental";
(e) the term "Building" shall have the meaning ascribed thereto
in the Ground Lease;
(f) the term "Demised Premises" shall mean the premises in the
Borough of Manhattan, City and State of New York, demised by the
Ground Lease, located generally on the westerly side of Lexington
Avenue (beginning at a point 253 feet 4 inches northerly of 42nd
Street) and known as the Graybar Building and
{Page}
2
by the street address 420 Lexington Avenue, together with any
easements and other rights demised or otherwise provided for the
benefit of the Ground Lessee under the Ground Lease;
(g) the term "Mesne Lease" shall mean the instrument described in
Schedule C annexed hereto;
(h) the term "Landlord" shall mean the landlord under the Mesne
Lease and the term "Tenant" shall mean the tenant under the Mesne
Lease;
(i) the term "Net Rent" shall mean the net annual rental payable
under the Mesne Lease and therein defined as the "net rent";
(j) the term "Operating Lease" shall mean the instrument
described in Schedule D annexed hereto;
(k) the term "Sublessor" shall mean the landlord under the
Operating Lease and the term "Sublessee" shall mean the tenant under
the Operating Lease;
(l) the term "Basic Rent" shall mean the net an-annual fixed
rental payable under the Operating Lease and therein defined as the
"basic rent" and the term "Overage Rent" shall mean the additional
rent based on 1/3 of the annual net income derived by the Sublessee
from the leasehold estate created by the Operating Lease payable
thereunder and determined as provided in Section 2.02 thereof and
therein defined as "overage rent."
(m) the term "Sub-subtenant" shall mean the sub-subtenant named
herein, and from and after any valid assignment of the whole of
sub-subtenant's interest in this lease pursuant to the provisions
hereof, shall mean only the assignee thereof;
(n) the term "Sub-sublandlord" shall mean only the sublessee for
the time being under the Operating Lease;
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