Common use of Local Laws Clause in Contracts

Local Laws. If any alterations, installations, changes or improvements to the Building, including, but not limited to, the Demised Premises are made by Owner in order to comply with New York City Local Law No. 5 (fire protection) and New York City Law No. 10 (building condition) and any other local law as each may be amended or any successor or law of like import, (or any Federal, State or local law or government regulations enacted subsequent to the date hereof) at any time after the date of this Lease and prior to the expiration date of this Lease, the cost of any such alterations shall, for the purposes of this Article 43, be deemed amortized by Owner in accordance with an amortization schedule based on the useful life thereof with a reasonable interest factor included therein, determined by Owner in Owner’s reasonable judgment, and during each calendar year which shall include any part of the demised term for which such an amortization shall be applicable, Tenant shall pay to Owner a sum equal to .809% of such amortization and interest applicable to such calendar year. Owner shall deliver (prorated for any partial year within the term). Tenant a statement setting forth the amount due. Such statement shall not be deemed final and binding on Tenant unless disputed required to make any payment under this Article by Tenant within 30 days after receipt thereof reason of alterations required to be made by laws in effect as of the date of execution of this Lease.