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Title: |
Contribution Agreement |
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Entities: |
Fleet Bank, NA; Jones Lang LaSalle Americas, Inc.; JPMorgan Chase Bank; Real Estate Board of New York, Inc.; SL Green Realty Corp.; Viacom International Inc.; New York Clearing House Association; Goldman, Sachs & Co.; Fried, Frank, Harris, Shriver & Jacobson; Paul, Hastings, Janofsky & Walker; Proskauer Rose LLP; Astor Plaza Venture, L.P.; 1515 Broadway Associates, L.P.; The Equitable Life Assurance Society Of the United States |
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Date: |
2002 |
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Preview shows 59KB of 344KB total |
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$99 |
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#257320 |
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CONTRIBUTION AGREEMENT
among
ASTOR PLAZA VENTURE, L.P.,
a Delaware limited partnership,
and
1515 BROADWAY ASSOCIATES, L.P.,
a Delaware limited partnership,
and
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES,
a New York corporation
and
SL GREEN REALTY ACQUISITION LLC,
a Delaware limited liability company
Dated as of: January ___, 2002
{Page}
TABLE OF CONTENTS
{Table}
{Caption}
Page No.
{S} {C} {C}
ARTICLE I CONTRIBUTION, EARNEST MONEY AND CONSIDERATION....................................................3
1.1 Subject of Contribution.........................................................................3
1.2 Property Defined................................................................................4
1.3 Reconstituted New GP and Partnership............................................................4
1.4 Existing Debt...................................................................................4
1.5 Contribution and Notional Consideration.........................................................5
1.6 Actions Taken at Closing........................................................................6
1.7 Earnest Money..................................................................................10
ARTICLE II TITLE AND SURVEY................................................................................12
2.1 Status of Title................................................................................12
2.2 Conveyance of Title............................................................................15
ARTICLE III INSPECTION.....................................................................................15
3.1 Right of Inspection............................................................................15
3.2 Inspection Items...............................................................................16
3.3 Inspection Rules and Limitations...............................................................16
3.4 Insurance......................................................................................17
3.5 Indemnity......................................................................................17
3.6 Non-Disclosure.................................................................................18
ARTICLE IV CLOSING.........................................................................................18
4.1 Time and Place.................................................................................18
4.2 The Partnership's, Astor's and Equitable's Obligations at Closing..............................18
4.3 Investor's Obligations at Closing..............................................................22
4.4 Credits and Prorations.........................................................................23
4.5 Closing Costs..................................................................................30
4.6 Escrows Established at Closing.................................................................33
ARTICLE V REPRESENTATIONS AND WARRANTIES...................................................................33
5.1 Representations and Warranties of the Partnership..............................................33
5.2 Representations and Warranties of Investor.....................................................40
5.3 Representations and Warranties of Astor........................................................41
5.4 Representations and Warranties of Equitable....................................................42
5.5 Survival of Representations and Warranties.....................................................43
5.6 Knowledge Defined..............................................................................46
{/Table}
{Page}
{Table}
{S} {C} {C}
ARTICLE VI COVENANTS RELATING TO CONDUCT OF BUSINESS......................................................46
6.1 Conduct of Business............................................................................46
6.2 Investor's Covenants...........................................................................49
6.3 Solicitation of Limited Partner Consents.......................................................49
6.4 Liability Regarding Covenants..................................................................50
6.5 Bankruptcy.....................................................................................50
6.6 Permitted Leasing After Execution Date.........................................................50
6.7 Covenants Regarding Service Contracts..........................................................51
6.8 IATSE Space....................................................................................52
6.9 Class E Violations.............................................................................52
6.10 Exclusivity....................................................................................53
ARTICLE VII CONDITIONS TO CLOSING..........................................................................54
7.1 Conditions to Obligations of the Parties.......................................................54
7.2 Additional Conditions to Obligations of Investor...............................................54
7.3 Additional Conditions to Obligations of Astor, the Partnership and Equitable...................55
ARTICLE VIII ESTOPPEL CERTIFICATES/VIACOM SNDA..............................................................56
8.1 Form of Estoppel Certificates..................................................................56
8.2 Estoppel Certificates Due......................................................................56
8.3 Viacom SNDA....................................................................................58
