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Gramercy Recognition Agreement with ESDC

Gramercy Recognition Agreement with ESDC

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Published by: AYReport on Jan 12, 2011
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01/12/2011

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EXECUTFON \IERSIONRECOGNITIONAGREEMENTTHIS RECOGNITIONAGREEMENT(this"Agreement"),datedthis_dayof_,2010,s madebyandamong GRAMERCYWAREHOUSE FUI$XIING IILLC,aDelawareimitedliability oompffly,having an addressat 42A Lexington Avenue,Suite 1900,New York, New York I 0l70" as agent or itselfanditsassignsandparticipants (insuchcapacity,togetherwith itssuccessorsand assigns insuch capacify,"Mortgagee'),AYDC INTERIMDEYELOPER,LLC, a Delawarelimited liabilitycompany, havingan address fi. clo ForestCityRatnerCompanies,LLC, 1 Metro'TechCenter, Brooklyn,New York 11201(togetherwith itssuccessors ndpermittedassig$s, "Developer"),andNEWYORK STATEURBAI\DEVELOPMENTCORPORATION DTBIAEMPIRESTATE I}EVELOPMENTCORPORATION, a corporategovemmentalagencyof the State of New Yoinkconstitutingapoliticalsubdivisionandprblicbenefitcorporation, havingan offrce at 633 Third Avenue,NewYork,New York10017(togetherwithits successorsnd assigns,ESDC").
wIrNEg$ErH:
WHEREAS' on.Iuly 18,2006,ESDC adoptedhat certain General Pro-iectPlan,and onDecember8, 2005,and .Iuly 23,20A9,ESDC adoptedthose sertain ModifiedGeneralProjectPlansthe"MGPP")for theAtlantic YardsLandUseImprovementand Civic Project(theDevelopmentProject"),eactr n accordancewith the New YorkState Urban DevelopmentCorporation ct;WHEREAS,the DevelopmentProject comprises theconstrustionof a majormixed*use evelopment nthe Attrantic Terminalareaofthe Boroughof BrookliSrn,City andStateofNewYork,ncluding aprofessionalsportsvenue("Arena")to serveas the home venuefor theNationalBasketballAssociation professionalbasketballeam currently lcnown asthe New JerseyNets and as a venue forother entettainment,cultural, sporting andcivicevents,andother mixedusebuildingsallsuchbuildings otherthanthe Arena, the"ProjectBuitrdingsf'[WHEREAS,theprojectsite(the"ProjectSite") occupiesanapproximately?'7-acreareagenerallyboundedby Ftratbush nd 4nAvenues to theWest, Vanderbi-It AvenuetotheEast,Atlantic Avenueto the North, andDean and PacificStreets o theSouthandincludes tlreapproximately-acre(includingthe landunder the 6thandCarlton Avenue Bridges)below-gr:r,JeLong slandRailRoadVanderbilt StorageYard;WHEREAS, inorder to effectuatehe intent of theMGPP, ESDC" DeveloperandAffiliatesof Developerhave entered nto thatcertain Development,A.greernentated_,2010(the"I)evelopment Agreement"), and thatcertainLand Acquisition Fr,mdingPropertyManagementndRelocationAgreementdated as ofSeptember18,2009(the"LAI'PMRA");WHEREAS,Mortgageeis the lawfulowner and holderof theOriginalMortgagesashereinafter defrned);WIIEREAS,subject to and inaccordancewiththe terms andconditions of theIAFPMRA,ESDC hasexercised tspowerof eminentdomain toacquire, inter alia, thePhasePropertiesashereinafterdefined) inorder to implementthe DevelopmentProject,and aportion
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of the PhaseProperties aresubjectto the securityinterestgranted in favorof'the Mortgageepursuanto the OriginalMortgage;WHEREAS,ESDC andDeveXoperareparties to the(i)Agreernent ofInterimLease(ArenaBlock,Non-ArenaParcel) datedthedatehereof(the"ArenaBlock InterimLease");and(ii)Agreementof InterimLease{Block1129) datedthe datehereof("Block1129Interim Lease'l,andtogether withthe ArenaBlockInterirn Lease,he "InterimLeases");WHEREAS,pursuant to(a)aMortgage SpreaderAgreementandFinancingStatement,atedas of thedatehereo{ ail}ongDeveloper,certainAffiliatesof DeveloperandMortgageethe"FirstMortgageSpreadern')and(b)a MortgageSpreaderAgreement,datedthedate hereof,amongDeveloper,certainAffitriatesof DeveloperandMortgagee(the"SecondMortgageSpreader"and togetherwith theFirst MortgageSpreader,the"MortgageSpreaders"),whichMortgageSpreadershave been(orsimultaneouslyherewith, will be)recordedn the Officeof theCityRegister, KingsCounty(suchKings CountyCffice ofthe CityRegister,he"CityRegister"),MortgageeandDeveloperhave(orsimultaneoustryerewith, will)spread