Document:

First Modification of Sublease Agreement

 Exhibit 10.2 

 
  

 
 EMPIRE STATE BUILDING ASSOCIATES

 AS SUBLESSOR 
 AND 
 LAWRENCE A. WIEN, HARRY B. HELMSLEY, WICO 

TRADING CORPORATION and MARTIN WEINER 
 REALTY CORPORATION, joint venturers associated under 
 the name of EMPIRE STATE
BUILDING COMPANY 
 AS SUBLESSEE 

 
  

First Modification 
 of 
 Sublease 

 
  

Dated: February 15, 1965 
 Demised Premises: 350 Fifth Avenue 

                      
                    New York, New York 
  

 
 The property
affected by the within instrument lies in 
 Section 3, Block 835 on the Tax Map of the County of New York.

  
  

 
 RECORDED IN THE OFFICE OF THE REGISTER OF THE
CITY OF NEW YORK, NEW YORK COUNTY, IN LIBER                    OF CONVEYANCES, PAGES
            , FEBRUARY     , 1965. 
 RECORD AND
RETURN TO: 
 WIEN, LANE & KLEIN 
 LINCOLN BUILDING 
 60 EAST 42ND STREET 

NEW YORK 17, NEW YORK 

 THIS FIRST MODIFICATION OF SUBLEASE, dated February 15, 1965 made by and between
EMPIRE STATE BUILDING ASSOCIATES, a general partnership consisting of LAWRENCE A. WIEN, HENRY W. KLEIN and PETER
L. MALKIN, residing respectively at 785 Fifth Avenue, New York, New York, Sterling Road (no street number), Harrison, New York, and Summit Ridge Road (no street number), Stamford, Connecticut, and having its principal office and place
of business at 60 East 42nd Street, New York, New York (hereinafter called “Sublessor”), and LAWRENCE A. WIEN, residing at 785 Fifth Avenue, New York, New York, HARRY B. HELMSLEY,
residing at 61 Ridgecrest Road, Briarcliff Manor, New York, WICO TRADING CORPORATION, a New York corporation, having its principal office at 60 East 42nd Street, New York, New York and
MARTIN WEINER REALTY CORPORATION, a New York corporation, having its principal office at 1457 Broadway, Room 901, New York, New York, joint venturers associated under the name of
EMPIRE STATE BUILDING COMPANY, having an office at 60 East 42nd Street, New York, New York (hereinafter called “Sublessee”). 

W I T N E S S E T H : 
 WHEREAS, The Prudential Insurance Company of America (hereinafter called “Lessor”) is the owner of the premises known as the Empire State Building, located at 350 Fifth Avenue,
Borough of Manhattan, City, County and State of New York (hereinafter called “Demised Premises”); and 

WHEREAS, Sublessor is the holder of a lease of the Demised Premises between Lessor and Alglan Realty Corporation, Rostev
Realty Corporation, and Bentob Realty Corporation, dated December 21, 1951 and recorded on December 21, 1951, in the Office of the Register of The City of New York, New York County, in Liber 4759 of Conveyances at Page 534, as modified in
its entirety by a Modification of Indenture of Lease between Lessor and Sublessor, dated December 27, 1961, and recorded on December 27, 1961, in said Register’s Office in Liber 5173 of Conveyances at Page 49 (which modification is
hereinafter called the “Lease”); and 
 WHEREAS, Sublessee is the holder of a Sublease of the Demised
Premises between Sublessor and Sublessee, dated December 27, 1961 and recorded on December 27, 1961 in said Register’s Office in Liber 5173 of Conveyances at Page 155 (hereinafter called the “Sublease”); and 

WHEREAS, Lessor and Sublessor by Second Modification of Indenture of Lease, dated this day and executed and delivered
immediately prior hereto, and intended to be recorded immediately prior hereto in said Register’s Office, have modified Section 9.02 of the Lease having to do with increasing Lessor’s investment in the Demised Premises and
Section 2.01, subdivision 2, of the Lease having to do with increasing the improvement net rent payable by Sublessor as a result of Lessor’s additional investment; and 

WHEREAS, Sublessor and Sublessee desire to make identical modifications in the Sublease. 

 NOW, THEREFORE, Sublessor and Sublessee, in consideration of
the mutuality hereof, do hereby modify the Sublease as noted below, and Sublessor and Sublessee, as the case may be, agree to accept, keep, observe and perform the Sublease as modified hereby. 

