Document:

exv10w54

 

EXHIBIT 10.54

PURCHASE MONEY

INSTALLMENT SALE NOTE

			
	$9,000,000.00
	 	September 19, 2005

     FOR VALUE RECEIVED, the undersigned, SUTTON HILL PROPERTIES, LLC, a Nevada limited liability
company, having an office at c/o Reading International, Inc., 500 Citadel Drive, Suite 300,
Commerce, CA 90040 (the “Borrower”), hereby gives this purchase money installment sale note and
promises, in consideration for the purchase of the tenant’s interest under a certain ground lease
dated February 9, 1961 between Andrew C. Mayer, Berna L. Osnos, Francis M. Perlman and Richard
Heller, Frances H. Cahen and Phillis H. Rosenthal, as Trustees under the Last Will and Testament of
Isaac S. Heller, deceased, as landlord (the “Landlord”), and Turtle Bay Theatre Corporation, as
tenant, as subsequently assigned, covering certain premises located at 1001-1007, New York, New
York, to pay to the order of SUTTON HILL CAPITAL L.L.C., its successors or assigns (the “Lender”)
at Lender’s office at 120 North Robertson Blvd., 3rd Floor, Los Angeles, CA 90048, or to
such other address as Lender may from time-to-time designate, the sum of Nine Million and 00/100
($9,000,000.00) Dollars, on December 31, 2010 together with interest thereon, payable in arrears,
at the rate of eight and one quarter percent (8.25%) per annum, as follows:

     Except as set forth below in the event of any partial prepayment of this Note, payments of
interest only in the amount of Sixty One Thousand Eight Hundred Seventy-Five and 00/100
($61,875.00) Dollars, shall be due and payable commencing on October 1, 2005 and on the first day
of each and every month thereafter, to and including December 1, 2010. The entire principal
balance of this Note, together with all accrued and unpaid interest thereon, shall be due and
payable on December 31, 2010.

     Borrower is executing and delivering this Note to Lender in payment of the purchase price
under a Contract of Sale between Lender, as Seller, and Borrower, as Purchaser, dated September 1,
2005, with respect to the tenant’s estate under a Ground Lease for premises at 1001-1007 Third
Avenue, New York, New York (the “Contract”).

     Lender shall have the right to surrender this Note to Borrower at any time prior to December
31, 2010, whereupon Borrower shall, at Lender’s direction, issue two new notes, on the same terms
as this Note (but only as to payments that shall not have been made under this Note prior to the
date of surrender) in the aggregate principal amount of Nine Million and 00/100 ($9,000,000.00)
Dollars, to Lender’s designated assignees.

     In the event any payment due under this Note is not paid when due, and such failure continues
for five (5) days after notice to Borrower (provided that no such notice shall be required more
than once in any twelve-month period) then, without limiting any of Lender’s other rights and
remedies, Borrower shall pay to Lender (a) a late payment charge in an amount equal to one and
one-half percent (1-1/2%) of any such payment not received by the due date, and (b) interest upon
any such late payment, from the date such payment was due until the date payment is made, at a rate
equal to the lesser of (a) 16% per annum or (b) the highest rate of interest then allowed by the
laws of the State of New York (such lesser rate is defined as the “Default Rate”). All computation
of interest shall be calculated on the basis of the actual number of days elapsed over a year of
360 days.

     In the event any payment due under this Note is not paid when due and such failure continues
for ten (10) days after notice to Borrower, Lender may declare the principal amount of this Note
and all accrued but unpaid interest thereon to be immediately payable.

     If Borrower defaults under this Note after notice and expiration of applicable grace period
and Lender obtains a money judgment against Borrower with respect thereto, Lender shall have the
right, on notice to Borrower, to offset against any monetary obligations owed by Lender to Borrower
all or any portion of the amount of said judgment. Any such offset shall reduce Borrower’s
liability under said judgment to the extent of said offset.

     Borrower’s obligations to the Lender under this Note have been guaranteed by Reading
International, Inc.

