THIS AGREEMENT, made this ______ day of ____________, 20____, between 511 West 232nd Owners Corp. (hereinafter referred to as the "LICENSOR"), and ___________________________________ residing in Apartment _________ (the "Apartment") at 511 West 232nd Street, Bronx, NY 10463, (hereinafter referred to as the "LICENSEE").

WHEREAS, LICENSOR is a cooperative housing corporation and owner of the premises known as 511 West 232nd Street, Bronx, New York (the "BUILDING") and LICENSEE is a tenant or resident-shareholder and occupant of an apartment in the BUILDING; and

WHEREAS, the LICENSOR has installed a Bicycle storage area (the "Bicycle Room") in a portion of the Cooperative's common area located in the Building; and

WHEREAS, the LICENSEE desires is desirous of obtaining the privilege to store a bicycle(s) within the Bicycle Room, subject to the conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the covenants and conditions herein contained, it is mutually agreed as follows:

1. LICENSOR does hereby grant unto LICENSEE the privilege of storing ___ bicycle(s) in the Bicycle Room for a term of twelve (12) months commencing on the first day of _________ 20___ and terminating on the last day of the month of _________ 20___.
   
   
2. That the within Agreement shall be renewed for successive twelve (12) month periods provided that the annual fee in effect on the anniversary date of this Agreement is paid in full no less than fourteen (14) days prior to the anniversary date.
   
   
3. That the within Agreement may be terminated upon ten (10) days' prior written notice by LICENSOR to LICENSEE upon the violation of the terms hereof or such other rules and regulations which may hereafter be adopted by LICENSOR governing the use of the Bicycle Room.
   
   
4. In the event that LICENSEE ceases to be a tenant or resident-shareholder of LICENSOR, the within Agreement shall automatically terminate as of the date that LICENSEE ceases to be such tenant or resident-shareholder.
   
   
5. LICENSEE shall pay to LICENSOR a fee for the granting of the within license in the sum of thirty-five dollars ($35) per twelve (12) month period for each bicycle, payable in advance upon the execution hereof, and receipt of which is hereby acknowledged. LICENSOR reserves to itself the right to increase such fee at any time upon 30 days prior written notice to LICENSEE.
   
   
6. The LICENSEE shall deposit upon signature of this Agreement the sum of ten dollars ($10) per key and thirty-five dollars ($35) per bicycle as security for the faithful performance by LICENSEE of the provisions of this Agreement, it being understood that in the event LICENSEE defaults in respect to this Agreement, the LICENSOR may use the security as may be required by the LICENSEE'S default. It is expressly acknowledged that if the LICENSEE loses the key, the LICENSEE shall be responsible for all costs incurred in changing the lock and issuing replacement key(s). In the event the LICENSEE fully complies with all of the covenants and conditions of this Agreement, the security shall be returned to the LICENSEE after the termination of this Agreement. The security shall be placed in a non-interest bearing account, which may be commingled with other deposits of LICENSOR. If any of the security deposit is applied by the LICENSOR, LICENSEE will remit to the LICENSOR, within ten (10) days of such demand, a sum sufficient to restore the security to the sum required to be deposited hereunder.
   
   
7. The LICENSOR or LICENSOR'S agents shall not be liable for any damage to the LICENSEE'S Bicycle(s) stored in the Bicycle Room, nor any loss by fire, theft or other hazard. It is understood and agreed LICENSOR shall not be responsible to maintain insurance on the Bicycle Room. It is further understood and agreed that LICENSEE stores his or her Bicycle(s) at his or her own risk and is responsible for securing the Bicycle with his or her own lock. LICENSEE agrees to indemnify and hold LICENSOR harmless from any loss, damage or expense caused by LICENSEE'S use of the Bicycle Room.
   
   
8. In case of damage to the Bicycle Room by fire or other casualty, the LICENSOR shall have the option as to whether it will cause the damage to be repaired, but if the Bicycle Room is destroyed or so damaged that the LICENSOR shall decide it inadvisable to repair, this Agreement shall cease and terminate and LICENSEE shall remove his or her property.
   
   
9. Nothing contained herein shall limit the LICENSOR'S right to have access to or to utilize the Bicycle Room for any purpose. The LICENSOR may make such repairs or modifications to the Bicycle Room without notice to the Occupant (except if the LICENSOR needs to have Occupant's bicycle moved or removed, in which case it may do so with 14 days written notice), and without any abatement or refund of the license fee.
   
   
10. In the event that the LICENSEE'S conduct shall result in damage to the Bicycle Room or any of its contents, the LICENSEE shall pay to the LICENSOR any and all costs, expenses and fees necessary to repair said damage.
    
    
11. The LICENSEE acknowledges that he or she has no proprietary right to the Bicycle Room and the LICENSEE'S right to use the Bicycle Room terminates on the termination of this Agreement or the LICENSEE'S ceasing to reside in the Apartment.
    
    
12. Any notice which LICENSOR may desire to or be required to give to LICENSEE shall be deemed sufficiently given if in writing delivered to LICENSEE personally or sent by mail to the LICENSEE at the address in this Agreement. Any notice by LICENSEE to LICENSOR must be served by Registered or Certified Mail addressed to the LICENSOR at 511 West 232nd Owners Corp., c/o Veritas Property Management, LLC, 1995 Broadway, Suite 201, New York, NY 10023.
    
    
13. The LICENSEE acknowledges that only a bicycle may be stored in the Bicycle Room and agrees that the LICENSEE'S storing of material other than a bicycle will be cause for the LICENSOR to terminate this Agreement. LICENSOR shall have the right, at anytime to enter upon and inspect the Bicycle Room and remove any material in the Bicycle Room that violates this Agreement.
    
    
14. In the event LICENSEE breaches any of the terms, covenants or conditions of this Agreement or the Lease, or in the event of any dispute, claim or controversy relating thereto, LICENSOR shall have the right to terminate this Agreement. LICENSEE shall pay LICENSOR all expenses actually incurred, including attorneys' fees, resulting therefrom and from any ensuing litigation.
    
    
15. Upon termination of this Agreement, the LICENSEE agrees to arrange for the immediate removal of his or her bicycle from the Bicycle Room and return the Bicycle Room keys in his or her possession. Should LICENSEE fail to remove of his or her bicycle(s) on the date of this Agreement's termination, LICENSEE agrees that LICENSOR has the right but not the obligation to remove said property and dispense with it at LICENSOR'S discretion. LICENSEE holds LICENSOR harmless from any loss, damage or expense and shall pay all costs relating to the removal of any and all of his or her property in the Bicycle Room.
    
    
16. LICENSEE shall not be permitted to assign this Agreement or to allow another person to use the Bicycle Room except permitted family members whose names have been set forth below, or who may hereafter be consented to by the Cooperative. The LICENSOR acknowledges that the persons below will be allowed to have access to the Bicycle Room, but shall be responsible to the LICENSOR as if they were Occupant under this Agreement.
    
    
17. Notwithstanding anything contained herein to the contrary, either party may terminate this License Agreement at any time upon no less than 30 days prior written notice to the other party effective on the last day of the month following the month in which such notice is given.

IN WITNESS WHEREOF, the LICENSOR and LICENSEE have respectively executed this Agreement as of the day and year first above written:

BICYCLE HOOK NUMBER(S):__________________

Rev. 8/3/2009