Document:

Exhibit 10.4

 

PROJECT LOAN AGREEMENT

 

By and Among

 

THE NEW YORK TIMES BUILDING LLC

having an address at

One MetroTech Center North

Brooklyn, New York  11201

 

(Borrower)

 

NEW YORK STATE URBAN DEVELOPMENT CORPORATION

d/b/a EMPIRE STATE DEVELOPMENT CORPORATION

having an address at

633 Third Avenue

New York, New York  10017

as initial agent

(Initial Agent)

 

and

 

GMAC COMMERCIAL MORTGAGE CORPORATION

having an address at

100 South Wacker Drive, Suite 400

Chicago, Illinois  60606,

as agent

(Agent)

 

Dated as of June 25, 2004

 

Amount: $149,470,521

 

	
  Property Location:

  	
   

  	
  Eighth Avenue between 40th and 41st Street, New York, New York

  
	
  Lots:

  	
   

  	
  1, 5, 8, 14, 53 , 59, 61, 62, 63 and part of 15

  
	
  Block:

  	
   

  	
  1012

  
	
  Section

  	
   

  	
  4

  

 

Please return time-stamped certified copy to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019

Attention: Harris B. Freidus, Esq.

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1
  TERMS AND DEFINITIONS

  	
   

  
	
   

  	
   

  
	
  ARTICLE 2
  PROJECT LOAN DOCUMENTS

  	
   

  
	
  SECTION 2.01

  	
  Project
  Loan Notes

  	
   

  
	
  SECTION 2.02

  	
  Project
  Loan Mortgage

  	
   

  
	
  SECTION 2.03

  	
  Construction
  Loan Disbursement Agreement

  	
   

  
	
  SECTION 2.04

  	
  Assignments
  of Contracts

  	
   

  
	
  SECTION 2.05

  	
  Assignment
  of Leases

  	
   

  
	
  SECTION 2.06

  	
  Guaranties

  	
   

  
	
  SECTION 2.07

  	
  Fee
  Side Letter

  	
   

  
	
  SECTION 2.08

  	
  Disclosure
  Side Letter

  	
   

  
	
   

  	
   

  
	
  ARTICLE 3
  AGREEMENT TO LEND AND PAYMENT OF PROJECT LOAN

  	
   

  
	
  SECTION 3.01

  	
  Advances

  	
   

  
	
  SECTION 3.02

  	
  Cost
  Overruns

  	
   

  
	
  SECTION 3.03

  	
  Contingency
  Reserves

  	
   

  
	
  SECTION 3.04

  	
  Stored
  Materials

  	
   

  
	
  SECTION 3.05

  	
  Amount
  of Each Advance

  	
   

  
	
  SECTION 3.06

  	
  Insufficiency
  of Loan Proceeds

  	
   

  
	
  SECTION 3.07

  	
  Quality
  of Work

  	
   

  
	
  SECTION 3.08

  	
  Initial
  Required Equity Funds; Net Proceeds; Net Award or Proceeds

  	
   

  
	
  SECTION 3.09

  	
  Payment
  of Indebtedness

  	
   

  
	
  SECTION 3.10

  	
  Payment
  of Interest

  	
   

  
	
  SECTION 3.11

  	
  Late
  Charge

  	
   

  
	
  SECTION 3.12

  	
  Prepayment

  	
   

  
	
  SECTION 3.13

  	
  Increased
  Costs

  	
   

  
	
  SECTION 3.14

  	
  Illegality
  and Inability to Determine

  	
   

  
	
  SECTION 3.15

  	
  Payments
  and Computations

  	
   

  
	
  SECTION 3.16

  	
  Net
  Payment; Taxes

  	
   

  
	
  SECTION 3.17

  	
  Distribution
  to Lenders

  	
   

  
	
  SECTION 3.18

  	
  Balloon
  Payment

  	
   

  
	
  SECTION 3.19

  	
  Extensions

  	
   

  
	
  SECTION 3.20

  	
  Reallocations

  	
   

  
	
   

  	
   

  
	
  ARTICLE 4
  CONDITIONS PRECEDENT TO PROJECT LOAN CLOSING AND DISBURSEMENT OF LOAN
  PROCEEDS

  	
   

  
	
  SECTION 4.01

  	
  Conditions
  of Project Loan Closing

  	
   

  
	
  SECTION 4.02

  	
  Conditions
  of Advances

  	
   

  
	
  SECTION 4.03

  	
  Conditions
  of Final Construction Advance

  	
   

  
	
  SECTION 4.04

  	
  Contributions of
  Initial Required Equity Funds

  	
   

  
	
  SECTION 4.05

  	
  Interest
  Advances

  	
   

  

 

i

 

	
  ARTICLE 5
  METHOD OF DISBURSEMENT OF LOAN PROCEEDS

  	
   

  
	
  SECTION 5.01

  	
  Administration

  	
   

  
	
  SECTION 5.02

  	
  Procedure for Advances

  	
   

  
	
  SECTION 5.03

  	
  Funds Advanced;
  Capitalized Interest

  	
   

  
	
  SECTION 5.04

  	
  Advances Do Not
  Constitute a Waiver

  	
   

  
	
  SECTION 5.05

  	
  [INTENTIONALLY
  OMITTED]

  	
   

  
	
   

  	
   

  
	
  ARTICLE 6
  REPRESENTATIONS AND WARRANTIES OF BORROWER

  	
   

  
	
  SECTION 6.01

  	
  Validity of Project
  Loan Documents

  	
   

  
	
  SECTION 6.02

  	
  Title

  	
   

  
	
  SECTION 6.03

  	
  Absence of Conflicts

  	
   

  
	
  SECTION 6.04

  	
  Pending Litigation

  	
   

  
	
  SECTION 6.05

  	
  Legal Requirements

  	
   

  
	
  SECTION 6.06

  	
  Compliance with All
  Legal Requirements

  	
   

  
	
  SECTION 6.07

  	
  Organization Status
  and Authority

  	
   

  
	
  SECTION 6.08

  	
  Availability of
  Utilities

  	
   

  
	
  SECTION 6.09

  	
  Condition of Property

  	
   

  
	
  SECTION 6.10

  	
  Accuracy of Documents

  	
   

  
	
  SECTION 6.11

  	
  Encroachments

  	
   

  
	
  SECTION 6.12

  	
  Brokerage Commissions

  	
   

  
	
  SECTION 6.13

  	
  Financial Statements
  and Other Information

  	
   

  
	
  SECTION 6.14

  	
  Tax Returns

  	
   

  
	
  SECTION 6.15

  	
  Material Contracts

  	
   

  
	
  SECTION 6.16

  	
  Guaranteed Maximum
  Price Contract

  	
   

  
	
  SECTION 6.17

  	
  Access

  	
   

  
	
  SECTION 6.18

  	
  No Default

  	
   

  
	
  SECTION 6.19

  	
  Architect’s Contract

  	
   

  
	
  SECTION 6.20

  	
  Plans and
  Specifications

  	
   

  
	
  SECTION 6.21

  	
  Budgets

  	
   

  
	
  SECTION 6.22

  	
  Feasibility

  	
   

  
	
  SECTION 6.23

  	
  [INTENTIONALLY
  OMITTED].

  	
   

  
	
  SECTION 6.24

  	
  Governmental Approvals
  and Third Party Approvals

  	
   

  
	
  SECTION 6.25

  	
  No Liens

  	
   

  
	
  SECTION 6.26

  	
  Separate Tax Lot(s)

  	
   

  
	
  SECTION 6.27

  	
  Margin Stock

  	
   

  
	
  SECTION 6.28

  	
  Foreign Person

  	
   

  
	
  SECTION 6.29

  	
  ERISA

  	
   

  
	
  SECTION 6.30

  	
  Employees

  	
   

  
	
  SECTION 6.31

  	
  Flood Zone

  	
   

  
	
  SECTION 6.32

  	
  Investment Company Act

  	
   

  
	
  SECTION 6.33

  	
  Assessments

  	
   

  
	
  SECTION 6.34

  	
  Property Taxes and
  Other Charges

  	
   

  

 

ii

 

	
  SECTION 6.35

  	
  No
  Bankruptcy Filing

  	
   

  
	
  SECTION 6.36

  	
  Filing
  and Recording Taxes

  	
   

  
	
  SECTION 6.37

  	
  Fraudulent
  Transfer

  	
   

  
	
  SECTION 6.38

  	
  Insurance
  Compliance

  	
   

  
	
  SECTION 6.39

  	
  Name;
  Taxpayer Identification Number

  	
   

  
	
  SECTION 6.40

  	
  Leases

  	
   

  
	
  SECTION 6.41

  	
  Interest
  Rate Protection Agreements

  	
   

  
	
  SECTION 6.42

  	
  Prior
  Construction

  	
   

  
	
  SECTION 6.43

  	
  Equity
  Contribution

  	
   

  
	
  SECTION 6.44

  	
  Borrower
  LCs

  	
   

  
	
   

  	
   

  
	
  ARTICLE 7 COVENANTS OF BORROWER

  	
   

  
	
  SECTION 7.01

  	
  Guaranteed
  Maximum Price Contract; GMP Guaranty

  	
   

  
	
  SECTION 7.02

  	
  Architect’s
  Contract

  	
   

  
	
  SECTION 7.03

  	
  Insurance

  	
   

  
	
  SECTION 7.04

  	
  Application
  of Funds

  	
   

  
	
  SECTION 7.05

  	
  Property
  Taxes

  	
   

  
	
  SECTION 7.06

  	
  Reimbursable
  Costs, Transaction Costs and Other Fees and Costs

  	
   

  
	
  SECTION 7.07

  	
  Completion
  of Construction

  	
   

  
	
  SECTION 7.08

  	
  Right
  of Agent to Inspect Property; Publicity

  	
   

  
	
  SECTION 7.09

  	
  Construction
  Consultant

  	
   

  
	
  SECTION 7.10

  	
  Correction
  of Defects

  	
   

  
	
  SECTION 7.11

  	
  Plans
  and Specifications; Approval of Change Orders; Cost Savings

  	
   

  
	
  SECTION 7.12

  	
  Appraisal

  	
   

  
	
  SECTION 7.13

  	
  Material
  Contracts; Approval of Activities

  	
   

  
	
  SECTION 7.14

  	
  Leases

  	
   

  
	
  SECTION 7.15

  	
  Books
  and Records

  	
   

  
	
  SECTION 7.16

  	
  Financial
  Statements and Other Information

  	
   

  
	
  SECTION 7.17

  	
  Compliance
  with Legal Requirements

  	
   

  
	
  SECTION 7.18

  	
  Title

  	
   

  
	
  SECTION 7.19

  	
  Maintain
  Existence

  	
   

  
	
  SECTION 7.20

  	
  Interest
  Rate Caps

  	
   

  
	
  SECTION 7.21

  	
  Further
  Assurance

  	
   

  
	
  SECTION 7.22

  	
  Budgets,
  Etc.

  	
   

  
	
  SECTION 7.23

  	
  Zoning,
  Easements and Restrictions; Use; Alterations

  	
   

  
	
  SECTION 7.24

  	
  Laborers,
  Subcontractors and Materialmen

  	
   

  
	
  SECTION 7.25

  	
  [INTENTIONALLY
  OMITTED]

  	
   

  
	
  SECTION 7.26

  	
  Comply
  with Other Project Loan Documents

  	
   

  
	
  SECTION 7.27

  	
  [INTENTIONALLY
  OMITTED]

  	
   

  
	
  SECTION 7.28

  	
  Illegal
  Activities

  	
   

  

 

iii

 

	
  SECTION 7.29

  	
  Indemnification

  	
   

  
	
  SECTION 7.30

  	
  Condominium

  	
   

  
	
  SECTION 7.31

  	
  Developer

  	
   

  
	
  SECTION 7.32

  	
  No
  Transfers or Encumbrances

  	
   

  
	
  SECTION 7.33

  	
  No
  Distributions

  	
   

  
	
  SECTION 7.34

  	
  Estoppels

  	
   

  
	
  SECTION 7.35

  	
  Extension
  Loan Documents

  	
   

  
	
  SECTION 7.36

  	
  Single
  Purpose Entity

  	
   

  
	
  SECTION 7.37

  	
  Labor
  Harmony

  	
   

  
	
  SECTION 7.38

  	
  Required
  Notices

  	
   

  
	
  SECTION 7.39

  	
  Protection
  Against Liens

  	
   

  
	
  SECTION 7.40

  	
  Concrete,
  Soil and Other Tests

  	
   

  
	
  SECTION 7.41

  	
  ERISA

  	
   

  
	
  SECTION 7.42

  	
  Name;
  Chief Executive Office

  	
   

  
	
  SECTION 7.43

  	
  No
  Joint Assessment

  	
   

  
	
  SECTION 7.44

  	
  Permitted
  Affiliate Contracts

  	
   

  
	
  SECTION 7.45

  	
  Payment
  and Performance Bonds

  	
   

  
	
  SECTION 7.46

  	
  NYTC
  Units Release Provisions

  	
   

  
	
  SECTION 7.47

  	
  Security
  Personnel

  	
   

  
	
  SECTION 7.48

  	
  [INTENTIONALLY
  OMITTED].

  	
   

  
	
  SECTION 7.49

  	
  Compliance
  with Condominium Documents

  	
   

  
	
  SECTION 7.50

  	
  Redemption
  of FC Units

  	
   

  
	
  SECTION 7.51

  	
  Title
  Insurance Proceeds

  	
   

  
	
  SECTION 7.52

  	
  No
  Indebtedness

  	
   

  
	
  SECTION 7.53

  	
  Equity
  Contribution

  	
   

  
	
  SECTION 7.54

  	
  Borrower
  LCs

  	
   

  
	
  SECTION 7.55

  	
  Additional
  Covenants Relating to Ground Lease

  	
   

  
	
  SECTION 7.56

  	
  Deliveries

  	
   

  
	
  SECTION 7.57

  	
  Pledged
  Accounts

  	
   

  
	
   

  	
   

  
	
  ARTICLE 8
  THE AGENT

  	
   

  
	
  SECTION 8.01

  	
  Actions

  	
   

  
	
  SECTION 8.02

  	
  Non-Liability
  of Agent and Lenders

  	
   

  
	
  SECTION 8.03

  	
  Authorization
  and Action

  	
   

  
	
  SECTION 8.04

  	
  Agent’s
  Reliance, Etc

  	
   

  
	
  SECTION 8.05

  	
  Payments
  to Lenders

  	
   

  
	
  SECTION 8.06

  	
  Construction
  Consultant

  	
   

  
	
  SECTION 8.07

  	
  Actions
  of Agent Binding Upon Lenders

  	
   

  
	
  SECTION 8.08

  	
  Initial
  Agent

  	
   

  
	
   

  	
   

  
	
  ARTICLE 9
  EVENTS OF DEFAULT

  	
   

  
	
  SECTION 9.01

  	
  Events
  of Default

  	
   

  

 

iv

 

	
  ARTICLE 10
  RIGHTS AND REMEDIES OF LENDERS

  	
   

  
	
  SECTION 10.01

  	
  Remedies

  	
   

  
	
  SECTION 10.02

  	
  Power
  of Attorney

  	
   

  
	
  SECTION 10.03

  	
  Remedies
  Cumulative

  	
   

  
	
  SECTION 10.04

  	
  Annulment
  of Defaults

  	
   

  
	
  SECTION 10.05

  	
  Waivers

  	
   

  
	
  SECTION 10.06

  	
  Course
  of Dealing, Etc.

  	
   

  
	
  SECTION 10.07

  	
  Bankruptcy

  	
   

  
	
   

  	
   

  
	
  ARTICLE 11
  GENERAL CONDITIONS

  	
   

  
	
  SECTION 11.01

  	
  Rights
  of Third Parties

  	
   

  
	
  SECTION 11.02

  	
  Relationship

  	
   

  
	
  SECTION 11.03

  	
  Evidence
  of Satisfaction of Conditions; Approval Standard

  	
   

  
	
  SECTION 11.04

  	
  Notices

  	
   

  
	
  SECTION 11.05

  	
  Assignment

  	
   

  
	
  SECTION 11.06

  	
  Successors
  and Assigns Included in Parties

  	
   

  
	
  SECTION 11.07

  	
  Headings

  	
   

  
	
  SECTION 11.08

  	
  Invalid
  Provisions to Affect No Others

  	
   

  
	
  SECTION 11.09

  	
  Interpretation

  	
   

  
	
  SECTION 11.10

  	
  Computation
  of Time Periods

  	
   

  
	
  SECTION 11.11

  	
  Governing
  Law

  	
   

  
	
  SECTION 11.12

  	
  Consent
  to Jurisdiction

  	
   

  
	
  SECTION 11.13

  	
  Amendments

  	
   

  
	
  SECTION 11.14

  	
  Counterparts

  	
   

  
	
  SECTION 11.15

  	
  Entire
  Agreement

  	
   

  
	
  SECTION 11.16

  	
  Recourse

  	
   

  
	
  SECTION 11.17

  	
  Statute
  of Limitations

  	
   

  
	
  SECTION 11.18

  	
  Remedies
  of Borrower Entities

  	
   

  
	
  SECTION 11.19

  	
  Time
  of the Essence

  	
   

  
	
  SECTION 11.20

  	
  Survival

  	
   

  
	
  SECTION 11.21

  	
  Usury

  	
   

  
	
  SECTION 11.22

  	
  Successive
  Actions

  	
   

  
	
  SECTION 11.23

  	
  Confidentiality

  	
   

  
	
  SECTION 11.24

  	
  Reinstatement
  of Obligations

  	
   

  
	
  SECTION 11.25

  	
  Facsimile
  Signatures

  	
   

  
				

 

v

 

	
  EXHIBITS AND SCHEDULES

  	
   

  
	
   

  	
   

  
	
  Exhibit
  A

  	
  The
  Land

  	
   

  
	
  Exhibit
  B

  	
  Permitted
  Exceptions

  	
   

  
	
  Exhibit
  C

  	
  Certificate
  of Non-Bank Status

  	
   

  
	
  Exhibit
  D

  	
  Form
  of Condominium Subordination Agreement

  	
   

  
	
  Exhibit
  E

  	
  Draw
  Request

  	
   

  
	
  Exhibit
  F

  	
  Description
  of Improvements

  	
   

  
	
  Exhibit
  G

  	
  Intentionally
  Omitted

  	
   

  
	
  Exhibit
  H

  	
  Form
  of Non-Disturbance Agreement

  	
   

  
	
  Exhibit
  I

  	
  Architect’s
  Certificate

  	
   

  
	
  Exhibit
  J

  	
  General
  Contractor’s Certificate

  	
   

  
	
  Exhibit
  K

  	
  Form
  of Estoppel Certificate

  	
   

  
	
  Exhibit
  L

  	
  Intentionally
  Omitted

  	
   

  
	
  Exhibit
  M

  	
  Form
  of Assignment of Interest Rate Cap

  	
   

  
	
  Exhibit
  N

  	
  Condominium
  Title Endorsement

  	
   

  
	
  Exhibit
  O

  	
  Title
  Company Assurance Letter

  	
   

  
	
  Exhibit
  P

  	
  Conditional
  Assignment of Declarant’s Rights

  	
   

  
	
  Exhibit
  Q

  	
  Conditional
  Resignation of Managers

  	
   

  
	
  Exhibit
  R

  	
  Form
  of Extension Loan Intercreditor Agreement

  	
   

  
	
  Exhibit
  S

  	
  Form
  of Security Deposit Accounts Agreement

  	
   

  
	
  Exhibit
  T

  	
  Form
  of Collection Accounts Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule 1

  	
  Required
  Equity Funds Allocation Schedule

  	
   

  
	
  Schedule 2

  	
  Interest
  Rate Cap Schedules

  	
   

  
	
  Schedule 3

  	
  Availability
  of Utilities

  	
   

  
	
  Schedule 4

  	
  Governmental
  Approvals and Third Party Approvals

  	
   

  
	
  Schedule 5

  	
  Leases

  	
   

  

 

vi

 

PROJECT LOAN AGREEMENT

 

THIS PROJECT LOAN AGREEMENT (as the same may be revised, restated,
amended or modified from time to time, this “Agreement”) is made and entered into as
of this 25th day of June, 2004 by and among THE NEW YORK TIMES BUILDING LLC
(including any successors and assigns permitted in accordance with the terms
hereof, “Borrower”),
a New York limited liability company, with an address at One MetroTech Center
North, Brooklyn, New York 11201, NEW YORK STATE URBAN DEVELOPMENT CORPORATION
d/b/a EMPIRE STATE DEVELOPMENT CORPORATION, a corporate governmental agency of
the State of New York constituting a political subdivision and public benefit
corporation, having an address at 633 Third Avenue, New York, New York 10017,
as initial agent (“Initial
Agent”) for itself and for the benefit of the lenders as may
exist from time to time (such lenders collectively, including any successors
and assigns, “Lenders”
and each individually a “Lender”)
and GMAC COMMERCIAL MORTGAGE CORPORATION, a California corporation, with an
office at 100 South Wacker Drive, Suite 400, Chicago, Illinois 60606 or any
successor thereto, as agent (including as successor to Initial Agent)
(including any of its successors and assigns as agent, “Agent”) for itself
and on behalf of Lenders.

 

W  I  T  N
E  S  S  E  T  H:

 

In consideration of the mutual covenants and agreements hereinafter set
forth, each Lender severally agrees to lend its ratable (as hereinafter
defined) share of the Project Loan (as hereinafter defined), and Borrower
agrees to accept the Project Loan in accordance with and subject to the terms
and conditions hereinafter set forth.

 

ARTICLE 1

 

TERMS AND DEFINITIONS

 

In addition to the other terms hereinafter defined, the following terms
shall have the meanings set forth in this Article.  References to documents, exhibits, schedules and other materials
shall include those documents, exhibits, schedules and materials as they may be
revised, restated, amended, replaced and modified from time to time in
accordance with the terms of this Agreement or the other Project Loan
Documents.

 

“Acceleration
Date” means a date (other than the Maturity Date) on which the
entire principal amount of the Project Loan and all accrued and unpaid interest
thereon shall be paid or be required to be paid in full, whether by prepayment,
acceleration or otherwise in accordance with the terms of this Agreement or any
of the other Project Loan Documents or by operation of law.

 

“Acceptable
Developer” means a Person whose principals have developed or
built (either for such Person, any Affiliate thereof or any other Person), in
the aggregate and without including the Project at least 5,000,000 rentable
square feet of space, of which at least 2,000,000 rentable square feet was
“Class A” high-rise office

 

 

space in New York City.  From
and after the date that Substantial Completion has been achieved, the reference
in the preceding sentence to “developed or built” shall be deemed to be a
reference to “operated and leased.”

 

“Acceptable
Rating” means a long-term debt rating of not less than BBB+
(without a negative outlook) by S&P.

 

“Additional
Interest Line Items” has the meaning given to such term in
Section 7.11 hereof.

 

“Administration
Fee” has the meaning given to such term in the Side Letter
re:  Fees.

 

“Advance” or “Advances” means any
disbursement of the proceeds of the Project Loan by Lenders pursuant to the
terms of this Agreement and any other amounts that constitute an Advance in
accordance with Section 3.05(e) hereof.

 

“Affiliate”
means, as to any Person, any other Person which directly or indirectly
Controls, is Under Common Control With, or is Controlled by, such Person and,
if such Person is an individual, any Immediate Family Members of such
individual, any trust whose principal beneficiary is such individual or one or
more Immediate Family Members of such individual, and any Person who is
controlled directly or indirectly by any such Immediate Family Member or trust.

 

“Agent”
has the meaning given to such term in the opening paragraph of this Agreement.

 

“Agent Decisions”
has the meaning given to such term in Section 8.03(a) hereof.

 

“Agent’s
Register” has the meaning given to such term in
Section 11.05(a) hereof.

 

“Appraisal”
shall have the meaning set forth in Section 4.01(m) hereof.

 

“Appraised Value”
means the fair-market value, assuming stabilization has been achieved, of the
FC Units or the Mortgaged Property, as applicable, as set forth in the
Appraisal, any update thereto or any new appraisal thereof.

 

“Approved Lease”  means an executed Permitted Lease which
is in full force and effect as of the relevant date and under which no material
default, default of which notice has been given, or event of default by either
party exists as of the relevant date.

 

“Architect’s
Certificate” has the meaning given to such term in
Section 4.01(i)(12) hereof.

 

2

 

“Architect’s
Contract” means that certain Contract for Architectural
Services, dated as of October 3, 2001 among FC 41st Street Associates, LLC
(“FC 41st Street”),
NYTC Member, Fox & Fowle Architects, PC (“Lead Architect”) and Renzo Piano
Building Workshops, S.E.L.A.F.A., as deemed to have been assigned by FC 41st
Street and NYTC Member to Borrower pursuant to Section 14.3 thereof.

 

“Assignment”
has the meaning given to such term in Section 11.05(a) hereof.

 

“Assignment and
Acceptance Agreement”  has the meaning given to such term in Section 11.05(a)
hereof.

 

“Assignment of
Contracts - Borrower” has the meaning given to such term in
Section 2.04(a) hereof.

 

“Assignment of
Contracts - FC” has the meaning given to such term in
Section 2.04(b) hereof.

 

“Assignment of
Contracts - NYTC” has the meaning given to such term in
Section 2.04(c) hereof.

 

“Assignment of
Interest Rate Cap” has the meaning given to such term in
Section 4.02(e)(7) hereof.

 

“Assignments of
Contracts” means, collectively, the Assignment of Contracts -
Borrower, the Assignment of Contracts - FC and the Assignment of Contracts -
NYTC.

 

“Bankruptcy
Assignee” has the meaning given to such term in
Section 9.01(g)(i) hereof.

 

“Bankruptcy Code”
means Title 11 of the United States Code, as amended from time to time.

 

“Bankruptcy Law”
has the meaning given to such term in Section 9.01(g)(i) hereof.

 

“Base Rate”
means a fluctuating interest rate per annum in effect from time to time as
announced in The Wall Street Journal as the “prime rate.”  In the event that (i) more than one such
“prime rate” is published, the average of such rates shall apply or (ii) no
such “prime rate” is published, then the Base Rate shall be determined from
such comparable financial reporting company as Agent shall reasonably
determine.

 

“Borrower”
has the meaning given to such term in the opening paragraph of this Agreement.

 

“Borrower
Entities” means Borrower, the Members, FC Guarantor and NYTC
Guarantor, collectively.

 

3

 

“Borrower LC
Deposit” has the meaning given to such term in Section 7.54
hereof.

 

“Borrower LCs”
means the letters of credit posted from time to time by Borrower or any of its
direct or indirect members in connection with the Land Acquisition Agreement,
as the same may be increased or decreased in accordance with the Land
Acquisition Agreement.

 

“Borrower’s
Architects” means the architects under the Architect’s Contract
and any successor or assign thereof approved in accordance with
Section 7.13 hereof.

 

“Borrower’s Bank”
means a bank selected by Borrower and approved by Agent, such approval not to
be unreasonably withheld.

 

“Breakage Costs”
has the meaning given to such term in Section 3.12(a) hereof.

 

“Breakeven
Leasing” means a Pro Forma Debt Service Coverage Ratio equal or
greater than 1.00:1.00, provided that for purposes of calculating Pro Forma
Debt Service for purposes of this definition, (x) subclause (a) of clause (z)
of the definition of Pro Forma Debt Service shall always be used and (y) all
references in the definitions of Pro Forma Operating Expenses and Pro Forma
Operating Income to the Mortgaged Property shall be deemed to be references to
the Mortgaged Property other than the NYTC Units.

 

“Brokerage
Commissions” has the meaning given to such term in
Section 6.12 hereof.

 

“Budget”
means either the FC Units Budget or the NYTC Units Budget, each of which has
been approved by Agent in the Disclosure Side Letter and “Budgets”  means both of the foregoing Budgets,
collectively, as any of the same may be adjusted in accordance with this Agreement.  The Budgets contain both Building Loan Costs
and Project Loan Costs.

 

“Building Loan”
means the loan which is the subject of the Building Loan Agreement.

 

“Building Loan
Agreement” means that certain Building Loan Agreement dated as
of even date herewith by and among Borrower, Initial Agent, for itself and for
the benefit of Lenders, and Agent, for itself and on behalf of Lenders.

 

“Building Loan
Amount” means $170,529,479.

 

“Building Loan
Assignment of Leases” has the meaning given to such term in the
Building Loan Agreement.

 

4

 

“Building Loan
Costs” means, without duplication, (i) all costs and expenses of
(a) achieving Final Completion of the Project and Stabilized Occupancy, (b)
satisfying the obligations of the Borrower Entities to Agent and Lenders under
the Loan Documents, (c) the payment of interest on the Equity Contribution, to
the extent the Extension Loan is made, and the payment of interest on the
Extension Loan, and (d) Assignments of the Loans (to the extent Borrower is
liable therefor pursuant to Section 7.06 of the Building Loan Agreement)
and (ii) all other actual or anticipated non-construction costs payable through
the maturity of the Building Loan and necessary to achieve Final Completion of
the Project and Stabilized Occupancy (including, without limitation, from and
after the date, if any, that either option described in Section 3.19(a) of
the Building Loan Agreement is exercised, that portion of the Extension Fee
relating to such option attributable to the Building Loan), but only to the
extent, in each of the foregoing clauses (i) and (ii), such costs and expenses
are Costs of the Improvement.

 

“Building Loan
Documents” has the meaning given to such term in the Building
Loan Agreement.

 

“Building Loan
Indebtedness” means, “Indebtedness” as defined in the Building Loan
Mortgage.

 

“Building Loan
Mortgage” has the meaning given to such term in the Building
Loan Agreement.

 

“Building Loan
Notes” has the meaning given to such term in the Building Loan
Agreement.

 

“Building Loan
Obligations” means “Obligations” as defined in the Building Loan
Mortgage.

 

“Business Day”
means a day other than (i) Saturday, (ii) Sunday, or (iii) a day on which
commercial banks in the State of New York are authorized or required by law to
close.

 

“Certificate of
Non-Bank Status” means a certificate substantially in the form
of Exhibit C
attached hereto.

 

“Change in
Control” shall mean the occurrence of any one of the following
events, voluntarily or involuntarily, singly or in conjunction with another
event, and whether in one or more transactions: (a) with respect to a Person
which is a corporation, (i) a single Person (or a group of Persons acting in
concert) directly or indirectly becomes the legal or beneficial owner of 50% or
more of the voting stock of such corporation, (ii) a single Person (or a group
of Persons acting in concert) through a merger, consolidation or otherwise,
directly or indirectly acquires the power to direct (or cause the direction of)
or approve the management or policies of such corporation or (iii) unless the
common stock of such corporation is publicly traded on a recognized exchange, a
majority of the members of the board of directors of such corporation are no
longer members of the board of directors of such corporation; (b) with respect
to a Person

 

5

 

which is a general or limited partnership or a limited liability
company, (i) the change, removal or resignation of a general partner, manager
or managing member, or joint venturer (other than a joint venturer which is
solely a limited partner or a non-managing member) or the transfer or pledge of
all or any portion of the direct or indirect ownership or economic interest of
any general partner, manager or managing member, or joint venturer (other than
a joint venturer which is solely a limited partner or a non-managing member),
(ii) a single Person (or a group of Persons acting in concert) directly or
indirectly becomes the legal or beneficial owner of 50% or more of the equity
interests in such partnership or limited liability company, as the case may be,
or a general partner, manager or managing member, or joint venturer thereof
which is a general partner, manager or managing member, or (iii) a single
Person (or a group of Persons acting in concert) through a merger,
consolidation or otherwise, directly or indirectly acquires the power to direct
(or cause the direction of) or approve the management or policies of such
partnership or company; (c) with respect to any other type of Person, (i) a
single Person (or a group of Persons acting in concert) directly or indirectly
becomes the legal or beneficial owner of 50% or more of the equity interests in
such Person or (ii) a single Person (or a group of Persons acting in concert)
directly or indirectly acquires the power to direct (or cause the direction of)
or approve the management or policies of such Person; or (d) with respect to
any Person, any transfer of legal or beneficial ownership of 50% or more of the
direct or indirect equity interests in such Person.

 

“Change Order”
has the meaning given to such term in Section 7.11 hereof.

 

“Claim”
has the meaning given to such term in Section 7.29(a) hereof.

 

“Closing Date”
means the date upon which this Agreement is executed and delivered by Borrower,
Initial Agent, for itself and for the benefit of Lenders, and Agent, for itself
and on behalf of Lenders.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the
regulations promulgated and rulings issued thereunder.

 

“Collection
Accounts” has the meaning given to such term in the Collection
Accounts Agreement.

 

“Collection
Accounts Agreement” has the meaning given to such term in
Section 7.57 hereof.

 

“Commitment Letter”
means that certain letter issued by Agent dated May 7, 2004 and accepted by
Borrower as of such date.

 

“Common Elements
Leasable Space” has the meaning given to such term in the
Condominium Documents.

 

“Completion Date”
has the meaning given to such term in the Operating Agreement.

 

6

 

“Completion
Deposit” has the meaning given to such term in Section 3.06
hereof.

 

“Condominium Act”
means Article 9-B of the New York Real Property Law (339-d et seq.) of the
State of New York and all modifications, supplements and replacements thereof
and all regulations with respect thereto, now or hereafter enacted or
promulgated.

 

“Condominium
By-Laws” means the By-Laws substantially in the form attached as
part of Exhibit E to the Operating Agreement, as the same is to be modified and
finalized in accordance with the First Amendment and this Agreement.  From and after the execution of the
Condominium Declaration, “Condominium
By-Laws” shall refer to the By-Laws attached to such executed
Condominium Declaration.

 

“Condominium
Declaration” means that certain Declaration of Leasehold
Condominium (and all exhibits thereto) with respect to the condominium regime
governing the entire Premises in substantially the form attached as Exhibit E
to the Operating Agreement, as the same is to be modified and finalized in
accordance with the First Amendment and this Agreement.  From and after the date on which such form
has been executed, “Condominium
Declaration” shall refer to such executed document.

 

“Condominium
Documents” means the Condominium Declaration, the Condominium
By-Laws and the Condominium Floor Plans.

 

“Condominium
Floor Plans” means the floor plans of the Project certified by
Borrower’s Architects and intended to be filed with the Real Property
Assessment Department and recorded in the Office of the City Register of New
York County simultaneously with the recordation of the Condominium
Declaration.  From and after the date on
which such floor plans are so filed and recorded, “Condominium Floor Plans”
shall refer to such recorded floor plans.

 

“Condominium
Subordination Agreement” means a subordination agreement
executed by Agent, for itself and on behalf of Lenders, substantially in the
form of Exhibit D
hereto.

 

“Construction
Consultant” means Inspection & Valuation International, Inc.
or, with the prior consent of Borrower, such consent not to be unreasonably
withheld or delayed, such other replacement consulting architect(s),
engineer(s) or inspector(s) selected by Agent (with the consent of the Majority
Lenders).

 

“Construction
Loan Disbursement Agreement” has the meaning given to such term
in Section 2.03 hereof.

 

“Construction
Schedule” means the schedule, approved by Agent in the
Disclosure Side Letter, broken down by trade, showing the estimated dates of
commencement and completion of the Project as well as various interim
milestones.

 

7

 

“Control,”
“Controlled by”
and “Under Common
Control With” means the possession, directly or indirectly, of
the power to direct or cause the direction of management or policies of the
Person in question (whether through ownership of securities or partnership or
other ownership interests, by contract or otherwise), provided that, in any event,
any Person (i) which owns directly or indirectly twenty percent (20%) or more
of the securities having ordinary voting power for the election of directors or
other governing body of a corporation or twenty percent (20%) or more of the
partnership or other ownership interests of any other Person or (ii) which is a
general partner, manager or managing member, director, officer or trustee of a
corporation or any other Person, shall be deemed to control such corporation or
other Person.

 

“Core and Shell”
has the meaning given to such term in the Architect’s Contract.

 

“Core and Shell
Completion” means the substantial completion of
the core and shell (including, without limitation, all of the elements that
comprise Core and Shell) of the Project in substantial accordance with the
Plans and Specifications, as reasonably determined by Agent and Construction
Consultant.

 

“Cost Allocation
Methodology”means, with respect to allocating costs, Project Loan Costs and
Building Loan Costs as between the FC Units and the FC Units Budget, on the one
hand, and the NYTC Units and the NYTC Units Budget, on the other hand, the
“Allocation Methodology” as defined in the Operating Agreement.

 

“Costs of the
Improvement” means those items defined as cost of improvement
under Section 2(5) of the Lien Law.

 

“Default”
means any event which but for the passage of time or giving of notice or both,
would constitute an Event of Default.

 

“Default Rate”
means a rate per annum equal to the lesser of (i) the Interest Rate plus five
hundred basis points (5.00%) per annum, and (ii) the Maximum Rate.

 

“Defaulting
Lender” has the meaning given to such term in
Section 5.02(c) hereof.

 

“Deficiencies”
has the meaning given to such term in Section 5.02(c) hereof.

 

“Developer”
means Forest City Ratner Companies.

 

“Development
Agreement-ING” means that certain Development Agreement, dated
as of December 12, 2001 among FC Member, Developer and ING Member.

 

8

 

“Development
Agreement-NYTC” means that certain Development Agreement, dated
as of December 12, 2001, among Borrower, NYTC Member, FC Member and
Developer.

 

“Development
Agreements” means, collectively, Development Agreement-NYTC and
Development Agreement-ING.

 

“Development
Cost” means the $1.6 million Development Distribution (as
defined in the Development Agreement ING), which Development Distribution is
shown in the FC Units Budget as the $1.6 million “Development Costs” line item.

 

“Development
Cost Line Item” means the line item in the FC Units Budget
containing the Development Cost.

 

“Disbursement
Agent” has the meaning given to such term in the Construction
Loan Disbursement Agreement.

 

“Disbursement
Schedule” means the schedule approved by Agent in the
Disclosure Side Letter of the amounts of Advances anticipated to be
requisitioned by Borrower each month during the term of the Project Loan,
indicating the timing of disbursements anticipated with respect to each Budget.

 

“Disclosure Side
Letter” has the meaning given to such term in Section 2.08
hereof.

 

“Draw Request”
means, with respect to each Advance and each “Advance” (as defined in the
Building Loan Agreement), Borrower’s request for such Advance and such
“Advance” substantially in the form attached hereto as Exhibit E, fully
completed and certified by Borrower.

 

“DUO Declaration”
means the Site 8 South Declaration of Design, Use and Operation by ESDC and
Ground Lessor, dated as of December 12, 2001 and recorded in the Office of
the City Register of New York County on October 24, 2003 as CRFN#
2003000433121.

 

“Eligible
Assignee” means any of the following entities which has, as of
the later to occur of (x) the day that Agent makes a firm proposal on or after
the date hereof to such entity for such entity to become a Lender hereunder and
(y) ninety (90) days prior to the date that such entity makes a binding
acceptance of such offer, (i) an Issuer Financial Strength Rating from S&P
of A - or better or, if not rated by S&P, a Senior Unsecured Debt Rating or
Issuer Rating from Moody’s of A3 or better or (in the case of clauses (a), (b)
and (c) of this definition) (ii) at least $10,000,000,000.00 in assets and at
least $1,000,000,000.00 in capital surplus: 
(a) a commercial bank or trust company organized under the laws of the
United States or any state thereof; (b) a savings and loan association or
savings bank organized under the laws of the United States or any state
thereof; (c) a commercial bank organized under the laws of any other country or
a political subdivision thereof (a “Non-US Lender”); provided that in the case of
clause

 

9

 

(c) such bank is organized under the laws of a country that is a member
of the Organization for Economic Cooperation and Development or a political
subdivision of such country; (d) any other entity which is an “accredited
investor” (as defined in Regulation D under the Securities Act) which extends
credit or buys loans as one of its businesses, including, without limitation,
insurance companies, mutual funds, real estate investment trusts and pension
funds; and (e) any Lender, any Affiliate of any Lender and any First Offer
Lender (as defined in the Side Letter re: Fees).  Notwithstanding the foregoing, (1) no real estate “opportunity
funds”, hedge funds or lease financing companies shall be Eligible Assignees
and (2) any Person that qualifies as an Eligible Assignee but for clauses (i)
and (ii) in this definition shall (subject to the foregoing clause (1))
nevertheless be an Eligible Assignee if such Person takes by assignment a
fully-funded interest in the Loans.

