|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                   
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------
|PRESIDENTIAL
          REALTY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | EXHIBIT 10.21     
|CORPORATION         180 South Broadway  White Plains, N.Y. 10605  (914) 948-1300                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | September 16, 2005
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                   
|Mr. Robert N. Rich                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                   
|Mr. Lester Cohen                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                   
|Ms.  Lyla Dolgin                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                   
|Mr. Stephen Silverstein                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                   
|Mr. Arthur Cohen                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                   
|Mr. Martin Cohen                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                   
|Presidential Matmor                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                   
|Dear Partners:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|The
      undersigned partners (the Partners) of Pdl, Inc. & Associates, Limited Copartnership
      (the Partnership) have discussed the advisability of making various repairs and capital
      improvements to the Home Mortgage Plaza property (the Property)as described on Exhibit
      A annexed hereto (the Improvements) at the estimated cost also set forth on said Exhibit
      A. Following our discussions about the situation, the Partners have authorized Pdl, Inc. (the General
      Partner) to cause the Improvements to be made on behalf of the Partnership.
      In
        order to provide (a) the funds necessary to make the Improvements, along with any other repairs and
        capital improvements that the General Partner determines are necessary or appropriate, and (b) additional
        funds that may become necessary to cover negative cash flow from the operations of the Property,
        the General Partner has agreed to lend the Partnership from time to time the aggregate amount of
        $1,000,000 (the Loan). The amount of the Loan may be increased at the discretion of the
        General Partner to $2,000,000. The Loan will accrue interest at the rate of 11% per annum from the
        time of each advance until repaid in full as provided below. Accrued interest and principal shall
        be repaid as and when there is cash flow from the operation of the Property available for such payment
        (as determined by the General Partner) and before any distributions are made to Partners. All repayments
        shall be applied first to any accrued and unpaid interest and then to principal. Notwithstanding
        anything else contained herein, all accrued and unpaid interest and unpaid principal shall be due
        and payable on May 11, 2008, or prior thereto upon any refinancing of the First Mortgage on the Property.
      Prior
        to making any advance of the Loan, the General Partner will utilize $400,000 of the funds currently
    set aside for payment

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|of the costs of tenant work and leasing commissions (the Self Escrowed Funds). The Self
Escrowed Funds, which are in addition to an escrow held by the holder of the First Mortgage, are
currently in the amount of approximately $907,000. The General Partner, in its discretion, may use
available cash flow from the Property either to repay any unpaid accrued interest and principal or
to restore the amount of the Self Escrowed Funds to its existing balance.
Notwithstanding
anything else contained herein, the outstanding principal balance of the Loan, and any accrued and
unpaid interest thereon, shall be repaid to the General Partner prior to any distributions of cash
flow or in liquidation of the Partnership.
Please
sign a copy of this letter in the space provided below for your signature and return the executed
copy to the undersigned in order to evidence your agreement to the above.
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

|           | Very truly yours,
|---------- | -----------------
|           |                  
|           | Pdl, Inc.        
|           |                  
|           | By               
|           |                  
|Agreed to: |                  
|           |                  

|                          |                       |                           |    
|------------------------- | --------------------- | ------------------------- | ---
|/s/   Robert N. Rich      |                       |                           |    
|                          |                       |                          
|Robert N. Rich            |                       | Lester
Cohen             
|                          |                       |                           |    
|                          |                       |                          
|/s/   Lyla Dolgin         |                       | /s/   Stephen Silverstein
|                          |                       |                          
|Lyla Dolgin               |                       | Stephen
Silverstein      
|                          |                       |                           |    
|                          |                       |                          
|Martin Cohen Trust        |                       | Arthur Cohen Trust       
|                          |                       |                           |    
|                          |                       |                           |    
|By:                       | /s/ Martin Cohen      |                           | By:
|                          |                       |                           |    
|                          |                       |                           |    
|                          |                       |                           |    
|Presidential Matmor, Inc. |                       |                           |    
|                          |                       |                           |    
|                          |                       |                           |    
|By:                       | /s/ Jeffrey F. Joseph |                           |    
|                          |                       |                           |    

|
|



|                                                                                                           
|-----------------------------------------------------------------------------------------------------------
|Exhibit A
ProposedBuilding Upgrade Program
HOME MORTAGE PLAZA
268 Ponce de León AvenueHato Rey, Puerto Rico