8.4 Notice and Proceedings.........................................................................58
ARTICLE IX DEFAULT AND OTHER TERMINATION MATTERS..........................................................58
9.1 Default by Investor............................................................................58
9.2 Default by the Partnership, Astor or Equitable.................................................59
9.3 Post Termination Matters.......................................................................60
ARTICLE X RISK OF LOSS...................................................................................60
10.1 Minor Damage...................................................................................60
10.2 Major Damage...................................................................................60
10.3 Definition of "Major" Loss or Damage...........................................................61
ARTICLE XI COMMISSIONS/ADVISORY FEES......................................................................61
ARTICLE XII DISCLAIMERS AND WAIVERS........................................................................61
12.1 No Reliance on Documents.......................................................................62
12.2 Disclaimers....................................................................................62
12.3 Effect of Disclaimers..........................................................................63
{/Table}
ii
{Page}
{Table}
{S} {C} {C}
ARTICLE XIII TAX MATTERS...................................................................................65
13.1 Tax Reporting..................................................................................65
13.2 Allocations....................................................................................65
13.3 Book-Up........................................................................................65
13.4 Audits.........................................................................................65
13.5 Tax Returns....................................................................................66
13.6 Section 754 Election...........................................................................66
13.7 Tax Return Information.........................................................................66
13.8 Survival of Tax Matters........................................................................67
ARTICLE XIV SOLICITATION, CONSENT AND BANKRUPTCY MATTERS...................................................67
14.1 Solicitation...................................................................................67
14.2 Filing of Pre-Packaged Bankruptcy..............................................................68
14.3 First Day Motions and Fiduciary Obligations....................................................69
14.4 Timing.........................................................................................69
14.5 Investor's Bankruptcy Obligations..............................................................71
ARTICLE XV CONTINGENT MATTERS..............................................................................72
15.1 Insurance......................................................................................72
15.2 Financial Material Adverse Changes.............................................................74
15.3 Finalization of Investor's Financing Commitment................................................76
15.4 Chase Consent..................................................................................76
15.5 Interest Rates.................................................................................77
ARTICLE XVI EQUITABLE SEVERED MORTGAGE.....................................................................79
16.1 Severed Mortgage Loan..........................................................................79
16.2 Cancellation of Severed Mortgage Loan..........................................................80
ARTICLE XVII MISCELLANEOUS..................................................................................80
17.1 Confidentiality................................................................................80
17.2 Public Disclosure..............................................................................81
17.3 Discharge of Obligations.......................................................................81
17.4 Assignment.....................................................................................81
17.5 Notices........................................................................................82
17.6 Modifications..................................................................................84
17.7 Tenant Notification Letters....................................................................84
17.8 Calculation of Time Periods....................................................................84
17.9 Successors and Assigns.........................................................................84
17.10 Entire Agreement...............................................................................84
17.11 Further Assurances.............................................................................84
17.12 Counterparts...................................................................................85
17.13 Severability...................................................................................85
{/Table}
iii
{Page}
{Table}
{S} {C} {C}
17.14 Applicable Law.................................................................................85
17.15 No Third Party Beneficiary.....................................................................85
17.16 Exhibits and Schedules.........................................................................85
17.17 Captions.......................................................................................85
17.18 Construction...................................................................................85
17.19 Termination of Agreement.......................................................................85
17.20 Survival.......................................................................................86
17.21 No Recordation.................................................................................86
17.22 Binding Effect.................................................................................86
17.23 Satisfaction or Waiver.........................................................................86
17.24 Business Day...................................................................................86
{/Table}
iv
{Page}
INDEX OF DEFINED TERMS
{Table}
{Caption}
Page No.