 

“Employee
Benefit Plan” means any pension plan defined in
Section 3(3) of ERISA or any “plan” described in Section 4975(e) of
the Code, other than a plan exempt from coverage under ERISA and the provisions
of Section 4975 of the Code.

 

“Equity
Contribution” means the equity contributions to be made by NYTC
Member to Borrower pursuant to the First Amendment to the Operating Agreement
of Borrower dated as of even date herewith and secured by FC Member’s interest
in Borrower pursuant to the Equity Contribution Pledge Agreement and bearing
interest at the rate set forth therein.

 

“Equity
Contribution Documents”  means the Operating Agreement, the Equity
Contribution Pledge Agreement and the other documents evidencing or securing
the Equity Contribution.

 

“Equity
Contribution Pledge Agreement” means the Pledge and Assignment
Agreement entered into by FC Member, pledging its membership interest in
Borrower to NYTC Member, dated as of December 12, 2001, as amended by that
certain First Amendment to Pledge and Assignment Agreement by FC Member in
favor of NYTC Member, dated as of even date herewith, as the same may be
further amended, modified or supplemented in accordance with both the terms
hereof and the terms thereof.

 

“Equity Infusion”
has the meaning given to such term in Section 4.04 hereof.

 

“Equity Infusion
Date” has the meaning given to such term in Section 4.04
hereof.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the
regulations and rulings issued thereunder.

 

“ERISA Affiliate”
means each “person” (as defined in Section 3(9) of ERISA) which together
with a Borrower Entity would be considered a “single employer” within the
meaning of Section 414(b), (c), (m) or (o) of the Code.

 

10

 

“ESDC”
means the New York State Urban Development Corporation, doing business as the
Empire State Development Corporation.

 

“Event of
Default” has the meaning given to such term in Section 9.01
hereof.

 

“Exchange Act”
means the Securities and Exchange Act of 1934, as amended from time to time,
and any successor statute.

 

“Extension Fee”
shall mean a fee equal to three-eighths of one percent (0.375%) of the
Remaining Loan Amount.  Lenders shall be
entitled to participate in the Extension Fee to the extent set forth in the
applicable Assignment and Acceptance Agreement.

 

“Extension Loan”
means the loan contemplated under the Operating Agreement to be made by
Extension Loan Lender to FC Member and evidenced by the Extension Loan
Documents.

 

“Extension Loan
Documents” means the documents evidencing or securing the
Extension Loan and attached as Exhibits Q and S to the Operating Agreement.

 

“Extension Loan
Conditions” means the following five (5) conditions:  (a) FC Member shall have complied with its
obligations under the first two sentences of Section 6.03 of the Operating
Agreement, as reasonably determined by Agent, (b) Core and Shell Completion
shall have been achieved, (c) the Condominium Declaration and Condominium
By-Laws shall have been finalized in accordance with the Loan Documents and
approved by Agent and each of the Members, (d) the conditions set forth in
clauses (1), (3) and (5) of Section 7.46(a) hereof shall have been
satisfied and (e) FC Member shall have made the “True-Up Payment” described in
Section 3.01(c) of the Operating Agreement.

 

“Extension Loan
Intercreditor Agreement” has the meaning given to such term in
Section 7.46(a)(11) hereof.

 

“Extension Loan
Lender” means NYTC Guarantor, any direct or indirect
wholly-owned subsidiary thereof or, with the consent of the Majority Lenders,
any other Person.

 

“Extension
Option Exercise Date” has the meaning given to such term in
Section 3.19(a).

 

“FC 41st Street”
has the meaning given to such term in the definition of Architect’s Contract.

 

“FC Completion
Guaranty” has the meaning set forth in Section 2.06(b)
hereof.

 

11

 

“FC Guarantor”
means Forest City Enterprises, Inc., an Ohio corporation and its permitted
successors in accordance with the terms hereof.

 

“FC Member”
means FC Lion LLC, a New York limited liability company and its permitted
successors in accordance with the terms hereof.

 

“FC Non-Recourse
Carveouts Guaranty” has the meaning set forth in
Section 2.06(a) hereof.

 

“FC Office Unit”
means, prior to the recordation of the Condominium Documents, the portion of
the Project designated as “FC Office” on the Plans and Specifications, together
with its undivided proportionate share of the “Common Areas” appurtenant
thereto as shown on the Plans and Specifications and, after the recordation of
the Condominium Documents, the “FC Collective Unit” (as defined in the
Condominium Documents), together with its proportionate share of the “Common Elements”
(as defined in the Condominium Documents) as more particularly shown on the
Condominium Floor Plans.

 

“FC Operating
Agreement” means that certain Operating Agreement of FC Member
dated as of December 12, 2001 by ING Member and FC 41st Street, as modified
by that certain side letter between ING Member and FC 41st Street, dated
April 8, 2004.

 

“FC Retail Unit”
means, prior to the recordation of the Condominium Documents, the portion of
the Project designated as “FC Retail” on the Plans and Specifications, together
with its undivided proportionate share of the “Common Areas” appurtenant
thereto as shown on the Plans and Specifications and, after the recordation of
the Condominium Documents, the “Retail Unit” (as defined in the Condominium
Documents), together with its proportionate share of the “Common Elements” (as
defined in the Condominium Documents) as more particularly shown on the
Condominium Floor Plans.

 

“FC Units”
means the FC Office Unit and the FC Retail Unit collectively.

 

“FC Units Budget”
means the budget setting forth the total estimated Building Loan Costs and
Project Loan Costs allocable to the FC Units and approved by Agent in the
Disclosure Side Letter.  For all
purposes hereunder, interest on the Equity Contribution is allocable to the FC
Units.

 

“Final
Completion”shall mean, with respect to any Unit or the Project, as the case
may be, the occurrence of all of the following applicable events to the
satisfaction of Agent:  (a) with respect
to any of the Units, Substantial Completion of such Unit, and with respect to
the Project, Substantial Completion of the Project; (b) the construction,
furnishing and development of such Unit (or the Project) substantially in
accordance with the Plans and Specifications and in accordance with the Loan Agreements
and the Public Project Agreements, free and clear of any and all liens and
claims of any Persons furnishing material, labor or services in connection with
the

 

12

 

design, furnishing, construction or development of such Unit (or the
Project); (c) the payment in full of any and all fees, charges, costs and
expenses payable by Borrower to contractors, consultants, materialmen,
laborers, suppliers and any other Person engaged in connection with the design,
furnishing, construction or development of such Unit (or the Project) so as to
complete such Unit (or the Project) in accordance with clause (b) above, and
the payment of all permitting fees, licensing fees and other governmental
charges payable in connection therewith; (d) with respect to each Unit, the
issuance of those certificates of occupancy referred to in clauses (c) and (d)
of the definition of Substantial Completion below and the issuance of all other
governmental licenses, permits, sign-offs and approvals required to have been
obtained for the lawful construction of such Unit substantially in accordance
with the Plans and Specifications and necessary for its lawful use; (e) with
respect to any Unit, the furnishing of such Unit with all necessary furniture,
fixtures and equipment (including “tenant improvement” work) to the extent
provided for in the Plans and Specifications or as contemplated by any Budget;
(f) with respect to any Unit or the Project, the delivery of final,
unconditional lien waivers from all Lien Waiver Parties in form reasonably
acceptable to Agent; and (g) with respect to the Project, delivery to Agent of
two (2) sets of final “as-built” Plans and Specifications signed and sealed by
Borrower’s Architects.

 

“First
Amendment” has the meaning given to such term in the definition
of “Operating Agreement.”

 

“First Extended
Maturity Date” has the meaning given to such term in
Section 3.19(a) hereof.

 

“Fiscal Year”
shall mean the period commencing on the Closing Date and ending on and
including December 31 of the calendar year in which the Closing Date
occurs and thereafter each twelve-month period commencing on January 1 and
ending on December 31 during each year of the term of the Project Loan.

 

“Fixed
Substantial Completion Date” has the meaning given to such term
in the Ground Lease.

 

“Force
Majeure Event” means any of
the following events, but only to the extent beyond Borrower’s and the General
Contractor’s reasonable control: 
casualty (including, without limitation, fire); war; invasion;
rebellion; revolution; insurrection; riots; an act of government or a
quasi-governmental authority; changes in Legal Requirements enacted after the
date hereof; earthquakes; hurricanes; tidal waves; inclement weather or any act
of God or operation of forces of nature which reasonable foresight and ability
on the part of Borrower or the General Contractor could not reasonably prevent
or provide against; strikes, lockouts or other employee disturbances or labor
disputes (except to the extent such strikes, lockouts or other employee
disturbances or labor disputes take place at the Premises only or at the
Premises and other projects or properties being developed or constructed by
Affiliates of FC Guarantor or General Contractor only); and all other events
beyond Borrower’s and the General Contractor’s reasonable control.  Notwithstanding the foregoing, the following
events shall in all circumstances not be Force Majeure Events:  economic conditions; recessions; the effects

 

13

 

of competition; breaches and all other acts or omissions of the General
Contractor, any contractor or subcontractor of any tier or any architect,
consultant or other party engaged by Borrower, any other Borrower Entity or the
General Contractor; any event with respect to which the General Contractor is
not entitled to a time extension under the Guaranteed Maximum Price Contract;
and shortages in, the unavailability of, or unusual delays in the delivery of,
materials, supplies, labor, equipment or systems (except to the extent caused
by another Force Majeure Event).

 

“Force Majeure
Extension Option Exercise Date” has the meaning given to such
term in Section 3.19(b) hereof.

 

“Force Majeure
Extension Period” has the meaning given to such term in
Section 3.19(b) hereof.

 

“Future Advance
Interest Rate Caps” has the meaning given to such term in
Section 7.20 hereof.

 

“General
Contractor” means AMEC Construction Management Inc., a Delaware
corporation, and any successor thereto approved in accordance with
Section 7.01 hereof.

 

“General
Contractor’s Certificate” has the meaning given to such term in
Section 4.01(i)(12) hereof.

 

“GMACCM”
has the meaning given to such term in the definition of “Syndication Condition”.

 

“GMP Guarantor”
means AMEC p.l.c., a public limited company organized under the laws of England
and any successor thereto approved in accordance with Section 7.01 hereof.

 

“GMP Guaranty”
has the meaning given to such term in Section 4.01(d) hereof.

 

“Governmental
Approvals” means all approvals, consents, waivers, orders,
acknowledgments, authorizations, permits and licenses required under applicable
Legal Requirements to be obtained from any Governmental Authority.

 

“Governmental
Authority” means any government (or any political subdivisions
thereof), court, agency, authority, board (including, without limitation, any
environmental protection, planning or zoning board), bureau, commission,
department, office or instrumentality of any nature whatsoever of any
governmental or quasi-governmental unit having jurisdiction over any Borrower
Entity, the Mortgaged Property or any part thereof (or the construction,
development, use, occupancy, management, ownership or operation of the
Mortgaged Property or any part thereof) or Agent or any Lender, as applicable.

 

14

 

“Ground Lease”
means the Agreement of Lease between Borrower and Ground Lessor, dated as of
December 12, 2001, a memorandum of which was recorded in the office of the
City Register of New York County on October 24, 2003 as CRFN # 20030004
33122, as modified by (a) that certain letter agreement between Borrower and
Ground Lessor, dated as of April 8, 2004 and (b) regarding which Borrower
and Ground Lessor, in accordance with the Tri-Party Agreement, have agreed to
modify their agreements and rights.

 

“Ground Lessor”
means 42nd St. Development Project, Inc.

 

“Guaranteed
Maximum Price Contract” means that certain Construction
Management Agreement, dated the 22nd day of January, 2004 between Borrower and
General Contractor, as modified by that certain General Contractor’s Consent to
Assignment of Contractor’s Agreement among Borrower, General Contractor and
Agent of even date herewith.

 

“Guaranties”
means, collectively, the documents referred to in Section 2.06 hereof.

 

“Guarantors”
means FC Guarantor and NYTC Guarantor, collectively.

 

“Hard Cost
Contracts” means the Guaranteed Maximum Price Contract and all
other contracts and subcontracts (whether direct or indirect) that cover Hard
Costs.

 

“Hard Costs”
means the direct costs and expenses of goods, materials or labor incurred in
connection with the construction of the Project substantially in accordance
with the Plans and Specifications, including, without limitation, all amounts
payable under the Guaranteed Maximum Price Contract, including fees.  To avoid confusion, the Budgets show which
categories of Building Loan Costs are Hard Costs and which are soft costs.  No Project Loan Cost is a Hard Cost.

 

“Immediate
Family Members” of a Person means the spouse, parents and any
direct lineal descendants (including adoptees) of such Person.

 

“Improvements”
means all the buildings, structures, fixtures and improvements described in Exhibit F attached
hereto and more particularly set forth in the Plans and Specifications, and all
other buildings, structures, fixtures and improvements now or hereafter located
or placed on the Land.

 

“In Balance”
has the meaning given to such term in Section 3.06 hereof.

 

“Indebtedness”
means, collectively, the Building Loan Indebtedness and the Project Loan
Indebtedness.

 

“Indemnified
Parties” means Initial Agent, Agent, any Lender, any Person who
is or will have been involved in the servicing of the Project Loan, any Person

 

15

 

in whose name the encumbrances created by the Project Loan Mortgage is
or will have been recorded, any Person who may hold or acquire or has held a
full or partial interest in the Project Loan (including, but not limited to any
participants in the Project Loan and any investors in a Securitization, as well
as custodians, trustees and other fiduciaries who hold or have held a full or
partial interest in the Project Loan for the benefit of third parties), as well
as the respective directors, officers, shareholders, members, partners,
employees, agents, servants, representatives, contractors, subcontractors,
affiliates, subsidiaries, participants, successors and assigns of any and all
of the foregoing (including, but not limited to, any other Person who holds or
acquires or has held a participation or other full or partial interest in the
Project Loan or the Mortgaged Property, and any successors by merger,
consolidation or acquisition of all or a substantial portion of Agent’s or any
Lender’s assets and business).

 

“Information”
has the meaning given to such term in Section 11.23 hereof.

 

“ING”
means ING Real Estate Development Holding U.S. Inc.

 

“ING Member”
means Ingredus Site 8 South LLC, a Delaware limited liability company.

 

“Initial Advance
Interest Rate Cap” has the meaning given to such term in
Section 4.02(e)(7) hereof.

 

“Initial Agent”
has the meaning given to such term in the opening paragraph of this Agreement.

 

“Initial
Construction Advance” has the meaning given to such term in
Section 4.02 hereof.

 

“Initial
Interest Period” has the meaning given to such term in the
definition of Interest Period.

 

“Initial
Required Equity Funds” means, subject to Section 3.08(b)
hereof, $417,654,796, which amount represents the sum of (a) $87,547,843 contributed
by Borrower on behalf of FC Member, (b) $119,498,394 contributed by Borrower on
behalf of NYTC Member, and (c) the Equity Contribution of $210,608,559 which
sum represents the initial estimate of the amount by which (i) the amount
needed to cover all Building Loan Costs and Project Loan Costs reasonably
anticipated to be incurred with respect to the Project, as shown by the Budgets
approved by Agent as of the Closing Date, exceeds (ii) the Loan Amount.

 

“Intended
Advance Date” means the Requested Advance Date or, if not all of
the conditions precedent to such Advance have been satisfied prior to the
Requested Advance Date, the first Business Day following the date on which all
conditions to such Advance hereunder have been satisfied.

 

16

 

“Interest Period”
means, during any period of time in which the LIBOR Rate is in effect, the
period commencing, in the case of the first Interest Period, on the date hereof
and ending on the last day of June, 2004 (the “Initial Interest Period”), and with
respect to subsequent Interest Periods, commencing, in each case, on the first
day (such date, the “Start
Day”) of the immediately succeeding calendar month, and ending,
in each case, on the last day of the month in which the Start Day occurs.

 

“Interest Rate”
means, subject to Section 3.14 hereof, the LIBOR Rate plus the Spread.

 

“Interest Rate
Caps” means the Initial Advance Interest Rate Cap and the Future
Advance Interest Rate Caps, and “Interest Rate Cap” means any of
the foregoing.

 

“Involuntary
Bankruptcy” has the meaning given to such term in
Section 9.01(g)(i).

 

“Knowledge”
or “Knowledge of
Borrower” means the actual knowledge of any of the following
persons (unless and until any such Person has no involvement with the Project)
or any person replacing any such person: 
Bruce Ratner, Andrew Silberfein, David Berliner, Chris Clayton and Susan
Elman.

 

“Land”
means the land more particularly described on Exhibit A attached hereto and includes
all rights appurtenant thereto, including, without limitation, any air or
development rights acquired by Borrower.

 

“Land
Acquisition Agreement” means the Site 8 South Land Acquisition
and Development Agreement among Borrower, Ground Lessor and ESDC, dated as of
December 12, 2001.

 

“Late Charge”
has the meaning given to such term in Section 3.11 hereof.

 

“Lead Architect”
has the meaning given to such term in the definition of Architect’s Contract
and any successor Borrower’s Architect in accordance with Section 7.13
hereof.

 

“Leases”
means “Leases” as defined in the Project Loan Mortgage, provided that in no
event shall “Leases”
as used in this Agreement include the Ground Lease or the Severance Subleases.

 

“Leasing Agent
Agreement” means any one or more agreements entered into by Borrower,
any Member or any Affiliate of Borrower wherein Borrower, such Member or such
Affiliate engages any Person to assist in the leasing of any of the Units and
which is in effect on or after the date hereof.

 

“Legal
Requirements” shall mean all federal, state, county, municipal
and other governmental statutes, laws, rules, orders, regulations, ordinances,
judgments, decrees and injunctions of Governmental Authorities, whether now or
hereafter enacted

 

17

 

and in force (including, without limitation, any environmental laws and
building, use, zoning and land use laws and regulations), and all permits,
licenses and authorizations and regulations relating thereto, and all
covenants, agreements, restrictions and encumbrances contained in any
instruments with Governmental Authorities (other than those contained in the
Ground Lease or the Land Acquisition Agreement), either of record or known to
the applicable Person, at any time in force applicable to Agent, any Lender,
any Borrower Entity, the Mortgaged Property or any part thereof (including any
which may (i) require repairs, modifications or alterations in or to the
Mortgaged Property or any part thereof, or (ii) in any way limit the use and
enjoyment thereof).

 

“Lender”
has the meaning given to such term in the opening paragraph of this Agreement,
subject to Sections 3.16(c) and 11.05(a) hereof.

 

“LIBOR Rate”
means, as determined by Agent, the average of London Interbank Offered Rates
(in U.S. dollar deposits), rounded up to the nearest 1/10,000th of one percent,
for a term equal to the applicable calendar month; provided, however, that if
such month has 28, 29 or 31 days, the Libor Rate shall be calculated assuming
such month has thirty (30) days.  Agent
will obtain the LIBOR Rate from Bloomberg (British Banker’s Association Rate)
as of the close of business announced on the second immediately preceding
Business Day prior to the Start Day.  If
Bloomberg ceases publication or ceases to publish such LIBOR Rate, Agent shall
select a comparable publication to determine the LIBOR Rate.  The LIBOR Rate may or may not be the lowest
rate based upon the market for U.S. dollar deposits in the London Interbank
Eurodollar Market at which Agent or any Lender prices loans on the date on
which the LIBOR Rate is determined by Agent as set forth in this
definition.  The rules set forth in
Section 4.12 (entitled “Business Day Convention”) of the 2000
International Swap Dealers Association, Inc. 
Definitions shall apply with respect to the calculation of the LIBOR
Rate.  Agent and Borrower acknowledge
and confirm that Bloomberg shows thirty (30) day LIBOR Rates as one-month LIBOR
Rates.

 

“Lien”
means any mortgage, deed of trust, pledge, assignment of leases and rents,
security interest, encumbrance, restriction, lien or charge of any kind
including, without limitation, any conditional sale or other title retention
agreement or any lease in the nature thereof, or the filing of, or any
agreement to give, any financing statement under the Uniform Commercial Code of
any jurisdiction.

 

“Lien Law”
means the Lien Law of the State of New York.

 

“Lien Law
Affidavit” has the meaning given to such term in the Building
Loan Agreement.

 

“Lien Waiver
Parties”  has
the meaning given to such term in the Building Loan Agreement.

 

“Loan Agreements”
means, collectively, this Agreement and the Building Loan Agreement.

 

18

 

“Loan Amount”  means the sum of the Building Loan Amount
and the Project Loan Amount.

 

“Loan Documents”
means, collectively, the Building Loan Documents and the Project Loan
Documents.

 

“Loans”
means the Building Loan and the Project Loan.

 

“Losses”
has the meaning given to such term in Section 7.29(a) hereof.

 

“Major
Contractor” means the General Contractor and any other
contractor hired by any Borrower Entity (and any Affiliates thereof) to supply
labor, goods, materials or services which are Building Loan Costs in connection
with the Project, where, at the time of determination, the aggregate contract
price for such labor, goods, materials or services (including fees) equals or
exceeds $1,000,000, whether pursuant to one contract or agreement or multiple
contracts or agreements, after taking into account all Change Orders.

 

“Major Decision”
shall mean any decision by the Majority Lenders (other than any Super-Major
Decision) pertaining to (a) a material modification or amendment of the Project
Loan Documents; (b) the exercise of any material remedies by Agent under the
Project Loan Documents during the continuance of an Event of Default; (c) the
approval of any Lease or any matter with respect to any Lease as to which
Agent’s approval is required hereunder, but only if such Lease covers more than
three full floors (or more than 75,000 rentable square feet) of the Project (a
“Major Lease”);
(d) the approval of any Managing Agent Agreement where the managing agent is
not an Affiliate of FC Guarantor; (e) the disposition of the Mortgaged Property
after it is acquired by Agent on behalf of Lenders; and (f) any other decision
in the Project Loan Documents requiring the approval of Majority Lenders.

 

“Major Lease”
has the meaning given to such term in the definition of Major Decision.

 

“Major
Subcontractor” means any subcontractor (or any direct or indirect
subcontractor thereof) who is supplying labor, goods, materials or services
which are Building Loan Costs in connection with the Project, where, at the
time of determination, the aggregate contract price for such labor, goods,
materials or services (including fees) equals or exceeds $500,000, whether
pursuant to one contract or agreement or multiple contracts or agreements,
after taking into account all Change Orders.

 

“Major
Subcontracts” has the meaning given to such term in the
definition of Material Contracts.

 

“Majority
Lenders” means, at any time, Lenders whose commitments total
more than fifty percent (50%) of the Loan Amount; provided, however, that if at
any time a single Lender has a commitment of more than fifty percent (50%) of
the Loan Amount and there shall be more than one Lender, “Majority Lenders”
shall mean any

 

19

 

two (2) Lenders (who are not Affiliates of each other) whose
commitments exceed fifty percent (50%) of the Loan Amount.  At any time that a Lender is a Defaulting
Lender, then (x) such Lender shall not be deemed a Lender for purposes of this
definition and (y) such Lender’s ratable share of the Loan Amount shall, for
purposes of this definition, be subtracted from the Loan Amount.

 

“Managing Agent
Agreement” means any agreement entered into by Borrower or any
Member where Borrower or such Member engages any Person to assist in the
management of the Property or any portion thereof.

 

“Material
Adverse Effect” means any event or condition that has a material
adverse effect upon (i) the ability of (as of the Closing Date) any Borrower
Entity and (after the Closing Date) Borrower and each Member to pay all of its
liabilities or to perform all of its obligations in the manner and within the
time periods provided under the Project Loan Documents, (ii) the enforceability
of any provision of any Project Loan Document against any Borrower Entity,
(iii) the perfection or priority of any Lien created under any Project Loan
Document, (iv) the value of any collateral granted by any Borrower Entity to
Agent for the benefit of Agent and Lenders in connection with the Project Loan
or (v) the rights and remedies of Agent under the Project Loan Documents.

 

“Material
Contracts” means (a) the GMP Guaranty, (b) all contracts with
Major Contractors and all contracts with Major Subcontractors (“Major Subcontracts”),
(c) any Leasing Agent Agreement, (d) any Managing Agent Agreement, (e) the
Architect’s Contract and any other material agreement entered into by any one
or more of Borrower and the Members with any architect or engineer relating to
the Project, (f) any Interest Rate Cap, (g) the Ground Lease and each of the
Severance Subleases, (h) the Land Acquisition Agreement, (i) the Subway
Agreement, (j) the Site 8 Project Agreement, and (k) any other contract of any
kind or type whatsoever (whether oral or written, formal or informal) entered
into by any Borrower Entity affecting in any material respect the construction
or value of the Project other than any Lease and the Development Agreements.

 

“Maturity Date”
means the earlier to occur of (i) the Original Maturity Date or, subject to the
penultimate sentence of Section 3.19(a) and the last sentence of
Section 3.19(b) hereof, the First Extended Maturity Date or the Second
Extended Maturity Date, as applicable) and (ii) the Acceleration Date.

 

“Maximum Amount”
means the Maximum Amount – NYTC or the Maximum Amount – FC, as applicable.

 

“Maximum
Amount–FC” means, as of the date of the Initial Construction Advance
(and without giving effect to such Advance or the “Initial Construction
Advance” as defined in the Building Loan Agreement), the Loan Amount minus the
Maximum Amount – NYTC, and thereafter such amount less all Advances hereunder
and all “Advances” (as defined in the Building Loan Agreement) under the
Building Loan Agreement made on or prior to the date in question for costs
shown in the FC Units Budget.

 

20

 

“Maximum
Amount-NYTC” means, subject to Section 3.08(b), as of the
date of the Initial Construction Advance (and without giving effect to such
Advance or the “Initial Construction Advance” as defined in the Building Loan
Agreement), the principal amount of the Equity Contribution (taking into account
any Equity Contribution made on such date), and thereafter such amount less all
Advances made hereunder and all “Advances” (as defined in the Building Loan
Agreement) under the Building Loan Agreement on or prior to the date in
question for costs shown in the NYTC Units Budget.

 

“Maximum Rate”
means the maximum interest rate allowed by applicable law in effect with
respect to the Project Loan on the date for which a determination of interest
accrued hereunder is made and after taking into account all fees, payments and
other charges which are, under applicable law, characterized as interest.

 

“Measuring Date”
has the meaning given to such term in Section 3.19(a) hereof.

 

“Members”
means FC Member and NYTC Member.

 

“Moody’s”
means Moody’s Investors Services, Inc., or any successor thereof (or if Moody’s
is no longer in the business of rating public companies, any other nationally
recognized rating agency selected by Agent).

 

“Mortgaged
Property” has the meaning given to such term in the Project Loan
Mortgage.

 

“Net Award or
Proceeds” has the collective meaning given to such term in the
Project Loan Mortgage.

 

“Net Proceeds”
has the collective meaning given to such term in the Project Loan Mortgage.

 

“News Outlets”
has the meaning given to such term in Section 11.23 hereof.

 

“No Strikes
Agreement”has the meaning given to such term in Section 4.01(i)(6)
hereof.

 

“Non-Disturbance
Agreement” means a non-disturbance, subordination and attornment
agreement substantially in the form of Exhibit H  hereto.

 

“Non-US Lender”
has the meaning given to such term in the definition of “Eligible Assignee.”

 

“Notice of
Assignment” means the notice by Borrower made in compliance with
Section 15 of the Lien Law.

 

“Notice of
Lending” means the notice by Borrower made in compliance with
Section 73 of the Lien Law.

 

21

 

“Noticed Default”
means (a) a Default with respect to which Agent has given Borrower notice that
such Default has occurred or (b) the occurrence of an event listed in Section 9.01
hereof which does not require a notice from Lender to become an Event of
Default.

 

“NYTC Completion
Guaranty” has the meaning set forth in Section 2.06(d)
hereof.

 

“NYTC Form
Sublease” has the meaning given to such term in
Section 7.14(b) hereof.

 

“NYTC Guarantor”
means the New York Times Company, a New York corporation, and its permitted
successors in accordance with the terms hereof.

 

“NYTC Member”
means NYTC Real Estate Company LLC, a New York limited liability company and
its permitted successors in accordance with the terms hereof.

 

“NYTC
Non-Recourse Carveouts Guaranty” has the meaning set forth in
Section 2.06(c) hereof.

 

“NYTC Office
Unit” means, prior to the recordation of the Condominium
Documents, the portion of the Project designated as “NYTC Office” on the Plans
and Specifications, together with its undivided proportionate share of the
“Common Areas” appurtenant thereto as shown on the Plans and Specifications
and, after the recordation of the Condominium Documents, the “NYTC Collective
Unit” (excluding the “SPU Unit”) (as such terms are defined in the Condominium
Documents), together with its proportionate share of the “Common Elements” (as
defined in the Condominium Documents) as more particularly shown on the
Condominium Floor Plans.

 

“NYTC Performing
Arts Unit” means, prior to the recordation of the Condominium
Documents, the portion of the Project designated as “SPU” on the Plans and
Specifications, together with its undivided proportionate share of the “Common
Areas” appurtenant thereto as shown on the Plans and Specifications and, after
the recordation of the Condominium Documents, the “SPU Unit” (as defined in the
Condominium Documents), together with its proportionate share of the “Common
Elements” (as defined in the Condominium Documents) as more particularly shown
on the Condominium Floor Plans.

 

“NYTC Units”
means the NYTC Office Unit and the NYTC Performing Arts Unit collectively.

 

“NYTC Units
Budget” means the budget setting forth the total estimated
Building Loan Costs and Project Loan Costs allocable to the NYTC Units and
approved by Agent in the Disclosure Side Letter.

 

22

 

“NYTC Units
Redemption” means the conveyance of the NYTC Units to NYTC
Member in redemption of NYTC Member’s interest in Borrower in accordance with
Section 7.46(a) hereof.

 

“Obligations”
means, collectively, the Building Loan Obligations and the Project Loan
Obligations.

 

“OFAC List”
means the list of specially designated nationals and blocked persons subject to
financial sanctions that is maintained by the U.S. Treasury Department, Office
of Foreign Assets Control and any other similar list maintained by the U.S.
Treasury Department, Office of Foreign Assets Control pursuant to any legal
requirements, including, without limitation, trade embargo, economic sanctions,
or other prohibitions imposed by Executive Order of the President of the United
States.  As of the date hereof, the OFAC
List is accessible through the internet website www.treas.gov/ofac/t11sdn.pdf.

 

“Operating
Agreement” means that certain Operating Agreement of Borrower
dated as of December 12, 2001, as amended by that certain First Amendment
to Operating Agreement of even date herewith (the “First Amendment”).

 

“Original
Maturity Date” means July 1, 2008.

 

“Other Funds”
means any Completion Deposits, any Borrower LC Deposit, and any amounts in the
Collection Accounts.

 

“Outstanding
Principal” means the principal amount of the Project Loan
outstanding under the Project Loan Notes from time to time.

 

“Overfunding
Unit” has the meaning given to such term in Section 3.20
hereof.

 

“Participant”  means any Person who
acquires a participation interest in the Building Loan or the Project Loan.

 

“Payment and
Performance Bond Contracts” has the meaning given to such term
in Section 4.02(e)(6) hereof.

 

“Payment and
Performance Bonds” means triple-obligee payment and performance
bonds in favor of Borrower, General Contractor and Agent in form reasonably
satisfactory to Agent, and in each case issued by a surety company or companies
reasonably acceptable to Agent or, at Borrower’s election, a subguard insurance
policy in form and substance satisfactory to Agent.

 

“Pending
Litigations” has the meaning given to such term in
Section 6.04(a) hereof.

 

“Period”
has the meaning given to such term in Section 7.20 hereof.

 

23

 

“Permitted
Affiliate Contract” has the meaning given to such term in
Section 7.36(f) hereof.

 

“Permitted
Exceptions” means those matters listed in Exhibit B attached
hereto and made a part hereof, to which the interest of Borrower in the
Premises is permitted to be subject, and, after the NYTC Units Redemption shall
have occurred, the Extension Loan Documents.

 

“Permitted Lease”
means any Lease entered into in accordance with Section 7.14 hereof.

 

“Permitted
Transfers” have the meaning given to such term in
Section 7.32(b) hereto.

 

“Person”
means an individual, partnership, limited partnership, limited liability
company, corporation, business trust, joint stock company, trust,
unincorporated association, joint venture, or other entity of any kind.

 

“Personal
Property”  has the
meaning given to such term in the Project Loan Mortgage.

 

“Plan Assets”
means the assets of any Employee Benefit Plan.

 

“Plans and
Specifications” means the plans, specifications, schematic
design documents (to the extent not superseded by design development documents
or final construction drawings), design development documents (to the extent
not superseded by final construction drawings), final construction drawings and
related items for the design and construction of the Project including, without
limitation, the “Drawings” and “Specifications” (as such terms are defined in
the Guaranteed Maximum Price Contract) that have been approved by Agent in the
Disclosure Side Letter, as the same may be amended by Change Orders made in
accordance with this Agreement.

 

“Policies”
has the meaning given to such term in the Project Loan Mortgage.

 

“Premises”
means, prior to the NYTC Units Redemption, the premises demised to Borrower
pursuant to the Ground Lease and the Improvements thereon, and, after the NYTC
Units Redemption, the premises demised to FC Member pursuant to the Severance
Subleases to which FC Member is a party and the Improvements thereon.

 

“Pro Forma Debt
Service” means the monthly interest and principal payment for a
loan in the principal amount of the Remaining Loan Amount, assuming that such
loan (x) is made on the first day of the Pro Forma Testing Period, (y)
amortizes on a thirty year schedule, and (z) has an annual interest rate equal
to the greatest of (a) 8.0%, (b) the Interest Rate in effect as of the date Pro
Forma Debt Service is measured and (c) the yield of the ten (10) year United
States Treasury Note, as published in The Wall Street Journal as of the
date Pro Forma Debt Service is measured, plus two percent

 

24

 

(2.0%).  In the event that, in
the case of clause (c), (i) more than one such yield is published, then the average
of such yields shall apply or (ii) no such yield is published, such yield shall
be determined from such comparable financial reporting company as Agent shall
reasonably select.

 

“Pro Forma Debt
Service Coverage Ratio” means the ratio of Pro Forma Net
Operating Income to Pro Forma Debt Service for the twelve (12) month period
starting from the first day of the first calendar month following the date in
question and ending on the day immediately preceding the one-year anniversary
of such first day (such period, the “Pro Forma Testing Period”).

 

“Pro Forma Net
Operating Income” means the excess, if any, of Pro Forma
Operating Income over Pro Forma Operating Expenses.

 

“Pro Forma
Operating Expenses”  means the sum of all expenses reasonably
projected by Borrower and reasonably approved by Agent to be paid or required
to be paid for during the Pro Forma Testing Period by or on behalf of Borrower
and the Members in connection with the operation of the Mortgaged Property,
determined using an accrual method of accounting in accordance with generally
accepted accounting principles consistently applied, including, without
limitation, (a) Property Taxes, (b) premiums on the Policies, (c) wages,
salaries, and fringe benefits of Borrower’s employees (including overhead
expenses) engaged in the operation or management of the Mortgaged Property or
Borrower’s business (to the extent properly charged or chargeable to the
Property), (d) fees and other amounts paid in respect of utilities serving the
Mortgaged Property, (e) fees, costs and expenses for cleaning, janitorial and
security services with respect to the Mortgaged Property, (f) professional fees
incurred in connection with the operation and management of the Mortgaged
Property, provided that if the property manager is an Affiliate of FC
Guarantor, then for purposes of this clause (f), the total fees payable to such
property manager shall be assumed to be not less than 50 cents per square foot
of rentable space in the FC Units and Common Elements (as defined in the Condominium
Documents), (g)  repair and maintenance
costs with respect to the Mortgaged Property, (h) amounts payable under any
equipment leases relating to the Mortgaged Property, and (i) amounts payable by
Borrower to any counterparty to an Interest Rate Cap.  Pro Forma Operating Expenses shall not include (1) depreciation
or amortization or other non-cash items, (2) the principal of and any interest
on the Building Loan Notes or the Project Loan Notes or other indebtedness of
any Borrower Entity for borrowed money (including, without limitation, interest
on the Equity Contribution and the Extension Loan but excluding from this
exclusion equipment leases), (3) income taxes, or franchise taxes, or taxes in
the nature of income taxes payable by Borrower or either Member, (4) any actual
capital expenditures (except to the extent includable, under generally accepted
accounting principles consistently applied, in Borrower’s or the Members’
operating expenses for the Pro Forma Testing Period) and (5) internal corporate
overhead expenses.

 

“Pro Forma
Operating Income” means the sum of all payments (other than
security deposits and any “percentage rent” or other revenue or profit sharing

 

25

 

arrangements) reasonably projected by Borrower and reasonably approved
by Agent to be received by Borrower or either Member during the Pro Forma
Testing Period from all Tenants under Approved Leases covering any portion of
the Mortgaged Property that are in existence as of the date that Pro Forma
Operating Income is calculated.

 

“Pro Forma
Testing Period” has the meaning given to such term in the
definition of Pro Forma Debt Service Coverage Ratio.

 

“Project”
means the Units, the “common elements” as described in the Condominium Floor
Plans and the work and items described in the Plans and Specifications or
covered by the Guaranteed Maximum Price Contract (including all allowances
thereunder) or any other Hard Cost Contract, plus all other structures,
fixtures, improvements and personal property that are either (x) required to be
constructed or installed by Borrower or any Member (or which Borrower or any
Member may elect to construct) under any Permitted Lease or any of the Public
Project Agreements, or (y) intended to be constructed or installed by any
Borrower Entity, as indicated by the Budgets and all back-ups thereto.

 

“Project Loan”
means the loan which is the subject of this Agreement.

 

“Project Loan
Amount” means $149,470,521.

 

“Project Loan
Assignment of Leases” has the meaning given to such term in
Section 2.05 hereof.

 

“Project Loan
Contingency” means the respective amounts allocated as a
contingency reserve for “soft costs” of construction which are not Costs of the
Improvement for each Unit.  The Project
Loan Contingency for each Unit is set forth in the applicable Budget.

 

“Project Loan
Costs” means, without duplication, (i) all costs and expenses of
(a) achieving Final Completion of the Project and Stabilized Occupancy, [(b)
satisfying the obligations of the Borrower Entities to Agent and Lenders under
the Loan Documents, (c) the payment of interest on the Equity Contribution, to
the extent the Extension Loan is made, and the payment of interest on the
Extension Loan, and (d) Assignments of the Loans (to the extent Borrower is
liable therefor pursuant to Section 7.06 of this Agreement) and (ii) all
other actual or anticipated non-construction costs payable through the maturity
of the Project Loan and necessary to achieve Final Completion of the Project
and Stabilized Occupancy (including, without limitation, (1) the Leasing
Incentive Fee (as defined in the FC Operating Agreement) and (2) from and after
the date, if any, that either option described in Section 3.19(a) of this
Agreement is exercised, that portion of the Extension Fee relating to such
option attributable to the Project Loan), but only to the extent, in each of
the foregoing clauses (i) and (ii), such costs and expenses do not constitute
Building Loan Costs.  Subject to Section 7.35(b)  hereof, with respect to the NYTC Units,
Project Loan Costs shall also include amounts Advanced under the last sentence
of Section 3.05(d) of this Agreement.

