Lease and development agreement



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Section 17.9 Collection of Damages; Credit.


The Port Authority may at any time bring an action to recover all the damages set forth in Section 17.8 above not previously recovered in separate actions, or it may bring separate actions to recover the items of damages set forth in subparagraphs (1), (2) and (3) of Section 17.8 and separate actions periodically to recover from time to time only such portions of the damages set forth in subparagraph (4) of Section 17.8 as would have accrued as rental up to the time of the action if there had been no termination, re—entry, regaining or resumption of possession. In any such action the Lessee shall be allowed a credit against its survived damages obligations equal to the amounts that the Port Authority has actually received from any subtenant, licensee, permittee or other occupier of the Premises, or any part thereof, during the period for which damages are sought, and, if recovery is sought for a period subsequent to the date of suit, a credit equal to the then Present Value of the market rental value of the Premises during such period; provided, however, that the credit provided for in this sentence shall not exceed the amount due and payable by the Lessee to the Port Authority. If at the time of such action the Port Authority has relet the Premises, the rental for the Premises obtained through such reletting shall be deemed to be the market rental value of the Premises or (if less than the entire Premises have been relet) be deemed to be the basis for computing such market rental value.

Section 17.10 Relettinq.


(a) Right to Relet. The Port Authority, upon any termination or re-entry, regaining or resumption of possession pursuant to this Article may occupy or relet the Premises, and shall have the right to permit any Person to enter upon the Premises and use the same. The Port Authority may grant free rental or other concessions and such reletting may be of only a part of the Premises or a part thereof together with other space, and for a period of time the same as or different from the balance of the term hereunder remaining, and on terms and conditions and for purposes the same as or different from those set forth in this Agreement. The Port Authority, upon such termination or re-entry, regaining or resumption of possession pursuant to this Article, shall also have the right to repair or make structural or other changes in the Premises, including changes which alter the character of the Premises and the suitability thereof for the purposes of the Lessee under this Agreement, without affecting, altering or diminishing the obligations of the Lessee hereunder.

(b) Credit. In the event either of any actual reletting or of any actual use and occupancy by the Port Authority (the mere right of the Port Authority to use and occupy not being sufficient however) there shall be credited to the account of the Lessee against its survived obligations hereunder any net amount remaining after deducting from the amount actually received from any tenant, licensee, permittee or other occupier as the rental or fee in connection with the use of the Premises or portion thereof during the balance of the letting as the same is originally stated in this Agreement, or from the market value of the occupancy of such portion of the Premises as the Port Authority may during such period actually use and occupy, all expenses, costs and disbursements incurred or paid by the Port Authority in connection therewith. No such reletting shall be or be construed to be an acceptance of a surrender.


ARTICLE 18. SURRENDER

Section 18.1 Surrender of Premises.


The Lessee covenants and agrees to yield and deliver possession of the Premises to the Port Authority peaceably and promptly on the date of cessation of the letting hereunder, whether such cessation be by termination, expiration or otherwise, promptly and in the condition provided in Section 9.1(3). Upon the Expiration Date, all of the Premises, and all construction, buildings, structures, improvements and fixtures located thereon, shall be free and clear of all liens, encumbrances, security interests and rights of any subtenants, concessionaires or occupants of the Premises.

Section 18.2 Removal of Property.


Unless required for the performance by the Lessee of its obligations hereunder, the Lessee shall have the right, at any time during the letting hereunder to remove and, on or before the Expiration Date or the effective date of any earlier termination of the letting under this Agreement, shall be obligated to remove, its trade fixtures, equipment, inventories, signs, detachable furniture and furnishings and its other removable fixtures and personal property from the Premises and the Building, repairing all damage caused by such removal. If the Lessee shall fail to remove any such trade fixtures, equipment, inventories, signs, detachable furniture and furnishings or its other removable fixtures and personal property on or before the termination or expiration of the letting hereunder, the Port Authority may remove the same to a public warehouse for deposit or may retain the same in its own possession and in either event may sell the same at public auction, the proceeds of which shall be applied first to the expenses of removal, including any repairs necessitated by such removal, and of storage and sale, and second to any sums owed by the Lessee to the Port Authority, with any balance remaining to be paid to the Lessee. If the expenses of such removal, repair, storage and sale shall exceed the proceeds of sale, the Lessee shall pay such excess to the Port Authority upon demand.

Section 18.3 Failure to Comply with Section 9.1.


In the event that the Premises are not in the condition called for by Section 9.1 upon their surrender pursuant to this Article, the Port Authority shall have the right to perform any work required to place the Premises in such condition, and the Lessee shall reimburse the Port Authority for the cost thereof.
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