1. Sublessee hereby consents to the aforesaid Second Modification of Indenture of Lease and Sublessee hereby agrees that the Sublease is
and shall be subject and subordinate to the Lease as so modified. 
 2. Sublessor and Sublessee hereby agree that wherever the
Lease is referred to in the Sublease it shall be deemed to refer to the Lease as so modified by said Second Modification of Indenture of Lease. 
 3. Sublessor and Sublessee hereby agree that the incorporation in the Sublease by reference of Section 2.01, subdivision 2, and Section 9.02 of the Lease shall be deemed to refer to said
Sections as so modified by said Second Modification of Indenture of Lease, except as follows: 
 (a) Under
Section 2.01, subdivision 2, the payments of improvement net rent by Sublessee to Sublessor shall be made on the third day of each month starting with the month in which the first such payment is due under the Lease, and 

(b) Under Section 9.02 it is agreed that title to all of the improvements shall be in Lessor, that Sublessee shall be
deemed to be performing the work for the account of Lessor, and that Sublessee shall be entitled to the disbursement only as, if and when same is received by Sublessor from Lessor, and upon receipt thereof, Sublessor shall promptly remit same to
Sublessee as reimbursement for the work performed. 
 4. The terms, covenants, agreements, provisions, conditions and
limitations of the Sublease as modified herein shall continue in full force and effect and shall bind and inure to the benefit of Sublessor, its successors and assigns, and Sublessee, its successors and assigns, except as otherwise provided.

 IN WITNESS WHEREOF, Sublessor and Sublessee have executed this First
Modification of Sublease the day and year first above written. 
  

			
	EMPIRE STATE BUILDING ASSOCIATES
		
	By:	 	 /s/ Lawrence A. Wien

		 	Lawrence A. Wien, Partner
		
	By:	 	 /s/ Henry W. Klein

		 	Henry W. Klein, Partner

  
 2 

					
		 	By:	 	 /s/ Peter L. Malkin

		 		 	Peter L. Malkin, Partner
			
		 		 	(as Sublessor)
		
		 	 /s/ Lawrence A. Wien

		 	Lawrence A. Wien
		
		 	 /s/ Harry B. Helmsley

		 	Harry B. Helmsley
		
		 	WICO TRADING CORPORATION
			
	[SEAL]	 		 	
			
		 	By:	 	 /s/ Lawrence A. Wien

		 		 	Lawrence A. Wien, President
		
		 	MARTIN WEINER REALTY CORPORATION
			
	[SEAL]	 		 	
			
		 	By:	 	 /s/ Martin Weiner

		 		 	Martin Weiner, President
			
		 		 	 Joint Venturers associated under the name of 
 EMPIRE STATE BUILDING COMPANY,

			
		 		 	(as Sublessee)

  
 3 

					
	 STATE OF NEW YORK

COUNTY OF NEW YORK
	 	}	 	ss.:

 On this 15th day of February, 1965, before me personally came LAWRENCE A. WIEN, HENRY
W. KLEIN and PETER L. MALKIN, to me known and known to me to be members of the co-partnership of EMPIRE STATE BUILDING ASSOCIATES, the firm
described in and which executed the foregoing instrument and said LAWRENCE A. WIEN, HENRY W. KLEIN and PETER L. MALKIN acknowledged that they executed the
foregoing instrument for and in behalf of said co-partnership. 
  

	
	 /s/ Alvin Silverman

	Notary Public

  

					
	 STATE OF NEW YORK

COUNTY OF NEW YORK
	 	}	 	ss.:

 On this 15th day of February, 1965, before me personally came LAWRENCE A. WIEN and
HARRY B. HELMSLEY, to me personally known and known to me to be the individuals described in, and who executed the foregoing instrument, and duly acknowledged that they executed the same. 

 

	
	 /s/ Alvin Silverman

	Notary Public

  
 4 

					
	 STATE OF NEW YORK

COUNTY OF NEW YORK
	 	}	 	ss.:

 On this 15th day of February, 1965, before me personally came LAWRENCE A. WIEN, to me known, who
being by me duly sworn, did depose and say that he resides at the 785 Fifth Avenue, New York, New York; that he is the President of WICO TRADING CORPORATION, the corporation described in and which
executed the foregoing instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Directors of said Corporation, and that he signed his
name thereto by like order. 
  