 

26

 

“Project Loan
Documents” means, collectively, this Agreement, all documents
referred to in Article 2 hereof and all other agreements and documents
executed and delivered or in the future executed and delivered by any Borrower
Entity to or for the benefit of Agent and Lenders in connection with the
Project Loan or in connection with the Building Loan and the Project Loan
(including each Draw Request and the Sworn Owner’s Statement that is a part
thereof and any Interest Rate Cap and Assignment of Interest Rate Cap).  Notwithstanding the foregoing, the NYTC
Completion Guaranty, Extension Loan Intercreditor Agreement, Extension Loan
Documents and Equity Contribution Documents are not Project Loan
Documents.  A Project Loan Document may,
or may not, also be a Building Loan Document.

 

“Project Loan
Indebtedness” means “Indebtedness” as defined in the Project Loan
Mortgage.

 

“Project Loan
Mortgage”  has the
meaning given to such term in Section 2.02 hereof.

 

“Project Loan
Notes” has the meaning given to such term in Section 2.01
hereof.

 

“Project Loan
Obligations” means “Obligations” as defined in the Project Loan
Mortgage.

 

“Property”
means the Premises and the Personal Property.

 

“Property Taxes”
has the meaning given to such term in Section 6.34 hereof.

 

“Providing Party”
means any Borrower Entity, Agent or any Lender (as applicable) providing
Information to the other for purposes of Section 11.23 hereof.

 

“Public Project
Agreements” means, collectively, the Ground Lease, the Severance
Subleases, the Land Acquisition Agreement, the DUO Declaration, the Subway
Agreement, and the Site 8 Project Agreement.

 

“Public Project
Agreements Estoppel Letter” has the meaning given to such term
in Section 4.01(w) hereof.

 

“Punch List
Items” applies to the FC Units only and means minor or
insubstantial details of construction or mechanical adjustment, (a) which are,
in Agent’s reasonable judgment, expected to be completed within five (5) months
of Substantial Completion, (b) the non-completion of which, when all such items
are taken together, will not interfere in any material respect with the use or
occupancy of any portion of such Units for their intended uses or the ability
of Borrower or any tenant under a Lease with respect to the FC Units to perform
work that is necessary or desirable to prepare such portion of the Improvements
or the Project for such use or occupancy and (c) which

 

27

 

would not, as reasonably determined by Agent, cost more than $2,500,000
in the aggregate to complete if new contractors were hired in connection
therewith.

 

“ratable share”
or “ratably”
means, with respect to any Lender, (i) its share of the Loan Amount, an Advance
or a repayment, as the context requires, based on the proportion of the sum of
the face principal amount of the Building Loan Note(s) and the Project Loan
Note(s) held by such Lender to the Loan Amount or (ii) in the case of an
Advance or repayment only, such other share of an Advance as may be agreed to
by Agent and such Lender, provided that such other share, together with the
shares of all other Lenders, equals the amount of such Advance or such
repayment.

 

“Real Estate
Professional” has the meaning given to such term in
Section 7.14(b) hereof.

 

“Receiving Party”
means any Borrower Entity, Agent or any Lender or any potential assignee or
participant of any Lender (as applicable) who is the recipient of any
Information from any Providing Party.

 

“Recognition
Agreements” means, collectively, that certain Recognition
Agreement dated as of December 12, 2001 by ING Member, ING Vartgoed B
B.V., FC 41st Street, the Members, Borrower, Developer and NYTC Guarantor and
that certain Recognition Agreement (Public Parties), dated as of
December 13, 2001 by the foregoing parties, ESDC and Ground Lessor.

 

“Reimbursable
Costs” mean all reasonable, third-party out-of-pocket costs and
expenses incurred by Agent or (in the case of clauses (g) and (h) of this
definition only) Lenders in connection with the administration of the Project
Loan, including, without limitation, and without duplication, (a) responses to
requests for consents, approvals or waivers under the Project Loan Documents,
(b) the exercise of any enforcement right or remedy under any Project Loan
Document or the collection of the Project Loan unless there has been a
non-appealable judicial determination that the exercise of such right for
remedy was not proper, (c) review of any Lease or proposed Lease or review of
any Material Contract or proposed Material Contract, (d) review of any Change
Order, construction contract, Plans and Specifications or other documents
related to the construction of the Project, (e) all costs pursuant to paragraph
8 of each Draw Request, (f) the costs of any Interest Rate Cap, to the extent
incurred by Agent in accordance with Section 7.20(b) hereof, (g) any
amounts owed to Agent or any Lender pursuant to Sections 3.13, 3.16, 7.09(b),
7.17, 7.20(b), 7.30(c), 7.46(a)(7), 7.50(d) and 8.01 hereof and (h) any such
other costs and expenses incurred by Agent and, to the extent expressly
provided for, any Lender under any Loan Document expressly identified as a
Reimbursable Cost.  In no event shall
syndication costs covered by Section 7.06(a)(ii) hereof be included in the
term “Reimbursable Costs.”

 

“Remaining Loan
Amount” means, as of the date in question, the sum of (i) the
Outstanding Principal, (ii) the “Outstanding Principal” (as defined in the
Building Loan Agreement), and (iii) any Loan Amounts that have not been
advanced.

 

28

 

“Rents”
has the meaning given to such term in the Project Loan Mortgage.

 

“Requested
Advance Date” has the meaning given to such term in
Section 4.02(e)(1) hereof.

 

“Retainage”
has the meaning given to such term in the Building Loan Agreement.

 

“S&P”
means Standard and Poor’s Rating Group, a division of the McGraw-Hall
Companies, Inc., or any successor thereto (or if S&P is no longer in the
business of rating public companies, any other nationally recognized rating
agency selected by Agent).

 

“Scope Change”
has the meaning given to such term in Section 7.01 hereof.

 

“Second Extended
Maturity Date” has the meaning given to such term in
Section 3.19(a) hereof.

 

“Section 291-f
Notice” has the meaning given to such term in
Section 4.01(i)(13) hereof.

 

“Securities Act”
means the Securities Act of 1933, as amended from time to time, and any
successor statute.

 

“Security
Deposit Accounts” has the meaning given to such term in the
Security Deposit Accounts Agreement.

 

“Security
Deposit Accounts Agreement” has the meaning given to such term
in Section 7.57 hereof.

 

“Security Documents”
means, collectively, this Agreement, the Project Loan Mortgage, the Project
Loan Assignment of Leases, the Assignments of Contracts, from and after their
execution, the Security Deposit Accounts Agreement, the Collection Accounts
Agreement and any Assignment of Interest Rate Cap, and all other Project Loan
Documents which grant Agent, for the benefit of Lenders, a security interest in
any collateral in connection with the Project Loan.

 

“Severance
Subleases” has the meaning given to such term in the Ground
Lease, as each has been amended by the Tri-Party Agreement.

 

“Side Letter re:
Fees” has the meaning given to such term in Section 2.07
hereof.

 

“Site 8 Project
Agreement” means that certain Site 8 South Project Agreement
among ESDC, Ground Lessor, the City of New York, Borrower, NYTC Member and FC
Member, dated as of December 12, 2001.

 

29

 

“Spread”
means two hundred and sixty-five (265) basis points per annum, provided,
however, that upon satisfaction of the Syndication Condition and the
achievement of Substantial Completion, the Spread shall be reduced to (x) two
hundred and fifty-five (255) basis points per annum as of the Start Day
immediately following the date on which Breakeven Leasing occurs and (y) two
hundred and forty-five (245) basis points per annum as of the Start Day
immediately following the date on which the Pro Forma Debt Service Coverage
Ratio equals or exceeds 1.25:1.00 (provided that clause (b) of the definition
of Pro Forma Debt Service shall not apply for purposes of this clause (y)).

 

“Stabilized
Occupancy” means the point in time at which (x) ninety-five
percent (95%) of the net rentable square footage of the FC Retail Unit has been
leased to tenants pursuant to Approved Leases and said tenants are in
possession of such space and have been paying rent for a period of three (3)
months, and (y) ninety-five percent (95%) of the net rentable square footage of
the FC Office Unit has been leased to tenants pursuant to Approved Leases and
said tenants are in possession of such space and have been paying rent for a
period of three (3) months.

 

“Start Day”
has the meaning given to such term in the definition of “Interest Period.”

 

“Stored
Materials” has the meaning given to such term in Section 3.04
hereof.

 

“Subordinate
Lease” has the meaning given to such term in
Section 7.14(a) hereof.

 

“Substantial
Completion” means, with respect to any Unit or the Project, as
the case may be, the occurrence of all of the following applicable events to the
reasonable satisfaction of Agent: (a) the construction of the Unit (or the
Project) (other than Punch List Items) substantially in accordance with the
Plans and Specifications and in accordance with the Loan Agreements, and the
Public Project Agreements, free and clear of any and all Liens; (b) the payment
in full of any and all Building Loan Costs and Project Loan Costs in respect of
the work contemplated by clauses (a), (c), (d) and (e) of this definition
(other than costs consisting of (i) Retainage, and other amounts that, as of
the date of Substantial Completion, are being withheld from, or are not yet due
and payable to, the General Contractor or any contractor or direct or indirect
subcontractor or any other Person and (ii) amounts payable in respect of Punch
List Items to the extent not covered by the foregoing clause (i)); (c) with
respect to the FC Retail Unit, the issuance of a “zero occupancy temporary
certificate of occupancy” or a temporary certificate of occupancy; (d) with
respect to the FC Office Unit and any of the NYTC Units, the issuance of a
temporary certificate of occupancy; (e) with respect to any Unit, the
furnishing of such Unit with all necessary furniture, fixtures and equipment
(including “tenant improvement” work, other than Punch List Items) to the
extent provided for in the Plans and Specifications or required under any
Approved Lease and (f) with respect to any Unit or the Project, Borrower’s
Architects shall have delivered the certificate referred to in
Section 11.5.3 of the Guaranteed Maximum Price Contract.

 

30

 

“Subway
Agreement” means that certain Agreement by and among Borrower,
the New York City Transit Authority, Ground Lessor and the City of New York,
dated December 12, 2001, and recorded in the office of the Register of the
City of New York on October 24, 2003 as CRFN #2003000433126.

 

“Subway
Agreement Estoppel Letter” has the meaning given to such term in
Section 4.01(w) hereof.

 

“Super-Major
Decision” means any decision by the Super-Majority Lenders
pertaining to (a) the release of any collateral granted by any Borrower Entity
to Lenders in connection with the Project Loan other than as expressly
permitted by the Project Loan Documents (including, without limitation, Section 7.46
hereof); (b) the release of any Person from liability in connection with the
Project Loan, under any guaranty or otherwise, other than as expressly
permitted by the Project Loan Documents (including, without limitation,
Section 7.46 hereof); (c) a modification or amendment to the Project Loan
Documents which would alter or amend the payment terms (including, without
limitation, the interest rate of, or the security for, the Project Loan) in any
material respect, other than as expressly contemplated and permitted by the
Project Loan Documents; (d) any change to the definition of “ratably” or
“ratable,” “Major Decision,” “Super-Major Decision,” “Majority Lenders” or
“Super-Majority Lenders”; (e) any modifications or amendments to Sections 8.03
or 8.05 hereof; (f) whether Advances should be made hereunder when Borrower is
not entitled to receive such an Advance because a Default or an Event of
Default has occurred and is continuing; and (g) any other decision under the
Project Loan Documents requiring the approval of the Super-Majority Lenders.

 

“Super-Majority
Lenders” means all of the Lenders other than any Defaulting
Lender.

 

“Survey”
means a current survey of the Premises (as-built, to the extent applicable)
prepared by a surveyor licensed by the State in which the Premises is located
and certified to Agent and the Title Companies and prepared in accordance with
the Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys
jointly established in 1999 and employing methods and personnel comparable to
those outlined in the “Minimum Angle, Distance and Closure Requirements for
Survey Measurements Which Control Land Boundaries for ALTA/ACSM Land Title
Surveys,” showing the legal description and street address of the Premises; all
visible or recorded easements, curb cuts, and party walls; all sewage, water,
electricity, gas and other utility facilities, together with recording
information concerning the documents creating any such easements; stating the
net, after deduction of land dedicated or used or subject to easements for
roads, highways, fire lanes, utilities, storm drains or any other public
purpose, and gross area of the Land; and including the following Table A items:
2, 3, 4, 6, 7, 8, 10, 11, 14 and 15; and showing such other matters as may be
reasonably requested by Agent; provided, however, that such survey does not
need to show the Existing Improvements (as defined in the Ground Lease).

 

31

 

“Syndication
Condition” means the Assignment (other than a pledge or other
hypothecation) by GMAC Commercial Mortgage Corporation, as a Lender (including
any successors, “GMACCM”)
to any Eligible Assignee that is not an Affiliate of GMACCM which, together
with all such previous Assignments by GMACCM, aggregate at least fifty percent
(50%) of the Loan Amount.

 

“Tax Proceeding”
has the meaning given to such term in Section 7.05 hereof.

 

“Tax Refund”
has the meaning given to such term in Section 7.05 hereof.

 

“Taxes”
has the meaning given to such term in Section 3.16(a) hereof.

 

“Tenants”
has the meaning given to such term in the Project Loan Assignment of Leases.

 

“Title Companies”
means the title companies insuring the liens of the Building Loan Mortgage and
the Project Loan Mortgage, which title companies shall be acceptable to Agent
(and Agent hereby acknowledges that Fidelity National Title Insurance Company,
Title Associates Inc., as agent for Stewart Title Insurance, and Commonwealth
Land Title Insurance Company are acceptable to Agent).

 

“Title Company
Side Letter” means the letter from the Title Insurance Companies
to Agent, dated as of even date herewith, pursuant to which the Title Companies
have agreed to issue paid mortgagee title insurance policies in the name of
Agent or its designee.

 

“Title Insurance
Policy” has the meaning given to such term in
Section 4.01(i)(2) hereof.

 

“Transaction
Costs” means all reasonable, third-party out-of-pocket costs and
expenses incurred by Agent in connection with the negotiation, preparation and
execution of the Project Loan Documents (including, without limitation,
reasonable attorneys’ fees and disbursements) and all out-of-pocket
underwriting costs, credit reports fees, appraisal fees, reasonable travel
costs, engineering costs, site inspection costs, mortgage recording taxes,
recording fees and charges, survey fees, abstract fees, title policy premiums
and charges, escrow fees and environmental consultants’ fees and expenses
incurred by Agent.  In no event shall
syndication costs covered by Section 7.06(a)(ii) hereof be included in the
term “Transaction Costs.”

 

“Transfer”
has the meaning given to such term in Section 7.32(a) hereof.

 

“Tri-Party
Agreement” has the meaning given to such term in
Section 4.01(w) hereof.

 

“UCC”
means the Uniform Commercial Code of the State of New York in effect from time
to time.

 

32

 

“Unavoidable
Delay” has the meaning given to such term in the Ground Lease.

 

“Underfunding
Unit” has the meaning given to such term in Section 3.20 hereof.

 

“Units”
means, collectively, the FC Units and the NYTC Units, and “Unit” means any one
of the FC Units or the NYTC Units.

 

“Voluntary
Bankruptcy” has the meaning given to such term in
Section 9.01(g)(ii) hereof.

 

ARTICLE 2

 

PROJECT LOAN DOCUMENTS

 

The following documents (other than the NYTC Completion Guaranty)
constitute a portion of the Project Loan Documents:

 

SECTION 2.01                                            Project
Loan Notes.  One or more Project
Loan Notes (the “Project
Loan Notes”) from Borrower in favor of each Lender in the
aggregate amount of the Project Loan Amount. 
The obligation of Borrower to pay each Lender’s ratable share of the
Project Loan Amount and any other sums advanced by each Lender to Borrower
under the Project Loan Documents, plus all interest accrued thereon, shall be
evidenced by the Project Loan Notes.

 

SECTION 2.02                                            Project
Loan Mortgage.  That certain Ground
Leasehold Project Loan Mortgage, Assignment of Leases, Security Agreement and
Subordination Agreement (the “Project  Loan Mortgage”), securing the maximum principal amount
of the Project Loan Amount, from Borrower in favor of Initial Agent, for the
benefit of Initial Agent and Lenders, and Agent, for the benefit of Agent and
Lenders and subordinating the Severance Subleases to the Project Loan Mortgage
and the Ground Lease, dated as of even date herewith.

 

SECTION 2.03                                            Construction
Loan Disbursement Agreement.  The
Construction Loan Disbursement Agreement (the “Construction Loan Disbursement Agreement”)
among Borrower, Disbursement Agent, and Agent, for itself and on behalf of
Lenders, dated as of even date herewith.

 

SECTION 2.04                                            Assignments
of Contracts.  (a)  The Assignment of Contracts - Borrower (the
“Assignment of Contracts
- Borrower”) from Borrower in favor of Agent for the benefit of
Agent and Lenders, dated as of even date herewith.

 

(b)                                 The
Assignment of Contracts - FC Member (the “Assignment of Contracts - FC”) from FC Member
in favor of Agent for the benefit of Agent and Lenders, dated as of even date
herewith.

 

33

 

(c)                                  The
Assignment of Contracts - NYTC Member (the “Assignment of Contracts - NYTC”) from
NYTC Member in favor of Agent for the benefit of Agent and Lenders, dated as of
even date herewith.

 

SECTION 2.05                                            Assignment
of Leases.  (a) That certain Project
Loan Assignment of Leases and Rents from Borrower and the Members in favor of
Initial Agent, for the benefit of Initial Agent and Lenders, and Agent, for the
benefit of Agent and Lenders, dated as of even date herewith (the “Project  Loan Assignment of
Leases”).

 

SECTION 2.06                                            Guaranties.  (a) 
The Non-Recourse Carveouts Guaranty (FC Guarantor) (the “FC Non-Recourse Carveouts Guaranty”)
from FC Guarantor in favor of Agent for the benefit of Agent and Lenders, dated
as of even date herewith.

 

(b)                                 The
Completion Guaranty (FC Guarantor) (the “FC Completion Guaranty”) from FC Guarantor in
favor of Agent for the benefit of Agent and Lenders, dated as of even date
herewith.

 

(c)                                  The
Non-Recourse Carveouts Guaranty (NYTC Guarantor) (the “NYTC Non-Recourse Carveouts Guaranty”) from NYTC Guarantor in favor of Agent
for the benefit of Agent and Lenders, dated as of even date herewith.

 

(d)                                 The
Completion Guaranty (NYTC Guarantor) (the “NYTC Completion Guaranty”) in favor of Agent
for the benefit of Agent and Lenders, dated as of even date herewith.

 

SECTION 2.07                                            Fee
Side Letter.  The side letter from
Agent to Borrower dated as of even date herewith pursuant to which Borrower has
agreed to make certain payments to Agent (the “Side Letter re: Fees”).

 

SECTION 2.08                                            Disclosure
Side Letter.  The side letter from
Borrower to Agent dated as of even date herewith pursuant to which Borrower has
disclosed or submitted to Agent, and Agent has approved, certain matters,
schedules, forms and documents referred to herein (the “Disclosure Side Letter”).

 

ARTICLE 3

 

AGREEMENT TO LEND AND

PAYMENT OF PROJECT LOAN

 

Subject to the terms and conditions set forth in this Agreement and
each Borrower Entity’s compliance with all of the provisions hereof and in the
other Loan Documents, and relying on each Borrower Entity’s representations,
warranties and covenants set forth herein and the other Loan Documents, Lenders
severally and not jointly agree to make Advances of the Project Loan to
Borrower from time to time and Borrower agrees to borrow from Lenders up to the
Project Loan Amount, in accordance with the provisions hereof, during the
period from the date hereof to the Maturity Date in

 

34

 

an aggregate principal amount of up to the Project Loan Amount, to be
used by Borrower to pay Project Loan Costs actually incurred in connection with
the construction of the Project.

 

SECTION 3.01                                            Advances.  Each Budget reflects, by category and line
items, the purposes and the amounts for which funds to be advanced by Lenders
under this Agreement are to be used. 
Lenders shall not be required to disburse for any category or line item
of Project Loan Costs with respect to the FC Units or the NYTC Units more than
the amount specified therefor in the applicable Budget, subject to changes
approved by Agent in accordance with Sections 3.02, 3.03, 3.20 and 7.11 hereof
(or other reallocations approved by Agent). 
No Lender is obligated to fund amounts in excess of its ratable share of
the Project Loan Amount and not more than its ratable share of any category or
line item set forth in any Budget.

 

SECTION 3.02                                            Cost
Overruns.  Each Budget shall, with
respect to each Draw Request, be revised to address any change or anticipated
change in Project Loan Costs that Borrower is aware of which will increase a
category or line item of Project Loan Costs reflected in any Budget (including
all anticipated costs of all Change Orders, regardless of whether the amount of
such Change Order and/or any extension of time with respect thereto has been
agreed to and regardless of whether work on such Change Order has
commenced).  Lenders shall have no
obligation to make any further Advances with respect to the Units which are the
subject of such revised Budget unless and until such revised Budget is approved
by Agent, such approval not to be unreasonably withheld or delayed.

 

SECTION 3.03                                            Contingency
Reserves.  At any time and from time
to time, the amounts allocated in each Budget as Project Loan Contingency shall
be disbursed or moved to another line item upon request by Borrower and upon
approval by Agent, which approval shall not be unreasonably withheld, and may
be used only for Project Loan Costs set forth in the applicable Budget for
which such contingency has been reserved.

 

SECTION 3.04                                            Stored
Materials.  Lenders shall not be
required to disburse any funds for any materials, machinery or other Personal
Property not yet incorporated into the Project (the “Stored Materials”),
unless Agent receives reasonably satisfactory evidence that:

 

(a)                                  the
Stored Materials are, or will be, upon payment with disbursed funds, owned by
Borrower, as evidenced, to the extent required by Agent, by bills of sale,
certificates of title or other reasonably satisfactory evidence;

 

(b)                                 the
Stored Materials are fabricated or unfabricated components conforming to the
Plans and Specifications and ready for incorporation into the Project;

 

(c)                                  the
Stored Materials are properly identified and adequately protected, as evidenced
by a letter from Borrower, the General Contractor, the 

 

35

 

appropriate
Major Contractor or Major Subcontractor or another Person reasonably acceptable
to Agent;

 

(d)                                 the
Stored Materials are stored at the Premises or at such other site as Agent
shall reasonably approve, which site has been specifically identified to Agent,
and are protected against theft and damage;

 

(e)                                  the
Stored Materials will be paid for in full (less the Retainage, if any) with the
funds to be disbursed, and all lien rights or claims of the supplier will be
released simultaneously with full payment of all amounts required to be paid
for such Stored Materials and all amounts, if any, required to be paid to the
supplier thereof with respect to the installation thereof (including any
Retainage, if any);

 

(f)                                    Agent
has or will have upon payment with disbursed funds a perfected, first priority
security interest in the Stored Materials (and with respect to Stored Materials
not stored at the Premises, Borrower shall execute and deliver to Agent any and
all Uniform Commercial Code financing statements or similar filings required by
the laws of any jurisdiction necessary to grant Agent such security interest in
such Stored Materials);

 

(g)                                 the
Stored Materials are insured for an amount equal to their replacement costs in
accordance with Section 2.05 of the Project Loan Mortgage;

 

(h)                                 the
cost of Stored Materials not stored at the Premises in the aggregate at any
time is not more than $25,000,000.00, or such greater amount as may be
reasonably approved by Agent; and

 

(i)                                     the
Construction Consultant shall have confirmed the accuracy of the letter
required in subparagraph (c) above, and in connection therewith the
Construction Consultant may, but shall not be required to, visit the site of
and inspect the Stored Materials at Borrower’s expense.

 

SECTION 3.05                                            Amount
of Each Advance.  (a)  The proceeds of the Building Loan and
Project Loan shall, assuming satisfaction of all applicable conditions
precedent, be advanced (x) in accordance with the Cost Allocation Methodology
(subject to Section 3.20 hereof) and (y) in amounts which shall be equal
to the aggregate of the Building Loan Costs and Project Loan Costs incurred by
Borrower with respect to each of the FC Units and the NYTC Units (measured
individually) and already paid, or due and payable through the end of the
period covered by the Draw Request in question, on the basis of the documented
cost of Stored Materials and of the work and items in place or completed, less
the following amounts with respect to each of the FC Units and the NYTC Units,
measured individually (without duplication): 
(i) the aggregate amount of any Advances previously made hereunder and
under the Building Loan Agreement by Lenders with respect to such Units,
measured individually, allocable to such Units as of the date of the applicable
Building Loan Advance and Project Loan advance); (ii) any Building Loan Costs
and Project Loan Costs with respect to such Units covered by such Draw Request
that are not approved by Agent; and (iii) the Initial Required Equity Funds,

 

36

 

and all other amounts contributed, directly or indirectly, by Borrower
or any Borrower Entity (whether pursuant to a Completion Deposit that has not
been released pursuant to Section 3.06 below or otherwise) for Building
Loan Costs and Project Loan Costs with respect to such Units, but only to the
extent theretofore advanced and used to pay Building Loan Costs or Project Loan
Costs or expected to be advanced and so used prior to or simultaneously with
the Advance in question.

 

(b)                                 The
excess, if any, of the Building Loan Costs and Project Loan Costs for each of
the FC Units and NYTC Units (measured individually) incurred to the end of the period
covered by the Draw Request in question and already paid, or due and payable
through the end of the period covered by the Draw Request in question, over the
aggregate Advances by Lenders for Building Loan Costs and Project Loan Costs
with respect to such Units (including the Advance and “Advance” under the
Building Loan with respect to the Draw Request in question) shall be payable by
Borrower pursuant to, and from the sources (other than Initial Required Equity
Funds) described in, clause (iii) of Section 3.05(a) above (and not out of
the proceeds of the applicable Loan).

 

(c)                                  [INTENTIONALLY
OMITTED]

 

(d)                                 Advances
for fees of the General Contractor, Borrower’s Architects and any payment under
a Permitted Affiliate Contract will be paid only to the extent that they bear a
proportionate relationship to the percentage of completion of the Project (or
the applicable portion thereof), as determined by the Construction Consultant
and only after taking into account the Retainage, provided that amounts for “general
conditions” specified in the Guaranteed Maximum Price Contract shall be funded
as provided in the Guaranteed Maximum Price Contract.  Advances for developer “overhead” costs not covered by the
further provisions of this Section 3.05(d) shall only be made for such
costs that have actually been incurred. 
No Advance shall be made for the Development Cost until (i) Core and
Shell Completion shall have been achieved, (ii) the NYTC Units Redemption has
occurred and (iii) the Pro Forma Debt Service Coverage Ratio shall be equal to
or greater than 1.30:1.0, and any such Advance shall only be made with respect
to the portion of the Development Cost then payable under the Development
Agreement-ING.  Advances for the “Development
Costs” line item in the NYTC Units Budget shall only be made when, and to the
extent that, Developer is entitled to receive payments pursuant to, and in
accordance with, Exhibit K of the Development Agreement-NYTC.  Advances shall be made to pay FC 41st Street
the Leasing Incentive Fee (as defined in the FC Operating Agreement) only when,
and to the extent that, FC 41st is entitled to such fee under the terms and
conditions of the FC Operating Agreement. 
After giving effect to the distribution in the amount of $11,590,343 to
be made on the date hereof, any Advances for the “Site Management” line item in
the FC Units Budget shall only be made in an amount not more than the quotient
of (x) the then-remaining amount of such line item, divided by (y) the
then-number of months (rounded to the nearest whole number) remaining until
Final Completion, based on the then-current Construction Schedule.  Subject to the fulfillment of all conditions
precedent to the making of an Advance, and provided that NYTC Member shall have
made an additional equity contribution in the amount of $11,649,593.00, from
and after the Completion Date, Advances may be requested by FC

 

37

 

Member for the
amount of the True-Up Payment provided for in Section 3.01(c) of the Operating
Agreement.  From and after the Initial
Construction Advance, Advances may be requested in the amount of the
“overbudgeted” portion of any line item in the NYTC Units Budget pursuant to
clause (A), (B) or (C) of the first sentence of Section 7.11(d) (and the
proceeds of all such Advances shall be disbursed to NYTC Member or its
designee) subject, however, to fulfillment of all conditions precedent to the
making of an Advance and Section 7.35(b) hereof.

 

(e)                                  All
sums advanced by Lenders pursuant to any provision of any Project Loan
Document, except so-called “protective advances” pursuant to any remedial
provision of any Project Loan Document, insurance or condemnation proceeds,
funds in the Completion Deposit or other funds (other than funds from Lenders)
on deposit or escrowed with Agent pursuant to the provisions hereof, shall be
deemed Advances of the Project Loan.

 

(f)                                    Notwithstanding
anything to the contrary contained herein or in any other Loan Document, no
Advance shall be made hereunder or under the Building Loan Agreement for costs
shown in the FC Units Budget or for costs shown in the NYTC Units Budget (i) if
such Advance would cause the aggregate amounts of all Advances hereunder and
under the Building Loan Agreement with respect to such Budget to exceed the
applicable Maximum Amount or (ii) if such Advance would cause the aggregate
amount of all Advances hereunder to exceed the Project Loan Amount or the
aggregate amount of Advances under the Building Loan Agreement to exceed the
Building Loan Amount.

 

SECTION 3.06                                            Insufficiency
of Loan Proceeds.  Notwithstanding
anything contained herein to the contrary, if at any time or from time to time
during the term of this Agreement, in Agent’s reasonable judgment (a) the
amount of any line item in either Budget will be insufficient to cover the
costs of such line item (after giving effect to any cost savings realized under
Section 7.11, any Completion Deposit or portion thereof or any “Completion
Deposit” under and as defined in the Building Loan Agreement or portion thereof
not being credited for purposes of this clause (a) to another line item, or any
other Other Funds) and/or (b) either of the Budgets is not In Balance (as
defined below), then no further Advances or “Advances” (as defined in the Building
Loan Agreement) shall be made until Borrower either (i) deposits the amount of
such deficiency (the “Completion
Deposit”) with Agent, in cash, or by means of other security in
form, substance and amount reasonably satisfactory to Agent, (ii) to the extent
permitted under Section 3.03 hereof and Section 3.03 of the Building
Loan Agreement, allocates a portion of an applicable Project Loan Contingency
or “Building Loan Contingency” (as defined in the Building Loan Agreement) to
such insufficiency, and/or (iii) to the extent permitted under
Section 7.11 hereof and Section 7.11 of the Building Loan Agreement,
reallocates cost savings within the applicable Budget to offset such deficiency
in accordance with the terms of this Agreement and the Building Loan Agreement.  “In Balance” shall mean that the sum of (1)
the applicable Maximum Amount plus (2) all amounts in the Collection Accounts
attributable to a Permitted Lease whose demised premises are in the applicable
Units, and (3) the balance of any monies in any Completion Deposit, Borrower LC
Deposit or “Completion Deposit” or “Borrower

 

38

 

LC Deposit” (as such terms are defined in the Building Loan Agreement),
previously made with respect to the applicable Budget, is sufficient to meet
all remaining Building Loan Costs and Project Loan Costs shown in the
applicable Budget (subject to Section 4.02(e)(9) hereof).  Portions of any Completion Deposit or any
“Completion Deposit” (as defined in the Building Loan Agreement) (including, in
each case, any interest earned thereon) held by Agent with respect to either
Budget shall be applied to Project Loan Costs or Building Loan Costs
simultaneously with the making of the immediately succeeding Advance as Other
Funds, but only upon satisfaction of the terms applicable to the making of
Advances set forth in this Agreement and in the other Project Loan Documents
(if such Advance relates to Project Loan Costs) or the terms applicable to the
making of advances set forth in the Building Loan Agreement and the other
Building Loan Documents (if such advance relates to Building Loan Costs) (but
no such release or application shall be deemed to be an Advance of Project Loan
proceeds hereunder or Building Loan proceeds under the Building Loan
Agreement).  Any Completion Deposit
shall (A) be held by Agent in an interest-bearing account pursuant to a pledge
and assignment agreement in form and substance reasonably satisfactory to
Agent, which agreement Borrower shall execute and deliver to Agent
simultaneously with the delivery of the first monies constituting a part of
such deposit and (B) constitute (together with the interest earned thereon)
additional collateral for the Project Loan and Building Loan.  Notwithstanding any of the foregoing, during
the continuance of an Event of Default, Agent may apply Completion Deposits in
such manner as Agent shall determine.

 

SECTION 3.07                                            Quality
of Work.  (a)  No Advance or any portion thereof shall be
made with respect to defective work, work that is not in substantial compliance
with the Plans and Specifications or in compliance with the Public Project
Agreements or work which does not comply with all Legal Requirements applicable
to the construction of the Project, each as reasonably determined by the
Construction Consultant and Agent. 
Lenders shall, subject to compliance by Borrower with all other
applicable requirements of this Agreement, advance on the date of the next
Advance the remainder of any such Advance or portion thereof previously not
disbursed under this Section after Construction Consultant notifies Agent
that the unsatisfactory work has been corrected.

 

(b)                                 The
making of an Advance by Lenders shall not constitute any Lender’s or Agent’s
approval or acceptance of the construction theretofore completed or a waiver of
any of the conditions to Lenders’ obligation to make future Advances, nor in
the event that Borrower is unable to satisfy any such condition, shall any such
failure to require that such condition be satisfied have the effect of
precluding Agent from thereafter requiring that such condition be satisfied and
refusing to make an Advance.  Agent’s or
Construction Consultant’s inspection and approval of the Plans and
Specifications, the construction of the Project, or the workmanship and
materials used therein, shall impose no liability of any kind on Lenders, Agent
or Construction Consultant, the sole obligation of Lenders as the result of
such inspection and approval being to make the Advances if, and to the extent,
required by this Agreement.

 

39

 

SECTION 3.08                                            Initial
Required Equity Funds; Net Proceeds; Net Award or Proceeds.  (a) All Initial Required Equity Funds shall
have been expended before any Advances of the Project Loan shall be made.  All Net Proceeds and Net Award or Proceeds,
if any, that are held by Agent and made available to Borrower pursuant to
Section 2.05(m) or Section 2.06, as applicable, of the Project Loan Mortgage,
shall have been expended before any additional Advances of the Project Loan
shall be made.

 

(b)                                 Notwithstanding
anything to the contrary in Section 3.08(a), if there is an “overbudgeted”
line item in the NYTC Units Budget pursuant to clause (A), (B) or (C) of the
first sentence of Section 7.11(d) prior to the contribution of all of the
Initial Required Equity Funds, the Initial Required Equity Funds and the
Maximum Amount-NYTC shall each be reduced by the amount of such cost savings.

 

SECTION 3.09                                            Payment
of Indebtedness.  On the Maturity
Date the entire Indebtedness shall be due and payable.

 

SECTION 3.10                                            Payment
of Interest.  (a) Subject to
paragraph (b) of this Section 3.10, the Outstanding Principal shall bear
interest at the Interest Rate until the Maturity Date.  Interest on the Outstanding Principal shall
(subject to Section 3.15 hereof) be due and payable in arrears on the
first Business Day of each calendar month.

 

(b)                                 The
Outstanding Principal, and any interest (but not any interest not paid when due
because Agent and/or Lenders do not comply with Section 5.03(b) hereof),
fee or other amount payable hereunder or under any other Project Loan Document
that is not paid when due (after giving effect to any applicable grace period
expressly referred to herein or therein), shall bear interest from the due date
thereof (without giving effect to any such grace period) until paid at the
Default Rate.  During the continuance of
an Event of Default, the Outstanding Principal and any interest, fee or other
amount payable hereunder or under any other Project Loan Document shall bear
interest at the Default Rate.

 

SECTION 3.11                                            Late
Charge.  Any and all amounts due
hereunder or under the other Project Loan Documents (other than the Outstanding
Principal due on the Maturity Date) which remain unpaid more than five (5) days
after the date said amount was due and payable shall incur a fee (the “Late Charge”) of five
percent (5.00%) of said amount, payable on demand, which shall be in addition
to all of Agent’s other rights and remedies under the Project Loan Documents.

 

SECTION 3.12                                            Prepayment.  (a) 
In addition to prepayments made in accordance with the Project Loan
Mortgage or Sections 7.05, 7.46 and 7.51 hereof, the then Outstanding Principal
may be prepaid at any time, in whole or in part, upon not less than five (5)
Business Days’ prior notice to Agent (but if in part, in the principal amount
of $1,000,000 or any whole number multiple thereof) on any Business Day (other
than the day immediately following Thanksgiving Day or Good Friday); provided,
however, that Borrower shall pay at the time of any such prepayment (x) all
accrued and unpaid

 

40

 

interest on the principal portion of the Project Loan being prepaid and
(y) all “breakage” costs actually incurred by Lenders as a result of such
prepayment (“Breakage
Costs”), including, without limitation, any expenses incurred as
a result of any termination of any applicable interest rate management
contracts or “hedge agreements” entered into by any Lender.  A certificate of Agent setting forth the
amount of Breakage Costs which Lenders are entitled to receive shall be binding
and conclusive, absent manifest error. 
Any payment of the Outstanding Principal made during the continuation of
an Event of Default must include any Breakage Costs.

 

(b)                                 Prepayments
made in accordance with the Project Loan Mortgage or Sections 7.05, 7.46 and
7.51 hereof shall, at Borrower’s (or the applicable Member’s) option, (i) be
immediately used to prepay the Loans or (ii) pursuant to an agreement between
Borrower (or the applicable Member) and Agent reasonably satisfactory to Agent,
be held by Agent in an interest bearing account as additional collateral for
the Building Loan and the Project Loan until a date selected by Borrower (or
the applicable Member) that is not later than the first Business Day of the
next succeeding calendar month (and Borrower (or the applicable Member) shall
also deposit with Agent interest on the Loans that will accrue through such
date), on which date such amounts (plus any interest earned thereon) shall be
applied to prepay the Loans.  The
proviso clause of the first sentence of Section 3.12(a) above shall apply
to all prepayments pursuant to the preceding sentence.

 

(c)                                  Borrower
shall have no right to receive Advances of amounts repaid under this Agreement.

 

SECTION 3.13                                            Increased
Costs.  (a)  If, during the term of the Project Loan,
there shall be any increase in the cost to any Lender of maintaining the LIBOR
Rate (including, but not limited to, a reserve requirement), or a reduction on
the amounts received or receivable under the Project Loan Notes, due to either
(i) the introduction of or any change in the judicial or regulatory
interpretation of any law or regulation or (ii) the compliance with any new
guideline or request from any central bank or other Governmental Authority
(whether or not having the force of law), and provided that such change or new
guideline or request generally affects similarly situated banks, financial
institutions or any other applicable type of entity, then Borrower shall from
time to time pay to Agent additional amounts sufficient to compensate such
Lender for such increased cost.  A
certificate as to the amount of such increased cost, explaining the reason for
and showing the calculation of such increased cost, all in reasonable detail,
submitted to Borrower by Agent or any Lender, shall be conclusive and binding
for all purposes, absent manifest error.

 

(b)                                 If
Agent reasonably determines that compliance with any new law or regulation or
any new guideline or request from any central bank or other Governmental
Authority (whether or not having the force of law) affects or would affect the
amount of capital required or expected to be maintained by any Lender or any
Person controlling any Lender and that the amount of such capital is increased
by or based upon the existence of the Project Loan Notes, and provided that
such change or new guideline or request generally affects similarly situated
banks, financial institutions or any other

 

41

 

applicable
type of entity, then Borrower shall pay to Agent or any such Lender, from time
to time as specified by Agent or any such Lender, additional actual amounts
sufficient to compensate each Lender or such Person in the light of such
circumstances.  A certificate as to such
amounts, explaining the reason for and showing the calculation of such amounts,
all in reasonable detail, submitted to Borrower by Agent or any Lender, shall
be conclusive and binding for all purposes, absent manifest error.

 

(c)                                  Agent
shall endeavor to give Borrower notice of any event giving rise to a payment
under this Section reasonably promptly upon it being made aware of such
event.

 

(d)                                 If
a Lender incurs increased costs pursuant to Section 3.13(a) hereof, such
Lender shall use reasonable efforts to designate a different lending office for
funding or booking its interest in the Loan or to assign its interest in the
Loan to another of its offices, branches or affiliates if, in such Lender’s
judgment, such designation or assignment (i) would eliminate or reduce such
increased costs or any future increased costs and (ii) would not subject such
Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender in any respect.

