The Transfer Fee shall be deposited into the Corporation’s reserve fund and used solely for capital expenditures of the Corporation. Such transfers will be conditioned upon payment of the Transfer Fee to the Corporation. “Notwithstanding anything to the contrary herein, effective on the Effective Date, simultaneous with any transfer of the shares or assignment of this Lease, lessee shall pay, or shall cause to be paid, to Lessor, by bank check or certified check drawn on a New York Bank, or by wire transfer of immediately available funds, payable to Lessor, consideration for such transfer of the shares and assignment of this lease (the ‘Transfer Fee’) in the amount of one percent (1%) of the gross sales price or other consideration paid for an apartment sold pursuant to a contract of sale dated on or after _ (the “Effective Date”).
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