 

 

     Borrower agrees to pay all reasonable costs and expenses incurred by Lender in order to
enforce the obligations of Borrower hereunder including, but not limited to, reasonable attorneys’
fees and expenses, whether or not litigation is commenced.

     This Note may not be amended, and compliance with its terms may not be waived, orally or by
course of dealing, but only by a writing signed by Lender and Borrower. Any extension of time
granted by Lender shall not release Borrower or constitute a waiver of any payment obligation, or
otherwise diminish the rights and remedies of Lender.

     No failure on the part of Lender to exercise, and no delay in exercising, any right, remedy or
power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by
Lender of any right, remedy or power hereunder preclude any other or future exercise thereof or the
exercise of any other right, remedy or power.

     Each and every right, remedy and power hereby granted to Lender or allowed it by law or other
agreement shall be cumulative and not exclusive of any other right, remedy or power and may be
exercised by Lender at any time and from time to time.

     Every provision of this Note is intended to be severable; if any term or provision of this
Note shall be invalid, illegal or unenforceable for any reason, the validity, legality and
enforceability of the remaining provisions hereof shall not in any way be affected or impaired
thereby.

     The Borrower hereby waives presentment, demand, protest and notice of protest, non-payment or
dishonor of this Note and any other notices unless specifically provided for herein. Notices shall
be sent in accordance with the notice provisions set forth in the Contract.

     The provisions of this Note shall be construed and interpreted, and all rights and obligations
hereunder determined, in accordance with the laws of the State of New York.

     Borrower waives the right to trial by jury in any action or proceeding based upon, arising out
of or in any way connected to this Note or the transaction in connection with which this Note is
executed.

	 	 	 	 	 
	 

	 	 	 	SUTTON HILL PROPERTIES, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ S. Craig Tompkins
	 

	 	 	 	 
	 

	 	 	 	Name: S. Craig Tompkins
	 

	 	 	 	Title: President

2exv10w55

 

EXHIBIT 10.55

GUARANTY

            GUARANTY by READING INTERNATIONAL, INC., a Nevada corporation, having its principal office at
500 Citadel Drive, Suite 300, Commerce, CA 90040 (“Guarantor”), which term shall be deemed to
include Reading International, Inc. and its successors and assigns, dated the 1st day of
September, 2005, in favor of Sutton Hill Capital L.L.C. (“Lender”, which term shall be deemed to
include Sutton Hill Capital L.L.C. and its successors and assigns).

            WHEREAS, Sutton Hill Properties, LLC (“Borrower”, which term shall be deemed to include Sutton
Hill Properties, LLC and its successors and assigns) has this day executed and delivered a Purchase
Money Installment Sale Note to Lender in the principal amount of $9,000,000.00 (“Note”) in
connection with Borrower’s purchase of a leasehold interest under a lease covering premises located
at 1001-1007 Third Avenue, New York, New York; and

            WHEREAS, in order to induce Lender to accept the Note in payment of the purchase price for
such leasehold interest, Guarantor has agreed to guarantee Borrower’s obligations thereunder;

            NOW THEREFORE, for good and valuable consideration, Guarantor hereby agrees as follow:

     1. Guarantor hereby guarantees to Lender, absolutely and unconditionally, the full and timely
payment and performance of all of Borrower’s obligations and liabilities under the Note.

     2. This Guaranty is absolute and unconditional. This Guaranty shall be enforceable
against Guarantor without the necessity of any suit or proceeding on Lender’s part of any kind or
nature whatsoever against Borrower and without the necessity of any notice of nonpayment,
nonperformance or non-observance and any other notice unless specifically provided for herein, and
without the necessity of presentment, notice, protest or demand, all of which Guarantor hereby
expressly waives. Guarantor hereby expressly agrees that the validity of this Guaranty and the
obligations of Guarantor hereunder shall in no way be terminated, affected, diminished or impaired
by reason of (a) the assertion or the failure to assert by Lender against Borrower of any of the
rights or remedies reserved to Lender pursuant to the terms, covenants and conditions of the Note,
or (b) any non-liability of Borrower under the Note, whether by insolvency, discharge in bankruptcy
or any other defect or defense which may now or hereafter exist in favor of Borrower.