 

(e)                                  The
provisions of this Section 3.13 shall survive the termination of this
Agreement and the payment of all amounts payable under the Project Loan Notes
or the other Project Loan Documents.

 

SECTION 3.14                                            Illegality
and Inability to Determine. 
(a)  Notwithstanding any other
provision of this Agreement or the Project Loan Notes, if at any time after the
date hereof Agent shall notify Borrower that (i) Agent is unable to determine
the LIBOR Rate, (ii) the making or continuance of a LIBOR Rate loan has been
made (x) unlawful by law or governmental rule, regulation or order, (y)
impossible by compliance by any Lender with any new governmental request
(whether or not having the force of law) or any change in the judicial or
regulatory interpretation of any law or regulation, or (z) impracticable as a
result of a contingency occurring after the date of this Agreement which
materially and adversely affects the interbank Eurodollar market, or (iii) due
to circumstances affecting the LIBOR Rate market generally, the LIBOR Rate will
not adequately reflect the cost to Lenders of maintaining such LIBOR Rate in
effect, then the Interest Rate in effect for the Outstanding Principal shall
automatically convert to the Base Rate plus one percent (1%) and the Default
Rate in effect on the Outstanding Principal shall automatically convert to the
Base Rate plus six percent (6%); unless, in the case of clause (iii), within
five (5) Business Days of notice from Agent thereof, Borrower pays the difference
in cost to Lenders of maintaining such LIBOR Rate in effect.

 

(b)                                 If
the circumstance described in subparagraph (a) is eliminated, the Interest Rate
shall automatically convert back to the LIBOR Rate.

 

SECTION 3.15                                            Payments
and Computations.  (a)  All payments due under the Project Loan
Documents shall be received by Agent not later than 2:00 P.M. (New York City
time) on the day when due in U.S. dollars to Agent to the account

 

42

 

specified in the Project Loan Notes. 
Any payment received by Agent after 2:00 P.M. (New York City time) shall
be deemed to have been made on the next succeeding Business Day.  Any payment due under any Project Loan
Document which is timely paid to Agent shall be deemed, as between the Person
making such payment and Lenders, to have been timely paid.

 

(b)                                 All
computations of interest shall be made by Agent on the basis of a year of 360
days, in each case for the actual number of days occurring in the period for
which such interest is payable.  Each
determination by Agent of an interest rate hereunder shall be conclusive and
binding for all purposes, absent manifest error.

 

(c)                                  Whenever
any payment hereunder shall be stated to be due on a day other than a Business
Day, such payment shall be made on the immediately succeeding Business Day.

 

SECTION 3.16                                            Net
Payment; Taxes.  (a)  All payments to Lenders under any Project
Loan Document shall be made without any set-off, defense or counterclaim, and
free and clear of, and without deduction for any withholdings or on account of,
any present or future income, excise and other taxes of whatever nature (other
than taxes generally assessed on income or receipts of any Lender or any
franchise taxes imposed upon any Lender), or any levies, imposts, duties,
charges or fees of any nature now or hereafter imposed by any Governmental
Authority, and all interest, penalties or other liabilities with respect
thereto (collectively, “Taxes”).  If any Borrower Entity is compelled by law
to make any such deductions or withholdings, Borrower shall (or shall cause
such other Borrower Entity to) pay such additional amounts as may be necessary
in order that the net amount received by Lenders after such deductions or
withholdings (including any required deduction or withholding on such
additional amounts) shall equal the amount each Lender would have received had
no such deductions or withholdings been made, and Borrower shall (or shall
cause such other Borrower Entity to) promptly provide Agent with evidence satisfactory
to Agent that it has paid such deductions or withholdings.  Moreover, if any Taxes are directly assessed
against any Lender, such Lender may pay such Taxes and Borrower shall pay such
additional amount as may be necessary in order that the net amount received by
such Lender after the payment of such Taxes (including any Taxes on such
additional amount) shall equal the amount such Lender would have received had
no such Taxes been assessed.

 

(b)                                 Borrower
will indemnify Lenders for the full amount of Taxes (including, without
limitation, any Taxes imposed by any jurisdiction on amounts paid or payable
under this Section 3.16 paid by Lenders and any liability (including
penalties, interest and expenses) arising therefrom or with respect thereto).  Payments pursuant to this Section 3.16
shall be made within ten (10) days after the date Agent makes written demand
therefor.

 

(c)                                  For
purposes of this Section 3.16, the term “Lender” shall include any Person
who, for purposes of the relevant laws imposing any Taxes, is treated as a
successor or assign in interest of all or any portion of an interest in any
Project Loan Document, whether such Person is an assignee or a Participant and
whether or not such

 

43

 

Person is a
registered assignee and shall also include Agent and GMACCM in their respective
capacities hereunder; provided, however, that if such Person is a Participant,
such Person shall only be entitled to receive payments under this
Section 3.16, and Borrower shall only be obligated to make payments under
this Section 3.16 with respect to such Participant, to the extent that the
Taxes assessed against, or paid by, such Participant do not exceed the Taxes
that would have been assessed against, or paid by, the Lender from whom such
Participant acquired (whether directly or indirectly) such interest.

 

(d)                                 The
agreements and obligations contained in this Section 3.16 shall survive
the termination of this Agreement and the payment of all amounts payable under
the Project Loan Notes or the other Project Loan Documents.

 

(e)                                  (i)                                     Each
Non-US Lender shall deliver to Borrower and Agent, on or prior to the date of
the applicable Assignment and Acceptance Agreement pursuant to which it becomes
a Lender, (A) two original copies of Internal Revenue Service Form W8-ECI or
Form W-8BEN (or any successor forms), properly completed and duly executed by
such Lender, together with any other certificate or statement of exemption
required under the Code to establish that such Lender is not subject to
deduction or withholding of United States federal income tax with respect to
any payment to such Lender of principal, interest, fees or other amounts
payable under any of the Project Loan Documents or (B) if such Lender is not a
“bank” or other Person described in Section 881(c)(3) of the Code and
cannot deliver either Internal Revenue Service Form W8-ECI or Form W-8BEN
pursuant to clause (A) above, a Certificate of Non-Bank Status, together with
two original copies of Internal Revenue Service Form W-8 (or any successor
form), all properly completed and duly executed by such Lender, together with
any other certificate or statement of exemption required under the Code to
establish that such Lender is not subject to deduction or withholding of United
States federal income tax with respect to any payment to such Lender of
interest payable under any of the Project Loan Documents.

 

(ii)                                  Each
Lender required to deliver any forms, certificates or other evidence with
respect to United States federal income tax withholding matters pursuant to
clause (i) of subsection 3.16(e) above hereby agrees, from time to time
after the initial delivery by such Lender of such forms, certificates or other
evidence, whenever a lapse in time or change in circumstances renders such
forms, certificates or other evidence obsolete or inaccurate in any material
respect, that such Lender shall promptly (A) deliver to Borrower two new
original copies of Internal Revenue Service Form W8-ECI or Form W-8BEN (or any
successor forms) or a Certificate of Non-Bank Status and two original copies of
Internal Revenue Service Form W-8 (or any successor form), as the case may be,
properly completed and duly executed by such Lender, together with any other
certificate or statement of exemption required in order to confirm or establish
that such Lender is not subject to deduction or withholding of United States
federal income tax with respect to payments to such Lender under

 

44

 

the Project Loan Documents or (B) notify Borrower of its inability to
deliver any such forms, certificates or other evidence.

 

(iii)                               No
Borrower Entity shall be required to pay any additional amount to any Non-US
Lender under Section 3.16(a) hereof if such Lender shall have failed to
satisfy the requirements of subsection (i) or (ii)(A) of
Section 3.16(e) above; provided that if such Lender shall have satisfied
the requirements of subsection (i) of Section 3.16(e) on the date of
the Assignment and Acceptance Agreement pursuant to which it became a Lender,
nothing in this Section 3.16(e)(iii) shall relieve any Borrower Entity of
its obligation to pay any additional amounts pursuant to Section 3.16(a)
in the event that, as a result of any change in any applicable law, treaty or
governmental rule, regulation or order, or any change in the interpretation,
administration or application thereof, such Lender is no longer properly
entitled to deliver forms, certificates or other evidence at a subsequent date
establishing the fact that such Lender is not subject to withholding as
described in Section 3.16(e)(i).

 

SECTION 3.17                                            Distribution
to Lenders.  (a)  In the event Agent receives current funds,
in payment of principal, interest or any other sums due hereunder of which
Lenders are entitled to a share, on or prior to 2:00 P.M. (New York City time)
on any Business Day, then, on such date, Agent will notify Lenders of the same
and will distribute like funds by wire transfer of immediately available funds
to each Lender ratably to such accounts at such places as have been designated
by the respective Lenders in writing from time to time.  If such funds are received after 2:00 P.M.
(New York City time) on any Business Day, then Agent shall distribute such
funds no later than the next succeeding Business Day.  Upon Agent’s receipt of any other amounts payable by Borrower or
any other Person for items other than principal, interest or any other sums due
under the Project Loan Documents of which Lenders are entitled to a share
pursuant to the terms of any Project Loan Document or any Assignment and
Acceptance Agreement, Agent shall cause the payment to be applied in accordance
with this Agreement, the other Project Loan Documents and such Assignment and
Acceptance Agreement.

 

(b)                                 If
any Lender shall obtain any payment (whether voluntary or involuntary, through
the exercise of any right of set-off, or otherwise) on account of the amounts
owing to it in excess of its ratable share of payments on account of amounts
obtained by all Lenders, such Lender shall forthwith purchase from the other
Lenders such participations in the amounts owing to them as shall be necessary
to cause such purchasing Lender to share the excess payment ratably with each
of them; provided, however, that if all or any portion of such excess payment
is thereafter recovered from such purchasing Lender, such purchase from each
Lender shall be rescinded and each such Lender shall repay to the purchasing
Lender the purchase price to the extent of such recovery together with an amount
equal to such Lender’s ratable share (according to the proportion of (i) the
amount of such Lender’s required repayment to (ii) the total amount so
recovered from the purchasing Lender) of any interest or other amount paid or
payable by the purchasing Lender in respect of the total amount so
recovered.  Borrower agrees that any
Lender so purchasing a participation from another Lender pursuant to this

 

45

 

Section 3.17(b)
may, to the fullest extent permitted by law, exercise all its rights of payment
(including the right of set-off) with respect to such participation as fully as
if such Lender were the direct creditor of Borrower in the amount of such
participation.

 

SECTION 3.18                                            Balloon
Payment.  Borrower understands and
acknowledges that this Agreement and the other Project Loan Documents do not
provide for any required amortization of the Project Loan and therefore, at the
Maturity Date, a balloon payment of the Outstanding Principal will be required,
along with payment in full of other sums due hereunder and under the other
Project Loan Documents.

 

SECTION 3.19                                            Extensions.  (a) 
Borrower shall have two (2) options to extend the term of the Loans (but
not the term of only the Project Loan or only the Building Loan) for six (6)
months each upon the satisfaction of the following terms and conditions:

 

(i)                                     not
less than sixty (60) days before the Maturity Date, Borrower shall have given
Agent notice of its election to extend the term of the Loans pursuant to this
Section 3.19(a) and Section 3.19(a) of the Building Loan Agreement
(the date on which such notice shall be given being hereinafter referred to as
the “Extension Option
Exercise Date”);

 

(ii)                                  on
the Extension Option Exercise Date and through and including the Maturity Date,
no monetary Event of Default shall exist;

 

(iii)                               Borrower
shall pay the Extension Fee on or before the Maturity Date;

 

(iv)                              Core
and Shell Completion shall have been achieved by the date which is fifteen (15)
days prior to the Maturity Date (the “Measuring Date”) and a temporary certificate
of occupancy (which may be a zero occupancy or core and shell certificate of
occupancy) shall have been issued for the Project on or before the Measuring
Date;

 

(v)                                 as
of the Measuring Date, the Pro Forma Debt Service Coverage Ratio (calculated
after giving effect to the payment made pursuant to clause (6) of
Section 7.46(a) hereof) shall be equal to or greater than 1.30:1.0,
provided that, for purposes of this clause (vi), only Approved Leases with
respect to which Rents are being paid as of the Measuring Date shall be
included for purposes of calculating Pro Forma Operating Income;

 

(vi)                              the
NYTC Units Redemption shall have occurred on or before the Measuring Date; and

 

(vii)                           the
ratio, expressed as a percentage, of the Remaining Loan Amount as of the
Maturity Date to the Appraised Value (as shown in a new appraisal by the
appraiser that performed the Appraisal or any other “MAI” appraiser selected by
Agent or an update to the Appraisal, in either

 

46

 

case dated as of a date no earlier than sixty (60) days prior to the
Measuring Date) shall be equal to or less than fifty-five percent (55%).

 

If the conditions under this Section 3.19(a) are met, then the
reference to the Original Maturity Date in the definition of Maturity Date (or
such later date that has replaced the Original Maturity Date in said definition
as a result of the application of the last sentence of Section 3.19(b)
hereof) shall be deemed deleted and replaced with a reference to a date that is
the six-month anniversary of the Original Maturity Date (or such later date)
(in the case of the first option) (such date, the “First Extended Maturity Date”)
or the date that is the six-month anniversary of the First Extended Maturity
Date (or such later date that has replaced the First Extended Maturity Date in
said definition as a result of the application of the last sentence of
Section 3.19(b) hereof)(in the case of the second option) (the “Second Extended Maturity Date”).  Such extension shall be on the same terms
and conditions contained in this Agreement except (x) to the extent expressly
provided to the contrary herein, and (y) if the first extension has occurred,
Borrower shall only have the right to one (1) remaining six-month extension
pursuant to this Section 3.19(a) and if the second extension has occurred,
Borrower shall have no further right to extend the term of the Loans pursuant
to this Section 3.19(a).

 

(b)                                 Force
Majeure Extension.  Borrower shall
have one or more options to extend the term of the Loans (but not the term of
only the Project Loan or only the Building Loan) if a Force Majeure Event shall
have occurred and if the following terms and conditions are satisfied:  (i) not more than five (5) Business Days
after Borrower becomes aware of the occurrence of a Force Majeure Event,
Borrower shall have given Agent notice of the occurrence of such Force Majeure
Event and a notice of its election to extend the term of the Loans pursuant to
this Section 3.19(b) and Section 3.19(b) of the Building Loan
Agreement (the date on which such notice shall be given being hereinafter
referred to as the “Force
Majeure Extension Option Exercise Date”); (ii) in the reasonable
judgment of Agent, such Force Majeure Event will delay Final Completion of the
Project beyond the Maturity Date; (iii) in the reasonable judgment of Agent,
Borrower shall have taken all steps commercially reasonable to mitigate the
effects of such Force Majeure Event; (iv) on the Force Majeure Extension Option
Date, no Noticed Default or Event of Default shall exist under any Loan
Document; (v) Borrower shall have provided to Agent evidence of the
continuation of the Policies and the payment of any premiums then due therefor;
(vi) appropriate extensions, to the extent required to keep such document in
full force and effect and free from any default, shall have been granted under
the Public Project Agreements and for a period of time at least equal to the
Force Majeure Extension Period; (vii) Borrower shall have provided to Agent
evidence of the continuation of the Initial Advance Interest Rate Cap through
the extended Maturity Date on terms and conditions reasonably satisfactory to
Agent, to the extent Borrower was required to purchase the Initial Advance
Interest Rate Cap in accordance with the terms hereof, or, if no Initial
Advance Interest Rate Cap was so required, Borrower and Agent shall have
entered into a written agreement reasonably satisfactory to Agent with respect
to interest rate protection during the Force Majeure Extension Period (provided
that if, in Agent’s discretion, the cost of any interest rate protection
required by this clause (vii) is prohibitive, Borrower may deposit with or
deliver to Agent other security in lieu thereof satisfactory to Agent); and
(viii) each

 

47

 

Guarantor
shall acknowledge and confirm to Agent, on or prior to the Maturity Date, the
exercise of the extension period by Borrower. 
The period of the extension option under this Section 3.19(b) shall
be determined by Agent in its reasonable judgment and shall be equal to the
number of days by which Substantial Completion has been or is reasonably
expected to be delayed due to such Force Majeure Event, assuming that Borrower
and the General Contractor take all steps commercially reasonable to mitigate
the effects of such Force Majeure Event; provided, however, that (x) in no
event shall all extensions pursuant to this Section 3.19(b) be more than
180 days in the aggregate (the period of such extensions being hereinafter
collectively referred to as the “Force Majeure Extension Period”) and (y) any
such extension shall in all events end if, and as of the date that, Borrower is
not in compliance with the immediately succeeding sentence.  If a Force Majeure Event shall have
occurred, Borrower shall (1) periodically (at least once every two weeks)
advise Agent of the status of such Force Majeure Event and its effect on
completion of the Project and (2) take all steps, and cause the General
Contractor to take all steps, commercially reasonable to mitigate the effects
of such Force Majeure Event.  If the
Maturity Date is extended in accordance with this Section 3.19(b), all
references to the Original Maturity Date, the First Extended Maturity Date, or
the Second Extended Maturity Date shall be interpreted so that such references
are to such date, as extended by the applicable Force Majeure Extension Period.

 

(c)                                  Borrower
shall pay at the time of and as a condition to the extension of the term of the
Project Loan described in Sections 3.19(a) and (b) above, (i) all reasonable,
third-party out-of-pocket fees and expenses of Agent in preparing, executing,
delivering, or recording any documents or instruments related to such
extension, and (ii) all reasonable, third-party out-of-pocket fees and expenses
of Agent in connection with any title company searches and insurance which
Agent may reasonably then require.

 

(d)                                 Without
Agent’s prior reasonable consent, Borrower shall not consent to an extension
for an “Excusable Delay” under Section 11.7 of the Guaranteed Maximum
Price Contract unless (i) such “Excusable Delay” is a Force Majeure Event and
(ii) the conditions set forth in clauses (i)-(viii) of Section 3.19(b) hereof
have been satisfied.

 

SECTION 3.20                                            Reallocations.  Agent and Borrower acknowledge and confirm
that NYTC Member has the right to dispute any Draw Request (including if made
after the NYTC Units Redemption) and the allocation of costs to the Units shown
in any Draw Request, as and to the extent set forth in the Operating
Agreement.  (Notwithstanding the
foregoing or the further provisions of this Section 3.20, no such dispute
shall abrogate, nullify or modify any Draw Request or any portion
thereof.)  Agent and Borrower further
acknowledge that, following the resolution by agreement between the Members of
any such dispute (which agreement or determination Borrower, the Members, and
Agent shall accept as final and binding), Borrower shall reallocate Building
Loan Costs and Project Loan Costs between the FC Units and the NYTC Units as
necessary to reflect the resolution or arbitration of the issues in dispute,
and the next Draw Request shall reflect such re-allocations.  More particularly, Borrower and Agent agree
that if any costs were (or are) initially allocated to the FC Units or the NYTC
Units

 

48

 

(such Units, the “Overfunding
Unit”) and then are re-allocated to the other Units (such Units,
the “Underfunding Unit”),
the Building Loan Costs and Project Loan Costs allocated to the Overfunding
Unit shall be decreased by all such amounts which are so re-allocated, together
with interest thereon as provided herein from the date on which such cost was
(or is) paid by an Advance, until the date on which each such cost is
re-allocated to the Underfunding Units, and the Building Loan Costs and Project
Loan Costs of the Underfunding Units shall be likewise increased.  In such event, at the next Draw Request, the
Maximum Amount covering the Overfunding Unit shall be retroactively increased
to reflect the reallocated items of Building Loan Costs and Project Loan Costs,
together with interest at the Interest Rate from the date of the Advance for
such item, and the outstanding balance of the Maximum Amount covering the
Underfunding Units shall be retroactively decreased to reflect such reallocated
items of Building Loan Costs and Project Loan Costs, together with interest at
the Interest Rate.  Corresponding
adjustments shall be made in the applicable Budgets.  In addition, if the Overfunding Unit had funded such amount not
through an Advance but through a capital contribution or out of other funds,
then a reallocation shall be made to reflect such amount in the applicable Budgets.

 

ARTICLE 4

 

CONDITIONS PRECEDENT TO PROJECT LOAN

CLOSING AND DISBURSEMENT OF LOAN PROCEEDS

 

SECTION 4.01                                            Conditions
of Project Loan Closing.  The
obligation of Agent to execute and deliver on the Closing Date the Loan
Documents to which it is a party shall be subject to the following conditions
precedent, unless any such condition precedent is waived by Agent in its sole
discretion (and Agent hereby agrees that its execution and delivery of this
Agreement constitutes an acknowledgment that all such conditions precedent have
been satisfied or waived as a condition precedent to the closing hereunder):

 

(a)                                  Payment
of Fees.  Borrower shall have paid
all fees described in the Commitment Letter as being payable on or before the
closing of the Project Loan and all other fees and expenses required by this
Agreement, the Side Letter re: Fees or any other Project Loan Document to be
paid on the Closing Date including, without limitation, the Administration Fee
allocable to the period of time from the Closing Date through the end of the
calendar month on which the Closing Date occurs.

 

(b)                                 Required
Equity Funds.  Borrower shall have
furnished Agent with evidence in form and content satisfactory to Agent of the
Initial Required Equity Funds contributed as of the date immediately preceding
the date hereof, which Initial Required Equity Funds are set forth on Schedule 1
hereto, and that the Loan Amount plus all Initial Required Equity Funds will be
sufficient to cover all Building Loan Costs and Project Loan Costs reasonably
anticipated to be incurred, as set forth in the Budgets.

 

49

 

(c)                                  Project
Loan Documents.  The Project Loan
Documents listed in Article 2 hereof, in form and substance satisfactory
to Agent, shall have been duly executed and delivered by the parties thereto
and shall be in full force and effect, and Agent shall have received the
originals thereof.

 

(d)                                 Guaranteed
Maximum Price Contract.  The
Guaranteed Maximum Price Contract, together with that Guarantee of Performance
dated as of February 5, 2004 by the GMP Guarantor in favor of Borrower
(the “GMP Guaranty”),
each of which shall be in form and substance satisfactory to Agent, shall have
been duly executed and delivered by the parties thereto, shall be in full force
and effect and Agent shall have received a certified copy thereof.  The General Contractor shall have duly
executed and delivered to Agent a consent to the collateral assignment of the
Guaranteed Maximum Price Contract and the GMP Guarantor shall have duly
executed and delivered to Agent a consent to the collateral assignment of the
GMP Guaranty, in form and substance satisfactory to Agent.

 

(e)                                  Architect’s
Contract.  The Architect’s Contract,
in form and substance satisfactory to Agent, shall have been duly executed and
delivered by the parties thereto, shall be in full force and effect and Agent
shall have received a certified copy thereof. 
Borrower’s Architects shall have duly executed and delivered to Agent a
consent to the collateral assignment of the Architect’s Contract, in form and
substance satisfactory to Agent.

 

(f)                                    Leasing
Agent Agreement.  If any Leasing
Agent Agreement shall have been executed, (a) such Leasing Agent Agreement
shall be in form and substance satisfactory to Agent, shall have been duly
executed and delivered by the parties thereto and shall be in full force and
effect, (b) Agent shall have received a certified copy thereof and (c) if
requested by Agent, the leasing agent thereunder shall have duly executed and delivered
to Agent a consent to the collateral assignment of such Leasing Agent
Agreement, in form and substance satisfactory to Agent.

 

(g)                                 Managing
Agent Agreement.  If any Managing
Agent Agreement shall have been executed by Borrower or any Member, (a) such
Managing Agent Agreement shall be in form and substance satisfactory to Agent,
shall have been duly executed and delivered by the parties thereto and shall be
in full force and effect, (b) Agent shall have received a certified copy
thereof and (c) the managing agent thereunder shall have duly executed and
delivered to Agent a consent to the collateral assignment of such Managing
Agent Agreement, in form and substance satisfactory to Agent.

 

(h)                                 Other
Material Contracts.  Borrower shall
have delivered to Agent true, correct and complete photocopies of all other
Material Contracts in effect as of the date hereof, certified by Borrower or
such other Borrower Entity which is a party thereto, and at Agent’s option, a
consent to the collateral assignment of such contracts.

 

50

 

(i)                                     Deliveries.  The following items or documents shall have
been delivered to Agent, each of which shall be in form and substance
satisfactory to Agent:

 

(1)                                  Plans and
Specifications.  Two (2) complete
sets of the Plans and Specifications, including each Change Order (regardless
of whether the amount of such Change Order and/or any extension of time with
respect thereto has been agreed to and regardless of whether work on such
Change Order has commenced), certified by Borrower;

 

(2)                                  Title Insurance
Policy.  A marked commitment to
issue a paid mortgagee title insurance policy (the “Title Insurance Policy”)
from the Title Insurance Companies, which marked commitment shall be subject
only to the Permitted Exceptions, shall insure the Project Loan Mortgage as a
valid first lien on the applicable Mortgaged Property and shall be in the
amount of the Project Loan Amount (subject to any pending disbursements clause)
and shall contain such coverages, endorsements, re-insurance and co-insurance
as the Agent may require;

 

(3)                                  Other Insurance.  The original of all Policies which shall be
in form and content acceptable to Agent and an insurance consultant acceptable
to Agent and evidence from insurance companies acceptable to Agent indicating
that Borrower’s Architects, General Contractor and all other Major Contractors
and Major Subcontractors are covered by professional liability insurance or
other liability insurance, as applicable, as required by the applicable
contract;

 

(4)                                  Equity
Contribution.  All of the Equity
Contribution Documents, certified by FC Member and NYTC Member;

 

(5)                                  Extension Loan.  If NYTC Guarantor does not have an
Acceptable Rating as of the Closing Date, cash or a letter of credit in an
amount and (in the case of a letter of credit) in the form and containing such
provisions as are acceptable to Agent, as security for the Extension Loan;

 

(6)                                  Labor Agreement.  An executed and delivered “no strikes”
agreement between Borrower and the Building & Construction Trade Council of
Greater New York (the “No
Strikes Agreement”) in form and substance satisfactory to Agent;

 

(7)                                  Environmental
Report. 
A Phase I environmental site assessment prepared by an
environmental consulting or engineering firm acceptable to Agent upon which
Agent is expressly entitled to rely, a “close-out” letter relating to asbestos
abatement upon which Agent is expressly entitled to rely, and if requested by
Agent, a Phase II environmental site assessment, indicating in each case a
condition of the

 

51

 

Premises in all respects satisfactory to Agent, and upon which Agent is
expressly entitled to rely;

 

(8)                                  Survey.  The Survey;

 

(9)                                  Submarket Analysis.  A submarket analysis, including, without
limitation, potential new construction, rents, expenses and absorption
underwritten by Agent in form and substance satisfactory to Agent;

 

(10)                            Geotechnical Updates.  A geotechnical report from an engineering
company satisfactory to Agent, which report shall indicate a condition of the
Premises in all respects satisfactory to Agent, and upon which report Agent is
expressly entitled to rely;

 

(11)                            Governmental Approvals
and Third Party Approvals.  All
Governmental Approvals and all other third party consents and approvals
necessary for the valid execution, delivery and performance by any Borrower
Entity of this Agreement or the other Project Loan Documents and for the
construction of the Project as contemplated by the Plans and Specifications,
including, without limitation, a building permit to the extent then required by
applicable law;

 

(12)                            Architect’s Statement
and General Contractor’s Certificate. 
A statement from Lead Architect (the “Architect’s Certificate”) and a
certificate from the General Contractor (the “General Contractor’s Certificate”) in
the forms attached hereto as Exhibits I and J, respectively or in such other forms as may
be acceptable to Agent;

 

(13)                            Leases.  Copies of all Leases, if any, each certified
by Borrower or the applicable Member, as applicable, and each satisfactory to
Agent; Non-Disturbance Agreements between Agent and the tenants under such
Leases to the extent required by Section 7.14(b) hereof (with such changes
thereto as may be reasonably approved by Agent) or in such other form as may be
reasonably approved by Agent; estoppel certificates from the tenants under such
Leases, in the form attached hereto as Exhibit K; a New York Real Property Law
Section 291-f notice (a “Section 291-f Notice”) with respect to each Lease;
and an executed acknowledgment from each tenant under such Leases relating to
the payment of rent and security deposits to the applicable Collection Accounts
and Security Deposits Account and the use of an expedited check clearing
process;

 

(14)                            Organizational Documents.  Copies of all organizational documentation
related to the Borrower Entities and such other entities as Agent shall request
and/or their formation, structure, existence, good standing and/or
qualification to do business, as Agent may

 

52

 

request, including such resolutions and/or consents and incumbency
certificates as may be requested by Agent, certified in each case by the
applicable Borrower Entity;

 

(15)                            Ownership Structure Chart.  A chart showing all direct and indirect
ownership interests in Borrower and the Members (but not including any direct
or indirect ownership interests in either Guarantor provided that the shares of
such Guarantor are listed on a nationally recognized exchange), to the extent
required by Agent, in form and substance acceptable to Agent and certified by
Borrower or the applicable Member, as true, complete and correct in all
respects as of the Closing Date;

 

(16)                            Budgets.  The Budgets, certified by Borrower;

 

(17)                            Searches.  To the extent required by Agent, current tax
lien, pending litigation, bankruptcy, judgment lien and Uniform Commercial Code
searches against each Borrower Entity and such other entities as Agent shall
request, in such jurisdictions and offices as Agent shall designate, dated not
earlier than 30 days before the Closing Date. 
Such searches shall not have revealed any lien, litigation, bankruptcy
or filing against any such entities other than those acceptable to Agent; and

 

(18)                            Plan and Cost Review.  A plan and cost review prepared by
Construction Consultant and acceptable to Agent.

 

(j)                                     Legal
Opinions.  Agent shall have received
opinions addressed to Agent in form and substance satisfactory to Agent and
Agent’s counsel from counsel satisfactory to Agent as to such matters
(including, without limitation, zoning matters, the Guaranteed Maximum Price
Contract and the GMP Guaranty) as Agent shall request.

 

(k)                                  Union
Labor.  Agent shall have received
evidence satisfactory to it (and Agent acknowledges that the execution by
General Contractor of the General Contractor’s Certificate shall be
satisfactory evidence) that all work performed in connection with the
construction of the Project has been performed in accordance with the
provisions of Section 7.37 hereof.

 

(l)                                     Notices.  All notices required by any Governmental
Authority or by any applicable Legal Requirements to be filed prior to the date
of this Agreement in connection with the Project or the Project Loan shall have
been filed.

 

(m)                               Appraisal.  An appraisal satisfactory to Agent prepared
by an appraiser satisfactory to Agent (an “Appraisal”).

 

(n)                                 Performance;
No Default.  Each Borrower Entity
shall have performed and complied with all terms and conditions of the Project
Loan Documents to which each is a party required to be performed or complied
with by it at or prior to the

 

53

 

Closing Date,
and on the Closing Date, there shall exist no Default or Event of Default
hereunder.

 

(o)                                 Representations
and Warranties.  The representations
and warranties made by the Borrower Entities in the Project Loan Documents or
otherwise made by or on behalf of such Borrower Entities in connection
therewith shall be true and correct in all material respects on the Closing
Date.

 

(p)                                 Proceedings.  All proceedings in connection with the
transactions contemplated by this Agreement and the other Project Loan
Documents shall be satisfactory to Agent and Agent’s counsel, and Agent shall
have received all information and such counterpart originals or certified
copies of such documents and such other certificates, opinions or documents as
Agent and Agent’s counsel may require.

 

(q)                                 [INTENTIONALLY
OMITTED]

 

(r)                                    Building
Loan.  All entities (other than
Agent) required to execute or deliver any document in connection with the
Building Loan shall have simultaneously executed and/or delivered such
documents and all conditions precedent to the Project Loan set forth in
Section 4.01 of the Building Loan Agreement shall have been fulfilled (or
waived by Agent in its sole discretion).

 

(s)                                  ADA
Compliance.  Borrower shall have
furnished evidence satisfactory to Agent that the Improvements, when
constructed, will comply in all respects with the Americans with Disabilities
Act of 1990, all state and local laws and ordinances relating to handicapped
access and all rules, regulations and orders issued pursuant thereto,
including, without limitation, a report on the Americans with Disabilities
Accessibility Guidelines for Buildings and Facilities (and Agent acknowledges
that the execution by the Lead Architect of the Architect’s Certificate shall
be satisfactory evidence thereof).

 

(t)                                    Construction
Consultant’s Report.  Agent shall
have received a written report from the Construction Consultant, in form and
substance satisfactory to Agent, relating to the construction of the Project
performed prior to the Closing Date, including, without limitation, a report on
the percentage of completion which has been achieved as of the Closing Date for
each of the Units.

 

(u)                                 Schedules.  Borrower shall have delivered to Agent the
Construction Schedule and the Disbursement Schedule, each certified by
Borrower, and each such schedule shall be satisfactory to Agent and
Construction Consultant.

 

(v)                                 [INTENTIONALLY
OMITTED]

 

(w)                               Tri-Party
Agreement and Estoppel Letters.  (i)
Borrower shall have delivered that certain Tri-Party Agreement by and among
Ground Lessor, Borrower, the Members and Agent, for itself and on behalf of
Lenders (“Tri-Party
Agreement”) with respect to the Ground Lease and the Severance
Subleases, in form and substance acceptable to Agent, and (ii) an estoppel
letter in form and substance

 

54

 

acceptable to
Agent from (1) the New York City Transit Authority with respect to the Subway
Agreement (the “Subway
Agreement Estoppel Letter”), and (2) from ESDC, Ground Lessor
and the City of New York with respect to the Site 8 Project Agreement, the Land
Acquisition Agreement and the Subway Agreement (the “Public Project Agreements Estoppel
Letter”), each in form and substance acceptable to Agent.

 

(x)                                   Closing
Statement.  Borrower and Agent shall
have executed and delivered a closing statement setting forth, in reasonable
detail, the sources and uses of funds as of the Closing Date.

 

(y)                                 Zoning;
Transfer Tax Rulings, etc.  Borrower
shall have delivered to Agent evidence satisfactory to Agent that (i) all
zoning approvals required for the construction of the Project have been
obtained and (ii) Borrower has complied with all requirements of the Subway
Agreement to the extent required as of such date.  Borrower shall have delivered to Agent rulings, in form and
substance satisfactory to Agent, from the City and State of New York, with
respect to the future exemption from transfer taxes of the redemption by each
Member of its Units.

 

(z)                                   Approvals.  Borrower shall have delivered a letter or
other acknowledgment in form and substance satisfactory to Agent (i) from ING
Member and FC 41st Street that the Loans are an “Acceptable Construction Loan”
for purposes of the FC Operating Agreement and (ii) from ING Member approving
the Equity Contribution and waiving its right to contest any Draw Request.

 

(aa)                            Other
Documents.  Borrower shall have
delivered such other documents and certificates as Agent or its counsel may
reasonably require.

 

SECTION 4.02                                            Conditions
of Advances.  The obligation of the
Lenders to make the initial Advance (the “Initial Construction Advance”) or any
subsequent Advances (unless any such condition precedent is waived by Agent in
its sole discretion (subject to Section 8.03 hereof)) of the Project Loan
shall be subject to the following conditions precedent:

 

(a)                                  Prior
Conditions Satisfied.  All
conditions precedent set forth in Section 4.01 shall continue to be
satisfied as of the date of each Advance, provided that all such conditions
precedent shall be deemed to be continued to be satisfied and Borrower shall
have no obligation to deliver or satisfy any such conditions except that
Borrower shall be obligated to deliver the documents referred to in Sections
4.01(f) and (g) hereof (if not previously delivered) and any amendments,
modifications, substitutions, replacements or supplements to the documents
referred to in Sections 4.01(c)-(h) and (k)-(l) hereof.

 

(b)                                 Performance;
No Default.  On the date of such
Advance there shall exist no Noticed Default or Event of Default hereunder and
no Noticed Default or Event of Default under and as defined in the Building
Loan Agreement.

 

55

 

(c)                                  Representations
and Warranties.  The representations
and warranties made by Borrower Entities in the Project Loan Documents, or
otherwise made by or on behalf of Borrower Entities in connection therewith
after the date thereof, shall have been true and correct in all material
respects on the date on which made and shall also be true and correct in all
material respects on the date of such Advance, except (a) in each case to the
extent that the failure of any such representation or warranty to be true and
correct in all material respects on the date of such Advance does not have, and
is not reasonably likely to have, a Material Adverse Effect (it being agreed,
however, that if the facts causing such failure of any representation or
warranty to be untrue or incorrect shall constitute a Default or Event of
Default, nothing herein shall be construed to constitute a waiver by Agent of
such Default or Event of Default) and (b) that the representations made in
Section 6.04(b) and the second sentence of Section 6.05(a) and the
representations made in Section 6.10 and Section 6.13 with respect to
the Guarantors need not be true and correct on the date of each Advance.

 

(d)                                 No
Damage.  The Project shall not have
been injured or damaged by fire, explosion, accident, flood or other casualty,
or been subject to any condemnation, governmental taking or eminent domain
proceeding (other than the “Condemnation” as defined in the Ground Lease and
the Severance Subleases) unless Agent shall have received (or shall have
received evidence reasonably satisfactory to Agent that Agent will receive in a
timely manner) Net Proceeds, Net Awards or Proceeds and/or a Completion Deposit
sufficient in the reasonable judgment of Agent to effect the satisfactory
restoration of the Project, “Substantial Completion” (as defined in the Ground
Lease) to be achieved by no later than the Fixed Substantial Completion Date
(subject to Unavoidable Delay) and Final Completion to be achieved no later
than the Maturity Date, which restoration shall be governed by the terms of the
Project Loan Mortgage.

