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Project Loan Agreement

 

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Title:

Project Loan Agreement

Entities:

Forest City Enterprises, Inc.; Wachovia Bank, NA; International Swap Dealers Association Inc.; International Swaps & Derivatives Association, Inc.; Kelley Drye & Warren LLP; Paul, Weiss, Rifkind, Wharton & Garrison; Piper Rudnick

Date:

2004

Size:

Preview shows 139KB of 707KB total

Price:

$99

ID:

#882652

 

 

► Loans ► Loan Agreements ► Project Loan Agreements
► Financial
► Real Estate
► Services ► Legal
► Miscellany ► Associations

 

 

Start of Preview


 

PROJECT LOAN AGREEMENT

 

By and Among

 

THE NEW YORK TIMES BUILDING LLC
having an address at
One MetroTech Center North
Brooklyn, New York  11201

 

(Borrower)

 

NEW YORK STATE URBAN DEVELOPMENT CORPORATION
d/b/a EMPIRE STATE DEVELOPMENT CORPORATION
having an address at
633 Third Avenue
New York, New York  10017
as initial agent
(Initial Agent)

 

and

 

GMAC COMMERCIAL MORTGAGE CORPORATION
having an address at
100 South Wacker Drive, Suite 400
Chicago, Illinois  60606,
as agent
(Agent)

 

Dated as of June 25, 2004

 

Amount: $149,470,521

 

Property Location:

 

Eighth Avenue between 40th and 41st Street, New York, New York

Lots:

 

1, 5, 8, 14, 53 , 59, 61, 62, 63 and part of 15

Block:

 

1012

Section

 

4

 

Please return time-stamped certified copy to:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, New York 10019
Attention: Harris B. Freidus, Esq.

 



 

TABLE OF CONTENTS

 

ARTICLE 1 TERMS AND DEFINITIONS

 

 

 

ARTICLE 2 PROJECT LOAN DOCUMENTS

 

SECTION 2.01

Project Loan Notes

 

SECTION 2.02

Project Loan Mortgage

 

SECTION 2.03

Construction Loan Disbursement Agreement

 

SECTION 2.04

Assignments of Contracts

 

SECTION 2.05

Assignment of Leases

 

SECTION 2.06

Guaranties

 

SECTION 2.07

Fee Side Letter

 

SECTION 2.08

Disclosure Side Letter

 

 

 

ARTICLE 3 AGREEMENT TO LEND AND PAYMENT OF PROJECT LOAN

 

SECTION 3.01

Advances

 

SECTION 3.02

Cost Overruns

 

SECTION 3.03

Contingency Reserves

 

SECTION 3.04

Stored Materials

 

SECTION 3.05

Amount of Each Advance

 

SECTION 3.06

Insufficiency of Loan Proceeds

 

SECTION 3.07

Quality of Work

 

SECTION 3.08

Initial Required Equity Funds; Net Proceeds; Net Award or Proceeds

 

SECTION 3.09

Payment of Indebtedness

 

SECTION 3.10

Payment of Interest

 

SECTION 3.11

Late Charge

 

SECTION 3.12

Prepayment

 

SECTION 3.13

Increased Costs

 

SECTION 3.14

Illegality and Inability to Determine

 

SECTION 3.15

Payments and Computations

 

SECTION 3.16

Net Payment; Taxes

 

SECTION 3.17

Distribution to Lenders

 

SECTION 3.18

Balloon Payment

 

SECTION 3.19

Extensions

 

SECTION 3.20

Reallocations

 

 

 

ARTICLE 4 CONDITIONS PRECEDENT TO PROJECT LOAN CLOSING AND DISBURSEMENT OF LOAN PROCEEDS

 

SECTION 4.01

Conditions of Project Loan Closing

 

SECTION 4.02

Conditions of Advances

 

SECTION 4.03

Conditions of Final Construction Advance

 

SECTION 4.04

Contributions of Initial Required Equity Funds

 

SECTION 4.05

Interest Advances

 

 

i



 

ARTICLE 5 METHOD OF DISBURSEMENT OF LOAN PROCEEDS

 

SECTION 5.01

Administration

 

SECTION 5.02

Procedure for Advances

 

SECTION 5.03

Funds Advanced; Capitalized Interest

 

SECTION 5.04

Advances Do Not Constitute a Waiver

 

SECTION 5.05

[INTENTIONALLY OMITTED]

 

 

 

ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF BORROWER

 

SECTION 6.01

Validity of Project Loan Documents

 

SECTION 6.02

Title

 

SECTION 6.03

Absence of Conflicts

 

SECTION 6.04

Pending Litigation

 

SECTION 6.05

Legal Requirements

 

SECTION 6.06

Compliance with All Legal Requirements

 

SECTION 6.07

Organization Status and Authority

 

SECTION 6.08

Availability of Utilities

 

SECTION 6.09

Condition of Property

 

SECTION 6.10

Accuracy of Documents

 

SECTION 6.11

Encroachments

 

SECTION 6.12

Brokerage Commissions

 

SECTION 6.13

Financial Statements and Other Information

 

SECTION 6.14

Tax Returns

 

SECTION 6.15

Material Contracts

 

SECTION 6.16

Guaranteed Maximum Price Contract

 

SECTION 6.17

Access

 

SECTION 6.18

No Default

 

SECTION 6.19

Architects Contract

 

SECTION 6.20

Plans and Specifications

 

SECTION 6.21

Budgets

 

SECTION 6.22

Feasibility

 

SECTION 6.23

[INTENTIONALLY OMITTED].

 

SECTION 6.24

Governmental Approvals and Third Party Approvals

 

SECTION 6.25

No Liens

 

SECTION 6.26

Separate Tax Lot(s)

 

SECTION 6.27

Margin Stock

 

SECTION 6.28

Foreign Person

 

SECTION 6.29

ERISA

 

SECTION 6.30

Employees

 

SECTION 6.31

Flood Zone

 

SECTION 6.32

Investment Company Act

 

SECTION 6.33

Assessments

 

SECTION 6.34

Property Taxes and Other Charges

 

 

ii



 

SECTION 6.35

No Bankruptcy Filing

 

SECTION 6.36

Filing and Recording Taxes

 

SECTION 6.37

Fraudulent Transfer

 

SECTION 6.38

Insurance Compliance

 

SECTION 6.39

Name; Taxpayer Identification Number

 

SECTION 6.40

Leases

 

SECTION 6.41

Interest Rate Protection Agreements

 

SECTION 6.42

Prior Construction

 

SECTION 6.43

Equity Contribution

 

SECTION 6.44

Borrower LCs

 

 

 

ARTICLE 7 COVENANTS OF BORROWER

 

SECTION 7.01

Guaranteed Maximum Price Contract; GMP Guaranty

 

SECTION 7.02

Architects Contract

 

SECTION 7.03

Insurance

 

SECTION 7.04

Application of Funds