	
	 /s/ Alvin Silverman

	Notary Public

  

					
	 STATE OF NEW YORK

COUNTY OF NEW YORK
	 	}	 	ss.:

 On this 15th day of February, 1965, before me personally came MARTIN WEINER, to me known, who, being
by me duly sworn, did depose and say that he resides at 140 Hepburn Road, Clifton, New Jersey; that he is the President of MARTIN WEINER REALTY CORPORATION, the corporation described in and
which executed the above instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation, and that he signed his
name thereto by like order. 
  

	
	 /s/ Alvin Silverman

	Notary Public

  
 5 

 CONSENT 
 THE UNDERSIGNED, THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey corporation, having its
principal place of business at 745 Broad Street, Newark, New Jersey, being the owner of the land and buildings and improvements in the Borough of Manhattan, City, County and State of New York, known as the Empire State Building, located at 350 Fifth
Avenue, New York, New York, having entered into a Second Modification of Indenture of Lease covering the same with EMPIRE STATE BUILDING ASSOCIATES by written instrument, dated
February 15, 1965 and about to be recorded immediately prior hereto in the Office of the Register of the City of New York, New York County, 
 DOES HEREBY CONSENT to the execution and delivery of the foregoing First Modification of Sublease, to be dated February 15, 1965 and to be made between said EMPIRE
STATE BUILDING ASSOCIATES, as Sublessor, and LAWRENCE A. WIEN, HARRY B. HELMSLEY, WICO TRADING
CORPORATION and MARTIN WEINER REALTY CORPORATION, joint venturers associated under the name of EMPIRE STATE BUILDING
COMPANY, as Sublessee. 
 Nothing herein contained shall be deemed or construed to waive any of the rights of the
undersigned as Lessor against the Lessee under said Lease, or to relieve the Lessee, by substitution from any obligation of the Lessee to the undersigned Lessor. 

IN WITNESS WHEREOF, THE PRUDENTIAL
INSURANCE COMPANY OF AMERICA has caused this consent to be executed by its officers thereunto duly authorized this 15th day of February, 1965. 

 

			
	THE PRUDENTIAL INSURANCE
		 	COMPANY OF AMERICA
		
	By:	 	 /s/ H.G. Rohn

		 	H.G. Rohn, Vice President

 Attest: 
  

	
	 /s/ J. H. Davidson

	 Assistant Secretary

 [SEAL]                 J.
H. Davidson 

  
 6 

					
	 STATE OF NEW JERSEY

COUNTY OF ESSEX, CITY OF
NEWARK
	 	}	 	ss.:

 I, E. E. Siedler, a Commissioner for the State of New York, residing in the City of
East Orange in the county of Essex, and State of New Jersey do certify that on the 15th day of February, in the year of our Lord one thousand nine hundred and sixty-five, before me in the city of Newark, in the county of Essex aforesaid, personally came H. G. Rohn, to me known, who,
being by me duly sworn, did depose and say that he resides at 81 Woodbine Ave., Newark, N.J.; that he is a Vice President of THE PRUDENTIAL INSURANCE COMPANY OF
AMERICA, the corporation described in and which executed the above instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board
of Directors of said corporation, that he signed his name thereto by like order. 
 IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal at Newark in the county and State aforesaid, this 15th day of February, A.D., one thousand nine hundred and sixty-five. 

 

	
	 /s/ L. E. Siedler

	 A Commissioner for the State of New York
 L. E. Siedler
 New York County Register # 569-513