 

(e)                                  Receipt
by Agent and Construction Consultant. 
Agent and Construction Consultant shall have received the following at
least 10 Business Days prior to (or, in the case of clause (3), on) the
Requested Advance Date:

 

(1)                                  Draw Request.  A Draw Request (which shall also be
submitted to the Disbursement Agent, but only to the extent Agent has informed
Borrower that the Advance in question will be advanced by Disbursement Agent
pursuant to Section 5.02(b) hereof) specifying the date proposed for such
Advance, which date must be a Business Day (the “Requested Advance Date”);

 

(2)                                  Schedule of
Other Funding Sources.  If
applicable, a statement as to the amount of Building Loan Costs and Project
Loan Costs intended to be paid or funded on the Requested Advance Date with
Other Funds;

 

(3)                                  Title Continuation
Letter.  A continuation letter with
respect to the Title Insurance Policy theretofore delivered, which continuation
letter shall be substantially in the form required by the

 

56

 

Construction Loan Disbursement Agreement and shall show no exceptions
to title other than Permitted Exceptions;

 

(4)                                  [INTENTIONALLY
OMITTED]

 

(5)                                  Architect’s and
General Contractor’s Certificates. 
A General Contractor’s Certificate from the General Contractor and an
Architect’s Certificate from the Lead Architect;

 

(6)                                  [INTENTIONALLY
OMITTED]

 

(7)                                  Interest Rate Caps.  As a condition to the Initial Advance only,
and only if Breakeven Leasing has not been achieved by the Requested Advance
Date for the Initial Advance, Borrower shall have delivered to Agent an
interest rate cap in form and substance acceptable to Agent (the “Initial Advance Interest Rate Cap”)
between Borrower and a counterparty acceptable to Agent which shall cap the
LIBOR Rate for the Building Loan and Project Loan until the Maturity Date
(without giving effect to any extensions under Section 3.19(a) hereof) at
the rates, and for the corresponding periods set forth in, Schedule 2
hereto, together with (i) a collateral assignment of the Initial Advance
Interest Rate Cap in the form of Exhibit M hereto (an “Assignment of Interest Rate Cap”),
(ii) a consent by the counterparty thereto to such collateral assignment and
(iii) an opinion, in form and substance and from counsel reasonably acceptable
to Agent, as to the due authorization, execution and delivery by Borrower and
enforceability of, and other customary matters with respect to, the Initial Advance
Interest Rate Cap and the Assignment of Interest Rate Cap, but in no event as
to any matters with respect to such counterparty (other than enforceability of
the Initial Advance Interest Rate Cap against such counterparty).  If Breakeven Leasing has been achieved by
the Requested Advance Date with respect to the Initial Advance (and therefore
Borrower shall not have been required to deliver the Initial Advance Interest
Rate Cap), Borrower shall have delivered to Agent the Future Advance Interest
Rate Caps and other items as and to the extent required by Section 7.20
hereof as of the Requested Advance Date as a condition to any subsequent
Advance;

 

(8)                                  Application for
Payment.  From each Major Contractor
(including the General Contractor), a completed and itemized Application and
Certificate for Payment in the form of AIA Document No. G702 (including AIA
Form G703 as an attachment thereto), or similar form reasonably approved by
Agent, containing the required certification of such Major Contractor and Borrower’s
Architects, together with all invoices relating to all items of Project Loan
Costs covered thereby and further accompanied by a cost breakdown showing the
cost of work on, and the cost of materials incorporated into, the Project to
the date of the requisition.  The cost
breakdown shall also show the percentage of

 

57

 

completion of each line item in the Budgets.  All such applications for payment shall also show all contractors
and subcontractors, including Major Subcontractors, by name and trade, the
total amount of each contract and/or subcontract, the amount theretofore paid
to each contractor and/or subcontractor as of the date of such application, and
the amount to be paid from the proceeds of the Advance to each contractor
and/or subcontractor;

 

(9)                                  Changes to Budgets.  An update of the Budgets reflecting all
actual and anticipated costs and in compliance with Section 3.02 hereof,
which update must be approved by Agent, such approval not to be unreasonably
withheld or delayed; provided that nothing in this Section 4.02(e)(9)
shall entitle Agent to request, or shall permit Agent to condition its consent
to any change(s) in the Budgets on (x) an increase in any line item in the
Budgets for tenant improvements or leasing commission costs and/or (y) an
increase in any interest line item on account of any delay in achieving
Stabilized Occupancy.  The proviso
clause of the preceding sentence shall not apply with respect to any Advance
made on or after the Original Maturity Date (after giving effect to any
extensions under Section 3.19(b) hereof) if, as of the Original Maturity
Date, the ratio (expressed as a percentage) of the Remaining Loan Amount to the
Appraised Value of the FC Units is more than 70%.  Nothing in this Section 4.02(e)(9) shall prohibit Agent from
reasonably withholding its consent to any line item decrease in any of the line
items referred to in clauses (x) and (y) above;

 

(10)                            Change Orders.  Copies of all Change Orders, regardless of whether
the amount of such Change Order and/or any extension of time with respect
thereto has been agreed to and regardless of whether work on such Change Order
has commenced) to the extent not previously delivered to Agent, and, to the
extent reasonably requested by Agent, copies of all inspection or test reports
and other documents relating to the construction of the Project not previously
delivered to Agent or Construction Consultant;

 

(11)                            Disbursement
Schedule and Construction Schedule. 
An update of the Disbursement Schedule (but only if requested by
Agent) and Construction Schedule, which updates must be approved by Agent,
which approval shall not be unreasonably withheld or delayed (provided that
with respect to the Disbursement Schedule only, Agent shall be deemed to
have approved any best estimate update made in good faith by Borrower).  Each such update must reflect all Change
Orders, regardless of whether the amount of any such Change Order and/or any
extension of time with respect thereto has been agreed to and regardless of
whether work on such Change Order has commenced.  If any such update includes changes to the Disbursement Schedule,
such update must be accompanied by evidence reasonably satisfactory to Agent
that the Interest Rate Cap(s)

 

58

 

(but only to the extent required by the terms hereof) will be modified,
to the extent necessary, to conform with such changes, and if any such update
includes changes to the Construction Schedule, such update must be accompanied
by evidence reasonably satisfactory to Agent that such change does not make it
likely that Borrower will fail to achieve “Substantial Completion” (as defined
in the Ground Lease) by the Fixed Substantial Completion Date (subject to Unavoidable
Delay) and Final Completion by the Maturity Date;

 

(12)                            Governmental and Third
Party Approvals.  To the extent not
previously delivered, all Governmental Approvals and all other third party
consents and approvals necessary for the Project as contemplated by the Plans
and Specifications, including, without limitation, a building permit; and

 

(13)                            Stored Materials.  The letter referred to in
Section 3.04(c) hereof, to the extent that such Advance includes Loan
proceeds for Stored Materials, but only if Borrower shall have acquired Stored
Materials that are not subject to any previous letter delivered to Agent
pursuant to said Section.

 

(f)                                    Material
Contracts; Leases.  Agent shall have
received true, correct and complete photocopies of all Material Contracts and
Leases in effect on the date of the Draw Request, to the extent not previously
delivered to Agent, certified by Borrower or the Borrower Entity which is a
party thereto.  Each such Material
Contract shall have been approved by Agent in accordance with Section 7.13
hereof; and a consent to the collateral assignment of any Material Contract, if
requested by Agent, in form and substance reasonably satisfactory to Agent,
shall be delivered to Agent, to the extent not previously delivered to Agent.

 

(g)                                 Evidence
of Sufficiency of Funds; Construction Consultant Approval.  Each Budget shall be In Balance.  Agent shall have received written
certification from the Construction Consultant to the effect that in its
reasonable opinion the condition set forth in the immediately preceding
sentence has been satisfied; that the work theretofore completed was completed
to its satisfaction substantially in accordance with the Plans and
Specifications and in accordance with all Legal Requirements; that “Substantial
Completion” (as defined in the Ground Lease) shall be achievable by the Fixed
Substantial Completion Date (subject to Unavoidable Delay) and Final Completion
shall be achievable by the Maturity Date; as a condition to the Initial Advance
only, that Borrower shall be able to Commence Initial Construction (as defined
in the Ground Lease) of Tenant’s Construction Work (as defined in the Ground
Lease) by the Fixed Construction Commencement Date (as defined in the Ground
Lease) (subject to Unavoidable Delay); and that each Budget and each line item
thereof is the best reasonable projection of all remaining Building Loan Costs
and Project Loan Costs and all remaining costs covered by each line item, as
applicable.  Such certification shall
also cover such other information as Agent may from time to time reasonably
request.

 

59

 

(h)           Other Funding
Sources.  No later than 11:00 A.M.
(New York City time) on the Requested Advance Date, all Other Funds covered by
the statement described in Section 4.02(e)(2) hereof shall have been received
by Agent (in the case of Advances disbursed in accordance with Section
5.02(b)(i) hereof) or received by Disbursement Agent (in the case of Advances
disbursed in accordance with Section 5.02(b)(ii) hereof).

 

(i)            [INTENTIONALLY
OMITTED]

 

(j)            Borrower LCs.  (i) the Borrower LCs shall be in full force
and effect or shall have been fully drawn upon or (ii) to the extent clause (i)
is not the case, the appropriate Borrower LC Deposit shall have been made in
accordance with Section 7.54 hereof, and, if requested by Agent, reasonable
evidence of clause (i) or clause (ii), as applicable.

 

(k)           Deliveries to Third
Parties.  To the extent not
previously delivered, evidence reasonably satisfactory to Agent that Borrower
has complied with its delivery obligations set forth in Section 7.56 hereof.

 

(l)            Accounts.  Borrower shall have complied with its
obligations under Section 7.57 hereof.

 

(m)          Property Taxes.  Either (i) Lot 15 shall have been subdivided
in accordance with the last sentence of Section 7.43 hereof, (ii) all Property
Taxes assessed against Lot 15 that are then due and payable shall have been
paid in full or (iii) the title continuation letter referred to in Section
4.02(e) shall not contain any exceptions to title insurance coverage for
Property Taxes assessed against Lot 15.

 

(n)           Other Documents.  Borrower shall have delivered such other
information, documents and certificates as Agent or its counsel may reasonably
require.

 

SECTION 4.03               Conditions
of Final Construction Advance.  In
addition to the conditions set forth in Section 4.02 above, each Lender’s
obligation to make the final Advance for NYTC Units Budget costs or for FC
Units Budget costs, or for the Loans, pursuant to this Agreement shall be
subject to satisfaction of the following additional conditions (unless waived
by Agent in its sole discretion (subject to Section 8.03) or unless all of the
Indebtedness is being paid in full at the time of the making of the final
Advance):

 

(a)           Completion.  With respect to the final Advance for either
Budget, Final Completion of the applicable Units(s) shall have occurred or will
occur upon the making of such Advance.

 

(b)           Final Survey.  With respect to the final Advance of the
Loans, if then prepared and available, receipt by Agent of a final Survey
reasonably acceptable to Agent showing the as built location of the Project
(and if not so prepared

 

60

 

and available
Borrower hereby covenants to deliver such Survey to Agent within one hundred
and twenty (120) days after the date of the final Advance).

 

(c)           Payment of Costs.  With respect to the final Advance for either
Budget, evidence reasonably satisfactory to Agent that all Project Loan Costs
and Building Loan Costs allocable to the applicable Units have been paid in
full (or will be paid out of the funds requested to be advanced) and that no
party claims or has a right to claim any statutory or common law lien arising
out of the construction of such Units or the supplying of labor, goods,
material and/or services in connection therewith.

 

(d)           Other Documents.  Such documents, letters, affidavits, reports
and assurances, as Agent or Agent’s counsel may reasonably require.

 

SECTION 4.04               Contributions
of Initial Required Equity Funds.

 

(a)           Until such time as all
Initial Required Equity Funds have been contributed and the Initial
Construction Advance is made, Borrower shall, at least one (1) time per
calendar month (and, in any event, at least ten (10) Business Days prior to any
date (an “Equity
Infusion Date”) on which Borrower desires to (i) obtain proceeds
of the Equity Contribution for purposes of contributing Initial Required Equity
Funds and/or (ii) contribute other Initial Required Equity Funds (the amount
that Borrower so desires, the “Equity Infusion”)), provide to Agent (y) the documents
required pursuant to Sections 4.02(e)(1), (2), (4), (5), (8), (9), (10) and
(11), provided that all references to the making of an Advance in such provisions
shall instead be deemed to be references to the making of an Equity Infusion, mutatis
mutandis and (z) a current title continuation search for the Property.

 

(b)           No later than the
Business Day immediately preceding each Equity Infusion Date, Agent shall
notify Borrower and NYTC Member whether the deliveries required by Section
4.04(a) have been made and whether, to the best of Agent’s knowledge, the
conditions set forth in Sections 4.02(a), (b), (c), (d), (e) (but only to the
extent the deliveries required pursuant thereto are subject to Agent’s
approval), (f), (g), (i), (j), (k), (l), (m) and (n) have been satisfied (with
all references in said Sections to an Advance being deemed references to the
Equity Infusion, mutatis mutandis). 
To the extent that Borrower and/or NYTC Member shall desire to make any
Equity Infusion (regardless of whether or not such deliveries shall have been
made and/or conditions shall have been satisfied), Borrower and/or NYTC Member
shall expend (or cause to be expended) the Equity Infusion on Building Loan
Costs or Project Loan Costs.  Agent
shall suffer no penalty or liability to any Borrower Entity under this Section
4.04(b) (including for failure to give any notice provided for under this
Section 4.04(b)).

 

(c)           All Equity Infusions
actually used to pay for Building Loan Costs or Project Loan Costs pursuant to
this Section 4.04 shall be deemed to be, and shall be, Initial Required Equity
Funds that have been contributed, regardless of whether, as of the date such
contribution is made, (i) the conditions referred to in Section 4.04(b) hereof
have been satisfied or (ii) Agent shall have notified Borrower and the NYTC
Member in accordance with the first sentence of Section 4.04(b) hereof.

 

61

 

SECTION 4.05               Interest
Advances.  Notwithstanding the
provisions of Sections 4.01, 4.02 and 4.03, Advances for the payment of
interest due under the Project Loan Notes shall be made in accordance with
Section 5.03(b) hereof.

 

ARTICLE 5

METHOD OF DISBURSEMENT OF LOAN PROCEEDS

 

SECTION 5.01               Administration.  As compensation for serving as Agent,
Borrower shall pay Agent the Administration Fee.

 

SECTION 5.02               Procedure
for Advances.

 

(a)           Submission of Draw
Requests; Notification of LIBOR Rate. 
Draw Requests may be submitted to Agent no more frequently than once
every fifteen (15) days and not more than once per calendar month.  Not less than three (3) Business Days prior
to the Intended Advance Date, Agent shall deliver written notice to each Lender
at the address specified by each Lender from time to time, which notice shall
include the Intended Advance Date and such Lender’s ratable share of such
Advance.  On the Business Day
immediately prior to the Start Day, Agent shall deliver written notice to each
Lender and Borrower informing each Lender and Borrower of the LIBOR Rate for
the upcoming calendar month Interest Period for all Outstanding Principal and
any Advance made during such Interest Period. 
However, Agent shall suffer no penalty or liability to Borrower for
failure to give any such notice to Borrower. 
Unless otherwise notified by Agent, each Lender may assume that all
conditions to such Advance are satisfied on the Intended Advance Date.

 

(b)           Disbursement
Procedures.

 

(i)            Provided
that Agent has not elected, in accordance with Section 5.02(b)(ii) hereof, to
disburse Advances through the Disbursement Agent in accordance with the
procedures set forth in paragraph 2 of the Construction Loan Disbursement
Agreement, not later than 11:00 A.M. New York City time on the Intended Advance
Date, each Lender shall make available to Agent such Lender’s ratable portion
of such Advance in same-day funds and, if applicable, Agent shall make
available, in same day funds to the extent in its possession, the Other Funds
and Borrower shall make available to Agent all other Other Funds in same-day
funds, in each case to the extent shown in the delivery referred to in Section
4.02(e)(2) hereof, and upon fulfillment of the applicable conditions in this
Agreement and paragraph 1 of the Construction Loan Disbursement Agreement,
Agent shall disburse such Advance to Borrower.

 

(ii)           Agent
may elect to disburse Advances through the Disbursement Agent pursuant to
paragraph 2 of the Construction Loan Disbursement Agreement (A) during the
continuance of a Default or Event of Default, (B) subject to Section 4.01(q) of
the Building Loan Agreement, upon its receipt of reasonable evidence that
Borrower failed to promptly pay the applicable

 

62

 

amounts out of
any Advance to the General Contractor or any other contractor or subcontractor
whose costs were the basis of the applicable Draw Request or that any
contractor or subcontractor whose costs were the basis of the applicable Draw
Request have not been paid, or (C) if Borrower has taken any actions, or failed
to take any actions, which have resulted, or would reasonably be expected to
result, in the filing or assertion of any Lien on the Premises (other than any
Permitted Exception), provided that nothing contained in this sentence shall be
construed to require Agent or any Lender to make an Advance upon the occurrence
of any of the events described in the foregoing clauses (A), (B) and (C).  If Agent makes such an election in accordance
with the immediately preceding sentence, Agent shall notify Borrower and each
Lender and from and after such date until Agent notifies Borrower and each
Lender that it has decided to no longer make the election described in this
Section 5.02(b)(ii), (A) each Lender shall, not later than 11:00 A.M. New York
City time, on each Intended Advance Date following Agent’s delivery of such
notice, make available to Disbursement Agent such Lender’s ratable portion of
such Advance in same-day funds, and, if applicable, Agent shall make available
to Disbursement Agent in same day funds, to the extent in its possession, the
Other Funds, and Borrower shall make available to Disbursement Agent in same
day funds, all other Other Funds, in each case to the extent shown in the
delivery referred to in Section 4.02(e)(2) hereof, and upon fulfillment of the
applicable conditions in this Agreement and paragraph 2 of the Construction
Loan Disbursement Agreement, Agent will request the Disbursement Agent to
disburse such funds in accordance with the further terms and conditions
contained in said paragraph of the Construction Loan Disbursement Agreement.

 

(c)           Defaulting Lenders.

 

(i)            If
any Lender does not comply with its obligations under Section 5.02(b) above
(any such Lender, a “Defaulting
Lender”), the other Lenders (including GMACCM), or any of them,
may, in their sole discretion, elect to deliver to Disbursement Agent on the
Requested Advance Date all or any portion of the Defaulting Lender’s ratable
portion of the applicable Advance not made available by the Defaulting Lender
(such portion not made available, a “Deficiency”), in which event Defaulting
Lender agrees to repay upon demand to each of the Lenders who has advanced a
portion of the Deficiency the amount advanced on behalf of the Defaulting
Lender, together with interest thereon at the Default Rate.  If more than one Lender elects to advance a
portion of the Deficiency, such Lenders’ advances shall be made based on the
relative ratable shares of each advancing Lender or as otherwise agreed to by
such Lenders.  Each of the Lenders
agrees that any of the other Lenders and Borrower shall have the right to
proceed directly against any Defaulting Lender in respect of any right or claim
arising out of such Defaulting Lender’s Deficiency, provided that Borrower
shall not have such right if one or more of the other Lenders advances the
entire Deficiency as described above. 
In the event the Defaulting Lender fails to advance or repay the Deficiency
(with interest at the Default Rate, if applicable), on or prior to the date of
the next succeeding Advance, the entire interest of said

 

63

 

Defaulting
Lender in the Loans shall be subordinate to the interests of the other Lenders
and all payments otherwise payable to the Defaulting Lender shall be used to
advance or repay the Deficiency, as applicable, until such time such Defaulting
Lender advances or repays all Deficiencies (including interest at the Default
Rate, if applicable).

 

(ii)           The
failure of any Lender to pay any Deficiency shall not relieve any other Lender
of its obligation, if any, hereunder to make its ratable or other agreed upon
portion of the Advance on the date of such Advance, but no Lender shall be
responsible for the failure of any Lender to make its ratable or other agreed
upon portion of the Advance to be made by such other Lender on the date of any
Advance, provided, however, that Lenders shall be obligated to fund the balance
of the then current Advance (i.e., excluding the Deficiency) in the manner
required hereunder.

 

SECTION 5.03               Funds
Advanced; Capitalized Interest. 
(a)  All proceeds of all Advances
shall be used by Borrower only for the purposes for which such Advances were
made.  Borrower shall not commingle such
funds with other funds of Borrower.

 

(b)           Unless agreed to
otherwise by Agent and a Lender, each Lender is hereby irrevocably authorized
and agrees to subtract from the unadvanced Project Loan proceeds, on each
interest payment date, without the further approval of Borrower, the interest
due and payable to itself on each such date. 
Any amounts so subtracted shall be deemed to be Advances hereunder.

 

SECTION 5.04               Advances
Do Not Constitute a Waiver.  No
Advance shall constitute a waiver of any of the conditions of Lenders’
obligation to make further Advances nor, in the event Borrower is unable to
satisfy any such condition, shall any Advance have the effect of precluding
Agent from thereafter declaring a Default or Event of Default hereunder.

 

SECTION 5.05               [INTENTIONALLY
OMITTED]

 

ARTICLE 6

REPRESENTATIONS AND WARRANTIES OF BORROWER

 

To induce
Lenders to make the Project Loan and to induce Agent to enter into this
Agreement and the other Project Loan Documents, for itself and on behalf of
Lenders, and to perform Agent’s and Lenders’ obligations hereunder and
thereunder, Borrower hereby represents and warrants to Agent for the benefit of
Lenders that:

 

SECTION 6.01               Validity
of Project Loan Documents.  The
Project Loan Documents are in all respects valid and legally binding
obligations, enforceable against each Borrower Entity which is a party thereto
in accordance with their respective terms (subject to the effects of
bankruptcy, insolvency, reorganization, moratorium or other

 

64

 

similar laws affecting the enforcement of creditors’ rights
generally).  The Project Loan Documents
are not subject to any right of rescission, set-off, counterclaim or defense by
any Borrower Entity, including the defense of usury.  No Borrower Entity has asserted any right of rescission, set-off,
counterclaim or defense with respect to the Project Loan Documents.

 

SECTION 6.02               Title.  Borrower has good and marketable title to a
ground leasehold estate in the premises demised under the Ground Lease and the
Members collectively have good marketable title to the premises demised under
the Severance Subleases, in each case subject to no Liens other than the
Permitted Exceptions.  Borrower has, or
will have at the time of payment therefor, good and marketable title to the
Personal Property and no Lien has been or will be executed in favor of any
Person other than Agent with respect to any of the Personal Property other than
the Permitted Exceptions.  Borrower has
no knowledge of any claims for payment for work, labor or materials affecting
the Mortgaged Property which are or may become a Lien prior to, or of equal
priority with, the lien created by any Security Document.  The provisions of each Security Document are
effective to create, in favor of Agent for the benefit of Lenders, a legal,
valid and enforceable lien, subject only to the Permitted Exceptions, on or
security interest in all of the collateral described therein (subject to the
effects of bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting the enforcement of creditors’ rights generally), and when the
appropriate recordings and filings have been effected in public offices, each
of the Security Documents will constitute a perfected lien on and security
interest in all right, title, estate and interest in the collateral described
therein, prior and superior to all other Liens, except as permitted under the
Project Loan Documents and the Permitted Exceptions.

 

SECTION 6.03               Absence
of Conflicts.  The execution and
delivery of the Project Loan Documents by Borrower Entities to the extent each
is a party thereto do not, and the performance and observance by Borrower
Entities of their respective obligations thereunder will not, contravene or
result in a breach of or default under (a) any provision of any Borrower
Entity’s organizational documents, (b) any Legal Requirements applicable to any
Borrower Entity, or to the Mortgaged Property or the use or operation thereof,
(c) any decree or judgment binding on any Borrower Entity, or its assets, or
(d) any agreement or instrument binding on any Borrower Entity, or its
assets.  The execution and delivery of
the Project Loan Documents by Borrower Entities to the extent each is a party
thereto, and the performance and observance by each Borrower Entity of its
obligations thereunder will not result in the creation or imposition of any
Lien (other than pursuant to the Project Loan Documents or the Permitted
Exceptions) upon any of its assets, subject to the effects of bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the
enforcement of creditors’ rights generally.

 

SECTION 6.04               Pending
Litigation.  (a)  Except for matters disclosed to Agent in the
Disclosure Side Letter (the “Pending Litigations”), there are no litigations, writs,
injunctions, orders, judgments, actions, suits or proceedings existing or
pending or threatened in writing against the Mortgaged Property, Borrower or
any Member.  Borrower hereby represents
and warrants that except as disclosed to Agent in the

 

65

 

Disclosure Side Letter, all such disclosed items are fully insured by
its Policies (except for the deductibles applicable thereto).

 

(b)           Other than as disclosed
in filings made by each Guarantor with the Securities and Exchange Commission,
there are no litigations, writs, injunctions, orders, judgments, actions, suits
or proceedings existing or pending or threatened against such Guarantor which
have a material likelihood of success and would, if determined adversely,
result in a Material Adverse Effect.

 

SECTION 6.05               Legal
Requirements.

 

(a)           None of Borrower, any
Member or the Mortgaged Property is in violation of any Legal Requirement
relating to such entity or the Mortgaged Property.  No Guarantor is in violation of any Legal Requirement which would
result in a Material Adverse Effect.

 

(b)           Each Borrower Entity
and their Affiliates and, to the Knowledge of Borrower after having made
reasonable inquiry, each Tenant at the Property and each managing agent and
leasing agent of any portion of the Property (i) is not currently identified on
the OFAC List, and (ii) is not a Person with whom a citizen of the United
States is prohibited to engage in transactions by any trade embargo, economic
sanction, or other prohibition of United States law, regulation, or Executive
Order of the President of the United States.

 

SECTION 6.06               Compliance
with All Legal Requirements.  The
current zoning law and/or restrictive covenants and declarations covering the
Premises and each Public Project Agreement permit, as of right, the
construction of the Project in accordance with the Plans and Specifications and
each other Public Project Agreement and, upon completion of such construction,
the operation, use and occupancy thereof contemplated by the Public Project
Agreements and the Plans and Specifications. 
The Mortgaged Property currently is and upon completion of such
contemplated construction, the use thereof will be, in all respects in
compliance with all Material Contracts, all Public Project Documents and all
Legal Requirements, and such compliance is not dependent on any land,
improvements or facilities not a part of the Mortgaged Property.  Borrower has all Governmental Approvals
required to have been obtained to date and all third party consents and
approvals necessary for the construction of the Project or any part thereof or
the commencement or continuance of construction thereon, as the case may be,
including but not limited to, where appropriate, all required environmental
permits, all of which have been issued, are in full force and effect and are
not subject to any revocation, amendment, release, suspension, forfeiture or
the like.  Except for the Pending
Litigations, there are no pending, or to the Knowledge of Borrower, threatened
in writing, litigations, writs, injunctions, orders, judgments, actions, suits
or proceedings (a) to revoke, attach, invalidate, rescind or modify any such
Governmental Approval or third party consent or approval, or the zoning and/or
restrictive covenants applicable to the Premises or any part thereof, as
currently existing and as intended to exist upon completion of such
contemplated construction or (b) which have any chance (other than an
immaterial chance) of being determined adversely to Borrower, and if so
determined

 

66

 

adversely, would materially delay, interfere with or otherwise have any
material adverse effect on such contemplated construction or the Construction
Schedule.

 

SECTION 6.07               Organization
Status and Authority.  (a)  (i) 
Each of Borrower and the Members is a limited liability company duly
organized, validly existing and in good standing under the laws of the State of
New York; (ii) Each of Borrower and the Members has the power, authority and
legal right (w) to own and operate its properties and assets, (x) to carry on
the business now being conducted and proposed to be conducted by it, (y) to
execute, deliver and perform its obligations under the Project Loan Documents
to which it is a party, and (z) to engage in the transactions contemplated by
the Project Loan Documents to which it is a party; (iii) all Project Loan
Documents have been duly authorized, executed and delivered by all necessary
parties on behalf of Borrower and each Member, to the extent a party thereto;
and (iv) each of Borrower and the Members possesses all rights, licenses,
permits and authorizations, governmental or otherwise, presently necessary to
entitle it to own its property and to transact the businesses in which it is
now engaged, and its sole business has been and is the ownership of the
Mortgaged Property (in the case of Borrower) or a membership interest in
Borrower (in the case of each Member).

 

(b)           Subject to Section
7.32(b) hereof, (i) FC Member, which is 100% jointly owned, directly or
indirectly by FC Guarantor, Bruce Ratner, trusts for the benefit of family
members of Bruce Ratner and ING, is, and for the term of the Project Loan
(subject to Section 7.50 hereof) shall be, a member of Borrower, (ii) NYTC
Member, which is 100% owned, directly or indirectly by NYTC Guarantor, is, and
for the term of the Project Loan (subject to Section 7.46 hereof) shall be, a
member of Borrower, and (iii) the Members own in the aggregate 100% of the
membership interests in Borrower.

 

SECTION 6.08               Availability
of Utilities.  Except as set forth
on Schedule 3,
all utility services and facilities necessary and sufficient for the
contemplated construction and development of the Premises in accordance with
the Public Project Agreements and the Plans and Specifications and, upon
completion of construction, the operation, use and occupancy of the Premises
for its intended purposes, including, but not limited to, water supply, storm
and sanitary sewer facilities, gas, electric and telephone facilities, and
drainage, are presently available to the boundaries of the Premises through
dedicated public rights of way or through perpetual private easements, approved
by Agent, with respect to which the Project Loan Mortgage creates a valid,
binding and enforceable first priority lien and security interest.

 

SECTION 6.09               Condition
of Property.  Since the execution
and delivery of the Ground Lease, there has not, to the Knowledge of Borrower,
been any bodily injury or property damage occurring in or upon the Premises as
a result of any fire, explosion, accident, flood or other casualty.  With respect to the accidents previously
disclosed to Agent, Borrower hereby represents and warrants that all such accidents
are fully insured by its Policies (except for the deductibles applicable
thereto).  Except for matters disclosed
to Agent in the Disclosure Side Letter, there are no proceedings

 

67

 

pending, or, to the Knowledge of Borrower, threatened or contemplated,
to acquire by power of condemnation or eminent domain, the Mortgaged Property,
or any interest therein, or to enjoin or similarly prevent the contemplated
construction or use of the Mortgaged Property.

 

SECTION 6.10               Accuracy
of Documents.  To the Knowledge of
Borrower, (a) all documents furnished to Agent by or on behalf of any Borrower
Entity, General Contractor, Borrower’s Architects, any other Major Contractor
and any Major Subcontractor, as part of or in support of the Project Loan
application or pursuant to this Agreement or any of the other Project Loan
Documents, are true, correct and complete in all material respects as of the
date of delivery of each such document and (b) as of the Closing Date, there
have been no material adverse changes with respect to such matters since such
date, unless the same have been superseded by more recent dated material(s)
delivered to Agent.

 

SECTION 6.11               Encroachments.  There are no material encroachments on the
Premises, and the Premises do not encroach upon any adjoining land or adjoining
street, other than as set forth in the Permitted Exceptions.

 

SECTION 6.12               Brokerage
Commissions.  Any brokerage
commissions, finder’s fees or similar payments owed by any Borrower Entity
(collectively, the “Brokerage
Commissions”) due in connection with the transactions
contemplated hereby have been paid to the extent due and payable and any such
Brokerage Commissions coming due in the future will be promptly paid by such
Borrower Entity.  Agent represents and
warrants to Borrower that it has not dealt with any broker in connection with
the transactions contemplated hereby.

 

SECTION 6.13               Financial
Statements and Other Information. 
The financial statements and supporting materials thereto (other than
projections) of each Borrower Entity previously delivered to Agent, if any, are
true and correct as of the date of each such statement, have been prepared as
of the date of each such statement in accordance with generally acceptable accounting
principles consistently applied, and fairly present the respective financial
conditions of such Borrower Entity as of the respective dates thereof and the
results of their respective operations for the periods covered thereby; no
change has occurred in the assets, liabilities, or financial conditions
reflected therein since the respective dates thereof so as to cause a Material
Adverse Effect; and no additional material borrowings have been made by
Borrower, any Member or FC Guarantor since the date thereof (other than the
borrowing contemplated hereby, the Extension Loan, if then made, and, in the
case of FC Guarantor, amounts previously disclosed in filings with the
Securities and Exchange Commission and amounts that will be disclosed in the
next filing with the Securities and Exchange Commission but which are
prohibited from being disclosed at the current time under applicable securities
laws.  With respect to each Borrower
Entity, there exist no contingent liabilities, liabilities for taxes, unusual
forward or long term commitments or unrealized or anticipated losses from any
unfavorable commitments, except as referred to or reflected in said financial
statements and supporting materials and except to the extent any of the
foregoing would

 

68

 

not cause a Material Adverse Effect. 
To the knowledge of the applicable Borrower Entity, neither the
aforesaid financial statements or supporting materials furnished to Agent in
connection with or related to the transactions contemplated hereby, nor any
representation or warranty in any Project Loan Document, contains any untrue
statement of a material fact or omits to state a material fact or circumstance
necessary in order to make the statements contained therein or herein not
materially misleading.

 

SECTION 6.14               Tax
Returns.  All federal, state and
other tax returns of all Borrower Entities (other than the Guarantors) required
by law to be filed have been filed (or lawful extensions of such filing
deadlines have been obtained), and all applicable federal, state and other
taxes, assessments and other governmental charges upon Borrower Entities (other
than the Guarantors) or their respective properties which are due and payable
have been paid.

 

SECTION 6.15               Material
Contracts.  (a)  Except for the Permitted Exceptions and the
Material Contracts which have been delivered to Agent, there are no contracts
of any kind or type whatsoever (whether oral or written, formal or informal)
relating to the Mortgaged Property or any part thereof which would constitute
Material Contracts.  Neither Borrower
nor any Member is in default under any Material Contract to which Borrower or
either Member is a party or Permitted Exception, and to the Knowledge of
Borrower, no third party is in default in any material respect thereunder.  True, correct and complete copies of all
Material Contracts have been delivered to Agent.  Each Material Contract that is a Major Subcontract is, to the
knowledge of Borrower, in full force and effect and each other Material
Contract is in full force and effect and is valid and enforceable in all
respects (subject, in each case, to the effects of bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally).  As of the
Closing Date, there are no Material Contracts under clause (k) of the
definition of Material Contracts.

 

(b)           Borrower delivered to
Ground Lessor a copy of the Commitment Letter within seven (7) Business Days
after the execution thereof in accordance with the notice provisions of the
Ground Lease.

 

SECTION 6.16               Guaranteed
Maximum Price Contract.  (i)  A true, correct and complete copy of the
Guaranteed Maximum Price Contract and the GMP Guaranty have been delivered to
Agent; (ii) the Guaranteed Maximum Price Contract and the GMP Guaranty are in
full force and effect and enforceable in all respects (subject to the effects
of bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors’ rights generally); (iii) Borrower is in
full compliance with its obligations under the Guaranteed Maximum Price
Contract and, to the Knowledge of Borrower, General Contractor is in full
compliance with its obligations under the Guaranteed Maximum Price Contract and
the GMP Guarantor is in full compliance with its obligations under the GMP
Guaranty; and (iv) the work to be performed by General Contractor under the
Guaranteed Maximum Price Contract is in all respects the construction work
called for by the Public Project Agreements and the Plans and Specifications.

 

69

 

SECTION 6.17               Access.  All curb cuts and driveway permits shown on
the Plans and Specifications or otherwise necessary for access to the Mortgaged
Property are existing or will exist at the time necessary for the construction
and operation of the Mortgaged Property.

 

SECTION 6.18               No
Default.  No Noticed Default or
Event of Default exists.

 

SECTION 6.19               Architect’s
Contract.  (i)  A true, correct and complete copy of the
Architect’s Contract has been delivered to Agent; (ii) the Architect’s Contract
is in full force and effect and enforceable in all respects (subject to the
effects of bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting the enforcement of creditors’ rights generally); (iii) all of FC
41st Street’s and NYTC Member’s rights under the Architect’s Contract have been
assigned to Borrower and Borrower has assumed all of FC 41st Street’s and NYTC
Member’s obligations thereunder and Borrower’s Architects have consented
thereto, to the extent such consent is required under the Architect’s Contract;
(iv) Borrower is in full compliance with its obligations under the Architect’s
Contract and, to the Knowledge of Borrower, Borrower’s Architects are in full
compliance with their respective obligations under the Architect’s Contract;
and (v) the architectural services to be performed by Borrower’s Architects are
the architectural services required to design the Project in accordance with
the Plans and Specifications and the Public Project Agreements and all
architectural services required to complete the Project in accordance with the
Plans and Specifications and the Public Project Agreements provided for under the
Architect’s Contract.

 

SECTION 6.20               Plans
and Specifications.  Borrower has
furnished Agent true, correct and complete sets of the Plans and Specifications
in existence to date, which Plans and Specifications comply with all Material
Contracts, Legal Requirements, Governmental Approvals, Public Project
Agreements and Permitted Exceptions, and which have been approved, to the
extent required, by the Members, General Contractor, Ground Lessor, ESDC, ING
Member, the City of New York, the New York City Transit Authority, Borrower’s
Architects (to the extent applicable) and NYTC Guarantor and by each
Governmental Authority to the extent required for construction of the Project.

 

SECTION 6.21               Budgets.  Each Budget accurately reflects Borrower’s
best and reasonable projection of all Building Loan Costs and Project Loan
Costs attributable to the applicable Unit or Units (and Agent hereby
acknowledges that for so long as the proviso clause of the first sentence of
Section 4.02(e)(9) hereof applies, any amounts in each of the Budgets on
account of tenant improvement costs and leasing commission costs, and interest
on account of any delay in achieving Stabilized Occupancy shall be deemed to be
Borrower’s best and reasonable projections of such costs).  The Initial Required Equity Funds plus the
Loan Amount accurately reflect Borrower’s best and reasonable projection (and
Agent hereby acknowledges that, for so long as the proviso clause of the first
sentence of subject to the last Section 4.02(e)(9) hereof applies, Borrower’s
projection of tenant improvement costs, leasing commissions and interest on
account of any delay in achieving Substantial Completion as set forth in

 

70

 

each of the Budgets shall be deemed to be Borrower’s best and
reasonable projections) of the funds necessary to achieve payment of all
Building Loan Costs and Project Loan Costs allocable to the Project.

 

SECTION 6.22               Feasibility.  Each of the Construction Schedule and the
Disbursement Schedule is a good faith best estimate as to the matters contained
therein as of the date thereof.

 

SECTION 6.23               [INTENTIONALLY
OMITTED].

 

SECTION 6.24               Governmental
Approvals and Third Party Approvals. 
Except as noted on Schedule
4, all Governmental Approvals and all third party consents and
approvals which are required to have been obtained to date in connection with
the valid execution, delivery and performance by any Borrower Entity of this
Agreement or the other Project Loan Documents have been obtained and are in full
force and effect.

 

SECTION 6.25               No
Liens.  Except for the Permitted
Exceptions, no Borrower Entity has made, assumed or been assigned any contract
of any kind or type which would give rise to a Lien against all or any portion
of the Mortgaged Property except contracts which contain the obligation of the
other party to supply such Borrower Entity with lien waivers from such other
party and all of such party’s subcontractors and materialmen covering all work
done and materials delivered in connection with the construction and design of
the Project, and all such lien waivers have been obtained for work and
materials heretofore performed or delivered.

 

SECTION 6.26               Separate
Tax Lot(s).  Other than the portion
of the Premises located in Lot 15, the Premises are taxed separately without
regard to any other property and for all purposes the Premises may be
mortgaged, conveyed and otherwise dealt with as an independent parcel or
parcels.

 

SECTION 6.27               Margin
Stock.  None of the proceeds of the
Project Loan will be used for the purpose of purchasing or carrying “margin
stock” within the meaning of Regulation T, U or X issued by the Board of
Governors of the Federal Reserve System, as at any time amended, and Borrower
agrees to execute all instruments necessary to comply with all the requirements
of Regulation U of the Federal Reserve System, as at any time amended.

 

SECTION 6.28               Foreign
Person.  Borrower is not a “foreign
person” within the meaning of Section 1445 or 7701 of the Code.

 

SECTION 6.29               ERISA.  Neither the Borrower nor any of the Members
is an Employee Benefit Plan and none of their assets constitute Plan Assets.

 

SECTION 6.30               Employees.  Neither the Borrower nor the Members employs
any natural persons as employees and neither the Borrower nor the Members shall
maintain or contribute to (or become obligated to contribute to) any Employee
Benefit Plan which is subject to Title IV of ERISA.  The execution, delivery and

 

71

 

performance of the Project Loan Documents by the Borrower Entities will
not result in, constitute or involve a nonexempt prohibited transaction (as
defined in Section 406 of ERISA or Section 4975 of the Code) with respect to
any of the Borrower Entities, any ERISA Affiliate or any Employee Benefit Plan.

 

SECTION 6.31               Flood
Zone.  The Improvements are not
located in an area as identified by the Federal Emergency Management Agency or
the Federal Insurance Administration as an area having special flood hazards.

 

SECTION 6.32               Investment
Company Act.  Borrower is not (i) an
“investment company” or a company “controlled” by an “investment company,”
within the meaning of the Investment Company Act of 1940, as amended; or (ii) a
“holding company” or a “subsidiary company” of a “holding company” or an “affiliate”
of either a “holding company” or a “subsidiary company” within the meaning of
the Public Utility Holding Company Act of 1935, as amended.

 

SECTION 6.33               Assessments.  Other than the theater surcharge referenced
in the Ground Lease, to the Knowledge of Borrower, there are no pending or
proposed special or other assessments for public improvements or other similar
matters affecting the Mortgaged Property.

 

SECTION 6.34               Property
Taxes and Other Charges.  To the
extent any are due, all taxes of every kind and nature, including, without
limitation, all general and special assessments, levies, permits, inspection
and license fees, all water and sewer rents and charges, all payments in lieu
of real estate taxes, payments in lieu of sales taxes, and payments in lieu of
mortgage recording taxes due under the Ground Lease or the Severance Subleases
and all other public charges whether of a like or different nature, imposed
upon or assessed against Borrower, the Members, the Mortgaged Property or any
part thereof, or upon the revenue, rents, issues, income and profits of
Borrower, the Members, the Mortgaged Property, or any part thereof, or arising
in respect of the occupancy, use or possession thereof (collectively, “Property Taxes”), and
all utility fees and charges in connection with the Mortgaged Property have
been paid.

