CITADEL CINEMAS, INC.

6100 Center Drive,  Suite 900

Los Angeles, CA  90045

William D. Ellis – General Counsel

William.Ellis@readingrdi.com 

Telephone:  (213) 235-2240

 

 

June 5, 2015

 

 

Via Email

 

Sutton Hill Capital, LLC

c/o The Decurion Corporation

120 N. Robertson Boulevard

Los Angeles, CA  90048

Attn:  James Vandever

 

 

Re:Sutton Hill Properties, LLC

 

Gentlemen:

Reference is made to that certain First Amended and Restated Operating Agreement
of Sutton Hill Properties, LLC, a Nevada limited liability company (the
“Company”), dated as of June 28, 2007, by and between Citadel Cinemas, Inc.
(“Citadel”) and Sutton Hill Capital, LLC (“SHC”) (as amended by that certain
First Amendment to the First Amended and Restated Operating Agreement of Sutton
Hill Properties, LLC, the “Operating Agreement,” to which reference is made for
capitalized terms not otherwise defined herein).

Specifically, reference is made to Section 2.5 of the Operating Agreement, which
requires the consent of SHC before the Company proceeds with the redevelopment
plan for the Third Avenue Property, which involves its redevelopment into a
residential or hotel tower, with appropriate amenities, either individually or
as part of a joint venture that would be formed with an adjoining
landowner.  Please indicate your consent to this redevelopment plan -- as may be
modified in the reasonable discretion of Citadel without the need for further
approval of SHC -- by executing this letter where indicated below and returning
it to me at your earliest convenience.

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Sutton Hill Capital, LLC

Attn:  James Vandever

June 5, 2015

Page 3

 

 

Thank you very much for your time and cooperation.

 

CITADEL CINEMAS, INC.,

a Nevada corporation

 

By:/s/ William D. Ellis

Name:William D. Ellis

Title:Secretary

Acknowledged and Agreed:

SUTTON HILL CAPITAL, LLC,

a New York limited liability company

 

By:/s/ James D. Vandever

Name:James D. Vandever

Title:Non-Member Manager

 

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