{S} {C}
2000 Tax Return..................................................................................................63
Acquired Equitable Debt...........................................................................................6
Additional Rents.................................................................................................24
Advisor..........................................................................................................59
Agreement.........................................................................................................1
All-in Interest Rate.............................................................................................72
Alternate Investor...............................................................................................31
Alternate Transaction............................................................................................66
Alternate Transaction Fee........................................................................................31
Alternative Offer................................................................................................66
Approved IATSE Contractors.......................................................................................50
Arrears..........................................................................................................29
Assignment of Claims.............................................................................................20
Assignment of Contracts..........................................................................................19
Astor.............................................................................................................1
Bankruptcy Code..................................................................................................65
Bankruptcy Court.................................................................................................65
Bankruptcy Filing................................................................................................65
Bankruptcy Proceeding............................................................................................65
BSC Partnerships.................................................................................................32
business day.....................................................................................................83
Cancelled Equitable Debt..........................................................................................6
Cap..............................................................................................................32
Cash Contribution.................................................................................................5
Certificate of Reduction..........................................................................................7
Chase.............................................................................................................2
Chase Consent....................................................................................................73
Chase First Mortgage..............................................................................................5
Chase First Mortgage Loan.........................................................................................5
Chase Mortgage Loans..............................................................................................5
Chase Mortgages...................................................................................................5
Chase Second Mortgage.............................................................................................5
Chase Second Mortgage Loan........................................................................................5
Class E Violations...............................................................................................51
Closing..........................................................................................................18
Closing Tax Returns..............................................................................................63
Code.............................................................................................................23
Commission Agreements............................................................................................38
Confirmation Order...............................................................................................65
Contractual Cure Items...........................................................................................13
Date-down Certificate............................................................................................19
Designated Employees.............................................................................................45
{/Table}
{Page}
{Table}
{S} {C}
Designated Investor Employees....................................................................................45
Diligence and Financing Expenses.................................................................................31
Disclaiming Diligence Team.......................................................................................60
Disclaiming Parties..............................................................................................59
Disclosed Survey Items...........................................................................................12
Dismissal Option Notice..........................................................................................67
Earnest Money....................................................................................................10
Employee Benefit Plan............................................................................................23
Environmental Disclosures........................................................................................38
Equitable.........................................................................................................1
Equitable Debt Release............................................................................................5
Equitable Mortgage Loans..........................................................................................5
Equitable Second Mortgage.........................................................................................5
