OMNIBUS AMENDMENT TO PROJECT DOCUMENTS
THIS OMNIBUS AMENDMENT TO PROJECT DOCUMENTS, dated as of the 1st day of June, 2014 is by and between the COUNTY OF SULLIVAN INDUSTRIAL DEVELOPMENT AGENCY, a corporate governmental agency constituting a body corporate and politic and a public benefit corporation organized and existing under the laws of the State of New York, with its principal offices at One Cablevision Center, Ferndale, New York 12734 (“Agency”) and the SULLIVAN COUNTY COMMUNITY COLLEGE DORMITORY CORPORATION, a not-for-profit corporation organized and existing under the laws of the State of New York, having offices at 112 College Road, Loch Sheldrake, New York 12759 (“Company”).
WHEREAS, the Agency was created by Chapter 560 of the Laws of 1970 of the State of New York, as amended, pursuant to Title I of Articles 18-A of the General Municipal Law of the State of New York (collectively, the “Act”) as a body corporate and politic and as a public benefit corporation of the State of New York; and
WHEREAS, on or about December 2, 2010, the Company requested and the Agency agreed to undertake a project consisting of, among other things, the acquisition of a leasehold interest in an approximately 20.00 acre parcel of land located in the Town of Fallsburg, County of Sullivan, State of New York (“2010 Project”); and
WHEREAS, to memorialize the 2010 Project, on or about December 2, 2010, the Agency and the Company entered into the following documents:
- Lease to Agency (“Lease Agreement”);
- Leaseback to Company (“Leaseback Agreement”); and
- Payment in Lieu of Taxation Agreement (“PILOT Agreement”);
(the Lease Agreement, Leaseback Agreement and PILOT Agreement are collectively referred to herein as the “Project Documents”) and related documents necessary to facilitate the 2010 Project; and
WHEREAS, the Company and the Agency wish to amend the Project Documents to extend the term of the Lease Agreement, Leaseback Agreement to December 31, 2014.
NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged it is mutually agreed as follows:
1. Amendment of Lease Agreement. Section 2.4(b) of Lease Agreement is hereby amended to read:
“The leasehold estate created hereby shall terminate at 11:59 P.M. on December 31, 2034, or on such earlier date as may be permitted by Section 6.1 hereof.”
2. Amendment of Leaseback Agreement. Section 2.5(b) of the Leaseback Agreement is hereby amended to read: “The leasehold estate created hereby shall terminate at 11:59 P.M. on December 31, 2034, or on such earlier date as may be permitted by Section 8.1 hereof.”
3. Amendment to Notice Provision. The notice address of the Company and its representative set forth in Section 7.1 of the Lease Agreement, Section 9.1 of the Leaseback Agreement and Section 9 of the PILOT Agreement are hereby amended to read as follows:
Sullivan County Community College Dormitory Corporation
112 College Road
Loch Sheldrake, New York 12759
with a copy to:
Catania, Mahon, Milligram & Rider, PLLC
1 Corwin Court
Newburgh, New York 12550
Attn: Michelle Rider, Esq.
4. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but which together shall constitute a single instrument.
5. Integration. Except as herein amended, all other terms and conditions of the Omnibus Amendment to Project Documents shall remain in full force and effect.
IN WITNESS WHEREOF, the Company, the Bank and the Agency have caused this Agreement to be executed in their respective names, all as of the date first above written.
COUNTY OF SULLIVAN INDUSTRIAL DEVELOPMENT AGENCY
__________________________________________
By: Allan C. Scott, Chief Executive Officer
SULLIVAN COUNTY COMMUNITY COLLEGE DORMITORY CORPORATION
__________________________________________
By: Steven Kaufman, President
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