p2 PREFERENTIAL RENT AGREEMENT FOR LEASE 02002 Rockrose Developmen: L.L.C., NY, NJ. All righ:s resezved. DATE OF THIS PREFERENTIAL RENT AGREEMENT: 4H9H7 OWNER: Tribeca Pointe L.L.C. TENANT Apartment -IN BUILDING AT 41 River Terrace, NY, NY 10282 FOR A ONE YEAR LEASE: RENT PURSUANT TO THE LEASE: PREFERENTIAL RENT: SECURITY DEPOSIT PURSUANT TO THE LEASE: ADDITIONAL SECURITY DEPOSIT REQUIRED: CURRENT LEASE EXPIRATION DATE: EFFECTIVE DATE OF PREFERENTIAL RENT: TERMINATION DATE OF PREFERENTIAL RENT: FOR A 2 YEAR LEASE: RENT PURSUANT TO THE LEASE: PREFERENTIAL RENT: SECURITY DEPOSIT PURSUANT TO THE LEASE: ADDITIONAL SECURITY DEPOSIT REQUIRED: CURRENT LEASE EXPIRATION DATE: EFFECTIVE DATE OF PREFERENTIAL RENT: TERMINATION DATE OF PREFERENTIAL RENT: REASONS FOR GRANTING PREFERENTIAL RENT: General conditions in the rental market or economy in general. other [specify]: You and Owner are parties to a Lease (such Lease, as renewed and amended, the "Lease) for the above?referenced Apartment. For tne reasons indicated above, You have requested, and Owner has agreed :c accept, a reduced rent for the Apartment (the "Rent Reduction"), subject to and on the terms and conditions set forth in this_ Agreement. Accordingly, You and Owner agree as fcllOws: l. Prefential Rent. 1.1 Rent Reduction. Instead of the Rent and Security Deposit for the Apartment indicated above, the rent and the Security Deposit for the Apartment is temporarily reduced to the "Preferential Rent" and "Preferential Security Deposit" indicated above. The Preferential Rent and Preferential Security Deposit will apply beginning on the ?Effective Date? and end. on. the "Termination Date" indicated above. In addition, if the "One?Time Credit" Box is checked, Owner is granting You a one?time rent abatement in the amount and for the month or months indicated above. You acknowledge and understand that this rent reduction and reduction in the security deposit (and any one?time credit) is :emporary. 1.2 If You Default. In the event of any dispossess or other legal proceedings for non?payment of rent or breach of the Lease, :he action will be taken based on (and You will be fully responsible for payment of) the Rent and Security Deposit indicated above rather than on the Preferential Rent and Rreferential Security Deposit. 2 Rent Stabilization. As a condition to Owner's agreeing to the Rreferential Rent, You acknowledge and agree that: 2.1 Preferential Rent Due Solely To Market Conditions. :he Rent Stabilization Law or Code (the applies to the rental of the Apartment, the Preferential Rea: is less than the legal regulated rent for the Apartment. The Preferential Rent is provided to You solely for the reasons indicated above. There is no asaurance or agreement that Owner will grant You a ten: 0?3 p's reduction or preferential rent in the future even if warranted by market or other conditions at that time; 2.2 Lease Renewals. The legal regulated rent (without taking the Preferential Rent into account) shall be the rent upon which all future rent increases and lease renewals will be based; 2,3 Rent Registration. The Apartment will be appropriately registered with the New York State Division of Housing and Community Renewal at the legal regulated rental (without giving effect to the Preferential Rent); 2.4 Legal Regulated Rent. Tne Preferential Rent shall no: affect the legal regulated rent for the Apartment pursuant to the RSL. If the term of the Lease ends after the Termination Date, You will be required to pay the legal regulated rent for the Apartment (and tne increased security deposit) from and after the Termination Date. If the term of the Lease ends on the Termination Date, Owner reserves the right at the end of the term of the Lease to se increa he rent to the legal regulated rent. No Promises By Owner. Neither Owner, nor any of Owner's representatives have made any oral or written promises or statements to You about the rent Other than as contained in this Agreement, or if any such statements or promises have been made, they are superseded by this Agreement and not binding on Owner. 4. Confidentiality. Notwithstanding any provision hereof to the contrary, unless limited or prohibited by a non?waivable provision of law: 4.1 No Disclosure of Preferential Rent. You will not discuss the Preferential Rent with anyone else unless You have Owner?s written consent or are required to do so by law; and 4.2 Consequences Of Your Breach. The rent will revert retroactively to the Rent indicated above and You shall forfeit any rent reduction and rent credit (and shall refund to Owner, on demand, the amount of the rent reduction and rent credit provided by this Agreement), 2.1] if You discuss the Preferential Rent with anyone, unless You have Owner?s written consent or You are required to do so by law anc during any period in which You are in violation of this Agreement or the Lease; or if the rent reduction, or any part of this Agreement, is determined by any court having jurisdiction as being void as contrary to public . Fh11nw i 4. Miscellaneous. YOU HAVE READ THIS DOCUMENT CAREFULLY AND EAVE SIGNED lT VOLUNTARILY, AFTER HAVING HAD THE OPPORTUNITY TO CONSULT WITH A LAWYER. If more than one person is a Tenant under the Lease, each Tenant signing below, acknowledges, represents and agrees with the foregoing. TENANT (S): {Please print your name beneath your signature) OWNER: Tribeca Pointe L.L.C. By: Rockrose Development L.L.C., agent By: Kathleen Scott Vice President doc