Equitable Second Mortgage Loan....................................................................................5
Equitable Third Mortgage..........................................................................................5
Equitable Third Mortgage Loan.....................................................................................5
Equivalent Financing.............................................................................................72
ERISA............................................................................................................23
Escrow Agent.....................................................................................................10
Escrow Agreement.................................................................................................11
Estoppel Certificate.............................................................................................54
Estoppel Certificates............................................................................................54
Excluded Union Employees..........................................................................................7
Execution Date....................................................................................................1
Existing Mortgage Debt............................................................................................4
Existing Partnership Agreement....................................................................................1
Extension Credit.................................................................................................67
Extension Option.................................................................................................66
Fee Owner.........................................................................................................2
Fee Owner Interest Contribution...................................................................................6
Fee Owner Operating Agreement.....................................................................................2
Fiduciary Obligations............................................................................................66
Final Closing Statement..........................................................................................24
Final Order......................................................................................................52
Final Reconciliation Date........................................................................................24
Financial MAC....................................................................................................71
Financial MAC Date...............................................................................................71
Financial MAC Termination Notice.................................................................................71
First Extension Period...........................................................................................66
First Measurement Date...........................................................................................74
First Treasury Cure Notice.......................................................................................74
First Treasury Termination Notice................................................................................74
General Tenant Estoppel Form.....................................................................................54
Governmental Entity..............................................................................................35
GP Interest.......................................................................................................1
{/Table}
2
{Page}
{Table}
{S} {C}
IATSE Contract...................................................................................................50
IATSE Work.......................................................................................................50
Improvements......................................................................................................1
Individually Held Interests......................................................................................65
Initial Financial MAC Termination Notice.........................................................................71
Inspection Material..............................................................................................77
Inspection Period................................................................................................15
Insurance Coverage...............................................................................................69
Insurance Cure...................................................................................................69
Insurance Cure Notice............................................................................................69
Insurance Premium Cap............................................................................................69
Insurance Unavailability Notice..................................................................................69
Intangibles.......................................................................................................4
Investor..........................................................................................................1
Investor's Financing Commitment..................................................................................40
Investor's Interests.............................................................................................13
Investor's Representatives.......................................................................................15
IRS..............................................................................................................62
JLL..............................................................................................................50
Land..............................................................................................................1
Lease Schedule...................................................................................................36
Leases............................................................................................................3