|
|



|              
|--------------
|INFRASTRUCTURE
|              

|Elevator Upgrade                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ------- | - | ---------
|                                            | Replacement of controllers and motor generators, machine room wiring, seismic sensors and system, electronic
selector system, hoistway conduit wiring, traveling cables, limit switches, car stations (button
pads) complying with ADA regs, hall buttons (also ADA compliant), digital indicators, door operators
for 5 elevators |                                                                                                                                                                                                                                                                                                     |   |        
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   | $        
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|Backup Power                                |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|                                            | John Deere 1000 KvA 208/120 Volt Backup system and fuel tank                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                     | $ | 163,545 |   |          
|                                            | John Deere 1000 KvA 480/277 Volt Backup system and fuel tank                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                     | $ | 161,657 |   |          
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   | $        
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|Roof                                        |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|                                            | Drains Installed                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   | $        
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|Insulation of cold water piping  2nd floor |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|                                            | Some cold water piping runs through a machine area on the P-2 level, generating considerable condensation.
This piping should be insulated                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                     |   |        
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   | $        
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|A/C System  DEFERRED WORK                  |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|                                            | 3rd Chiller - (SHOULD BE COMPLETED WITHIN 12  18 MONTHS)                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                     |   |        
|                                            |                                                                                                                                                                                                                                                                                                                                    | When the original 3 chillers were replaced in the past, only 2 were replaced.                                                                                                                                                                                                                       |   |         |  
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   | $        
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|                                            | 3rd Cooling Tower - (SHOULD BE COMPLETED WITHIN 12  18 MONTHS)                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |        
|                                            |                                                                                                                                                                                                                                                                                                                                    | Currently the third cooling tower is inoperable, we are running on 2 towers. If one goes down, replacement
would take months to accomplish while we would be unable to provide adequate cooling to the tenants.
Replacement of cooling tower including installation with stainless steel components |   |         |  
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   | $        
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|                                            | 15th Floor Air Handlers - (TO BE COMPLETED WHEN OCCUPIED BY NEW TENANT)                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                     |   |        
|                                            |                                                                                                                                                                                                                                                                                                                                    | Currently two 25-ton air handlers (installed in 1987) provide cooling for the 15th (top) floor. These
dont provide for adequate flow to all areas of the floor. Trane and York reps both recommend
two 40-ton units for proper cooling.                                                            |   |         |  
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   | $        
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|                                            |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         |   |          
|INFRASTRUCTURE TOTAL                        |                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                     |   |         | $ | 1,117,672

|
|



|COSMETIC
|--------
|        

|Replace lobby floor and repaint ceiling |                                                                                                                                                                       |   |          
|--------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ---------
|                                        | Remove existing tile in lobby and on Munoz Rivera patio and replace with stone we can polish                                                                          |   |          
|                                        |                                                                                                                                                                       |   | $        
|                                        |                                                                                                                                                                       |   |          
|Signage                                 |                                                                                                                                                                       |   |          
|                                        | We need some exterior building identification with lighting after review of building name and tenant
      directories on each floor need upgrading and standardizing |   |          
|                                        |                                                                                                                                                                       |   | $        
|                                        |                                                                                                                                                                       |   |          
|Metal shades treated and painted        |                                                                                                                                                                       |   |          
|                                        | Metal trim on north and south sides of building is dulled and needs refurbishment                                                                                     |   |          
|                                        |                                                                                                                                                                       |   | $        
|                                        |                                                                                                                                                                       |   |          
|Repair or replace Ocasio Street façade  |                                                                                                                                                                       |   |          
|                                        | Repairs needed where pigeons have eaten away material and nested.                                                                                                     |   |          
|                                        |                                                                                                                                                                       |   | $        
|                                        |                                                                                                                                                                       |   |          
|Lighting                                |                                                                                                                                                                       |   |          
|                                        | Some interior lighting fixtures in lobby area may be part of re-design                                                                                                |   |          
|                                        |                                                                                                                                                                       |   | $        
|                                        |                                                                                                                                                                       |   |          
|Interior Garden Display                 |                                                                                                                                                                       |   |          
|                                        | Professionally redo interior garden                                                                                                                                   |   |          
|                                        |                                                                                                                                                                       |   | $        
|                                        |                                                                                                                                                                       |   |          
|                                        |                                                                                                                                                                       |   |          
|                                        |                                                                                                                                                                       |   |          
|COSMETIC TOTAL                          |                                                                                                                                                                       | $ | 137,088  
|                                        |                                                                                                                                                                       |   |          
|                                        |                                                                                                                                                                       |   |          
|                                        |                                                                                                                                                                       |   |          
|PROJECT TOTAL                           |                                                                                                                                                                       | $ | 1,254,760
|                                        |                                                                                                                                                                       |   |          
|PROJECT TOTAL LESS DEFERRED HVAC WORK   |                                                                                                                                                                       | $ | 919,790  

|                                                                                                         |                                                                                                                                                                                                                                                             
|-------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|NOTE 1: it may develop that a capital investment in power saving devices and equipment would net a
long-
|                                                                                                         | term gain for the operation of the building. Although this is not part of this program to increase
the rentability of the building, it is mentioned here for informational purposes because of our concern
with the increasing energy costs of the property.
|                                                                                                         |                                                                                                                                                                                                                                                             
|NOTE 2: Some discussion needs to take place around the issue of naming the building. Suggestions such
as
|                                                                                                         | Plaza 268 or Tower 268 have been offered, and it remains to be seen whether a large tenant would
want naming rights.                                                                                                                                        

|
|