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Document Preview Construction Agency Agreement |
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Title: |
Construction Agency Agreement |
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Date: |
2000 |
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Preview shows 12KB of 91KB total |
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$44 |
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ID: |
#314943 |
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CONSTRUCTION AGENCY AGREEMENT
dated as of June 21, 2000
among
30 HUDSON STREET LESSOR URBAN RENEWAL L.L.C.,
and
50 HUDSON STREET LESSOR URBAN RENEWAL L.L.C.,
collectively,
as Lessor
and
GSJC 30 HUDSON URBAN RENEWAL L.L.C.,
as Construction Agent
and
GSJC 50 HUDSON URBAN RENEWAL L.L.C.,
as Construction Agent
--------------------------------------------------------------------------------
{PAGE} 2
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Section Page
------- ----
{S} {C}
ARTICLE I
DEFINITIONS
1.1. Definitions; Interpretation; Amendment and
Restatement.................................................................................... 2
ARTICLE II
APPOINTMENT OF CONSTRUCTION AGENT
2.1. Appointment and Acceptance..................................................................... 2
2.2. Relationship as between Persons
Comprising Lessee..................................................................... 2
2.3. Term........................................................................................... 3
2.4. Construction Materials......................................................................... 3
2.5. Scope of Authority............................................................................. 4
2.6. Covenants of Construction Agents............................................................... 6
2.7. Title to the Improvements...................................................................... 8
2.8. Interim Use.................................................................................... 8
ARTICLE III
THE IMPROVEMENTS
3.1. Amendments; Modifications...................................................................... 9
3.2. Casualty, Condemnation, Liquidated
Damages and Force Majeure Events..................................................... 10
ARTICLE IV
PAYMENT OF FUNDS
4.1. Funding of Improvement Costs.................................................................. 11
ARTICLE V
CONSTRUCTION AGENCY EVENTS OF DEFAULT
5.1. Construction Agency Events of Default......................................................... 12
5.2. Survival...................................................................................... 16
5.3. Remedies Cumulative; Waivers.................................................................. 16
5.4. Limitation on Recourse Liability of
{/TABLE}
i
{PAGE} 3
{TABLE}
{S} {C}
Construction Agents.................................................................. 19
5.5. Lessor's Right to Cure Construction Agents'
Defaults............................................................................. 20
5.6. Determination of Whether Budget is
"In Balance"......................................................................... 20
5.7. Limitations on Construction Agents' Liability................................................. 21
ARTICLE VI
NO CONSTRUCTION AGENCY FEE
ARTICLE VII
MISCELLANEOUS
7.1. Notices....................................................................................... 21
7.2. Successors and Assigns........................................................................ 21
7.3. GOVERNING LAW................................................................................. 22
7.4. Amendments, etc............................................................................... 22
7.5. Counterparts.................................................................................. 22
7.6. Severability.................................................................................. 22
7.7. Headings and Table of Contents................................................................ 22
7.8. Exercise of Lessor's Rights................................................................... 22
7.9. Limited Liability............................................................................. 23
7.10. No Third Party Beneficiaries.................................................................. 23
7.11. Survival of Agreements........................................................................ 23
{/TABLE}
ii
{PAGE} 4
CONSTRUCTION AGENCY AGREEMENT
Construction Agency Agreement, dated as of June 21, 2000 (this
"Agreement"), among 30 HUDSON STREET LESSOR URBAN RENEWAL L.L.C., and 50 HUDSON
STREET LESSOR URBAN RENEWAL L.L.C., each a New Jersey limited liability company
(collectively and individually, the "Lessor"), and GSJC 30 Hudson Urban Renewal
L.L.C., a New Jersey limited liability company ("30 Hudson") and GSJC 50 Hudson
Urban Renewal L.L.C., a New Jersey limited liability company ("50 Hudson"), as
Construction Agents.
W I T N E S S E T H:
A. Lessor and Construction Agents are parties to that certain
Participation Agreement (as hereafter defined) pursuant to which each
Construction Agent, as a Lessee, has agreed to lease from Lessor, and Lessor has
agreed to lease to such Lessee, Lessor's interest in the Properties pursuant to
the Lease.
B. Lessor, such Lessee and Construction Agents are parties to that
certain Participation Agreement of even date herewith (as amended, supplemented
or otherwise modified, the "Participation Agreement"), among, inter alia, The
Goldman Sachs Group, Inc., as Guarantor, 50 Hudson and 30 Hudson, as Lessee and
Construction Agents, Lessor, Ground Lessee, Ground Lessor, the Persons named
therein as Investors, Hudson Street Funding Corporation, Hudson Street Lessor
Investment Trust 2000-1, Wilmington Trust Company (not in its individual
capacity, except as specifically indicated but as investment trustee) Hatteras
Funding Corporation, the financial institutions named therein as Liquidity
Purchasers, and The Chase Manhattan Bank, as Collateral Agent.
C. Subject to the terms and conditions hereof, (i) Lessor desires to
appoint Construction Agents as its sole and exclusive agents for the
construction of the Improvements on the Land in accordance with the Construction
Budget, Construction Schedule and Plans and Specifications (each as described
more fully in Exhibit A hereto and as each of the foregoing may be modified from
time to time in accordance with this Agreement)(collectively, the "Construction
Materials") and pursuant to this Agreement, and (ii) Construction Agents desire,
for the benefit of Lessor, to cause the Improvements to be constructed in
accordance with the Construction Materials and in each case in accordance with
the terms set forth herein and in the Lease.
NOW, THEREFORE, in consideration of the foregoing, and for other good
and valuable consideration, the receipt and
{PAGE} 5
sufficiency of which are hereby acknowledged, and intending to be legally bound
hereby, the parties hereto covenant and agree as follows:
ARTICLE I
DEFINITIONS
1.1. Definitions; Interpretation; Amendment and Restatement.
Capitalized terms used but not otherwise defined in this Agreement shall have
the meanings set forth in Appendix A to the Participation Agreement, and the
rules of interpretation set forth therein shall apply to this Agreement.
ARTICLE II
APPOINTMENT OF CONSTRUCTION AGENT
2.1. Appointment and Acceptance.
Pursuant to and subject to the terms and conditions set forth herein
and in the Participation Agreement and the other Operative Documents, Lessor
hereby irrevocably designates and appoints the Construction Agents as its
exclusive agents for the construction of the Improvements on the Land
substantially in accordance with the applicable Plans and Specifications, and
Construction Agents by entering into this Agreement accept such designation and
appointment.
2.2. Relationship as between Persons Comprising Lessee.
(a) The Persons comprising Construction Agent or Construction Agents
(i.e., 30 Hudson and 50 Hudson) agree, as between themselves, that (i) they will
apportion and allocate between them, on an equitable basis, all of the
obligations, duties and liabilities of the "Construction Agent" hereunder, (ii)
to the fullest extent appropriate, an apportionment and allocation determined by
the relative developable floor areas of the Office Tower Improvements and the
Conference/Training Center Improvements shall be deemed for purposes of this
Section 2.2 to be equitably based, (iii) 30 Hudson shall be responsible for the
performance of all obligations of Construction Agents hereunder in respect of
the Site having an address of 30 Hudson Street and that 50 Hudson shall be
responsible for the performance of all obligations of Construction Agents
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