Leasing Guidelines...............................................................................................49
Legal Restraints.................................................................................................52
Lender...........................................................................................................40
Letter of Credit.................................................................................................10
Licenses.........................................................................................................33
Limited Partner Consents.........................................................................................65
Limited Partner Designee..........................................................................................1
Limited Partners..................................................................................................1
LLREI............................................................................................................45
Long Form Press Release..........................................................................................78
LP Letter........................................................................................................32
major............................................................................................................59
major national title insurance company...........................................................................15
Material Adverse Effect..........................................................................................22
Material Tax Returns.............................................................................................36
May Extension Credit.............................................................................................67
Mezzanine Financing...............................................................................................9
Mezzanine LLC.....................................................................................................2
Mezzanine LLC Operating Agreement.................................................................................2
Minimum Claim Amount.............................................................................................42
Minimum Required Consents........................................................................................64
Mortgage Modifications............................................................................................9
New GP............................................................................................................1
{/Table}
3
{Page}
{Table}
{S} {C}
New GP Operating Agreement........................................................................................1
New Property Loan.................................................................................................8
New Service Contract.............................................................................................47
Non-Conforming Lease.............................................................................................49
Non-Transferable Security Deposits...............................................................................26
Notional Consideration............................................................................................6
Obligations......................................................................................................34
Outside Bankruptcy Approval Date.................................................................................66
Outside Closing Date.............................................................................................18
Partnership.......................................................................................................1
Partnership Organizational Documents.............................................................................33
Partnership Related Parties.......................................................................................7
Permitted Encumbrances...........................................................................................12
Personal Property.................................................................................................3
PH Fees..........................................................................................................32
Plan.............................................................................................................65
Plan Documents...................................................................................................65
Preliminary Closing Statement....................................................................................24
Preliminary Net Balance..........................................................................................24
Premises..........................................................................................................1
Present Value Formula............................................................................................75
Property..........................................................................................................4
Property Manager.................................................................................................16
Property Taxes...................................................................................................26
Reconciliation Advance...........................................................................................30
Reconciliation Refund............................................................................................25
Reconstituted New GP..............................................................................................4
Reconstituted Partnership.........................................................................................4
Remaining Equitable Second Mortgage...............................................................................6
Remaining Equitable Second Mortgage Loan..........................................................................6
Remaining Mortgage Debt...........................................................................................9
rents............................................................................................................25