 

SECTION 6.35               No
Bankruptcy Filing.  (i) As of the
Closing Date, no Guarantor is contemplating a Voluntary Bankruptcy and, no
Person has notified any Guarantor in writing that it is contemplating the
filing of any Involuntary Bankruptcy against any Guarantor and (ii) neither
Borrower nor any Member is contemplating a Voluntary Bankruptcy, and no Person
has notified Borrower or any Member in writing that it is contemplating the
filing of any Involuntary Bankruptcy against Borrower or any Member.

 

SECTION 6.36               Filing
and Recording Taxes.  All transfer
taxes, deed stamps, intangible taxes or other amounts in the nature of transfer
taxes required to be paid by any Person under any Legal Requirement in
connection with the execution and delivery of the Public Project Agreements
have been paid in full.  All mortgage,
mortgage recording, stamp, intangible or other similar taxes required to be
paid by any Person under any Legal Requirement in connection with the
execution, delivery,

 

72

 

recordation, filing, registration, perfection or enforcement of the
Security Documents and the Liens intended to be created thereby have been paid
or deposited with one of the Title Companies for payment, or, if not yet due
and payable, will be paid when due and payable.

 

SECTION 6.37               Fraudulent
Transfer.  No Borrower Entity (a)
has entered into any Project Loan Document with the actual intent to hinder,
delay, or defraud any creditor or (b) has not received reasonably equivalent
value in exchange for its obligations under the Project Loan Documents.  After giving effect to the transactions
contemplated by the Project Loan Documents, the fair saleable value of
Borrower’s and each Member’s assets exceed, and will immediately following the
execution and delivery of the Project Loan Documents exceed, such Borrower
Entity’s, total liabilities, including subordinated, unliquidated, disputed or
contingent liabilities (including the maximum amount of its contingent
liabilities or its debts as such debts become absolute and matured).  Borrower’s and each Member’s assets do not,
and immediately following the execution and delivery of the Project Loan
Documents will not, constitute unreasonably small capital to carry out their
respective businesses as conducted or as proposed to be conducted.  Borrower does not intend to, and does not
believe that it will (or that its Members will), incur debts and liabilities
(including contingent liabilities and other commitments) beyond its ability to
pay such debts as they mature (taking into account the timing and amounts to be
payable on or in respect of its obligations).

 

SECTION 6.38               Insurance
Compliance.  The Mortgaged Property
is in compliance with all insurance requirements set forth in the Project Loan
Documents.

 

SECTION 6.39               Name;
Taxpayer Identification Number. 
Neither Borrower nor any Member has used any trade name or done business
under any name other than its actual name set forth herein.  The taxpayer identification number of (i)
Borrower is 52-2361085; (ii) FC Member is 31-1813969; and (iii) NYTC Member is
13-1102020.  The exact legal name and
the state of formation of Borrower as set forth in the Articles of Organization
of Borrower are as set forth on the first page of this Agreement.  Borrower’s mailing address, place of
business and its chief executive office is the address set forth as the
Borrower’s address on the first page of this Agreement.

 

SECTION 6.40               Leases.  As of the date hereof, except as set forth
on Schedule 5,
neither Borrower nor any Member has entered into any Leases on or prior to the
date hereof.  True, correct and complete
copies of all Leases have been delivered to Agent.  Such Leases are in full force and effect and are in all respects
the valid and legally binding obligations of the parties thereto, enforceable
against such parties in accordance with their respective terms (subject to the
effects of bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting the enforcement of creditors’ rights generally).  Neither Borrower nor any Member is in
default under any such Lease.

 

SECTION 6.41               Interest
Rate Protection Agreements.  Except
for any Interest Rate Caps and any other interest rate caps, interest rate
management contracts or “hedge agreements” which have been collaterally
assigned to Agent for the benefit of Lenders in accordance with the terms
hereof, if any, or which relate only to the Equity

 

73

 

Contribution and/or the Extension Loan, no Borrower Entity has entered
into any Interest Rate Cap, interest rate cap, interest rate management
contracts or “hedge agreements” in connection with the Project Loan.  All Interest Rate Caps, if any, purchased by
Borrower are in full force and effect and are in all respects the valid and
binding obligation of Borrower, enforceable against it in accordance with its
terms (subject to the effects of bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights
generally).  Neither Borrower nor, to
Borrower’s Knowledge, the counterparty to any Interest Rate Cap, is in default
thereunder.

 

SECTION 6.42               Prior
Construction.  All construction
heretofore performed relating to the Project has been performed in accordance
with all Material Contracts, the Permitted Exceptions and all Legal
Requirements, and substantially in accordance with the Plans and
Specifications, and such construction has been fully paid for to the extent due
and payable (except for (a) any applicable Retainage, (b) construction to be
paid for out of the upcoming Advance hereunder (or from the Other Funds
described in the applicable statement pursuant to Section 4.02(e)(2) hereof) or
under the Building Loan Agreement and (c) work performed after the time period
covered by the upcoming Advance hereunder).

 

SECTION 6.43               Equity
Contribution.  True, correct and
complete copies of the Equity Contribution Documents have been delivered to
Agent.  The Equity Contribution
Documents are in full force and effect and are in all respects the valid and
binding obligation of the NYTC Member enforceable against it in accordance with
their terms (subject to the effects of bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights
generally).  Neither FC Member nor the
NYTC Member is in default under the Equity Contribution Documents.

 

SECTION 6.44               Borrower
LCs.  True, correct and complete
copies of the Borrower LCs have been delivered to Agent.  Each Borrower LC is in full force and effect
and is valid and enforceable in all respects (subject to the effects of
bankruptcy, insolvency, reorganization, moratorium and other similar laws
effecting the enforcement of creditors’ rights generally).

 

ARTICLE 7

COVENANTS OF BORROWER

 

Borrower
hereby covenants and agrees, from the date of this Agreement, and as long as
Borrower remains indebted to Lenders hereunder:

 

SECTION 7.01               Guaranteed
Maximum Price Contract; GMP Guaranty. 
(a)  To enforce the Guaranteed
Maximum Price Contract and the GMP Guaranty in a diligent and commercially
reasonable manner, (b) to observe and perform in all material respects each and
every term to be observed or performed by Borrower thereunder, (c) to do no act
which would relieve General Contractor or GMP Guarantor from its obligations
thereunder, (d) to not amend or make any “Change Orders” or “Field Directives”
(as such terms are defined in the Guaranteed Maximum Price Contract; hereinafter,
“Scope

 

74

 

Changes”)
under the Guaranteed Maximum Price Contract except as permitted under Section
7.11 hereof; (e) except to Agent for the benefit of Agent and Lenders, not to
sell, convey, transfer, assign, alienate, mortgage, encumber, pledge,
hypothecate, or transfer the Guaranteed Maximum Price Contract, the GMP
Guaranty or any interest thereon (or, without the prior approval of Agent,
permit the sale, conveyance, transfer, assignment, alienation, mortgaging,
encumbrance, pledging, hypothecation, or transfer of the Guaranteed Maximum
Price Contract by General Contractor or of the GMP Guaranty by the GMP
Guarantor, or any interest in either), (f) not to terminate, suspend or cancel
the Guaranteed Maximum Price Contract or the GMP Guaranty or waive any material
provision thereof without the prior reasonable consent of Agent, provided that,
Borrower may terminate or cancel the Guaranteed Maximum Price Contract if prior
to or simultaneously with such termination or cancellation, Borrower shall have
entered into a new construction management agreement with a construction
manager with a guaranteed maximum price, which construction manager, agreement
and price shall each be reasonably acceptable to Agent (and if reasonably
requested by Agent, Borrower shall also obtain a guaranty of such agreement in
form and substance, and from an entity, reasonably satisfactory to Agent) and
(g) to notify Agent of any default thereunder promptly after obtaining Knowledge
thereof and provide Agent with copies of all material notices delivered in
connection therewith.  Borrower shall
from time to time, upon request by Agent, use diligent efforts to cause General
Contractor to provide Agent and Construction Consultant with reports in regard
to the status of construction of the Project, in such form and detail as
reasonably requested by Agent.  Promptly
after Borrower’s receipt thereof, Borrower shall deliver to Agent copies of all
trade contracts entered into by the General Contractor.

 

SECTION 7.02               Architect’s
Contract.  To use diligent efforts,
upon Agent’s request, to cause Borrower’s Architects to provide Agent and
Construction Consultant with reports in regard to the status of construction of
the Project, in such form and detail as reasonably requested by Agent.

 

SECTION 7.03               Insurance.  To maintain the Policies in full force and
effect and to diligently prosecute all claims, and comply with all procedures
and requirements thereunder.  The
proceeds of any insurance shall be applied in accordance with the terms of the
Project Loan Mortgage.

 

SECTION 7.04               Application
of Funds.  To use the proceeds of
the Project Loan solely and exclusively for the purposes set forth herein.

 

SECTION 7.05               Property
Taxes.  To promptly pay when due (or
to cause each Member to pay when due), and to provide (or cause to be provided
to) Agent with receipted bills therefor if requested by Agent as soon as said
receipted bills are available, all Property Taxes and, upon the failure of the
owner(s) of the portion of lot 15 not owned by Borrower to pay all real estate
taxes and other impositions on lot 15 prior to the due date thereof, to
promptly pay all such taxes and impositions. 
Notwithstanding the foregoing or anything herein to the contrary, Borrower
or the applicable Member shall have the right to contest the validity or
application of any Property Taxes by

 

75

 

appropriate legal proceedings, so long as:  (1) such legal proceedings shall be prosecuted with diligence by
Borrower (or such Member), shall operate to prevent any taking or closing or
shutting down of the Premises or any portion thereof by any Governmental
Authority, and shall have the effect of staying any type of sale or forfeiture
of the Premises or any part thereof for failure to comply, (2) Borrower (or
such Member) shall have deposited with or delivered to Agent, as applicable,
cash collateral, a bond or such other security reasonably satisfactory to
Agent, on such terms as may be reasonably satisfactory to Agent and (if
applicable) in an amount as may be deemed reasonably necessary by Agent (taking
into account amounts provided for in the applicable Budget for such Property
Taxes and amounts remaining to be funded from the applicable Loan with respect
thereto) to pay for such contest and to pay any such Property Taxes to the
extent Borrower (or such Member) has not paid such Property Taxes to the
applicable Governmental Authority), and any fines, penalties, charges and
interest thereon which may be awarded or assessed (which amount shall be
increased at the request of Agent when Agent determines (in its reasonable
judgment) that a greater amount may be required to make such payments), (3)
such proceeding shall not subject Agent, any Lender, Borrower or any Member to
the risk of any criminal liability, (4) no Noticed Default or Event of Default
shall then exist under any Project Loan Document, (5) Borrower (or such Member)
gives Agent (x) reasonably continuous notice upon the commencement and during
the continuation of any such proceeding of the status thereof, and (y)
confirmation on such periodic basis as Agent may request of the continuing
satisfaction of the conditions set forth in clauses (1) through (4) above, and
(6) Borrower (or such Member) shall have furnished to Agent all other items
reasonably requested by Agent.  If
Borrower (or such Member) shall fail at any time to comply with the above
conditions to contest or the Premises or any part thereof is, in the judgment
of Agent, in any imminent danger of being forfeited or lost, Agent may require
Borrower (or such Member) to, and Borrower (or such Member) will, thereupon
make the payment which is the subject of the contest.  During the continuance of an Event of Default, Agent may, at its
option, credit all or any part of any cash, bond or other security then held by
it to the Indebtedness in such order as Agent may elect.  Upon final determination of such contest,
Borrower (or such Member) will take all steps necessary to comply with any
requirements arising therefrom. 
Borrower (on behalf of itself and each Member) hereby absolutely and
unconditionally collaterally assigns to Agent for the benefit of Lenders all of
its right, title and interest in and to any refund of Property Taxes or other
assessments (net of all reasonable collection expenses and any portions thereof
payable to tenants and, after the NYTC Units Redemption, to NYTC Member) (such
net refund amount, a “Tax
Refund”) now or hereafter payable to Borrower or any Member as a
result of any tax contest, protest, tax certiorari proceeding (“Tax Proceeding”) or
otherwise.  If Borrower or any Member
shall receive any Tax Refund applicable to the Project or any Unit, such Tax
Refund shall be deposited with Agent by Borrower or such Member, within three
(3) Business Days of receipt thereof, to be applied or deposited, at the option
of Borrower (a) if the Collection Accounts Agreement has been executed as of
such date and Borrower and each Member have complied with their other obligations
under Section 7.57 hereof, to a Collection Account, (b) to the prepayment of
the Loans on the next interest payment date or (c) on the next Advance Date, to
pay Building Loan Costs and/or Project Loan Costs allocable to the applicable
Units.  During the continuance of an

 

76

 

Event of Default, Agent may, at its option, credit all or any part of
the Tax Refund to the Indebtedness in such order as Agent may elect.  Copies of all Property Tax bills received by
Borrower shall be promptly sent by Borrower to Agent.

 

SECTION 7.06               Reimbursable
Costs, Transaction Costs and Other Fees and Costs.  (a) 
(i) To reimburse Agent for all reasonable, third-party out-of-pocket
costs and expenses which may hereafter be incurred by Agent in connection with,
or coincidental to, the Project Loan, including, (1) all Transaction Costs and
(2) all Reimbursable Costs, and (ii) to reimburse Agent and each Lender for all
reasonable, third-party out-of-pocket costs and expenses (including, without
limitation, attorneys’ fees) which may hereafter be incurred by Agent or any
Lender in connection with Assignments (other than any pledge or hypothecation)
of the Project Loan and Project Loan up to a maximum of $90,000.00 in connection
with all Assignments of the Loan.  All
such costs and expenses shall be paid by Borrower within ten (10) Business Days
after demand is given to Borrower, together with reasonable back-up information
substantiating such costs and expenses. 
Notwithstanding the foregoing, Borrower shall reimburse Agent on the
date hereof for all Transaction Costs incurred by Agent to the date hereof.

 

(b)           All amounts incurred or
paid by Agent or any Lender under Section 7.06(a) hereof, together with
interest thereon at the Default Rate from the due date until paid by Borrower,
shall be added to and be deemed for all purposes a part of the Indebtedness and
shall be secured by the Security Documents.

 

SECTION 7.07               Completion
of Construction.  To pursue with
diligence the construction of the Project, the achievement of Core and Shell
Completion, the achievement of “Substantial Completion” (as defined in the
Ground Lease) no later than the Fixed Substantial Completion Date and the
achievement of Final Completion with respect to the Project in accordance with
this Agreement and all Public Project Agreements, the Material Contracts (to
the extent applicable), and in substantial compliance with the Plans and
Specifications, in a good workmanlike manner and free of defects, and in compliance
with all restrictions, covenants and easements affecting the Mortgaged
Property, all Legal Requirements, all Governmental Approvals, and all terms and
conditions of the Project Loan Documents and to achieve “Substantial
Completion” (as defined in the Ground Lease) by the Fixed Substantial
Completion Date and Final Completion of the Project by the Maturity Date.  Borrower shall pay all sums and perform all
duties as may be necessary to complete such construction and activities, all of
which shall be accomplished in a manner such that the Mortgaged Property
remains free from any Liens, claims or assessments (actual or contingent) for
any material, labor or other item furnished in connection therewith.  Borrower shall deliver to Agent and
Construction Consultant copies of all Governmental Approvals relating to such
construction and development related activities as and when received by
Borrower or any Member.  Borrower shall
not commit or permit waste of the Mortgaged Property.  After Final Completion, Borrower (i) shall maintain or cause to
be maintained the Mortgaged Property in good working order and shall comply
with all Legal Requirements affecting the Mortgaged Property, (ii) maintain or
cause to be maintained the NYTC Office Unit

 

77

 

and the FC Office Unit as “Class A” office space, and (iii) maintain or
cause to be maintained the FC Retail Unit as first-class retail space.

 

SECTION 7.08               Right
of Agent to Inspect Property; Publicity. 
To permit Agent and its representatives (including without limitation,
the Construction Consultant) to enter and inspect the Project and all materials
to be used in the construction thereof (such inspections to be performed, at
the option of Borrower, with a representative or representatives of Borrower
present thereat) and to examine the Plans and Specifications (a copy of which
shall be kept at the Property) at all reasonable times and with reasonable
advance notice; to cooperate and use reasonable efforts to cause the General
Contractor, all contractors and subcontractors to cooperate with the
Construction Consultant to enable it to perform its functions hereunder; and to
permit Agent to maintain one sign on the Premises (at the expense of Borrower)
in a location clearly visible to the public and otherwise publicize Agent’s
role as Agent and/or a Lender; provided, however, that the text and
circumstances of such sign shall be subject to the prior approval of Borrower,
which consent shall not be unreasonably withheld or delayed and, to the extent
required by the DUO Declaration, shall be in accordance with the terms and
conditions set forth in the DUO Declaration.

 

SECTION 7.09               Construction
Consultant.  (a)  To permit Agent to retain the Construction
Consultant at the cost of Borrower for the purposes of (i) reviewing all
construction contracts contemplated to be entered into by or on behalf of any
Borrower Entity and which are required to be approved by Agent pursuant to this
Agreement, (ii) reviewing the Plans and Specifications and all Draw Requests,
(iii) reviewing all proposed changes to such construction contracts and Plans
and Specifications, (iv) making periodic inspections of the Project, (v)
reviewing all payment requisitions submitted by all Persons, (vi) reviewing all
field reports, (vii) reviewing the Disbursement Schedule, Construction Schedule
and the Budgets, and all proposed changes thereto and (viii) advising Agent
generally concerning construction and construction and development related
activities at the Project, including whether Core and Shell Completion has been
achieved, and whether Substantial Completion and Final Completion have been
achieved with respect to any Unit or the Project.  Borrower shall deliver (and shall cause each other Borrower
Entity to deliver) to Agent and Construction Consultant copies of all documents
referred to in this Section promptly upon receipt of same.

 

(b)           To pay the reasonable
fees and reasonable out-of-pocket expenses of the Construction Consultant.

 

SECTION 7.10               Correction
of Defects.  To promptly correct,
regardless of whether demand has been made by Agent or Construction Consultant,
all defects in the Project or any departure from the Plans and Specifications
not previously approved by Agent (to the extent such approval was required
pursuant to the terms hereof).  Borrower
agrees that any Advance, whether before or after such defects or departures
from the Plans and Specifications are discovered by or brought to the attention
of Agent, shall not constitute a waiver of Agent’s right to require compliance
with this covenant.

 

78

 

SECTION 7.11               Plans
and Specifications; Approval of Change Orders; Cost Savings.

 

(a)           To permit no (i) Scope
Changes or (ii) deviations or amendments to the Plans and Specifications or to
the work to be performed under any contract or subcontract relating to
construction of the Project (including any field orders) (each of the items in
clauses (i) and (ii) of this Section 7.11(a), a “Change Order”) without the prior
approval of Agent, such approval not to be unreasonably withheld, provided,
however, that subject to the further provisions of this Section 7.11, Borrower
may make or permit to be made any Change Order without Agent’s prior written
approval so long as (A) (1) the cost of such Change Order does not exceed, as
reasonably estimated by the Construction Consultant, $500,000 and such
Change Order does not, in Agent’s reasonable judgment, materially change the
design of the Project, (2) the cost of all such Change Orders made pursuant to
this clause (A) do not exceed, as reasonably estimated by the Construction
Consultant, $3,000,000 in the aggregate, (3) such Change Order does not cause
any line item in any Budget to be exceeded (after taking into account, without
duplication, any revisions or reallocations permitted under Sections 3.02, 3.03
and 3.20, reallocations under this Section 7.11 and revisions or reallocations
under Sections 3.02, 3.03, 3.20 and 7.11 of the Building Loan Agreement, other
reallocations approved by Agent, and any Completion Deposit or portion thereof
(or any “Completion Deposit” (or portion thereof) under and as defined in the
Building Loan Agreement) applicable to such line item, (4) such Change Order
shall not increase the likelihood that “Substantial Completion” (as defined in
the Ground Lease) will not be achieved by the Fixed Substantial Completion Date
and Final Completion will not be achieved by the Maturity Date and (5) Borrower
delivers to Agent prior notice of such Change Order or (B) such Change Order is
required by a new Legal Requirement or is mandated by health, life or safety
reasons which were not reasonably foreseeable by Borrower, provided that
Borrower shall, if practicable, provide prior notice of such Change Order to
Agent, and if not practicable, shall give notice to Agent immediately
thereafter.

 

(b)           Notwithstanding the
provisions of Section 7.11(a) above, no Change Order shall be submitted to
Agent or implemented (and Borrower shall not instruct the General Contractor or
any other contractor or direct or indirect subcontractor to perform or
implement any such Change Order) which requires (or is alleged by the
applicable party to require) the approval of the Extension Loan Lender, FC
Member, Ground Lessor, ESDC, the City of New York, the New York City Transit
Authority, NYTC Member or ING Member (or with respect to which it is claimed,
by any such entity, that its approval is required) unless such approval has
been previously obtained.

 

(c)           Each notice to Agent of,
and each request to Agent for approval of, a Change Order shall specify the
amount of such Change Order, the aggregate amount of all previous Change Orders
and the aggregate amount of Change Orders then counting towards the aggregate
limit referred to in clause (A)(2) of Section 7.11(a).  Borrower shall maintain adequate records to
substantiate all costs incurred in constructing the Project, including drawings
marked to reflect all approved changes to the Plans and Specifications.

 

79

 

(d)           In the event that (A) a
line item in a Budget shall be completed (and paid for in full with all
appropriate final lien waivers obtained) without the expenditure of all amounts
in the applicable Budget allocated to such line item, (B) Borrower shall
demonstrate to Agent’s reasonable satisfaction that a cost savings has been or
will be realized with respect to any uncompleted line item (other than the
“Construction Interest-GMAC Loan/NYTC Funding Amount,”  the “Rent-Up
Deficit” and the “Additional Interest Reserve” line items in the Budgets
(collectively, “Additional
Interest Line Items”)), or (C) in the case of the Additional
Interest Line Items if (x) Breakeven Leasing has been achieved (provided that
for purposes of this Section 7.11(d) only, Breakeven Leasing shall be
calculated assuming the Extension Loan has been made), and (y) Borrower shall
demonstrate to Agent’s satisfaction (in Agent’s sole discretion) that if the
requested portion of any of the Additional Interest Line Items is reallocated,
the remaining aggregate amount of the Additional Interest Line Items constitute
an adequate interest reserve including an adequate reserve (if the Initial
Advance Interest Rate Cap was not purchased), for all anticipated purchases of
Future Advance Interest Rate Caps (excluding, however, interest payable on the
Extension Loan), Agent shall permit the applicable portion of such overbudgeted
line item to be (x) in the case of NYTC Units Budget line items, Advanced
pursuant to the last sentence of Section 3.05(d) of this Agreement or (y) in
the case of FC Units Budget or NYTC Units Budget line items, shifted to one or
more other line items (but only, in the case of clause (C), to the Building
Loan Contingency (as defined in the Building Loan Agreement) and the line item
that includes leasing commissions and only to the extent that all reallocations
under said clause (C), together with any reallocations under Section 7.11(d)(C)
of the Building Loan Agreement, do not exceed $15,000,000.00), provided
that:  (i) a revised Budget and a
revised Disbursement Schedule, each of which shall indicate revisions made to
date (including, without limitation, the reallocation of amounts as a result of
such cost savings) shall have been furnished to and reasonably approved by
Agent and Construction Consultant (provided that in the case of the
Disbursement Schedule only, Agent and Construction Consultant shall be deemed
to have approved any best estimate revisions made in good faith by Borrower),
(ii) no line item for Hard Costs shall be reallocated to pay any line items
that are not Hard Costs until all Hard Costs shall have been paid for, and
(iii) any reallocation of Budget amounts will not have the effect of reducing
the net sum which Borrower estimates will be available to it from the Building
Loan to pay contractors, subcontractors, laborers and materialmen for the
Improvement as set forth in Borrower’s Lien Law Affidavit.  Notwithstanding the foregoing, no reallocation
with respect to the Development Cost Line Item shall be permitted; provided,
however, that upon achievement of Substantial Completion of the Project,
Borrower shall be permitted to use all or any portion of the Development Cost
Line Item for the purchase of any Interest Rate Caps then required to be
provided hereunder and, to the extent the Development Cost Line Item exceeds
the costs of such Interest Rate Caps as determined by Agent, to any other line
item in the Budgets, subject, however, to clause (iii) of this Section 7.11(d).

 

(e)           Agent and Borrower
acknowledge and confirm that notwithstanding any other provision hereof, (i)
the implementation of Section 7.11(d) may result in an increase in Loan
proceeds used to pay Building Loan Costs and a corresponding decrease in Loan
proceeds used to pay Project Loan Costs, but under no

 

80

 

circumstances
can result in a decrease in Loan proceeds used to pay Building Loan Costs or an
increase in Loan proceeds used to pay Project Loan Costs and (ii) the
implementation of the procedures set forth in Section 7.11(d) of the Building
Loan Agreement may result in an increase in the Building Loan Amount and a
decrease in the Project Loan Amount.  If
Borrower intends to so use a portion of the Project Loan Amount to pay Building
Loan Costs, then, at Agent’s option, such use shall be accomplished by
decreasing the Project Loan Amount and increasing the Building Loan Amount,
with an accompanying increase in the amount of the Building Loan Mortgage and a
decrease in the Project Loan Mortgage, and Borrower shall execute documents
reasonably requested by Agent (including a severing of the Project Loan
Mortgage into two (2) mortgages and a consolidation of one (1) such mortgage
with and into the Building Loan Mortgage) to effectuate such changes.

 

SECTION 7.12               Appraisal.  To permit Agent to conduct or have
conducted, at Agent’s sole option and at Borrower’s expense, additional
appraisals of the Mortgaged Property, or updates to the Appraisal, in form and
substance satisfactory to Agent, provided, however, that Borrower shall not be
required to pay for such additional appraisals if:  (i) no Noticed Default or Event of Default exists under this
Agreement or any other Project Loan Document; (ii) such appraisal or update is
not required by any Legal Requirement applicable to any Lender or the
interpretation or administration thereof by any Governmental Authority or
comparable agency charged with the interpretation or administration thereof;
(iii) such additional appraisal or update is not required by the express terms
of this Agreement or any other Loan Document; and (iv) Borrower shall have
previously paid for an additional appraisal or an update to the Appraisal
during the calendar year in which such additional appraisal or update is dated.

 

SECTION 7.13               Material
Contracts; Approval of Activities. 
(a) Without the prior approval of Agent, which approval shall not be
unreasonably withheld or delayed, not to (and not to permit any Member to and,
in the case of Major Subcontracts, not to permit (to the extent that Borrower’s
approval is required under the Guaranteed Maximum Price Contract) General
Contractor to) (i) except to Agent for the benefit of Agent and Lenders, sell,
convey, transfer, assign, alienate, mortgage, encumber, pledge, hypothecate or
transfer any Material Contract (which for purposes of this Section 7.13 (other
than subsection (c) of this Section 7.13) shall not include the Guaranteed
Maximum Price Contract, the GMP Guaranty, the Ground Lease or the Severance
Subleases), or any interest therein, or permit the sale, conveyance, transfer,
assignment, alienation, mortgaging, encumbrance, pledging, hypothecation or
transfer by the third party thereto, except in accordance with the terms
hereof, (ii) enter into, amend, modify, suspend, surrender, terminate, cancel,
waive or release any material provision of any (or, in the case of Major
Subcontracts, permit (to the extent that Borrower’s approval is required under
the Guaranteed Maximum Price Contract) General Contractor to enter into, amend,
modify, suspend, surrender, terminate, cancel, waive or release any material
provision of such) Material Contract (including, without limitation, the
definition of Core and Shell in the Architect’s Agreement) of the Project, except
to the extent permitted or approved under Section 7.11 or, in the case of the
termination or cancellation of the Architect’s Contract, Borrower may so
terminate or cancel if, prior to or simultaneously

 

81

 

with such termination or cancellation, Borrower shall have entered into
a new agreement or agreements with one or more architects which agreement or
agreements and architect or architects shall be reasonably acceptable to Agent,
and in any event such agreement or agreements shall use the same definition of
Core and Shell as that used in the Architect’s Agreement.  Simultaneously with the entering into of any
Managing Agent Agreement or, to the extent requested by Agent, any Leasing
Agent Agreement or any other Material Contract (other than any Major
Subcontract), Borrower shall (or shall cause the Member which is a party
thereto to) cause the other party thereunder to execute and deliver to Agent a
consent to the collateral assignment thereof in form and substance reasonably
satisfactory to Agent.

 

(b)           To observe and perform
in all material respects each and every term to be observed or performed by
Borrower (and to cause each other Borrower Entity to do the same) pursuant to
the terms of any Material Contract (other than any Major Subcontract) and to:
(i) promptly notify Agent of any material default under any Material Contract
(other than any Major Subcontract, in which case Borrower shall promptly notify
Agent of any material defaults thereunder promptly after Borrower acquires
Knowledge thereof) and provide Agent with copies of any notices delivered in
connection with any default under any Material Contract; and (ii) enforce (or,
in the case of Major Subcontracts, cause, to the extent permitted under the
Guaranteed Maximum Price Contract, the enforcement of) the provisions thereof
in a diligent and commercially reasonable manner.

 

(c)           Agent’s right hereunder
to approve any Material Contract shall create no responsibility or liability on
behalf of Agent or Lenders for their completeness, design, sufficiency or
compliance with Legal Requirements.

 

SECTION 7.14               Leases.  (a) 
To (and to cause each Member to, as applicable):

 

(i)            perform
or cause to be performed in all material respects the lessor’s obligations
under each Lease where there is not at the time an outstanding “Event of
Default” by tenant thereunder,

 

(ii)           promptly
notify Agent in writing of any material default under any Lease and provide
Agent with copies of any notices delivered or received in connection with any
default under any Lease,

 

(iii)          enforce
the performance and observance of all of the covenants and agreements required
to be performed and/or observed by the other party or parties under any Lease,
to the extent it is commercially reasonable to do so,

 

(iv)          during
the continuance of an Event of Default, grant Agent the right, but Agent shall
be under no obligation, to pay any sums and to perform any act or take any
action as may be appropriate to cause all of the terms, covenants and conditions
of any Lease on the part of the Borrower or such

 

82

 

Member (as
applicable) to be performed or observed to be promptly performed or observed in
all material respects on behalf of Borrower or such Member (as applicable), to
the end that the rights of Borrower or such Member (as applicable) in, to and
under said Leases shall be kept unimpaired and free from default,

 

(v)           provide,
simultaneously with the execution of each Lease (or on or prior to the date
hereof with respect to Leases executed on or prior to the date hereof), to (1)
each lessee, a Section 291-f Notice in form and substance reasonably
satisfactory to Agent, and (2) Agent, an executed acknowledgment from each such
tenant relating to the payment of rent and security deposits to a Security
Deposit Account and a Collection Account and the use of an expedited check
clearing process, which acknowledgment shall be in the form required by each of
the Security Deposit Accounts Agreement and the Collection Accounts Agreement,
and

 

(vi)          not,
without the prior approval of Agent, which approval shall not be unreasonably
withheld or delayed (except in the case of subclauses (3) and (4) of this
clause (vi) or any matter relating to a Lease with (or proposed to be with) an
Affiliate of any Borrower Entity, in which case Agent’s approval may be
withheld in Agent’s sole and reasonable discretion),

 

(1)   except
as expressly permitted thereunder (but subject to the provisions of clause (7)
below), amend, modify, extend or otherwise alter, in any material respect, any
Lease;

 

(2)   enter
into (subject to the further provisions of this Section 7.14) any Lease;

 

(3)   assign,
mortgage, pledge or otherwise transfer, dispose of or encumber, whether by
operation of law or otherwise, any Lease or the Rents thereunder or therefrom
except in connection with the Extension Loan;

 

(4)   accept
or permit the acceptance of a prepayment of any of the Rents (excluding
security deposits) in respect of any Lease for more than one (1) month in
advance of the due date therefor;

 

(5)   waive
or release any of its material rights under any Lease or any guaranty thereof;

 

(6)   consent
to the assignment of all or any portion of any Lease, or a sublease of all or
any portion of a Lease by the lessee thereunder (to the extent Lessor’s consent
is required for such assignment);

 

(7)   materially
relocate any portion of any space subject to a Lease; or

 

83

 

(8)   terminate,
cancel or accept a surrender of any Lease unless a monetary default exists
thereunder or the applicable tenant has filed for bankruptcy or has had an
involuntary bankruptcy filed against it;

 

provided, however, that any
Lease that is by its express terms subordinate to the Project Loan Mortgage
(and all amendments and refinancings thereof and increases thereto) without the
delivery of a non-disturbance agreement by Agent shall not be subject to
subclauses (1), (2), (5), (6) and (7) of this clause (viii) of this Section
7.14 if such Lease (together with all other Leases with the applicable Tenant
and Affiliates thereof) is (taking into account all expansion options) for (x)
office space only comprising not more than one full floor or not more than
25,000 rentable square feet or (y) retail space only comprising not more than
10,000 rentable square feet (any Lease covered by this proviso clause, a “Subordinate Lease”).

 

(b)           All Leases shall be
subordinate to the Project Loan Mortgage and provide that the lessee thereunder
agrees to attorn to Agent at Agent’s request. 
Notwithstanding the foregoing, so long as Borrower is not then in
monetary or material non-monetary Default hereunder, at the request of Borrower
or the applicable Member, Agent, for itself and on behalf of Lenders, shall
enter into a Non-Disturbance Agreement with each proposed Tenant under a
Permitted Lease which meets the conditions set forth in clauses (i) or (ii)
below, as applicable, and each of clauses (iii) through (vii) below.

 

(i)            As
to proposed Tenants of space in the FC Retail Unit or the Common Elements
Leasable Space (as defined in the Ground Lease), as applicable:  (x) the proposed Tenant is of sufficient
financial condition to perform the obligations under the applicable Permitted
Lease, taking into account any security deposit posted by the proposed Tenant,
and Agent shall have been furnished with evidence reasonably satisfactory to
Agent of such financial condition, and (y) the rentable square feet demised by
such Permitted Lease is:

 

84

 

(A)          10,000
or more, or

 

(B)           (1)
5,000 or more, but less than 10,000, and (2) the Tenant has expended or is
obligated to expend at least $100.00 (subject to adjustment as provided in
Section 13.2(b)(i)(B) of the Ground Lease) per square foot (exclusive of any
allowance provided by Borrower or the applicable Member with respect to such
improvements) on such Tenant’s initial tenant improvement work, or

 

(C)           (1)
2,500 or more, but less than 5,000, and (2) the Tenant has expended or is
obligated to expend at least $200.00 (subject to adjustment as provided in
Section 13.2(b)(i)(B) of the Ground Lease) per square foot (exclusive of any
allowance provided by Borrower or the applicable Member with respect to such
improvements) on such Tenant’s initial tenant improvement work.

 

(ii)           As
to proposed Tenants of the FC Office Unit or the NYTC Office Unit:

 

(A)          If
NYTC Guarantor or its Affiliates occupy the NYTC Office Unit, and the leased
space is in the FC Office Unit and the proposed Tenant is NYTC Guarantor
pursuant to the form of NYTC Sublease substantially as set forth in Exhibit Q
attached to the Ground Lease (the “NYTC Form Sublease”) in the form of the
Non-Disturbance Agreement, provided that such Non-Disturbance Agreement shall
provide that it is not effective unless and until the NYTC Units are not
subject to the lien of the Building Loan Mortgage and the Project Loan Mortgage
and NYTC Guarantor has no direct or indirect ownership interest in FC Member or
Borrower; or

 

(B)           in
all circumstances not covered by clause (ii)(A) of this Section 7.14(b), (1)
the space demised by such Permitted Lease is one-half of one full floor or more
(provided, however, that, with respect to a Permitted Lease of less than a full
floor Agent’s obligation to enter into a Non-Disturbance Agreement pursuant to
this Section 7.14(b)(ii)(B) shall apply only if Borrower shall supply to Agent,
together with Borrower’s Lease Request Form, evidence reasonably satisfactory
to Agent that the space to be leased shall be regular in shape, reasonably
accessible in a customary manner, rented at not less than fair market value and
otherwise on terms that are commercially reasonable and customary in respect of
similarly situated tenants of space of the size and quality to be demised under
the Permitted Lease), and (2) the proposed Tenant is of sufficient financial
condition to perform the obligations under the proposed Permitted Lease, taking
into account any security deposit posted by the proposed Tenant, and Agent
shall have been furnished with evidence reasonably satisfactory to Agent of
such financial condition.  For the
purposes of this clause (ii)(B), evidence of “fair market value” and
“commercially reasonable and customary” terms may be provided by the opinion of
two (2) or more disinterested real estate professionals, each having at least
ten (10) years of

 

85

 

experience in
valuing or leasing commercial real estate in midtown Manhattan (each, a “Real Estate Professional”).

 

(iii)          The
proposed Tenant is not an Affiliate of Borrower or any Member (except as
Permitted in clause (ii)(A) of this Section 7.14(b)).

 

(iv)          The
proposed Tenant (and its direct and indirect owners if such proposed Tenant is
not publicly held) is not a Prohibited Person (as defined in the Ground Lease).

 

(v)           The
Permitted Lease satisfying the conditions set forth in Section 7.14 (b)(ii)(A)
shall provide for no decrease in the amount of rent payable thereunder over the
term of such Permitted Lease except for customary abatements and offsets of
rent.

 

(vi)          Except
in respect of a Permitted Lease satisfying the conditions set forth in Section
7.14(b)(ii)(A), none of (A) the demised premises (including any expansion
space) under such Permitted Lease, nor (B) the exclusive or prohibited use
provisions of such Permitted Lease, conflict with (1) the demise under or (2)
the exclusive or prohibited provisions of, any other Permitted Lease, and
Borrower shall deliver to Agent a certification to such effect signed by
Borrower.

 

(vii)         Except
in respect of a Permitted Lease satisfying the conditions set forth in Section
7.14(b)(ii)(A), and subject to clauses (b)(i) and (b)(ii) above, as applicable,
the Permitted Lease contains terms that are commercially reasonable and
customary in respect of similarly situated tenants of space of the size and
quality to be demised under the proposed Permitted Lease, and the rent and
other amounts owed thereunder constitute not less than fair rental value for
the space to be demised thereunder.  For
purposes of this clause (vii), evidence of “commercially reasonable and
customary” terms and “fair market value” may be provided by the opinion of two
(2) or more Real Estate Professionals.

 

(c)           All Leases of space in
the Units and Common Elements (other than Subordinate Leases) must be in a form
as may be reasonably acceptable to Agent. 
In the event that Agent shall fail to approve or disapprove of any
proposal with respect to a Lease (other than a Subordinate Lease) made under
this Section 7.14 within ten (10) Business Days after receipt by Agent of a
notice from Borrower specifying that if Agent fails to approve or disapprove
such proposal, such approval shall be deemed given, and provided that Agent
shall have been provided with all material information necessary in the
reasonable opinion of Agent to make such determination including, without
limitation, the final form of the proposed Lease (and if the approval relates
to a new lease, a summary of the material terms thereof), and all other
material and/or necessary financial data on the potential tenant, as reasonably
determined by Agent, Agent shall be deemed to have approved such proposal.  Any new Lease, and any modification,
amendment, extension or alteration to any Lease, shall be delivered to

 

86

 

Agent promptly
after execution by Borrower or the applicable Member and the Tenant
thereunder.  Borrower shall pay all
reasonable attorneys’ fees and disbursements incurred by Agent in connection
with the review of proposed Leases by Agent’s counsel.  No Subordinate Lease, or any amendment
thereto, shall be entered into unless Agent is given not less than five (5)
Business Days’ notice thereof.