helien of the OriginalMortgagesto enaumberDeveloper'sleasehold estatesundertheInterimLeases;WHEREAS,pursuantto thePartialRelease ofMortgagedPrernises, datedthedate hereof,byMortgagee(the"MortgageRelease"), whichMortgageRelease has been(orsimultaneouslyherewith, willbe)recordedintheCityRegister,Mortgageehasreleased(orsimultaneouslyerewith,willrelease) helien oftheOriginalMortgages onthe feeinterests of,thePhaseProperties;andWHEREAS,pursuanto(a)theThird Amendedand RestatedLeaseholdand FeeMortgage,AssignmentofLeasesandRents, SecurityAgreementand Financing Statement,datedas ofthe datehereof, amongDeveloper,certai.nAfhliatesof DeveloperandMortgagee(the"FirstMortgage")and(b)the SecondArne*dedandRestated SubordinateLeaseholdand FeeMortgage,Assignment ofLeasesand Rerfs,SecurityAgreementand FinancingStatement,datedasof thedate hereof,amongDeveloper"sertainAffiliatesof DeveloperandMortgagee(the"SecondMortgage"andtogether withtheFirstlvfortgage, he"Mortgages")"whichMortgageshave been(orsimultaneouslyherewith, wiilbe)recordedin the CityRegister,MortgageeandDeveloperhave(orsimultaneouslyherewidh,will) amendedandrestated he OriginalMortgagesto encumberDeveloper'sleaseholdestates undertheInterimLeasesandcertainfeesimpleestatesf thosecertainAffiliatesof Developerpartytothe Mortgages'WHEREAS,ESDC hasagreed orecognize andgrantcertain rightsto Mortgageewithrespecto the InterimLeasesand anyNew Leases,in eachcase, asInoreparticularlydescribednthis Agreement.NOW,THEREFORE,inco,nsiderationof theforegoingprernises, Ten Dollars($10.00)paid in hand, and othergoodand valuableconsideration,he receiptand sufficiency ofwhich areherebyacknowledged.hepartieshereto,intending tobelegally bound,hereby agreeas ollows:
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ARTICLE IDEFT}$ITIONS;CONSTRUCTION OFTERMS1.I Definitions. Unlessotherwise ndicatednthisAgreement,all capitalizedterms used butnot otherwi,sedefined in the body of this Agreement shallhave themeaninggivento such terms nAppendix"&attachedheretoandmade apart hereof.1.2Rules eifConstruction.The following rules of construction shall beapplicable tothis Agreer,nmf unless expresslyprovidedotherwise ortheeontext otherwiserequires:(a)The terms"hereby", "hereof',"hereto","herein","hereundet"andanysimilar terms shall refilrto thisAgreement, and"hereafler"shall mean after, and"heretofore"shall mean before,hedateofthis Agreement.(b)Wordsofthe masculine, feminine or neutergendershall mean andinclude the correlativewords of the othergendersand wordsimportingthe singularnumbershallmean and includethepluralnumber and vice versa.(c)The terms"include", "including"andsimilar termsshallbeconstruedas f followed bylhephrase"withoutbeinglimited to".td)Whenever aparfyhereto"shall"perform (orcause o beperformed)any obligationshereunder',zuchperfonnanceshall, subject to Section 9.10 below, be at suchparty'ssolecost and expe.*se" nless otherwise expresslyprovidedin this Agreernent.(e)Except as otherwiseexprssslyprovidedherein, any reference inthis Agreementto any docurnent,nstrument,certificate or agreementshall meansuch document,instrument, certificate or agtreementas amended,estated,supplementedorotherwisemodifiedfrom time to time in accordancewith the terms thereof.1.3 Ca$ti.ons.The captions under the article and section numbersareforconvenienceandreferenqeonlyand in nowaydefine,limitor describehescope orintentof thisAgreementnor in anywayaffectthe interpretation or meaning of this Agreernent.ARTICLEIIREC,SGNITION OF MORTGAGEE:ESTOPPEL2.1Morteage Notices. Mortgagee has, on orpriorto the date of thisAgreement, delivered to ESDC(a)thenotice required to begivenby MortgageepursuanttoSection 29.1(a) of theInterirn Leasesthe"RMNotice"), and(b)certifiedcopies of the OriginalMortgagesand each amenihentthereto through thedateof this Agreement(includingtheMortgage Spreaders),n each case, as recorded(orto be recorded)withtheCityRegister(collectively,he"CertifiedMortgage").Mortgageecovenantsnd agrees o deliver to ESDCan updated RMNoticeandCertified Mortgage each ime the Certified Mortgage is, subjeqt o therequirements of the Interim Leases, if any, amended, restated, supplementedorotherwise
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