Representation Cap...............................................................................................43
Representation Cap Step-Up.......................................................................................43
Representative...................................................................................................77
Restated Mezzanine Operating Agreement............................................................................2
Restated Partnership Agreement....................................................................................2
Revised Net Balance..............................................................................................24
Second Extension Period..........................................................................................66
Second Measurement Date..........................................................................................74
Second Treasury Cure Notice......................................................................................75
Second Treasury Termination Notice...............................................................................75
Service Contracts.................................................................................................3
Severed Mortgage.................................................................................................76
Severed Mortgage Event...........................................................................................76
{/Table}
4
{Page}
{Table}
{S} {C}
Severed Mortgage Holder..........................................................................................76
Severed Mortgage Loan............................................................................................76
Severed Note.....................................................................................................76
SLGRC.............................................................................................................7
Solicitation.....................................................................................................64
Substitute Commitment............................................................................................47
Swap Rate........................................................................................................74
Swap Rate Credit Formula.........................................................................................74
Tenant Inducement Costs..........................................................................................28
Tenant Notices...................................................................................................19
Term Sheet.......................................................................................................49
Title Allocation Schedule........................................................................................14
Title Company....................................................................................................12
Title Defect.....................................................................................................12
Title Policy.....................................................................................................15
Title Pro Forma..................................................................................................12
Transfer Tax Returns.............................................................................................19
Treasury Cap.....................................................................................................74
Undisclosed Survey Items.........................................................................................12
Unpermitted Viacom Modification..................................................................................43
Updated Viacom Estoppel..........................................................................................55
Viacom...........................................................................................................37
Viacom Date-down Certificate.....................................................................................19
Viacom Disclosure Schedule.......................................................................................37
Viacom Escrow....................................................................................................32
Viacom Estoppel..................................................................................................55
Viacom Estoppel Form.............................................................................................54
Viacom Lease.....................................................................................................37
Viacom SNDA......................................................................................................56
Viacom SNDA Provision............................................................................................73
Viacom Termination Notice........................................................................................55
{/Table}
5
{Page}
EXHIBITS
Exhibit A New GP Operating Agreement
Exhibit B Mezzanine LLC Operating Agreement
Exhibit C Fee Owner Operating Agreement
Exhibit D Restated Partnership Agreement
Exhibit E Restated Mezzanine Operating Agreement
Exhibit 1.6(a)(i) Certificate of Reduction
Exhibit 1.7(a)(ii) Form of Letter of Credit
Exhibit 1.7(b) Earnest Money Escrow Agreement
Exhibit 2.1(a) Title Pro Forma
Exhibit 4.2(a)(iv) Form of Tenant Notices
Exhibit 4.2(a)(v) Form of Assignment of Contracts
Exhibit 4.6 Viacom Rent Escrow Agreement
Exhibit 8.1-1 Viacom Estoppel Form
Exhibit 8.1-2 General Tenant Estoppel Form
Exhibit 14.1(a) Solicitation
Exhibit 14.2(a) Plan
{Page}
SCHEDULES
{Table}
{S} {C}
Schedule A Legal Description of Premises
Schedule 1.7(a)(ii) Escrow Agent's Wire Transfer Instructions
Schedule 2.1(c) Title Allocation Schedule
Schedule 5.1(a) Schedule of Capital Contributions of Partners in the Partnership
Schedule 5.1(e) Schedule of Litigation; Liabilities
Schedule 5.1(f) Schedule of Conflicts with Compliance/Permits
Schedule 5.1(g) Schedule of Employees
Schedule 5.1(h)(i) Indebtedness Agreements
Schedule 5.1(h)(ii)-1 Service Contracts