     3. This Guaranty shall be a continuing Guaranty, and the liability of Guarantor hereunder
shall in no way be affected, modified or diminished by reason of (a) any assignment, renewal,
modification, amendment or extension of the Note, or (b) any modification or waiver of or change in
any of the terms, covenants and conditions of the Note, or (c) any extension of time that may be
granted by Lender to Borrower, (d) any consent, indulgence or other action, inaction or omission
under or in respect of the Note, or (e) any dealings or transactions or matter or thing occurring
between Lender and Borrower, or (f) any bankruptcy, insolvency, reorganization, liquidation,
arrangement, assignment for the benefit of creditors, receivership, trusteeship or similar
proceeding affecting Borrower, whether or not notice thereof or of any thereof is given to
Guarantor.

 

 

     4. No delay on the part of Lender in exercising any right, power or privilege under this
Guaranty or failure to exercise the same shall operate as a waiver of or otherwise affect any such
right, power or privilege, nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.

     5. No waiver or modification of any provision of this Guaranty or any termination of this
Guaranty shall be effective unless in writing, signed by Lender; nor shall any such waiver be
applicable except in the specific instance for which given.

     6. All of Lender’s rights and remedies under the Note or this Guaranty are intended to be
distinct, separate and cumulative. No exercise or partial exercise of any such right or remedy
therein or herein mentioned or resort to any other security is intended to be in exclusion of or a
waiver of any of any of Guarantor’s obligations or liabilities under this Guaranty or the Note.

     7. Guarantor agrees that it will, at any time and from time to time, within ten (10) business
days following written request by Lender, execute, acknowledge and deliver to Lender a statement
certifying that this Guaranty is unmodified and in full force and effect (or if there has been any
modification, that the same is in full force and effect as modified).

     8. Guarantor covenants and agrees that in any action or proceeding brought on, under or by
virtue of this Guaranty, Guarantor shall and does hereby waive trial by jury. Without regard to
principles of conflicts of laws, the validity, interpretation, performance and enforcement of this
Guaranty shall be governed by and construed in accordance with the laws of the State of New York.

     9. As used herein, the term “successors and assigns” shall be deemed to include the heirs,
legal representatives, successors and assigns of Lender, Borrower and Guarantor, as the case may
be. All terms and words used in this Guaranty, regardless of the number or gender in which they are
used, shall be deemed to include any other number and any other gender as the context may require.
This Guaranty shall be binding upon Guarantor and its successors and assigns and shall inure to the
benefit of Lender and its successors and assigns.

     10. If Guarantor fails to pay any amount payable under this Guaranty when due, interest on
such amount shall accrue at a rate equal to the lesser of (a) 16% per annum or (b) the highest rate
of interest then allowed by the laws of the State of New York.

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     11. Guarantor shall pay to Lender, upon demand, all costs and expenses incurred by Lender in
order to enforce the provisions of the Note and this Guaranty including, but not limited to,
reasonable attorneys’ fees and expenses, whether or not litigation is commenced.

     IN WITNESS WHEREOF, the undersigned has duly executed this Guaranty this 1st day of September,
2005.

	 	 	 	 	 
	 	READING INTERNATIONAL, INC.

 	 
	 	By:  	/s/ S. Craig Tompkins
 	 
	 	 	S. Craig Tompkins 	 
	 	 	Title:  Director — Business Affairs	 
	 

	 	 	 	 	 	 	 
	STATE OF

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss.:
	COUNTY OF

	 	 	)	 	 	 

            On                     , 2005, before me, the undersigned, personally appeared S. Craig Tompkins,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual
whose name is subscribed to the within instrument and acknowledged to me that he executed the same
in his capacity (ies), and that by his signature on the instrument, the individual, or the person
upon behalf of which the individual acted, executed the instrument.

	 	 	 	 	 
	 	 	 
	 

	 	 	 	Notary Public

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