 

(d)           All information in all
requests for Lease approvals shall be true and correct in all material
respects.

 

SECTION 7.15               Books
and Records.  To keep and maintain
detailed, complete and accurate books, records and accounts, on a Fiscal Year
basis, reflecting all of its financial affairs and all items of income and expense
of Borrower in connection with the Property and the construction of the Project
in accordance with generally accepted accounting principles consistently
applied and the results of the operation thereof.

 

SECTION 7.16               Financial
Statements and Other Information. 
(a)  To furnish Agent the
following:

 

(i)            Quarterly
Statements.  (A) From and after the
Fiscal Year quarter following the Fiscal Year quarter in which Substantial
Completion occurs, within forty-five (45) days after the close of each Fiscal
Year quarter, an unaudited (1) operating statement of the Property detailing
the total revenues received and the total expenses incurred and (2) to the
extent not covered by the foregoing, a balance sheet and profit and loss
statement of Borrower and FC Member, in each case prepared in accordance with
generally accepted accounting principles, consistently applied, and certified
by Borrower or FC Member, as applicable, and (B) within forty-five (45) days
after the date of filing or submission thereof, copies of the 10-Q statements
of each of the Guarantors; provided, however, that from and after a Fiscal Year
in which the shares of a Guarantor are no longer being traded on a
nationally-recognized exchange, within forty-five (45) days after the close of
each Fiscal Year quarter, unaudited financial statements prepared in accordance
with generally accepted accounting principles, consistently applied, and
otherwise in form and substance reasonably satisfactory to Agent, and certified
by such Guarantor.

 

(ii)           Annual
Statements.  (A)  From and after the Fiscal Year in which
Substantial Completion occurs, within one hundred twenty (120) days after the
close of each Fiscal Year, an audited (1) operating statement of the Property
detailing the total revenues received and the total expenses incurred and (2)
to the extent not covered by the foregoing, a balance sheet and profit and loss
statement of Borrower and FC Member, in each case prepared in accordance with
generally accepted accounting principles, consistently applied, and certified
by Borrower or FC Member, as applicable, and (B) within one hundred twenty
(120) days after the date of filing or submission thereof, copies of the 10-K
statements of each of the Guarantors; provided, however, that from and after a
Fiscal Year in which the shares of a Guarantor are no longer being traded on a
nationally-recognized

 

87

 

exchange,
within one hundred twenty (120) days after the close of each Fiscal year,
audited financial statements prepared in accordance with generally accepted
accounting principles, consistently applied, and otherwise in form and
substance reasonably satisfactory to Agent and certified by such Guarantor.

 

(iii)          a
certificate from Borrower certifying that there is no Default or Event of
Default under the Loan Documents, which certificate shall be delivered to Agent
no later than forty-five (45) days after the close of each Fiscal Year of the
Borrower;

 

(iv)          such
other reports and information (including, without limitation, bank statements,
but only as to Borrower and the Members) as Agent shall reasonably require,
which reports and information shall be delivered to Agent as soon as
practicable but in no event later than twenty (20) days after Agent’s request
therefor, provided that, if such information cannot reasonably be delivered
within such twenty (20) day period, within such longer period as may be
required so long as such entity is diligently pursuing the delivery thereof;

 

(v)           monthly
leasing status reports for the FC Units, and, from and after Substantial
Completion of any Unit, retail tenant sales reports with respect to any tenants
who are currently paying percentage rent, tenant receivables reports and a
current rent roll for each such Unit, each certified to fairly represent the
status of such Unit by the owner of such Unit, which reports shall be delivered
to Agent no later than twenty (20) days after the last day of each calendar
month; and

 

(vi)          (1)
monthly statements showing any revisions since the preceding monthly statement
to the Plans and Specifications (including all Change Orders since the
preceding monthly statement (regardless of whether the work on such Change
Order has commenced or the price therefor or any applicable time extension with
respect thereto has been agreed to) and (2) quarterly statements showing the
contracts entered into by any Borrower Entity, or by General Contractor with
subcontractors, subsequent to the Closing Date, which statements shall be
certified by Borrower (as to contracts entered into by Borrower) or the
applicable Member (as to contracts entered into by such Member) and delivered
to Agent and Construction Consultant no later than twenty (20) days after the
last day of each calendar month or calendar quarter, as applicable.

 

(b)           To grant (and to cause
each Member to grant) Agent the right to conduct an independent audit of any of
the above financial information at its own expense at any time; provided,
however, that if any such audit shall reveal an error in excess of three and
one-half percent (31⁄2%), such audit expense shall be borne solely by the
Borrower or Member which is being audited.

 

(c)           To grant (and to cause
each Member to grant) Agent and its advisors the right upon reasonable prior
notice during reasonable business hours at the

 

88

 

Premises or at
Borrower’s or such Member’s office to examine the records, books, management
and other papers of Borrower or such Member, as applicable, which reflect upon
such entity’s financial condition, and Agent and its advisors shall have the
right to make copies and extracts from the foregoing records and other papers.

 

SECTION 7.17               Compliance
with Legal Requirements.  (a)  To comply, and cause the Mortgaged Property
to comply at all times with all Legal Requirements applicable thereto,
including, without limitation, obtaining and complying with all conditions and
requirements of all Governmental Approvals then necessary for the construction,
use, occupancy and operation of the Mortgaged Property or any portion of the
Mortgaged Property or the business thereon, and to preserve and maintain the
same in full force and effect; and to provide Agent with evidence reasonably
satisfactory to Agent that the Mortgaged Property complies with all Legal
Requirements applicable thereto. 
Without limiting the foregoing, Borrower shall strictly comply (and
shall cause each Member to comply) to the extent applicable with the
requirements of the Americans with Disabilities Act of 1990, all state and
local laws and ordinances related to handicapped access and all rules,
regulations, and orders issued pursuant thereto including, without limitation,
the Americans with Disabilities Act Accessibility Guidelines for Buildings and
Facilities.

 

(b)           Borrower or the
applicable Member will have the right to contest the validity or application of
any of the Legal Requirements affecting the Mortgaged Property by appropriate
legal proceedings, so long as:  (1) such
legal proceedings shall be prosecuted with diligence by Borrower (or such
Member) and shall operate to prevent any taking or closing or shutting down of
the Premises or any portion thereof by any Governmental Authority, and shall
have the effect of staying any type of sale or forfeiture of the Premises, (2)
Borrower (or such Member) shall have deposited with or delivered to Agent, as
applicable, cash collateral, a bond or such other security reasonably
satisfactory to Agent on such terms as may be reasonably satisfactory to Agent
and (if applicable) in an amount as may be deemed reasonably necessary by Agent
to pay for such contest and to pay for the cost of compliance (if not yet paid)
with such Legal Requirements, and any fines, penalties, charges and interest
thereon which may be awarded or assessed (which amount may be increased at the
request of Agent when Agent determines (in its reasonable judgment) that a
greater amount may be required to make such payments), (3) such proceeding
shall not subject Agent, any Lender or any Borrower Entity to the risk of any
criminal liability, (4) no Noticed Default or Event of Default shall then exist
under any Project Loan Document, (5) Borrower (or such Member) gives Agent (x)
reasonably continuous notice upon the commencement and during the continuation
of any such proceeding of the status thereof, and (y) confirmation on such
periodic basis as Agent may request of the continuing satisfaction of the
conditions set forth in clauses (1) through (4) above, and (6) Borrower (or
such Member) shall have furnished to Agent all other items reasonably requested
by Agent.  If Borrower (or such Member)
shall fail at any time to comply with the above conditions to contest or if the
Premises or any part thereof is, in the judgment of Agent, in any imminent
danger of being forfeited or lost, Agent may require Borrower (or such Member)
to, and Borrower (or such Member) will thereupon, comply with the Legal
Requirement which is the subject of the contest.  During the continuance of an Event of Default, Agent may, at

 

89

 

its option,
credit all or any part of any such cash, bond or other security then held by it
to the Indebtedness in such order as Agent may elect.  Upon final determination of such contest, Borrower (or such
Member) will take all steps necessary to comply with any requirements arising
therefrom and, after final payment of all costs of such contest and any costs
of compliance, Agent shall return to Borrower (or such Member) any remaining
security held by Agent pursuant to the foregoing clause (2).

 

(c)           Without limiting any
other provision of this Section 7.17, each Borrower Entity shall comply with
all legal requirements relating to money laundering, anti-terrorism, trade
embargos and economic sanctions, now or hereafter in effect.  Without limiting anything in the foregoing
sentence, no Borrower Entity shall take any action, or permit any action to be
taken, that would cause the representations and warranties in Section 6.05(b)
of this Agreement to become untrue or inaccurate at any time during the term of
the Loans.  Each Borrower Entity shall
notify Agent promptly after obtaining knowledge that the representations and
warranties in Section 6.05(b) of this Agreement may no longer be accurate or
that any other violation of the foregoing legal requirements has occurred or is
being investigated by any Governmental Authority.  In connection with such an event, each Borrower Entity shall
comply with all legal requirements and directives of Governmental Authorities
and, at Agent’s request, provide to Agent copies of all notices, reports and
other communications exchanged with, or received from, Governmental Authorities
relating to such event.  Borrower shall
also reimburse Agent and Lenders for all actual reasonable expenses incurred by
Agent in evaluating the effect of such an event on the Loans and the collateral
for the Loans, in obtaining any necessary license from Governmental Authorities
as may be necessary for Agent to enforce its rights under the Loan Documents,
and in complying with all legal requirements applicable to Agent or any Lender
as the result of the existence of such an event and for any penalties or fines
imposed upon Agent or any Lender as a result thereof.  All such expenses shall constitute Reimbursable Costs.  Borrower agrees to confirm the
representation and warranty set forth in Section 6.05(b) hereof in writing on
an annual basis if requested by Agent to do so.

 

SECTION 7.18               Title.  Except to the extent permitted by Section
7.39 hereof, to keep the Mortgaged Property free and clear of all Liens, other
than the Permitted Exceptions and the liens in favor of Agent, for the benefit
of Lenders, and to warrant and defend against the claims of all Persons (a) the
title to the Mortgaged Property and every part thereof and (b) the validity and
first priority (subject only to the Permitted Exceptions) of any Lien under the
Security Documents.

 

SECTION 7.19               Maintain
Existence.  (a)  To maintain its existence in good standing
and make no changes in its organization or in any of its organizational
documents (except that (i) Borrower shall be permitted to dissolve after all
Units have been redeemed by the Members in accordance with the provisions of
this Agreement and the Building Loan Agreement and (ii) Borrower shall be permitted
to amend its organizational documents to the extent necessary to reflect the
withdrawal of NYTC Member from Borrower in connection with the NYTC Units
Redemption and the withdrawal of FC Member in connection with the transaction
described in Section 7.50 hereof, provided that Borrower delivers (or causes to
be delivered) documentation

 

90

 

reflecting such changes certified in such manner as Agent may
reasonably request), and to cause the same to be true with respect to the
Members and, to the extent that a failure to observe the foregoing covenant
would constitute a Material Adverse Effect, to cause the same to be true with
respect to the Guarantors.

 

(b)           Except as permitted by,
and in accordance with, Sections 7.32, 7.46 and 7.50, to not, without the
Agent’s prior approval, convey or transfer any part of its property, assets, or
business to any other Person (and to cause the same to be true with respect to
the Members).

 

(c)           To maintain all rights,
privileges and franchises necessary or desirable in the normal conduct of its
business (and to cause the same to be true with respect to the Members).

 

SECTION 7.20               Interest
Rate Caps.  (a)  Either (i) to the extent required by the
first sentence of Section 4.02(e)(7), to purchase, deliver to Agent and
maintain the Initial Advance Interest Rate Cap or (ii) if the Initial Interest
Rate Cap is not required to be purchased, to purchase, deliver to Agent and
maintain an interest rate cap (a “Future Advance Interest Rate Cap”) if the
LIBOR Rate equals or exceeds, at any time during the applicable six (6) month
period (the “Period”)
set forth on Schedule 2
hereto, the “trigger rate” for such period set forth on said Schedule 2, which
Future Advance Interest Rate Cap shall be in form and substance reasonably
acceptable to Agent, shall be with a counterparty reasonably acceptable to
Agent, shall cap the LIBOR Rate at the applicable rate set forth on said Schedule 2, and shall
have a term of the Period or the balance thereof remaining.  At any time that Borrower shall be required
to deliver to Agent a Future Advance Interest Rate Cap, Borrower shall also
deliver to Agent (1) an Assignment of Interest Rate Cap with respect thereto, (2)
a consent by the counterparty thereto to such Assignment of Interest Rate Cap
and (3) an opinion, in form and substance, and from counsel, reasonably
acceptable to Agent, as to the due authorization, execution and delivery by
Borrower and enforceability of, and other customary matters with respect to,
the Future Advance Interest Rate Cap and such Assignment of Interest Rate Cap
(but not as to any matter with respect to such counterparty (other than the
enforceability of such Future Advance Interest Rate Cap against such
counterparty)).  If Borrower purchases
any other interest rate caps, any interest rate management contracts or any
“hedge agreements”, Borrower shall make the deliveries referred to in clauses
(1), (2) and (3) of the preceding sentence with respect thereto.  Notwithstanding anything to the contrary in
this Section 7.20, Borrower shall have the right, subject to Agent’s prior
reasonable consent to increase the “trigger rates” set forth on said Schedule 2.

 

(b)           If Borrower fails to
perform its obligations under the first and second sentences Section 7.20(a)
within two (2) Business Days after it is required to do so, Agent may, in its
sole discretion and in addition to any other rights and remedies it may have
hereunder and under the other Loan Documents in connection with such failure,
purchase the required Future Advance Interest Rate Cap, in which event Borrower
shall be obligated to reimburse Agent for the cost therefor.

 

91

 

SECTION 7.21               Further
Assurance.  To execute and deliver promptly
(and to cause each other Borrower Entity to execute and deliver promptly) such
additional agreements and instruments and to take promptly such additional
actions as Agent may at any time and from time to time reasonably request in
order for Agent and Lenders to obtain the full benefits and rights granted or
intended or purported to be granted by this Agreement and the other Project
Loan Documents to which it (or such Borrower Entity) is a party, provided the
same do not change any such Borrower Entity’s liabilities, or decrease such
Borrower Entity’s rights, under the Project Loan Documents (other than, in each
case, to a de minimis extent). 
In furtherance of the foregoing, if at any time Agent has reason to
believe that the Project Loan is not secured or will or may not be secured by
the Security Documents as a first priority lien (subject only to the Permitted
Exceptions) or security interest on the collateral intended to be granted under
such Security Documents, then Borrower shall, within five (5) Business Days
after notice from Agent, do and shall cause each other Borrower Entity to do,
all things and matters reasonably necessary (including execution and delivery
to Agent of all further documents and performance of all other acts which Agent
deems reasonably necessary or appropriate) to assure to the satisfaction of
Agent that the Project Loan is secured with first priority liens or security
interests (subject only to the Permitted Exceptions) on the collateral intended
to be granted under such Security Documents.

 

SECTION 7.22               Budgets,
Etc.  Not to change any line item in
any Budget, or the Construction Schedule without Agent’s prior reasonable
consent except to the extent expressly permitted hereunder.  Notwithstanding anything to the contrary contained
in this Agreement, no request for Agent’s approval for any change in any Budget
or in the Construction Schedule shall be made if such change would also require
the approval of either Member or any third party (or if any such Member or
third party claims that such change requires its approval), unless such other
approval has previously been granted or a request for such other approval is
made concurrently with the request to Agent.

 

SECTION 7.23               Zoning,
Easements and Restrictions; Use; Alterations.  (a)  Not to (and to cause
each other Borrower Entity not to), without Agent’s prior approval, (i)
initiate or support any limiting change in the permitted uses of the Mortgaged
Property (or to the extent applicable, the zoning reclassification of the Mortgaged
Property or modification to the DUO Declaration) or any portion thereof, or
seek any variance under existing land use restrictions, laws, rules or
regulations (or, to the extent applicable, the zoning ordinances) applicable to
the Mortgaged Property, (ii) use or permit the use of the Mortgaged Property in
a manner that would cause a default under the terms of any Project Loan
Documents to which it is a party, or any Material Contracts (to the extent
applicable), Leases, Legal Requirements, Governmental Approvals or any
Permitted Exceptions, or the Equity Contribution Documents, (iii) modify, amend
or supplement any Permitted Exception in a manner adverse in any material
respect to the interests of Agent or Lenders, (iv) impose or permit or suffer
the imposition of any material restrictions, covenants or easements upon the
Mortgaged Property (other than the Permitted Exceptions), (v) execute or file
any subdivision plat affecting the Mortgaged Property, (vi) institute, or
permit the institution of, proceedings

 

92

 

to alter any tax lot comprising the Mortgaged Property except as
contemplated by Section 7.43 hereof with respect to Lot 15 and in connection
with the Condominium Documents, (vii) permit or suffer the Mortgaged Property
to be used by the public or any Person in such manner as might make possible a
claim of adverse usage or possession or of any implied dedication or implied
easement, or (viii) enter into any zoning lot merger agreement or similar agreement
affecting the Mortgaged Property.

 

(b)           Except for the
construction of the Premises in accordance with the terms of the Project Loan
Documents, not cause, suffer or permit, without Agent’s prior approval (i) any
material alteration of the Improvements except as permitted by the terms of any
Permitted Leases or (ii) any demolition or removal of any portion of the
Improvements or the Personal Property, except for the removal in the ordinary
course of business of items which are obsolete or the removal of which was made
for good-faith business reasons and shall not adversely affect the use,
operation or value of the Mortgaged Property.

 

SECTION 7.24               Laborers,
Subcontractors and Materialmen.  To
notify Agent immediately if Borrower receives any written default notice,
notice of lien or demand for past due payment from any laborer, subcontractor
or materialmen.  In addition, at any
time that any material dispute with any third party to a Material Contract
shall commence, Borrower shall advise Agent of the same in reasonable detail
and keep Agent reasonably informed as of the status thereof.

 

SECTION 7.25               [INTENTIONALLY
OMITTED]

 

SECTION 7.26               Comply
with Other Project Loan Documents. 
To perform (and to cause each Member to perform) all of its obligations
under this Agreement and the other Project Loan Documents and all other
documents evidencing or securing the Project Loan (to the extent each is a
party thereto).

 

SECTION 7.27               [INTENTIONALLY
OMITTED]

 

SECTION 7.28               Illegal
Activities.  Not to knowingly permit
any portion of the Mortgaged Property to be purchased, improved, constructed,
fixtured, equipped or furnished with proceeds of any criminal or other illegal
activity.

 

SECTION 7.29               Indemnification.  (a) 
To defend, indemnify and hold harmless each Indemnified Party from and
against, and to reimburse the affected Indemnified Party for, any and all
losses, claims, damages, judgments, costs, expenses (including reasonable
attorney’s fees and disbursements), liabilities, fines, penalties and charges
(collectively, the “Losses”),
which are or may be imposed, or sustained by, such Indemnified Party by reason
of any matter arising from any Project Loan Document or the Project Loan
(including, without limitation, by reason of (w) the occurrence of any Default
or Event of Default, (x) any brokerage commissions, (y) any bodily injury or
property damage occurring in or upon or in the vicinity of the Mortgaged
Property or the Project or (z) any act performed or omitted to be performed
hereunder), except (i) costs and expenses of the type described in Section 7.06
for which Borrower is not liable under

 

93

 

said Section 7.06 and (ii) to the extent that such Losses resulted from
a violation of law by any Indemnified Party or from the gross negligence or
willful misconduct of any Indemnified Party. 
In case any claim, action or proceeding (a “Claim”) is brought
against an Indemnified Party in respect of which indemnification may be sought
by such Indemnified Party pursuant hereto, Agent shall give notice thereof to
Borrower, provided, however, that the failure of Agent to so notify Borrower
shall not limit or affect such Indemnified Party’s rights to be indemnified
pursuant to this Section 7.29 except to the extent Borrower is materially
prejudiced by such failure.  Upon
receipt of such notice of a Claim, Borrower shall, at its sole cost and
expense, in good faith investigate, prosecute, negotiate or defend any such
Claim with counsel and consultants selected by Borrower and reasonably
satisfactory to such Indemnified Party (provided, however, that if the counsel
is required to be selected by Borrower’s insurance provider pursuant to the
express terms of the applicable insurance policy, such counsel shall be deemed
satisfactory to such Indemnified Party), which counsel may, without limiting
the rights of such Indemnified Party pursuant to the following sentences of
this Section 7.29, also represent Borrower in such investigation, action or
proceeding.  Borrower shall cause its
counsel to promptly keep Agent fully apprised of all matters relating to such
Claim including, without limitation, copying Agent on all material written
materials generated or received by such counsel, promptly responding to any
questions from Agent as to the status of such Claim, and causing such counsel
to agree that each Indemnified Party shall be entitled to rely upon the work
product of such counsel to the same extent that Borrower is entitled to rely
thereon; provided, however, that Borrower shall not be required to cause such
counsel, and such counsel shall not be required, to take any action that, in
the reasonable opinion of such counsel, could impair the attorney-client
privilege between Borrower and such counsel. 
In the alternative, such Indemnified Party may elect to conduct its own
defense through counsel and consultants of its own choosing and at the sole
expense of Borrower, but only if (A) such Indemnified Party determines that the
conduct of its defense by Borrower would be in conflict with its interests or
is reasonably likely to result in greater liability than would result if such
Indemnified Party were directly defending or prosecuting such Claim, (B)
Borrower refuses to investigate, prosecute, negotiate or defend, (C) Borrower
shall have failed, in such Indemnified Party’s judgment, to investigate,
prosecute, negotiate or defend the Claim diligently and in good faith or (D)
Borrower shall fail to keep Agent fully apprised of the status of any
Claim.  Borrower may settle any Claim
against such Indemnified Party without such Indemnified Party’s approval, if
(i) such settlement is without any liability, cost or expense whatsoever to
such Indemnified Party, (ii) the settlement does not include or require any
admission of liability or culpability by such Indemnified Party under any
federal, state or local statute or regulation, whether criminal or civil in
nature and (iii) Borrower obtains an effective written release of liability for
such Indemnified Party from the party to the Claim with whom such settlement is
being made, which release must be reasonably acceptable to such Indemnified
Party, and a dismissal with prejudice with respect to all claims made by the
party against such Indemnified Party in connection with such Claim; provided,
however, that if, pursuant to the immediately preceding sentence, any
Indemnified Party shall elect to conduct its defense through counsel of its own
choosing, such Indemnified Party shall have the right (with the reasonable
consent of Borrower if clause (A) only of the immediately preceding sentence
applies), to settle

 

94

 

such Claim in good faith and Borrower shall be responsible for any such
settlement.  Nothing contained herein
shall be construed as requiring Agent or any Indemnified Party to expend funds
or incur costs to defend any Claim in connection with the matters for which
Agent or any Indemnified Party is entitled to indemnification pursuant to this
Section 7.29.  The obligations of
Borrower hereunder shall specifically include the obligation to expend its own
funds, to incur costs in its own name and to perform all actions as may be
necessary to protect any Indemnified Party from the necessity of expending its
own funds, incurring costs or performing any actions in connection with the
matters for which such Indemnified Party is entitled to indemnification
hereunder.  If, notwithstanding the
foregoing, any Indemnified Party shall incur any expenses hereunder, Borrower
shall reimburse such Indemnified Party for all such amounts within ten (10)
days after demand therefor, and any amounts not so reimbursed shall bear
interest at the Default Rate from the date such amount was due until so paid.

 

(b)           The obligations and
liabilities of Borrower under this Section shall survive the termination of
this Agreement and the payment of all amounts payable under the Project Loan
Notes or the other Project Loan Documents.

 

SECTION 7.30               Condominium.  (a) 
To (i) not amend or supplement the Condominium Documents without Agent’s
prior approval, such approval not to be unreasonably withheld (Borrower and
Agent hereby acknowledging and confirming that (x) subject to clause (y) of
this parenthetical clause, Agent has approved the Condominium Declaration and
the Condominium By-Laws substantially in the form attached as Exhibit E to the
Operating Agreement, as the same is to be amended in accordance with the First
Amendment) and (y) Agent’s approval, not to be unreasonably withheld, shall be
required with respect to all portions of the Condominium Declaration and
Condominium By-Laws not yet finalized and therefore not contained in said
amended Exhibit E (e.g., Exhibits C, D and G of the Condominium Declaration),
(ii) cause the Condominium Documents to comply with all applicable Legal Requirements,
(iii) cause the Condominium Documents to be filed in the appropriate public
offices and the condominium thereunder to be validly created on or prior to the
achievement of Core and Shell Completion and (vi) from and after the date that
the condominium is created, diligently enforce (and use diligent efforts to
cause the condominium association to enforce) the second sentence of Section 1
of Article IX of the Condominium Declaration.

 

(b)           Without the prior
consent of Agent, neither Borrower nor any Member shall abandon or change its
plan for submission of the Mortgaged Property to the condominium form of
ownership.

 

(c)           Agent shall, on
Borrower’s request, and provided no Noticed Default or Event of Default shall
then exist, subordinate the lien of the Project Loan Mortgage to the liens in
favor of the condominium for common charges set forth in the Condominium
Declaration pursuant to the Condominium Subordination Agreement, upon the
satisfaction of the conditions enumerated below:

 

95

 

(i)            the
NYTC Units Redemption shall have occurred in accordance with Section 7.46(a)
hereof;

 

(ii)           the
Title Insurance Policy insuring the Project Loan Mortgage shall have been
endorsed to provide affirmative insurance in the form of Exhibit N attached
hereto, to the effect that the Mortgaged Property constitutes a condominium
validly created under the Condominium Act, Agent shall have received an
assurance letter from the Title Companies in the form of Exhibit O hereto and
Agent shall have received an endorsement to the existing title policy to the
effect that the spreading of the Project Loan Mortgage and the Building Loan
Mortgage referred to below shall not effect the validity or priority of such
Mortgages;

 

(iii)          Borrower
shall have duly executed and delivered, or caused to be duly executed and
delivered, to Agent (a) a conditional assignment of Borrower’s rights under the
Condominium Documents in the form of Exhibit P hereto and (b) a conditional
resignation of each of the Managers (as defined in the Condominium Declaration)
of the condominium association in the form of Exhibit Q hereto;

 

(iv)          Agent
shall have received an opinion from counsel reasonably satisfactory to Agent
which shall include opinions to the effect that (A) the Condominium Documents
satisfy all applicable requirements of Governmental Authorities and have been
duly executed and delivered and are enforceable against and by the Borrower,
(B) all Legal Requirements relating to the formation of the condominium have
been duly satisfied and, assuming the recording of the Condominium Declaration
and the subordination of the Project Loan Mortgage and Building Loan Mortgage
to the Condominium Declaration pursuant to the Condominium Subordination
Agreement, the condominium has been duly and validly created and is existing in
full force and effect, (C) the assignment referred to in clause (iii) of this
subsection has been duly authorized, executed and delivered by Borrower and is
enforceable against Borrower and (D) the resignations referred to in clause
(iii) of this subsection are enforceable against said parties in accordance
with their respective terms;

 

(v)           the
condominium which shall be created by the Condominium Documents, together with
Borrower, shall have furnished to Agent, at no cost or expense to Agent, a
blanket insurance policy complying with the applicable requirements contained
in the Project Loan Mortgage;

 

(vi)          the
condominium association shall have (A) collaterally assigned its rights to
Leases of rooftop and lobby spaces and agreed to deposit all Rents therefrom
(to the extent of FC Member’s interest therein) into one of the Collection
Accounts and (B) collaterally assigned the rights to excess casualty proceeds
(to the extent of FC Member’s interest therein) to Agent for the benefit of
Agent and Lenders, in each case pursuant to an agreement in form and substance
reasonably satisfactory to Agent and Agent shall

 

96

 

have received
an opinion of counsel reasonably satisfactory to Agent as to the due
authorization, execution and delivery and enforceability of such agreements and
such other customary matters with respect thereto as Agent may reasonably
require;

 

(vii)         the
Project Loan Mortgage shall have been spread to cover the Severance Subleases
to which FC Member is a party and the Ground Lease shall be released from the
lien thereof;

 

(viii)        the
Lease Assignment (as defined in the Ground Lease) shall have been duly executed
and delivered;

 

(ix)           Agent
shall have received such other documents (including, without limitation, a
title continuation), certificates, instruments, opinions or assurances as Agent
may reasonably request; and

 

(x)            Borrower
shall have paid all reasonable out of pocket costs and expenses incurred by
Agent in connection with the foregoing (including reasonable attorneys’ fees
and disbursements).

 

(d)           Borrower shall give
Agent not less than ten (10) Business Days notice of any meeting of the
condominium board and shall cause Agent or any representative thereof to be
permitted to attend any such meeting. 
Upon reasonable notice by Agent, Borrower shall cause Agent or any
representative thereof to be permitted to inspect the books and records of the
Board of Managers and the FC Board of Managers (as each such term is defined in
the Condominium Documents).

 

SECTION 7.31               Developer.  To retain Developer or an Acceptable
Developer as the developer (or, from and after Substantial Completion, the
operator or manager and Person with principal responsibility and authority
(subject to veto rights over major decisions held by Persons with equity
interests in the Project) for leasing decisions) of the Project.

 

SECTION 7.32               No
Transfers or Encumbrances.  (a)  Not to, without the prior approval of, (1)
in the case of Transfers contemplated by clause (i) of this subsection, the
Super-Majority Lenders, (2) in the case of Transfers contemplated by clauses
(ii) and (iii) of this subsection, but only if such Transfers result in a
Change in Control of any Member, the Majority Lenders, and (3) in the case of
all other Transfers, Agent:

 

(i)            cause
or permit any sale, conveyance, transfer, alienation, mortgage, encumbrance,
pledge, hypothecation or transfer of the Mortgaged Property or any portion
thereof or interest therein, other than (w) as provided under the Building Loan
Documents, (x) as permitted under Section 7.46 hereof, or (y) as permitted
under Sections 7.32(b) and 7.50 hereof;

 

97

 

(ii)           cause
or permit any direct or indirect sale, conveyance, transfer, alienation,
mortgage, encumbrance, pledge or hypothecation of, or granting of any security
interest by any of the direct or indirect members of Borrower (or other legal
or beneficial holders of direct or indirect equity interests in Borrower) in,
all or any portion of such member’s (or such other holder’s) interest in
Borrower or the right to receive distributions (directly or indirectly) from
Borrower, other than as provided under the Equity Contribution Documents;

 

(iii)          cause
or permit any Person not now a Member of Borrower to become a member in or
manager of Borrower, and the ultimate beneficial ownership of any Borrower
Entity shall not be changed or altered, by sale, conveyance, transfer,
alienation, mortgage, encumbrance, pledge, hypothecation, foreclosure, issuance
of additional ownership or beneficial interests or otherwise, from the ultimate
beneficial ownership on the date hereof; or

 

(iv)          cause
or permit a declaration of easements and/or condominium to be filed with
respect to or recorded against the Mortgaged Property (other than in accordance
with Section 7.30 hereof).

 

Any transaction covered by the
foregoing clauses (i) - (iv) shall hereinafter be referred to as a “Transfer”; provided,
however, that a Permitted Lease shall not be deemed to constitute a “Transfer.”  A Transfer shall be deemed to include,
without limitation:  (i) an installment
sales agreement wherein the applicable Person agrees to sell the applicable
property or interest or any part thereof for a price to be paid in
installments, and (ii) an agreement by any Borrower Entity leasing all or a
substantial part of the Mortgaged Property for other than actual occupancy by a
tenant or a sale, assignment or other transfer of, or the grant of a security
interest in, any Borrower Entity’s right, title and interest in and to any
Lease or any rent, revenues, issues, earnings, profits or income thereof.

 

(b)           Notwithstanding the
foregoing but, subject to subsections (c) and (d) below, the following
transactions (collectively, “Permitted Transfers”) will be permitted:

 

(i)            any
transfers of equity interests in any entity that is a direct or indirect equity
interest holder in Borrower, so long as the equity interests in such entity are
traded on a nationally recognized exchange. 
If such entity’s equity interests are no longer listed on a nationally
recognized exchange (it being understood that any transaction or series of
transactions that result in the delisting of the shares of such entity shall
not be a Permitted Transfer) any Transfer of direct or indirect equity
interests in such entity shall be a Permitted Transfer if such Transfer does
not, individually or in the aggregate with other such prior Transfers, result
in a Change of Control of Borrower or either Member;

 

(ii)           any
Transfer permitted by Section 8.01(b) of the Operating Agreement, Section
5.06(d)(3), Section 8.02(a) and Section 8.02(b)(ii)

 

98

 

of the FC
Operating Agreement, and any Transfer occurring as a result of the exercise of
any remedies by the Extension Loan Lender under the Extension Loan
Documents.  Notwithstanding the
immediately preceding sentence, (A) Transfers permitted by the Recognition
Agreements which are not otherwise Permitted Transfers hereunder shall not be
Permitted Transfers, and (B) Transfers permitted by Section 5.06(d)(3) of the
FC Operating Agreement shall only be a Permitted Transfer as long as ING Member
is the owner of the Mezzanine Loan (as defined in the FC Operating Agreement)
and ING Member is controlled by ING. 
Borrower acknowledges and confirms that Transfers permitted by the
Condominium Documents which are not otherwise Permitted Transfers hereunder
shall not be Permitted Transfers;

 

(iii)          any
Transfer (including, without limitation, a Transfer that results from the
foreclosure by a Member of another Member’s membership interests in Borrower)
of interests between the Members;

 

(iv)          simultaneously
with the release of any Unit pursuant to Section 7.46 hereof or the redemption
of the FC Units in accordance with Section 7.50 hereof, the redemption of the
interest in Borrower held by the applicable Member; and

 

(v)           any
transfer of interests in FC Member by ING Member to FC 41st Street.

 

Notwithstanding the foregoing,
a Permitted Transfer may occur only if (y) Agent shall be provided with at
least ten (10) Business Days prior notice of such Transfer, together with all
information reasonably requested by Agent with respect to such Transfer, and a
diagram showing the structure of the affected entities after the contemplated
Transfer and a list of the names, types of interests and percentages of
ownership of all owners of interests in the applicable entities after the
contemplated Transfer; and (z) all reasonable, third-party out-of-pocket fees
and costs incurred by Agent in connection with the review of such Transfer to
determine whether it is a Permitted Transfer or to obtain the consent of Agent
if required, including, without limitation, attorneys’ fees and disbursements,
shall be paid by Borrower.

 

(c)           Borrower acknowledges
that Agent and Lenders (i) have examined and relied on the creditworthiness and
experience of the Borrower Entities in owning and operating properties such as
the Mortgaged Property in agreeing to make the Project Loan, (ii) subject to
the foregoing provisions of this Section 7.32, will continue to rely on such
Borrower Entities’ direct and indirect ownership of the Mortgaged Property as a
means of maintaining the value of the Mortgaged Property as security for
repayment of the Project Loan, (iii) have a valid interest in maintaining the
value of the Mortgaged Property so as to ensure that, should Borrower default
in the repayment of the Project Loan, Lenders can recover the Project Loan by a
sale of the Mortgaged Property, and (iv) shall not be required to demonstrate
any actual impairment of its security or any increased risk of default
hereunder in order to declare the Project Loan immediately due and payable upon
the occurrence of any Transfer which violates this Section 7.32.

 

99

 

(d)           Notwithstanding
anything to the contrary in this Section 7.32 or any other provision hereof, if
(1) a Permitted Transfer (or any other Transfer approved in accordance with
Section 7.32(a) hereof) results in FC Guarantor not owning any direct or
indirect interest in the Mortgaged Property, (2) no Noticed Default or Event of
Default shall then exist and (3) Borrower causes another Person (with
liquidity, net worth and, if rated by S&P (or by Moody’s, if not rated by
S&P), a long-term debt rating equal to or greater than the net worth,
liquidity and, if applicable, the long-term debt rating by S&P or Moody’s
(as applicable) of FC Guarantor at the time of such Permitted Transfer or
Transfer) to execute and deliver a non-recourse carveouts guaranty
substantially in the form of the FC Non-Recourse Carveouts Guaranty, mutatis
mutandis, and (unless Final Completion has already been achieved), a
completion guaranty substantially in the form of the FC Completion Guaranty, mutatis
mutandis, and such guarantees are accompanied by an opinion of counsel
reasonably acceptable to Agent covering due authorization, execution and
delivery, enforceability and other customary matters with respect to such
guarantees, then Agent shall release the FC Guarantor from liability under the
Non-Recourse Carveouts Guaranty and (if applicable) the FC Completion Guaranty
and, from and after such date, all references to the FC Non-Recourse Carveouts Guaranty,
the FC Completion Guaranty and FC Guarantor shall instead be references to such
non-recourse carveouts guaranty, such completion guaranty and such Person.

 

(e)           Notwithstanding
anything to the contrary in this Agreement, if an Event of Default caused by FC
Guarantor under Section 9.01(e), (f)(x) or (q) hereof occurs or if an Event of
Default occurs as a result of a breach by FC Guarantor of paragraph 8 of the FC
Completion Guaranty or Section 4 of the FC Non-Recourse Carveouts Guaranty, and
Borrower shall cause another Person (with liquidity, net worth and, if rated by
S&P (or by Moody’s, if not rated by S&P), a long-term debt rating equal
to or greater than the net worth, liquidity and, if applicable, the long-term
debt rating by S&P or Moody’s (as applicable) of FC Guarantor at the time
of such Event of Default) to execute and deliver, within ten (10) Business Days
of such Event of Default, a non-recourse carveouts guaranty substantially in
the form of the FC Non-Recourse Carveouts Guaranty, mutatis mutandis, and
(unless Final Completion has already been achieved), a completion guaranty
substantially in the form of the FC Completion Guaranty, mutatis mutandis, and
such guaranties are accompanied by an opinion of counsel reasonably acceptable
to Agent covering due authorization, execution and delivery, enforceability and
other customary matters with respect to such guaranties and, in the case of an
Event of Default that occurs as a result of a breach of said paragraph 8 of the
FC Completion Guaranty or said Section 4 of the FC Non-Recourse Carveouts
Guaranty only, a reimbursement to Agent for any losses or expenses already
suffered by Agent as a result of any such breach and an indemnity agreement in
form and substance reasonably satisfactory to Agent and such Person (which
indemnity agreement may be included in such non-recourse carveouts guaranty,
but which shall in any event be covered in the opinion of counsel referenced
above) pursuant to which such Person shall agree to indemnify Agent for any subsequent
losses or expenses Agent suffers as a result of such a breach, then such Event
of Default shall be deemed to have been cured, and, from and after such date,
all references to the FC Non-Recourse Carveouts Guaranty and (if applicable)
the FC Completion Guaranty, and FC Guarantor shall instead be

 

100

 

references to
such non-recourse carveouts guaranty, such completion guaranty (if applicable)
and such Person.

 

(f)            Agent’s approval
rights under this Section shall apply to every future Transfer, whether
voluntary or not, and whether or not Agent has approved any prior
Transfer.  Any Transfer made in
contravention of this Section shall be null and void and of no force and
effect.