Schedule 5.1(h)(ii)-2 Service Contracts - Default Notices
Schedule 5.1(i) Tax Matters
Schedule 5.1(j)(i)-1 Schedule of Leases
Schedule 5.1(j)(i)-2 Leases - Default Notices
Schedule 5.1(j)(i)-3 Schedule of Tenant Disputes
Schedule 5.1(j)(i)-4 Schedule of Security Deposits
Schedule 5.1(j)(iv) Viacom Disclosure Schedule
Schedule 5.1(j)(v) Pending Leasing Transactions
Schedule 5.1(j)(vi) Summary Rent Roll - November, 2001
Schedule 5.1(k) Commission Agreements
Schedule 5.1(m) Tax and Assessment Protests
Schedule 5.1(o) Environmental Disclosure Schedule
Schedule 5.1(q)-1 Chase Outstanding Principal/Interest Letter - November 30, 2001
Schedule 5.1(q)-2 Amortization Payments/Interest Accruals - Calendar Year 2001
Schedule 5.6 Designated Employees
Schedule 6.6 Leasing Guidelines
Schedule 6.7 JLL Leasing Commissions
Schedule 6.8-1 Approved Contractors for IATSE Work
Schedule 6.8-2 Scope of IATSE Work
Schedule 6.9 Class E Violations
Schedule 13.7 2000 Tax Year Information
Schedule 15.1(a) Minimum Insurance Coverage
Schedule 15.1(b)(ii) Insurance Credit Present Value Formula
Schedule 15.2(b) Equivalent Financing Credit Formula
Schedule 15.5(b)-1 Swap Rate Calculation
Schedule 15.5(b)-2 Swap Rate Credit Formula
Schedule 15.5(d) Present Value Formula
{/Table}
{Page}
THIS CONTRIBUTION AGREEMENT (the "AGREEMENT") is made as of the 11th day of
January, 2002 (the "EXECUTION DATE"), among ASTOR PLAZA VENTURE, L.P., a
Delaware limited partnership, with an office c/o The Equitable Life Assurance
Society of the United States, 1290 Avenue of the Americas, New York, New York
10104 ("ASTOR"), 1515 BROADWAY ASSOCIATES, L.P., a Delaware limited partnership,
with an office c/o The Equitable Life Assurance Society of the United States,
1290 Avenue of the Americas, New York, New York 10104 (the "PARTNERSHIP"), THE
EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES, a New York corporation
("EQUITABLE"), having its home office at 1290 Avenue of the Americas, New York,
New York 10104 and SL GREEN REALTY ACQUISITION LLC, a Delaware limited liability
company ("INVESTOR"), having an office at 420 Lexington Avenue, New York, New
York 10170-1881.
W I T N E S S E T H:
WHEREAS, the Partnership is the owner and holder of the fee simple estate
in and to that certain plot, piece and parcel of land (collectively, the "LAND")
commonly known as 1515 Broadway, New York, New York and more particularly
described on SCHEDULE A, together with the buildings, structures, fixtures and
other improvements on the Land (collectively, the "IMPROVEMENTS"; the
Improvements and the Land being together referred to as the "PREMISES");
WHEREAS, Astor is the owner and holder of 100% of the general partnership
interest in the Partnership (the "GP INTEREST");
WHEREAS, the limited partnership interests in the Partnership are held by
certain Class A Limited Partners and Class B Limited Partners (collectively, the
"LIMITED PARTNERS") as more particularly described in that certain Second
Amended and Restated Agreement of Limited Partnership dated November 7, 1991 and
which became effective as of December 31, 1991 (the "EXISTING PARTNERSHIP
AGREEMENT");
WHEREAS, the parties have agreed, subject to obtaining certain consents and
approvals more particularly described herein, to consummate a transaction
whereby:
(a) Equitable shall cancel and release a portion of the mortgage
debt held by it encumbering the Premises as more particularly described herein
and 100% of the cancellation of indebtedness income of the Partnership
attributable thereto shall be allocated to the GP Interest of Astor;
(b) a new single member Delaware limited liability company (the "NEW
GP") governed by an operating agreement in the form attached hereto as EXHIBIT A
(the "NEW GP OPERATING AGREEMENT"), which is 100% owned by a designee of the
Limited Partners identified in the New GP Operating Agreement (the "LIMITED
PARTNER DESIGNEE") and which shall have Astor as its non-member manager, shall
be admitted pursuant to the terms of the Existing Partnership Agreement to the
Partnership as an additional general partner with a .001% interest therein;
{Page}
(c) the Partnership shall redeem the GP Interest from Astor and
Astor shall withdraw from the Partnership, pursuant to the terms of the Existing
Partnership Agreement;
(d) the Partnership shall then contribute the Property (as
hereinafter defined) subject to the reduced mortgage indebtedness to a newly
formed Delaware limited liability company ("MEZZANINE LLC") in exchange for 100%
of the membership interests in Mezzanine LLC, to be governed by an operating
agreement in the form attached hereto as EXHIBIT B (the "MEZZANINE LLC OPERATING
AGREEMENT");
(e) Mezzanine LLC shall in turn contribute the Property to a second
newly formed Delaware limited liability company ("FEE Owner") in exchange for
100% of the membership interests in Fee Owner, to be governed by an operating
agreement in the form attached hereto as EXHIBIT C (the "FEE OWNER OPERATING
AGREEMENT");
(f) Astor shall resign as the non-member manager of the New GP and
the Limited Partner Designee shall appoint a new managing member of the New GP;
(g) the Existing Partnership Agreement shall be amended and restated
in its entirety in the form annexed hereto as EXHIBIT D (the "RESTATED
PARTNERSHIP AGREEMENT");
(h) in exchange for (i) contributing $1,000,000 in cash to Mezzanine
LLC, plus an actual contribution sufficient to cause (A) a portion of
Equitable's mortgage indebtedness hereinafter described to be acquired, and
(B) the lien of such portion of Equitable's mortgage indebtedness so acquired to
be spread to other property and released from the Premises, and (ii) causing
certain indebtedness encumbering the Premises and held in part by JPMorgan Chase
Bank ("CHASE") and in part by Equitable to be refinanced, Investor shall be
admitted to Mezzanine LLC as its sole managing member owning a 99.8% membership
interest therein (with the Partnership retaining a .2% common membership
interest therein), to be governed by an amended and restated operating agreement
of Mezzanine LLC in the form attached hereto as EXHIBIT E (the "RESTATED
MEZZANINE OPERATING AGREEMENT"); and
(i) in exchange for a $1,000 capital contribution to Fee Owner, an
affiliate of Investor (designated by Investor) will acquire a .01% interest in,
and be admitted as a member of, Fee Owner; and