New York County Clerk # M24-65
 Commission
expires Jan. 8, 1969

  
 7Second Modification of Sublease Agreement

 Exhibit 10.3 
 SECOND MODIFICATION OF SUBLEASE 
 SECOND MODIFICATION OF SUBLEASE made as of
February 25, 2009, by and between EMPIRE STATE BUILDING ASSOCIATES L.L.C., a New York limited liability company having its office at 60 East 42nd Street, New York, New York (hereinafter called “Sublessor”); and EMPIRE STATE BUILDING
COMPANY L.L.C., a New York limited liability company having its office at 60 East 42nd Street, New York, New York (hereinafter called “Sublessee”). 
 W I T N E S S E T H : 
 Sublessor is the current sublessor and Sublessee is the current sublessee under that certain Agreement of Sublease dated December 27, 1961 between Empire State Building Associates, as sublandlord,
and Lawrence A. Wien, Harry B. Helmsley, Martin Wiener Realty Corporation and Parempco Inc., Joint Venturers associated under the name Empire State Building Company, as tenants, and recorded December 27, 1961 in Liber 5173 Page 155 in the
office of the City Register of the County of New York, which sublease was partially assigned by Parempco Inc. to Lawrence A. Wien and Harry B. Helmsley by Assignment of Sublease dated February 1, 1963 and recorded July 10, 1963 in Liber
5239 Page 122 in the office of the City Register of the County of New York; which sublease was further partially assigned by Lawrence A. Wien to Wico Trading Corporation by Assignment of Sublease dated June 30, 1964 and recorded July 22,
1964 in Liber 5287 Page 238; which sublease was modified by First Modification of Sublease between Empire State Building Associates and Lawrence A. Wien, Harry B. Helmsley, Wico Trading Corporation and Martin Wiener Realty Corporation, Joint
Venturers associated under the name of Empire State Building Company dated February 15, 1965 and recorded February 15, 1965 in Liber 5315 Page 1 in the office of the City Register of the County of New York (the foregoing being hereinafter
collectively called the “Sublease”). 
 An improvement program has been undertaken by Sublessee to maintain the
competitive position of the Demised Premises. A substantial portion of said program is being funded from cash flow from the Demised Premises, a tax result of which is to create “phantom” income for the members of Sublessee; 

Sublessor and Sublessee have agreed that a more economic approach to fimding the program would be to borrow some portion of the costs
thereof. Sublessor has obtained a commitment from Signature Bank to lend to Sublessor and Empire State Land Associates L.L.C., the current Lessor of the Demised Premises, the sum of thirty-one million five hundred thousand ($31,500,000) dollars; and

 Sublessor is willing to make funds available from such borrowing for the improvement program, provided that the rental
payable by Sublessee is increased as hereinafter provided. 
 NOW, THEREFORE, in consideration of the sum of ten ($10.00)
dollars, the mutual promises and covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be bound, hereby agree as follows: 

1. Terms used herein and not otherwise defined have the meanings attributed to them in the Sublease. 

2. Subdivision 1 of Section 2.01 of the Sublease is hereby modified by adding thereto the following provision: 

“(g) Notwithstanding anything herein set forth to the contrary, the rental payable by Sublessee pursuant to the preceding paragraphs
of this subdivision 1 of Section 2.01 shall be increased by a sum equal to the annual charges for interest and amortization (excluding any principal payable upon maturity) payable in accordance with the terms of that certain Mortgage Note dated
February 25, 2009 made by Lessor and Sublessor to the order of Signature Bank (hereinafter called the “Mortgage Note”) or under any replacement promissory note of such Mortgage Note or any additional promissory note

 
made by Lessor and/or Sublessor in connection with the refinancing of the indebtedness evidenced by such Mortgage Note, irrespective of any increase in such monthly amount due to any increase in
the principal amount thereof or rate of interest payable with respect thereto or as a result of the incorporation of a principal component in such monthly installment of debt service. Notwithstanding the preceding sentence, the principal amount of
any proximate or remote refinancing of the Mortgage Note upon which rental under this paragraph (g) is computed shall not exceed the principal amount of the then current indebtedness plus the reasonable costs of refinancing (including, without
limitation, origination fees, legal fees, brokerage commissions, recording taxes, costs of appraisals and other customary costs associated with commercial mortgage borrowings). The amount of any such increase in rental pursuant to this paragraph
shall be determined by Sublessor in accordance with the terms hereof and shall be payable on the first day of each month following notice thereof to Sublessee, provided that any such increase shall be retroactive to the first day that interest shall
accrue under such Mortgage Note or replacement or additional note.” 
 3. Except as herein modified, the Sublease shall
remain in full force and effect, and the parties hereby ratify and confirm all of the other terms, covenants and conditions thereof. 
 4. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective legal representatives, successors and assigns. 

SIGNATURE PAGE FOLLOWS THIS PAGE 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have hereunto set their hands as of the day and year
first above written. 
  

			
	Sublessor:
	
	EMPIRE STATE BUILDING ASSOCIATES L.L.C.
		
	By:	 	 /s/ Anthony E. Malkin

		 	Anthony E. Malkin, Member
	
	Sublessee:
	
	EMPIRE STATE BUILDING COMPANY L.L.C.
		
	By	 	 /s/ Anthony E. Malkin

		 	Anthony E. Malkin, Member

 CONSENTED TO: 
  

			
	EMPIRE STATE LAND ASSOCIATES L.L.C.
		
	By:	 	Empire State Building Associates L.L.C.,
		 	Sole Member
		
	By:	 	 /s/ Anthony E. Malkin

		 	Anthony E. Malkin, Member

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