a
Delaware corporation, having an address at 210 Route 4 East, Paramus, New Jersey
07652 ("Guarantor") delivered to Lender (i) that certain Guaranty of Recourse
Obligations dated as of November 30, 2011 (the "Guaranty"), and (ii) that
certain Environmental Indemnity Agreement, dated as of November 30, 2011,
delivered by Borrower and Guarantor to Lender (the "Environmental Indemnity",
and together with the Guaranty, collectively, the "Guaranty Documents");
WHEREAS, in connection with the Loan, Borrower executed and
delivered to Lender those certain documents listed on Exhibit A attached hereto
(inclusive of the Loan Agreement, the Note, the Mortgage, the Assignment of
Leases and the Guaranty Documents, collectively, the "Loan Documents" and each,
a "Loan Document"); and
WHEREAS, the parties hereto desire to amend certain provisions of
the Loan Agreement and the other Loan Documents, subject to and in accordance
with the conditions and terms of this Modification.
NOW, THEREFORE, in consideration of the mutual promises and
agreements contained herein and other good and valuable consideration, the
receipt and legal sufficiency of which are hereby acknowledged by the parties
hereto, Borrower and Lender hereby agree that the Loan Agreement and the other
Loan Documents are hereby modified as follows:
1.
MODIFICATIONS TO LOAN AGREEMENT.
1.1
ADDITIONAL DEFINITIONS.
THE FOLLOWING DEFINITIONS SHALL BE
DEEMED ADDED TO THE LOAN AGREEMENT:
"BORROWER POLICIES" SHALL HAVE THE MEANING SET FORTH IN SECTION
6.1.1(F) HEREOF.
"CONDOMINIUM ACT" SHALL MEAN THE CONDOMINIUM ACT OF THE STATE OF
NEW YORK, ARTICLE 9-B OF THE REAL PROPERTY LAW OF THE STATE OF NEW YORK (339-D
ET
SEQ.), AND ALL MODIFICATIONS, SUPPLEMENTS AND REPLACEMENTS THEREOF AND ALL
REGULATIONS WITH RESPECT THERETO, NOW OR HEREAFTER ENACTED OR PROMULGATED.
"Condominium Association" shall mean the condominium association
created pursuant to the Declaration.
2
"Condominium By-Laws" shall have the meaning set forth in
Section 6.2.5(c)
hereof.
"CONDOMINIUM COMMON CHARGES" SHALL MEAN ALL COMMON CHARGES,
MAINTENANCE FEES AND OTHER ASSESSMENTS IMPOSED PURSUANT TO THE CONDO DOCUMENTS,
INCLUDING, WITHOUT LIMITATION, WATER RATES AND SEWER RATES.
"CONDOMINIUM POLICY" OR "CONDOMINIUM POLICIES" SHALL HAVE THE
MEANING SET FORTH IN SECTION 6.1.1(C) HEREOF.
"DECLARATION" SHALL MEAN THAT CERTAIN DECLARATION ESTABLISHING A
PLAN FOR CONDOMINIUM AND OWNERSHIP OF THE PREMISES KNOWN AS 61-01 JUNCTION
BOULEVARD, REGO PARK, NEW YORK DATED AS OF MARCH 8, 2013 RECORDED AS CRFN
2013000458265, AS THE SAME MAY BE AMENDED, SUPPLEMENTED OR OTHERWISE MODIFIED
FROM TIME TO TIME.
"INITIAL CONSTRUCTION WORK" SHALL MEAN THAT CERTAIN PRELIMINARY
PORTION OF THE CONSTRUCTION WORK TO BE PERFORMED IN CONNECTION WITH THE
CONSTRUCTION AND DEVELOPMENT OF THE RESIDENTIAL UNIT AS FURTHER DESCRIBED ON
EXHIBIT D HERETO.
"POLICY" OR "POLICIES" SHALL HAVE THE MEANING SET FORTH IN SECTION
6.1.1(F) HEREOF.
1.2
MODIFICATIONS TO DEFINITIONS.
THE FOLLOWING DEFINITION HEREBY REPLACES THE
CORRESPONDING DEFINITION IN THE LOAN AGREEMENT:
"Condo Documents" shall mean the Declaration, the Condominium
By-Laws and rules and regulations of the Condominium Association and any and all
other documentation related to the formation and operation of the Condominium
under the Condominium Act, as the same may be amended, supplemented or otherwise