Local Law 97 Clause Samples

The Local Law 97 clause establishes requirements for building owners to comply with New York City's greenhouse gas emissions limits. It typically applies to large buildings, mandating that they track and reduce their carbon emissions through energy efficiency upgrades or other measures, and may require regular reporting to city authorities. The core function of this clause is to ensure that properties contribute to the city's climate goals by reducing their environmental impact, thereby addressing the problem of excessive greenhouse gas emissions from the real estate sector.
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Local Law 97 
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Local Law 97. (A) The parties acknowledge that Local Law 97 of 2019 ("Local Law 97") imposes certain carbon emissions limits on the Building (such carbon emissions limits that are imposed from time to time upon the Building by Local Law 97 are referred to herein as the "Carbon Emissions Limits"; the sources of carbon emissions in the Building (including, without limitation, any such sources that derive from the systems that are installed in the Building or from the services that are performed in the Building) are collectively referred to herein as the "Carbon Emissions Sources"; the Carbon Emissions Sources that satisfy the Carbon Emissions Limits are collectively referred to herein as the "Permitted Carbon Emissions Sources"). (B) Landlord, from time to time during the Term, shall (i) allocate the Permitted Carbon Emissions Sources in a fair and equitable manner among the tenants in the Building based on the Rentable Area of the Building (with the understanding that the Permitted Carbon Emissions Sources shall also be allocated in a fair and equitable manner to Landlord (and not Tenant) in respect of the Building Systems and the common areas of the Building) (the allocation of the Permitted Carbon Emissions Sources to Tenant, as finally determined from time to time in accordance with this Section 11.5, is referred to herein as "Tenant's Permitted Carbon Emissions Allocation"), (ii) implement a reasonable protocol to measure on a periodic basis the extent (if any) to which the Carbon Emissions Sources that are reasonably allocable to Tenant's use and occupancy of the Premises during the period in question exceeds Tenant's Permitted Carbon Emissions Allocation for such period (such protocol, as finally determined in accordance with this Section 11.5, is referred to herein as the "Measurement Protocol"; the Carbon Emissions Sources that are reasonably allocable to Tenant's use and occupancy of the Premises as determined in accordance with the Measurement Protocol is referred to herein as "Tenant's Actual Carbon Emissions Sources"), and (iii) give Tenant notice of Tenant's Permitted Carbon Emission Allocation for a given period as determined by Landlord and the Measurement Protocol that Landlord so proposes to implement (such notice being referred to herein as the "Allocation and Protocol Notice"). Landlord shall have the right, from time to time, to revise Tenant's Permitted Carbon Emission Allocation or the Measurement Protocol, in each case pursuant to the foregoing pro...
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Related to Local Law 97

  • Local Law Compliance To the Mortgage Loan Seller’s knowledge, based upon any of a letter from any governmental authorities, a legal opinion, an architect’s letter, a zoning consultant’s report, an endorsement to the related Title Policy, a survey, or other affirmative investigation of local law compliance consistent with the investigation conducted by the Mortgage Loan Seller for similar commercial and multifamily mortgage loans intended for securitization, the improvements located on or forming part of each Mortgaged Property securing a Mortgage Loan are in material compliance with applicable laws, zoning ordinances, rules, covenants, and restrictions (collectively “Zoning Regulations”) governing the occupancy, use, and operation of such Mortgaged Property or constitute a legal non-conforming use or structure and any non-conformity with zoning laws constitutes a legal non-conforming use or structure which does not materially and adversely affect the use, operation or value of such Mortgaged Property. In the event of casualty or destruction, (a) the Mortgaged Property may be restored or repaired to the full extent necessary to maintain the use of the structure immediately prior to such casualty or destruction, (b) law and ordinance insurance coverage has been obtained for the Mortgaged Property in amounts customarily required by the Mortgage Loan Seller for similar commercial and multifamily loans intended for securitization, (c) title insurance policy coverage has been obtained with respect to any non-conforming use or structure, or (d) the inability to restore the Mortgaged Property to the full extent of the use or structure immediately prior to the casualty would not materially and adversely affect the use or operation of such Mortgaged Property. The Mortgage Loan documents require the related Mortgagor to be qualified to do business in the jurisdiction in which the related Mortgaged Property is located.

  • Local Law Requirements Spain. With respect to Customers domiciled in Spain, in the event of any conflict between any statutory law in Spain applicable to Customer, and the terms and conditions of this Agreement, the applicable statutory law shall prevail.

  • Local Law Provisions [to be provided, if any, by local counsel]

  • Compliance with Local Laws The Tenant agrees, during the Term, to adhere to all local, State, and Federal laws regarding any ordinances, orders, rules, and regulations.

  • Environmental Law Compliance The use which the Borrower or any of its Restricted Subsidiaries intends to make of any real Property owned by it will not result in the disposal or other release of any Hazardous Substance or solid waste on or to such real Property in violation of any Environmental Law, except any such violation which is not, and would not reasonably be expected to cause, a Material Adverse Change. As used herein, the term "release" as used in this Section shall have the meanings specified in CERCLA (as defined in the definition of applicable Environmental Laws), and the terms "solid waste" and "disposal" shall have the meaning specified in RCRA (as defined in the definition of applicable Environmental Laws); provided, however, that if CERCLA or RCRA is amended so as to broaden or narrow the meaning of any term defined thereby, such broader or narrower meaning shall apply subsequent to the effective date of such amendment; and provided further, to the extent that any other law applicable to the Borrower, any of its Restricted Subsidiaries or any of their properties and assets establishes a meaning for "hazardous substance," "release," "solid waste," or "disposal" which is broader than that specified in either CERCLA or RCRA, such broader meaning shall apply. The Borrower and each Restricted Subsidiary agrees to indemnify and hold the Administrative Agent and each Lender harmless from and against, and to reimburse them with respect to, any and all claims, damages, losses, liabilities and expenses (including reasonable attorneys' fees and courts costs) asserted or awarded against or incurred by any of them by reason of or arising out of transactions contemplated by this Agreement and (a) the failure of the Borrower or any of its Restricted Subsidiaries to perform any obligation hereunder regarding asbestos or applicable Environmental Laws, (b) any violation by the Borrower or Restricted Subsidiary on or before the Release Date of any applicable Environmental Law in effect on or before the Release Date, and (c) any act, omission, event or circumstance existing or occurring on or prior to the Release Date, involving the presence on such real Property or release from such real Property of Hazardous Substances or solid wastes disposed of or otherwise released on or prior to the Release Date, resulting from or in connection with the ownership by the Borrower or any Restricted Subsidiary of the real Property, regardless of whether the act, omission, event or circumstance constituted a violation of any applicable Environmental Law at the time of its existence or occurrence, or whether the act, omission, event or circumstance is caused by or relates to the negligence of any indemnified Person; provided, that the Borrower shall not be under any obligation to indemnify the Administrative Agent or any Lender to the extent that any such liability arises as the result of the gross negligence or willful misconduct of such Person, as finally judicially determined by a court of competent jurisdiction. The provisions of this Section shall survive the Release Date and shall continue thereafter in full force and effect.