No. 264.

Covenant by tenant not to place signs, without landlord's consent."

61

The Tenant shall place no sign on the outside of said premises, or on the sidewalk in front of the same, unless and until the size, style, location and character shall have been first approved in writing by the Landlord; and the Landlord shall have the right to enter the premises, without notifying the Tenant, and to remove at the expense of the Tenant, and to store, at the expense of the Tenant, any sign, or signs, that may be placed on the outside of the premises, or on the sidewalk in front of the same, without the written consent of the Landlord.

No. 265.

Covenant by tenant not to post advertisements, notices or signs,62

No advertisement, notice, or sign, shall be placed, or affixed, on any of the windows or doors, or on any part of the outside, or inside, of said building, except such as shall have been first approved by the Landlord in writing endorsed hereon.

Exterior and interior signs on glass will be painted for the Tenant, at the Tenant's own expense, by the Landlord's regular sign painters, and no other sign painter shall be employed to do any such work.

(D).-Options Granted to Tenant.

No. 266.

Option permitting tenant to purchase premises at appraised value, to be determined by appraisers selected by the parties."

At any time after the date of this lease, and at least one year before the expiration of the term hereinbefore named, the value

Cf. Imperiale Building Co. v. John H. Woodbury Dermatological Institute (1899), 29 Misc. 617. 61 N. Y. Supp. 129. 02 Cf. Knoepfel v. Kings County Fire Ins. Co. (1876), 66 N. Y. 639. Adapted from Mutual Life Ins. Co. v. Stephens (1915), 214 N. Y. 488, 108 N. E. 856.

of the demised premises, together with whatever improvements may then exist thereon, exclusive of any improvements thereon made by the second party, shall, if the second party so desires, be appraised by two appraisers, one of whom shall be appointed by the first party, and the other by the second party, with power to such appraisers to appoint a third appraiser, in case they cannot agree. All of such appraisers shall be owners in fee of neighboring property, and their appraisal shall be based, so far as possible, on actual sales.

The second party, for six (6) months after such appraisal shall have been made, and a copy thereof delivered to the second party, shall have the option of purchasing said premises, including all improvements thereon, whether made by the second party, or by any other person, in fee simple, free from encumbrances, at such appraised value; and the first party shall thereupon convey said premises to the second party, accordingly, and, in case the second party shall exercise such option to purchase said premises, this lease, notwithstanding anything hereinbefore contained, shall terminate upon the delivery of the deed to said premises. If the title to said premises should fail in part, the second party shall have the option to purchase any portion of the said premises, at the proportion of such appraised value, which the part thus acquired, bears.

No. 267.

Option permitting tenant to purchase premises.64

The first party agrees to sell to the second party all the premises above described, for the sum of five thousand ($5,000) dollars, at any time before the expiration of this lease.

No. 268.

Same-another form.65

The Lessor agrees that, in the event of the Lessor's desire to sell the above mentioned property, before the expiration of this lease, the Lessee shall have the first option to purchase the same.

64 Adapted from Trumbull v. Bombard (1919), 225 N. Y. 638, 121 N. E. 895. es Adapted from Jurgenson v. Morris (1920), 194 App. Div. 92, 185 N. Y. Supp. 386.

No. 269.

Same-another form.66

It is further agreed that the Tenant shall have the first privilege of purchasing the premises herein described, at any time, during the term of this lease, for the sum of twenty-five thousand ($25,000) dollars.

No. 270.

Option permitting tenant to renew lease.67

Should the Tenant elect to renew this lease, for a term of ten (10) years, then, and in that event, the Tenant shall, by notice in writing, notify the Landlord, his heirs, or assigns, at least ninety (90) days prior to the expiration of the term hereby created, of such intention to renew said lease.

(E).-Mutual Covenants.

No. 271.

Mutual covenant creating a lien for amount deposited.68

It is hereby mutually agreed that the seventy thousand ($70,000) dollars deposited by the Tenant with the Landlord shall, until the expiration of this lease, become and remain a lien against the aforesaid property, with the same force and effect as if a mortgage upon such property had been executed to secure the repayment thereof; but said lien, however, shall be subordinate to a mortgage, or mortgages, aggregating four hundred thousand ($400,000) dollars.

No. 272.

Mutual covenant limiting effect of particular waiver.69

The waiver by the Landlord of any breach of any covenant, or covenants, of this lease shall be limited to the particular instance,

Adapted from Sargent v. Vought (1920), 194 App. Div. 807, 185 N. Y. Supp. 578. Adapted from Orr v. Doubleday, Page & Co. (1918), 223 N. Y. 334, 119 N. E. 522.

Adapted from Stimpson v. Minsker Realty Co. 164 N. Y. Supp. 465.

69

Cf. Ireland v. Nichols (1871), 46 N. Y. 413.

(1917), 177 App. Div. 536,

and shall not operate, or be deemed, to waive any future breaches of said covenant, or covenants.

No. 273.

Same-another form." 70

The receipt of any rent, whether the same be that originally reserved, or that which may become payable under any covenant herein contained, or of any portion thereof, or of any interest thereon, shall not operate as a waiver of the right of the Landlord to enforce the payment of additional rent, or of any of the other obligations of this lease, by such remedies as may be appropriate.

No. 274.

Same-another form.71

The failure of the Landlord to enforce any covenant, or condition, by reason of its breach by the Tenant, shall not waive, or avoid, the right of the Landlord to enforce the same covenant or condition on the occasion of any subsequent breach or default.

No. 275.

Same-another form.72

The receipt of rent by the Landlord from any assignee, subtenant, mortgagee, or successor in interest to any mortgagee, with full notice of any transfer, shall not waive, or avoid, the right of the Landlord, at any time hereafter, to elect to terminate this lease, on account of such assignment, subletting, mortgaging or transferring of this lease.

No. 276.

Same-another form.73

The failure of the Lessor to insist, in any one instance, or more, upon the performance of any of the covenants, or conditions, of

10 Cf. Manice v. Millen (1857), 26 Barb. (N. Y.) 41.

"Cf. Conger v. Duryee (1882), 90 N. Y. 594.

T2 Cf. Jones v. Durrer (1892). 96 Cal. 95, 30 Pac. 1027.

Cf. Murray v. Heinze (1895), 17 Mont. 353, 42 Pac. 1057.

this lease, or to exercise any right, or privilege, herein conferred, shall not be construed as thereafter waiving, or relinquishing, any such covenants, conditions, rights, or privileges, b the same shall continue and remain in full force and effect.

No. 277.

Mutual covenant providing for automatic renewal, in absence of written notice to contrary.

74

This lease, and the term hereby created, shall be deemed to be, and shall be, renewed and extended for the further term of one (1) year from the expiration of the term hereby granted, unless either party, at least three (3) months prior to the termination hereof, shall give notice to the other, in writing, of an intention to surrender, or to take possession of, the premises, as the case may be, on the date fixed for the expiration of the term. The rent, during such extended term, or renewal, shall be at the same rate as the rate provided herein for the last year of the term hereby created, and such renewal and extension shall be upon all the terms, conditions and covenants herein contained, including this clause. Notice under this clause may be given by the Landlord to the Tenant, either personally, or by writing left upon the premises, or by letter addressed to the Tenant, at the demised premises. Notice by the Tenant to the Landlord must be given by sending the same, by registered mail, to the Landlord, addressed to 11 Broadway, Borough of Manhattan, New York City, or by serving the same personally upon the Landlord, or upon the agent in charge of the building.

"Adapted from U. S. Realty & Improvement Co. v. Ewing (1918), 206 St. Rep. 214, 172 N. Y. Supp. 214.