WHEREAS, it is the intention of all of the parties hereto that the
aforementioned transactions shall be consummated in the sequence described
herein, but contemporaneously, pursuant to a pre-packaged plan of reorganization
approved by the Bankruptcy Court (as hereinafter defined), all as more
particularly set forth and subject to the terms, covenants and conditions
contained herein.
NOW THEREFORE, in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration, the mutual receipt
and legal sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound hereby, covenant and agree as follows:
2
{Page}
ARTICLE I
CONTRIBUTION, EARNEST MONEY AND CONSIDERATION
1.1 SUBJECT OF CONTRIBUTION. In accordance with the terms and conditions
of this Agreement and subject to Investor's performance and satisfaction of
those conditions, covenants and obligations contained herein which are stated to
be Investor's obligation hereunder, the Partnership shall contribute to
Mezzanine LLC and cause Mezzanine LLC to contribute to Fee Owner on the Closing
Date (as hereinafter defined) all of the Partnership's right, title and interest
in, to and under, the following:
(j) the Land;
(k) the Improvements;
(l) to the extent assignable:
(i) all site plans, architectural renderings, plans and
specifications, engineering plans, as-built drawings, floor plans and other
similar plans or diagrams, if any, which (x) relate to the Premises and (y) are
in the Partnership's possession or under the Partnership's control;
(ii) all licenses, permits and warranties, if any, which relate
to the Premises; and
(iii) all tangible personal property upon the Land or within the
Improvements, including specifically, without limitation, all equipment,
appliances, tools, machinery, supplies, building materials, computer equipment
and software related to the operation of the elevators, the fire alarm system,
the electronic lobby directory and the so-called "Building Management System,"
and other similar personal property (excluding cash) which is (x) owned by the
Partnership as of the Execution Date and (y) attached to, appurtenant to or
located in the Improvements or used in the on-site management or leasing offices
for the Property (the property described in this SECTION 1.1(c) being herein
referred to collectively as the "PERSONAL PROPERTY");
(m) as is more particularly set forth on the Lease Schedule (as
hereinafter defined) and subject to the provisions of SECTION 6.6 of this
Agreement, all leases, licenses and other agreements with respect to the use and
occupancy of (or right to erect or maintain signs at) the Property, pursuant to
which any portion of the Land or Improvements is used or occupied, together with
all amendments and modifications thereto and all guaranties, if any, and
security, if any, provided thereunder (the property described in this SECTION
1.1(d) being herein referred to collectively as the "LEASES");
(n) (A) those (i) certain contracts and agreements to which the
Partnership is a party (collectively, the "SERVICE CONTRACTS") relating to the
upkeep, repair, maintenance or operation of the Land, Improvements or Personal
Property which extend beyond the Closing (as hereinafter defined), subject to
SECTION 6.1(o) and SECTION 6.7 of this Agreement; (ii) existing
3
{Page}
warranties and guaranties (expressed or implied) issued to the Partnership (or
to the Property Manager (as hereinafter defined)) in connection with or
otherwise covering the Improvements or the Personal Property; (iii) capitalized
expenses reflected on the Partnership's balance sheet that are not subject to
pro ration pursuant to SECTION 4.4 of this Agreement, and (B) the use of the
name "Astor Plaza" insofar as it relates to the Premises, it being expressly
acknowledged by Investor that Astor and its affiliate entities may continue to
utilize the phrase "Astor Plaza" in their respective names (the property
described in this SECTION 1.1(e) being sometimes herein referred to collectively
as the "INTANGIBLES"), in each case, subject to certain liabilities and
encumbrances as are more fully set forth herein. Notwithstanding anything in
this SECTION 1.1 to the contrary, nothing in this Agreement is intended to, nor
shall, convey or contribute any right, title or interest in or to the names
"Equitable," "The Equitable Life Assurance Society of The United States," "AXA,"
"AXA Group," "AXA Financial, Inc." or any variations thereon.
1.2 PROPERTY DEFINED. The Land, the Improvements, the Personal Property,
the Leases and the Intangibles are hereinafter sometimes referred to
collectively as the "PROPERTY."
1.3 RECONSTITUTED NEW GP AND PARTNERSHIP.
(a) For all periods prior to the resignation of Astor as the
non-member manager of New GP, New GP and all references to it herein shall be to
New GP as it exists prior to such resignation. Upon and after the aforementioned
resignation of Astor as the non-member manager of New GP, New GP and all
references to it herein shall be to New GP as it exists on and after such
transfer, whose manager shall be as appointed by the Limited Partner Designee.
All references to the "RECONSTITUTED NEW GP" shall be to New GP as it shall
exist on and after the aforementioned resignation of Astor as the non-member
manager from the New GP.
(b) For all periods prior to the redemption of the GP Interest from
Astor and the withdrawal of Astor from the Partnership, the Partnership and all
references to it herein shall be to the Partnership as it exists prior to such
redemption and withdrawal, all of whose partners are Astor, the Limited Partners
and, upon its admission to the Partnership, New GP, and as governed by the
Existing Partnership Agreement. Upon and after the aforementioned redemption of
the GP Interest and withdrawal of Astor, the Partnership and all references to
it herein shall be to the Partnership as it exists on and after such redemption
and withdrawal, all of whose partners shall be the Limited Partners and the New
GP, and excluding Astor, and as governed by the Restated Partnership Agreement.
All references to the "RECONSTITUTED PARTNERSHIP" shall be to the Partnership as
it shall exist on and after the aforementioned redemption of the GP Interest and
withdrawal of Astor.
1.4 EXISTING DEBT. As of November 30, 2001 (it being understood that all
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