 

SECTION 7.33               No
Distributions.  To not make any
distributions or other payments or disbursements to any Borrower Entity or
Affiliates of any Borrower Entity until the Project Loan has been repaid in
full, other than (a) distributions of the payments permitted under Section
3.05(d) hereof and Section 3.05(d) of the Building Loan Agreement, (b) payments
provided for under the Collection Accounts Agreement and the Security Deposit
Accounts Agreement, (c) the payment to FC 41st Street, with Initial Required
Equity Funds, of a $545,000 construction financing fee that is part of the
“Financing Fees and Out-of-Pocket” line item in the FC Units Budget, (d)
payments (through FC Member) to FC 41st Street and ING Member of the $14
million site management fee covered by the $14 million “Site Management” line
item on the FC Units Budget, but only (x) prior to the first Advance hereunder,
to the extent of actual out-of-pocket costs incurred, in connection with site
management activities undertaken by FC 41st Street and ING Member, and
reasonably approved by Agent and (y) from and after the first Advance
hereunder, in accordance with Section 3.05(d) hereof, (e) distributions to FC
Member under Section 3.01(b) of the Operating Agreement, distributions and
reimbursements to NYTC Member under Sections 3.01(c) and 3.01(e) of the
Operating Agreement, distributions to ING Member under Sections 3.02(a)(2) and
3.02(d)(2) of the FC Operating Agreement and distributions pursuant to Section
3.02(c) of the FC Operating Agreement, and (f) repayments of the Equity
Contribution (including interest thereon).

 

SECTION 7.34               Estoppels.  (a) To execute (and to cause each other
Borrower Entity to execute) and deliver to Agent, within ten (10) days after
request therefor is made by Agent, an estoppel certificate to Agent for the
benefit of Lenders containing the following information:

 

(i)            Each
estoppel certificate from Borrower shall be duly acknowledged and certified by
Borrower, and shall set forth:  (1) the
original maximum principal amount of the Project Loan; (2) the aggregate amount
of all Advances therefore made with respect to the Project Loan and the then
Outstanding Principal amount; (3) the maturity date of the Project Loan; (4)
the date through which installments of interest and/or principal (if any) have
been paid; (5) that the Loan Documents are in full force and effect with no
Default or Event of Default by Borrower under any of the Loan Documents (or, if
any such Default or Event of Default by Borrower shall exist, specifying the
nature thereof); (6) that there are no offsets or defenses or counterclaims
against the payment of the Loans (or if any such offset, defense or
counterclaim shall exist, specifying the nature thereof); (7) that the Loan
Documents to which Borrower is a party are the valid, legal and binding
obligations of Borrower, and have not been

 

101

 

modified or
amended (or if any such modification has occurred, specifying the nature
thereof); (8) that the Guaranteed Maximum Price Contract, each other Material
Contract, and Lease to which Borrower is a party is in full force and effect,
and has not been modified or amended (except with the approval of Agent, if
required under the Loan Documents), and that there are no defaults or events
with which the passage of time or the giving of notice or both would constitute
an event of default by Borrower under such Guaranteed Maximum Price Contract,
Material Contract, or Lease by Borrower, and to Borrower’s Knowledge, by the
third party or parties thereto (or, if any such default or event shall exist,
specifying the nature thereof); (9) that the Guaranteed Maximum Price Contract,
Material Contracts, and Leases to which Borrower is a party are valid, legal
and binding obligations of Borrower; and (10) and any other matters reasonably
requested by Agent.

 

(ii)           Each
estoppel certificate from any other Borrower Entity shall be duly acknowledged
and certified by such Borrower Entity and shall set forth (1) a statement
reaffirming all representations and warranties of such Borrower Entity provided
herein and in the other Loan Documents (or, to the extent of any changes to any
such representations and warranties, specifying such changes); (2) that the
Loan Documents to which the applicable Borrower Entity is a party are in full
force and effect and that no Default or Event of Default by such Borrower
Entity exists under any such Loan Documents (or if any such Default or Event of
Default shall exist, specifying the nature thereof); (3) that there are no
offsets or defenses or counterclaims against such Borrower Entity’s obligations
under the Loan Documents to which it is a party (and if any such offset,
defense or counterclaim shall exist, specifying the nature thereof); (4) that
the Loan Documents to which such Borrower Entity is a party are the valid,
legal and binding obligations of such Borrower Entity, and have not been
modified or amended (or if any such modification has occurred, specifying the
nature thereof); (5) that each Material Contract and Lease to which such
Borrower Entity is a party is in full force and effect, and has not been
modified or amended (except with the approval of Agent, if required under the
Loan Documents), and that there are no defaults or events with which the
passage of time or the giving of notice or both would constitute an event of
default under such Material Contract or Lease by such Borrower Entity, and to
such Borrower Entity’s knowledge, by the third party or parties thereto (or, if
any such default or event shall exist, specifying the nature thereof); (6) that
the Material Contracts and Leases to which such Borrower Entity is a party are
valid, legal and binding obligations of such Borrower Entity; and (7) any other
matters reasonably requested by Agent.

 

(b)           To request that (i) the
New York City Transit Authority (and to use commercially reasonable efforts
(without expenditure of any money, other than to a de minimis extent) to cause
the New York City Transit Authority) to execute and deliver to Agent an
estoppel certificate substantially in the form of the Subway Agreement Estoppel
delivered pursuant to Section 4.01(w)(iii)(1) hereof, (ii) ESDC, Ground Lessor
and the City of New York (and to use commercially reasonably efforts (without
expenditure of any money, other than to a de minimis extent) to cause ESDC,

 

102

 

Ground Lessor
and the City of New York) to execute and deliver to Agent an estoppel
substantially in the form of the Public Project Agreements Estoppel delivered
pursuant to Section 4.01(w)(iii)(2) hereof, in each case within ten (10) days
after the request therefor is made and (iii) Ground Lessor execute and deliver
an estoppel with respect to the Ground Lease.

 

(c)           Upon the request of
Agent (which shall not be made more than quarterly) to cause the Tenant under
any Major Lease to deliver an estoppel certificate substantially in the form
attached hereto as Exhibit
K.

 

SECTION 7.35               Extension
Loan Documents.  (a) (i) To cause FC
Member to timely comply with its obligations under the first two sentences of
Section 6.03 of the Operating Agreement, (ii) to use diligent efforts to
satisfy, or cause to be satisfied, as promptly as practical, the Extension Loan
Conditions described in clauses (b) and (d) of the definition thereto and to
use diligent efforts to cause the achievement of the Completion Date, (iii) to
not amend, and to cause any Borrower Entity which is a party thereto not to
amend, the Extension Loan Documents, or assign, or permit any other Borrower
Entity which is a party thereto or the Extension Loan Lender to assign, its
rights or obligations under the executed Extension Loan Documents without the
prior approval of Agent (and the Majority Lenders, if such assignment relates
to the interest of the Extension Loan Lender), (iv) to cause to be provided to
Agent copies of any communications given to or received from Extension Loan
Lender under the Extension Loan Documents, (v) to notify Agent promptly of the
occurrence of any default under the Extension Loan Documents, (vi) to not
permit FC Member to enter into any documents in connection with the Extension
Loan unless Agent shall have given its prior approval of such documents (Agent
hereby acknowledging that Extension Loan Documents substantially in the forms
of Exhibits Q and S to the FC Operating Agreement are satisfactory to it),
(vii) to cause the Extension Loan Condition described in clause (c) of the
definition of Extension Loan Conditions to be satisfied no later than the date
that Core and Shell Completion is achieved and to cause the Extension Loan
Condition described in clause (e) of the definition of Extension Loan
Conditions to be satisfied no later than the Completion Date, and (viii) to
cause the Extension Loan to be made within one hundred and twenty (120) days following
satisfaction of the Extension Loan Conditions.

 

(b)           Notwithstanding
anything in Section 3.05(d) to the contrary, if, on the date the Extension Loan
is made, there are “overbudgeted” portions of any line item in the NYTC Budget
pursuant to clauses (A), (B) or (C) of the first sentence of Section 7.11(d)
and provided that no Lender or Lenders shall have made Advances in excess of
such line item (taking into account such cost savings), the amount of the
Extension Loan and the Maximum Amount-NYTC shall be reduced by the amount of
such cost savings but, notwithstanding the definition of Maximum Amount-FC,
such Maximum Amount-FC shall not be increased.

 

SECTION 7.36               Single
Purpose Entity.  Until such time as
the Project Loan is paid in full, Borrower:

 

103

 

(a)           except as referred to
in Section 7.19(a)(ii) hereof, has not and will not amend, modify or otherwise
change its operating agreement or formation agreement or certificate of
formation without the approval of Agent, which approval shall not be
unreasonably withheld or delayed;

 

(b)           except as referred to
in Section 7.19(a)(i) hereof, has not and will not enter into any transaction
of merger or consolidation, or liquidate or dissolve itself (or suffer any
liquidation or dissolution), or acquire by purchase or otherwise all or
substantially all the business or assets of, or any stock or other evidence of
beneficial ownership of, any Person;

 

(c)           has not and will not
guarantee, pledge its assets for the benefit of, or otherwise become liable for
or in connection with, any obligation of any Person;

 

(d)           has not owned and will
not own any asset other than (i) the Mortgaged Property and (ii) incidental
personal property in connection with the construction or operation of the
Mortgaged Property;

 

(e)           has not engaged and
will not engage, directly or indirectly, in any business other than the
acquisition, development, construction, ownership, management and operation of
the Mortgaged Property;

 

(f)            has not entered into
and will not enter into any contract or agreement (excluding the Development
Agreements) with any of its officers, principals, employees, Members or
Affiliates or any Affiliate of any Borrower Entity except upon terms and
conditions that are intrinsically fair and substantially similar to those that
would be available on an arm’s-length basis with third parties (each, a “Permitted Affiliate Contract”);

 

(g)           has not incurred,
assumed or created and will not incur, assume or create any debt, secured or unsecured,
direct or contingent (including guaranteeing any obligation), other than (i)
the Building Loan, (ii) the Project Loan, (iii) any Interest Rate Cap and (iv)
unsecured trade payables or accrued expenses or other obligations incurred in
the ordinary course of business in connection with the developing, constructing
and operating of the Mortgaged Property; no other debt (other than the
Extension Loan) will be secured (senior, subordinate or pari passu) by the
Mortgaged Property;

 

(h)           has not made and will
not make any loans or advances to any third party (including any Affiliate);

 

(i)            is and will be,
solvent and pay its debts from its assets as the same shall become due, except
for those being contested in good faith by appropriate proceedings;

 

(j)            has done or caused to
be done and will do all things necessary to preserve its existence;

 

104

 

(k)           will conduct and
operate its business as presently, and as presently contemplated to be,
conducted and operated;

 

(l)            will maintain
financial statements, books and records and bank accounts separate from those
of its Affiliates;

 

(m)          will be, and at all
times will hold itself out to the public as, a legal entity separate and
distinct from any other entity (including any Affiliate thereof);

 

(n)           will file its own tax
returns;

 

(o)           will maintain adequate
capital for the normal obligations reasonably foreseeable in a business of its
size and character and in light of its contemplated business operations;

 

(p)           will not seek the
dissolution or winding up, in whole or in part, of itself or the Members,
except as contemplated by Section 7.19(a) hereof;

 

(q)           will not commingle its
funds and other assets with those of any Affiliate or any other Person;

 

(r)            has maintained, and
will maintain, its assets in such a manner that it is not costly or difficult
to segregate, ascertain or identify such assets from those of any Affiliate or
any other Person;

 

(s)           has not, and will not,
hold itself out to be responsible for the debts or obligations of any other
Person (including any Affiliate);

 

(t)            will not do any act
which would make it impossible to carry on its ordinary business or the
business of the Members;

 

(u)           will not possess the
Mortgaged Property or incidental personal property necessary for the operation
of the Mortgaged Property for other than a business or company purpose;

 

(v)           will not sell, encumber
or otherwise dispose of any part of the Mortgaged Property or incidental
personal property necessary for the operation of the Mortgaged Property, except
for the transfers referred to in Section 7.32(a)(i) hereof;

 

(w)          will not hold title to
its assets other than in its name;

 

(x)            will not institute
proceedings to be adjudicated bankrupt or insolvent; or consent to the institution
of bankruptcy or insolvency proceedings against it; or file a petition seeking,
or consent to, reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief under any applicable federal or
state law relating to bankruptcy or insolvency; or consent to the appointment
of a Bankruptcy Assignee of itself or the Members or a substantial part of its
or the Members’ property, or of all or any part of the rents, revenues, issues,
earnings, profits or income

 

105

 

thereof; or
make any assignment for the benefit of creditors; or admit in writing its
inability to pay its debts generally as they become due; or take any action in
furtherance of any such action; and

 

(y)           will not acquire any
stock or assets of, or form a partnership, joint venture or other entity with,
any Person without Agent’s prior approval.

 

The foregoing provisions of
this Section 7.36 shall be incorporated into, and be maintained in, Borrower’s
Articles of Organization for as long as any Borrower Entity is indebted to
Agent or the Lenders under any Project Loan Document.

 

SECTION 7.37               Labor
Harmony.  Borrower will not
terminate or amend the No-Strikes Agreement, will diligently enforce the
provisions thereof binding on the other party thereto, and will use diligent
efforts to cause the General Contractor to (x) undertake to contract with only
subcontractors and, if applicable, suppliers who utilize labor having
compatible affiliations with those currently available in the New York City
geographical area, and (y) take all appropriate and lawful steps so that all
union and bargaining agreements are honored by the General Contractor and its
subcontractors and, if applicable, the General Contractor’s suppliers and that
no job site disruption or unrest ensues.

 

SECTION 7.38               Required
Notices.  To give (or to cause to be
given) notice to Agent promptly of:

 

(a)           any material notice,
pleading or other information pertaining to the Pending Litigations received by
Borrower or either Member and any other material actual or threatened (in
writing) litigation, investigation or proceeding affecting Borrower, either
Member or the Mortgaged Property;

 

(b)           any material notice
received by any Borrower or any Member from any Governmental Authority relating
to the Property;

 

(c)           any event or occurrence
which could reasonably be expected to (i) delay “Substantial Completion” (as
defined in the Ground Lease) beyond the Fixed Substantial Completion Date or
cause the Project not to achieve Final Completion by the Maturity Date or (ii)
otherwise cause a Material Adverse Effect; and

 

(d)           any material notice
given or received in connection with the Operating Agreement.

 

Each notice pursuant to this
Section 7.38 shall be accompanied by a statement of Borrower setting forth
details of the occurrence referred to therein and stating what action Borrower
or the applicable Borrower Entity proposes to take with respect thereto.

 

SECTION 7.39               Protection
Against Liens.  Within sixty (60)
days of obtaining knowledge thereof, to (i) pay and discharge, (ii) bond over
or (iii) cause the Title Companies to insure over, all liens for labor,
materials and services furnished to the Mortgaged Property and all liens in
favor of the condominium against any portion of the

 

106

 

Mortgaged
Property for common charges that are past due and to take all actions
reasonably required to prevent the assertion of claims of Liens against the
Mortgaged Property.  Borrower irrevocably
appoints, designates and authorizes Agent (such agency being coupled with an
interest) with the authority (but no obligation) to file any notice relating to
claims of Liens that Agent deems advisable to protect its interests under the
Project Loan Documents.  In the event
that any stop notice or claim is asserted by any Person furnishing labor,
services, equipment or materials to the Mortgaged Property, upon demand by
Agent, Borrower shall take such action as Agent may require to release Agent
and/or Lenders from any obligation or liability with respect to such stop
notice or claim, including (i) obtaining a bond or other security, in form,
substance and amount satisfactory to Agent, or (ii) paying such claim.

 

SECTION 7.40               Concrete,
Soil and Other Tests.  To perform
such soil, compaction, concrete and other tests (from time to time) as Agent or
Construction Consultant may reasonably require, in form and substance
reasonably satisfactory to Construction Consultant and Agent.

 

SECTION 7.41               ERISA.  (a) 
Not to (and to cause each Member not to) engage in a nonexempt
prohibited transaction as described in Section 406 of ERISA or Section 4975 of
the Code, or that would cause any obligation or action taken or to be taken
pursuant to the Project Loan Documents (including, but not limited to, the
exercise by Agent of any of its rights under the Project Loan Documents) to
constitute a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code, or (b) not to (and to cause each Member not to)
qualify as an Employee Benefit Plan or acquire any assets that constitute Plan
Assets.

 

SECTION 7.42               Name;
Chief Executive Office.  To not (i)
change its legal name, (ii) use any trade name or do business under any name
other than its actual legal name set forth herein on the first page of this
Agreement, and (iii) without the prior consent of Agent, change the mailing
address, place of business or location of its chief executive office.

 

SECTION 7.43               No
Joint Assessment.  Not to suffer,
permit or initiate the joint assessment of the Premises (i) with any other real
property constituting a tax lot separate from the Premises (other than Lot 15),
and (ii) unless required by applicable law, with anything which may be deemed
to constitute personal property, and not to cause or permit any other procedure
whereby the lien of any taxes which may be levied against such personal
property shall be assessed or levied or charged to the Premises.  Borrower or the Members shall use its or
their diligent efforts to subdivide Lot 15 into separate tax lots as soon as
practicable such that the portion of Lot 15 that is subject to the Project Loan
Mortgage is a separate tax lot.

 

SECTION 7.44               Permitted
Affiliate Contracts.  To provide
Agent with (a) notice of any Permitted Affiliate Contract at least ten (10)
days prior to execution thereof and (b) a copy of such Permitted Affiliate
Contract promptly after the execution thereof with no changes or modifications
from the draft previously submitted to Agent.

 

107

 

No Permitted
Affiliate Contract shall be amended or extended without the prior approval of
Agent, such approval not to be unreasonably withheld or delayed.

 

SECTION 7.45               Payment
and Performance Bonds.  To obtain,
promptly deliver to Agent and maintain Payment and Performance Bonds for all
Payment and Performance Bond Contracts.

 

SECTION 7.46               NYTC
Units Release Provisions.  (a)  Provided that no Noticed Default or Event of
Default exists under any Building Loan Document or Project Loan Document, the
NYTC Units may be transferred to NYTC Member in redemption of NYTC Member’s
interest in Borrower, and upon such conveyance and redemption and the
satisfaction of the following conditions, (x) the releases and terminations referred
to in Section 7.46(d) hereof shall be effectuated, (y) Agent shall modify the
liens of the Building Loan Mortgage and Project Loan Mortgage so that there
shall exist a second priority mortgage encumbering solely the FC Units, which
mortgage shall be in the amount of the Extension Loan (and the Building Loan
Notes and Project Loan Notes shall also be appropriately severed to reflect the
same) and (z) Agent and Lenders shall assign such mortgages (and such severed
notes) applicable to the FC Units to Extension Loan Lender:

 

(1)           the
Condominium Documents shall have been filed in the appropriate public offices
and the condominium thereunder validly created under the Condominium Act, all
of the conditions set forth in Section 7.30(c) shall have been met (other than
the condition set forth in Section 7.30(c)(i)) and there shall be no remaining
legal restrictions under the Condominium Documents or under applicable law to
such conveyance and redemption;

 

(2)           Core
and Shell Completion shall have been achieved;

 

(3)           A
temporary certificate of occupancy for each of the Units (which may be a zero
occupancy or core and shell temporary certificate of occupancy) shall have been
issued;

 

(4)           Agent
shall have received not less than thirty (30) days’ prior notice of the proposed
conveyance and redemption;

 

(5)           the
NYTC Units will constitute one or more tax lots separate and distinct from the
tax lot or lots applicable to the portion of the Premises encumbered by the
lien of the remaining Project Loan Mortgage;

 

(6)           Agent
shall have received by wire transfer of immediately available funds (A) an
amount sufficient (after application of such amount in accordance with Section
7.46(b) below) to reduce the Remaining Loan Amount to $200,500,000.00 (less any
prior principal prepayments pursuant to Section 2.06 of the Project Loan
Mortgage and

 

108

 

Section 2.06
of the Building Loan Mortgage); and (B) all amounts required by clauses (x) and
(y) of the first sentence of Section 3.12 hereof, which amounts shall be
applied as provided in Section 7.46(b) below;

 

(7)           Borrower
shall have paid all reasonable, third-party out of pocket costs and expenses
incurred by Agent in connection with such severance, assignment and release
(including reasonable attorneys’ fees and disbursements);

 

(8)           Agent
shall have received an endorsement to the existing title policy to the effect
that the applicable modifications of the Building Loan Mortgage and the Project
Loan Mortgage and the assignments and releases shall not cause a subordination,
in whole or in part, of the Building Loan Mortgage and Project Loan Mortgage as
they affect the remaining Units;

 

(9)           Borrower
shall have paid any mortgage tax or transfer taxes due, and properly completed
and submitted any required tax forms, in connection with the entering into of
the Extension Loan and the NYTC Units Redemption;

 

(10)         the
redemption of the FC Units in accordance with Section 7.50 hereof shall have
occurred (or shall be occurring simultaneously with the NYTC Units Redemption);

 

(11)         Borrower
shall have delivered to Agent all of the documents executed in connection with
Extension Loan which shall be in form and substance satisfactory to Agent, and
an intercreditor agreement between Extension Loan Lender and Agent, for itself
and on behalf of Lenders, with respect to the Extension Loan (the “Extension Loan Intercreditor
Agreement”), substantially in the form attached hereto as Exhibit R; and

 

(12)         Agent
shall have received such other opinions, documents, certificates, instruments,
or assurances (including, without limitation, any new UCC-1 Financing
Statements) as Agent may reasonably request in connection with the actions and
events described in this Section 7.46(a).

 

(b)           At the option of NYTC
Member, amounts received by Agent under clause (6) of Section 7.46(a), shall,
at NYTC Member’s option, (i) be immediately used to prepay the Outstanding
Principal and all accrued and unpaid interest thereon in accordance with
Section 3.12 hereof, or (ii) pursuant to an agreement between NYTC Member and
Agent reasonably satisfactory to Agent, be held by Agent as additional
collateral for the Building Loan and Project Loan until a date selected by NYTC
Member that is not later than the first Business Day of the next succeeding
month (and Borrower or NYTC Member shall also deposit with Agent interest on
such amount

 

109

 

that will
accrue through such date), on which date such amounts (plus any interest earned
thereon) shall be applied to prepay the Outstanding Principal and accrued and
unpaid interest in accordance with Section 3.12 hereof.  Notwithstanding the foregoing, any amounts
paid pursuant to clause (6) of this Section 7.46(b) in excess of the then
Maximum Amount-NYTC shall be disbursed to NYTC Member.

 

(c)           Upon the release of the
NYTC Units in accordance with the provisions of this Section 7.46, (i) the NYTC
Units shall be released from the liens of the remaining Building Loan Mortgage
and Project Loan Mortgage and from the Building Loan Assignment of Leases and
Project Loan Assignment of Leases and (ii) the Assignment of Contracts - NYTC
Member and the NYTC Non-Recourse Carveouts Guaranty shall be deemed to have
been automatically terminated and NYTC Guarantor and NYTC Member shall have no
further liability under the Building Loan Documents or the Project Loan
Documents and (iii) the Ground Lease and the Severance Sublease to which NYTC
Member is a party shall be released from the lien of the Building Loan Mortgage
and Project Loan Mortgage.

 

(d)           The assignments of
mortgages and endorsements of notes made pursuant to this Section 7.46 shall be
made without representations or warranties from, or recourse to, Agent or the
respective holders thereof; provided, however, that Agent or such holder shall
represent and warrant (x) that it owns each note and mortgage being assigned
free and clear of all liens and encumbrances and (y) the outstanding principal
amount of each note.

 

(e)           Agent agrees to execute
and deliver such additional agreements and instruments, as may from time to
time be reasonably requested by any Borrower Entity in order to effectuate
fully the transactions contemplated by and agreements made in this Section
7.46.  All out of pocket costs and
expenses incurred by Agent in connection with such execution and delivery shall
be Reimbursable Costs.

 

SECTION 7.47               Security
Personnel.  To employ security
personnel or other means reasonably satisfactory to Agent to protect from theft
or vandalism all portions of the Project and all tools and building materials
stored at the Premises.

 

SECTION 7.48               [INTENTIONALLY
OMITTED].

 

SECTION 7.49               Compliance
with Condominium Documents.  Upon
recording of the Condominium Declaration, Borrower will (or shall cause each
Member to) do the following:

 

(a)           (i)            Pay on or before the
expiration of any applicable grace or cure period all charges due with respect
to the Units remaining part of the Mortgaged Property (including, without
limitation, common charges and assessments) for which Borrower or such Member
is responsible under the Condominium Documents, and will not, without the prior
consent of Agent, vote at any meeting of such Unit owners, or permit its
representatives on the board of directors or other governing board for such
Unit to vote or take any action

 

110

 

whatsoever
respecting (1) any partition of all or a part of the property subject to the
Condominium Declaration; (2) the nature and amount of any insurance covering
all or a part of such Unit and the disposition of any proceeds thereof or the
manner in which any condemnation or threat of condemnation of all or a part of
such Unit shall be defended or settled and the disposition of any award or
settlement in connection therewith; (3) the disposition of any excess insurance
or condemnation proceeds; (4) the acquisition of any interest pursuant to any
purchase option or right of first refusal in the Condominium Documents; and (5)
any amendment to said Condominium Documents and any removal of such Unit from
the provisions of the Condominium Act; and

 

(ii)           otherwise
timely comply before the lapse of any applicable notice and cure period with
each of its obligations under the Condominium Documents.

 

(b)           Promptly send to Agent
copies of any written notice received by Borrower or any Member alleging any
default by Borrower or any Member under, or noncompliance with, any of the
Condominium Documents and all modifications and amendments to the Condominium
Documents, and do all such acts and undertake all reasonable such steps and
institute all such proceedings as shall be reasonably necessary to cure or
avert such default and to forward to Agent any notices Borrower or any Member
receives in regard to any of the foregoing matters.

 

SECTION 7.50               Redemption
of FC Units.  Provided that no
Noticed Default or Event of Default exists under any Building Loan Document or
Project Loan Document, Agent shall permit each of the FC Units to be
transferred to the FC Member in redemption (or partial redemption) of FC
Member’s interest in Borrower, upon satisfaction of the following conditions
with respect to each applicable FC Unit:

 

(a)           the Condominium
Documents shall have been filed in the appropriate offices and the condominium
thereunder validly created under the Condominium Act, all of the conditions set
forth in Section 7.30(c) shall have been met and there shall be no remaining
legal restrictions under the Condominium Documents or under applicable law to
the conveyance and redemption of such Unit;

 

(b)           Agent shall have
received not less than ten (10) Business Days’ prior notice of the proposed
conveyance and redemption;

 

(c)           the applicable Unit
will constitute one or more tax lots separate and distinct from the tax lot or
lots applicable to the other portions of the Premises;

 

(d)           Borrower or the FC
Member shall have paid all out-of-pocket costs and expenses of Agent in
connection with such conveyance and redemption and the other activities
described in this Section 7.50;

 

111

 

(e)           the FC Member shall
have executed such documents of assumption with respect to the Project Loan as
Agent may reasonably require (including, without limitation, an assumption of
recourse liability to FC Member as successor to Borrower);

 

(f)            FC Member shall have
delivered evidence satisfactory to Agent that its articles of organization
shall contain the covenants set forth in Section 7.36 hereof, mutatis  mutandis;

 

(g)           Borrower shall have
paid all transfer taxes applicable to such conveyance and redemption;

 

(h)           Agent shall have
received such assurances as Agent shall reasonably require to the effect that
the conveyance and redemption shall not affect the validity or priority of the
Building Loan Mortgage or Project Loan Mortgage; and

 

(i)            Agent shall have
received such opinions (but not a non-consolidation opinion), documents,
certificates, instruments or assurances as Agent may reasonably request.

 

SECTION 7.51               Title
Insurance Proceeds.  To direct to be
paid over to Agent any and all payments payable to Borrower or any Member under
any title insurance policy covering the Property with respect to any Unit which
then remains subject to the lien of a Building Loan Mortgage or Project Loan
Mortgage.  Such payments shall be
applied in accordance with the second- and third-to-last sentences of Section
7.05 hereof (as if such payments were a Tax Refund); provided that if Agent has
a corresponding claim under its title insurance policy but has not received
payment, all references in said sentences to Borrower’s option, shall be deemed
to be references to Agent’s option.

 

SECTION 7.52               No
Indebtedness.  Not to permit any
Member to incur any indebtedness other than the Extension Loan and the
Mezzanine Loan (as defined in the FC Operating Agreement), and to not permit
its (or any Member’s) managers on any of the board of managers under the
Condominium Documents to vote to have the condominium incur indebtedness of
more than five hundred thousand dollars ($500,000.00) in the aggregate.

 

SECTION 7.53               Equity
Contribution.  (a) To enforce (and
to cause all other Borrower Entities parties thereto to enforce) the provisions
of the Equity Contribution Documents against NYTC Member and not to waive or
permit the waiver of any of the obligations of NYTC Member under the Equity
Contribution Documents, (b) to comply (and to cause all other Borrower Entities
parties thereto to comply) with the provisions of the Equity Contribution
Documents and to do no act which would relieve NYTC Member of its obligations
under the Equity Contribution Documents or cancel or terminate any Equity
Contribution Documents, (c) to cause to be taken all actions necessary or
appropriate in order to consummate the funding of the Equity Contribution, (d)
to make no amendments to, or assign rights or obligations under, the Equity

 

112

 

Contribution
Documents without the prior approval of Agent and (e) to cause to be provided
to Agent copies of any communications given to or received from NYTC Member
under the Equity Contribution Documents.

 

SECTION 7.54               Borrower
LCs.  To maintain the Borrower LCs
in full force and effect for so long as required under the Land Acquisition
Agreement.  Agent acknowledges that the
aggregate amount of the Borrower LCs shall be deemed to be Initial Required
Equity Funds that have been contributed unless any of the Borrower LCs or any
portion thereof (i) are permitted to be released to any Borrower Entity or
reduced or (ii) are no longer in full force or effect (unless, in each case,
such Borrower LCs shall have been fully-drawn upon).  Upon the occurrence of either of the events described in the
foregoing clauses (i) and (ii), then (a) Borrower shall deposit with Agent the
aggregate undrawn amount of such Borrower LCs or the applicable portion thereof
(any such deposit, a “Borrower
LC Deposit”) (provided that Agent and Borrower acknowledge that
a Borrower LC Deposit shall constitute Initial Required Equity Funds when
deposited), (b) Agent shall hold such amount in an interest bearing account,
(c) such deposited amount shall be treated in accordance with (and Borrower
shall comply with the requirements with respect thereto set forth in) Section
3.06 hereof as if the Borrower LC Deposit were a Completion Deposit and (d) the
Borrower LC Deposit shall be applied to Building Loan Costs or Project Loan
Costs simultaneously with the immediately succeeding Advance as Other
Funds.  Notwithstanding the immediately
preceding sentence, if (A) a Borrower LC posted by NYTC Member or any of its
direct or indirect equity owners is permitted to be released or reduced, no
Person shall have any obligation to make a Borrower LC Deposit with respect to
such Borrower LC and (B) after all Initial Required Equity Funds have been
contributed, the aggregate face amount of any of the Borrower LCs are required
to be, and are, increased pursuant to the terms of the Land Acquisition
Agreement and thereafter any of such Borrower LCs (or any portion thereof) are
released to any Borrower Entity, the amount of such increase shall not be
required to be deposited as a Borrower LC Deposit.

 

SECTION 7.55               Additional
Covenants Relating to Ground Lease.

 

(a)           Without the prior
approval of Agent, which approval shall not be unreasonably withheld or
delayed, not to (i) amend, modify, surrender, terminate, cancel or waive any
material provision of the Ground Lease and (ii) to cause each Member not to
amend, modify, surrender, terminate, cancel or waive any material provision of
the Severance Subleases.

 

(b)           To do, or cause to be
done, all things necessary to preserve and keep unimpaired the rights of
Borrower as ground lessee under the Ground Lease, and the rights of the NYTC
Member and FC Member as ground sublessee under the applicable Severance
Sublease(s) and to prevent (and cause each Member to prevent) any default under
the Ground Lease, or the applicable Severance Sublease(s), as applicable,
within the applicable notice and grace periods or any termination, surrender,
cancellation, forfeiture, waiver or impairment thereof, as applicable.  In the event of the failure of Borrower or a
Member to make any payment required to be made by it pursuant to the provisions
of the Ground Lease or the applicable Severance Sublease(s), as applicable, or

 

113

 

to keep,
observe or perform, or cause to be kept, observed or performed, any of the
terms, covenants, provisions or agreements of the Ground Lease, or the
applicable Severance Sublease(s), as applicable, beyond any applicable notice
and grace periods, Borrower agrees (and shall cause each Member to agree) that
Agent may (but shall not be obligated to), without notice, take any action on
behalf of Borrower or such Member, as applicable, make or cause to be kept,
observed or performed any such terms, covenants, provisions or agreements and
to enter upon the Mortgaged Property and take all such action thereof as may be
necessary therefor, to the end that the rights of Borrower in and to the
leasehold estate created by the Ground Lease or to the subleasehold estate
created by the applicable Severance Sublease(s), as applicable, shall be kept
unimpaired and free from default and shall have, in addition to any other
remedy of Agent, the same rights and remedies in the event of non-payment of
any such sum by Borrower or such Member, as applicable, within the applicable
notice and grace periods as in the case of a default by Borrower in the payment
of any sums due under the Project Loan Notes or any other Project Loan
Documents.

 

(c)           To enforce, or cause
the enforcement of, the Ground Lease and the Severance Subleases in a diligent
and commercially reasonable manner and to promptly notify Agent of the giving
of any notice by any party to the Ground Lease or the Severance Subleases to
the other party thereto of any default by such other party in the performance
or observance of any of the terms, covenants or conditions of the Ground Lease
or the applicable Severance Sublease(s), as applicable, to be performed or
observed, and deliver to Agent a true copy of each such notice and copies of
all other notices, communications, plans, specifications and other similar
instruments received by or delivered to Borrower or the applicable Member in
connection therewith.  If, pursuant to
the Ground Lease or any Severance Sublease, the other party thereto shall
deliver to Agent a copy of any notice of default given to Borrower or the
applicable Member, as applicable, such notice shall constitute full authority
and protection to Agent for any action taken or omitted to be taken by Agent in
good faith in reliance thereon to cure such default.

 

(d)           If any action or
proceeding shall be instituted to evict Borrower or a Member or to recover
possession of the Mortgaged Property or for any other purpose affecting the Ground
Lease or any Severance Sublease, to, immediately upon service thereof on or to
Borrower or the applicable Member, as applicable, deliver to Agent a true copy
of each petition, summons, complaint, notice of motion, order to show cause and
of all other provisions, pleadings, and papers, however designated, served in
any such action or proceeding.

 

(e)           No release or
forbearance of any of Borrower’s obligations under the Ground Lease or any
Member’s obligations under the applicable Severance Sublease(s), pursuant to
the Ground Lease, a Severance Sublease or otherwise, shall release Borrower, or
such Member from any of its obligations under this Agreement or any other
Project Loan Document.  If the Ground
Lease or other Severance Sublease is canceled or terminated, and if Agent or
its nominee or any Lender shall acquire an interest in any new ground lease or
sublease of the property demised thereby, Borrower shall have no right, title
or interest in or to such new lease or sublease or to the leasehold

 

114

 

estate created
by such new ground lease or sublease. 
Agent shall be liable for the obligations of Borrower arising under the
Ground Lease and the Members arising under the Severance Subleases for only
that period of time which Agent is in possession of the Mortgaged Property or
has acquired, by foreclosure or otherwise, the Mortgaged Property and is
holding all of the Borrower’s (or such Member’s) right, title and interest
therein.

 

(f)            Borrower shall (and shall
cause the applicable Member to) give Agent prompt written notice of the
commencement of any arbitration or appraisal proceeding under and pursuant to
the provisions of the Ground Lease or any Severance Sublease.  Agent shall have the right to intervene and
participate in any such proceeding and Borrower shall confer (or cause the
applicable Member to confer) with Agent to the extent which Agent deems
necessary for the protection of Agent. 
Upon the written request of Agent, if an Event of Default exists,
Borrower will (or will cause the applicable Member to) exercise all rights of
arbitration conferred upon it by the Ground Lease or such Severance
Sublease.  Borrower or such Member shall
select an arbitrator who is reasonably approved in writing by Agent, provided,
however, that if at the time any such proceeding shall be commenced, an Event
of Default shall exist, Agent shall have, and is hereby granted, the sole and
exclusive right to designate and appoint on behalf of Borrower (or the
applicable Member) the arbitrator or arbitrators, or appraiser, in such
proceeding.

 

(g)           If any action,
proceeding, motion or notice shall be commenced or filed in respect of the
Ground Lessor or any other fee owner of the Mortgaged Property in connection
with any case under the Bankruptcy Code or under any other Bankruptcy Law,
Borrower (or the applicable Member) shall, after obtaining knowledge thereof,
promptly notify Agent.  Borrower (or the
applicable Member) shall promptly deliver to Agent, following receipt, copies of
any and all notices, summonses, pleadings, applications and other documents
received by Borrower (or the applicable Member) in connection with any such
action, proceeding, motion or notice and any proceedings relating thereto.  Borrower shall not commence any action,
suit, proceeding or case, or file any application or make any motion (unless
such motion is for the purpose of protecting the Ground Lease or the Severance
Subleases and its value as security for the Indebtedness and the Obligations).  Agent shall have the option, exercisable
upon notice from Agent to Borrower (or the applicable Member) and at Borrower’s
(or the applicable Member’s) expense, to conduct and control any such
litigation with counsel of Agent’s choice. 
Agent may proceed in its own name or in the name of Borrower (or the
applicable Member), and Borrower hereby assigns (and shall cause the Members to
assign) to Agent, and hereby agrees to execute (or caused to be executed) any
and all powers, authorizations, consents or other documents reasonably required
by Agent in connection with all of its (or their) rights in respect of, any
claim, suit, action or proceeding relating to the rejection of the Ground Lease
or the Severance Subleases by Ground Lessor, including, without limitation, the
right to file and prosecute, either in its own name or in the name of Borrower
(or the Members), any proofs of claim, complaints, motions, applications,
notices and other documents, in any such action, proceeding, motion or notice.  The assignments contained in the immediately
preceding sentence constitute a present, irrevocable and unconditional
assignment of the foregoing in such

 

115

 

claims, suits,
actions and proceedings, and shall continue in effect until all of the
Indebtedness shall have been satisfied and discharged in full.

 

SECTION 7.56               Deliveries.

 

(a)           To deliver to Ground
Lessor, in accordance with the notice provisions of the Ground Lease, (i) on
the date hereof, copies of the Project Loan Mortgage and Project Loan
Assignment of Leases, (ii) copies of all amendments thereto within the time
period set forth in Section 31.1(a)(i) of the Ground Lease, and (iii) recorded
copies of said mortgage, assignment and amendments; and

 

(b)           to deliver to the City
of New York (i) within two (2) Business Days after the date hereof, copies of
the Project Loan Mortgage and Project Loan Assignment of Leases and (ii) copies
of all amendments thereto.

 

SECTION 7.57               Pledged
Accounts.  (a)  (i) Prior to the earlier to occur of (A)
execution of the first Lease covering any space in the FC Units or any Common
Elements Leasable Space and (B) the date of the Initial Construction Advance,
(1) to execute and deliver (and cause FC Member to execute and deliver) either
(x) a pledge and security agreement by and among Borrower, FC Member, Agent,
for itself and on behalf of Lenders, and Borrower’s Bank, substantially in the
form of Exhibit S
hereto, subject to any modifications required by Borrower’s Bank that are
reasonably acceptable to Agent or (y) (I) a pledge and security agreement by
and among Borrower, FC Member and Agent, for itself and on behalf of Lenders
substantially in the form of Exhibit S as to matters contained therein that govern
the relationship between Agent, on the one hand, and Borrower and FC Member, on
the other hand, and the respective rights of each and (II) a control agreement
by and among Borrower, FC Member, Agent, for itself and on behalf of Lenders,
and Borrower’s Bank, in form and substance reasonably acceptable to Agent and
Borrower’s Bank (the document listed under clause (x) or the documents listed
under clause (y) collectively, the “Security Deposit Accounts Agreement”),
and  (2)  to deliver an opinion reasonably acceptable to Agent covering due
authorization, execution and delivery by Borrower and FC Member, security
interest perfection, enforceability and other customary matters with respect to
the Security Deposit Accounts Agreement (but in no event as to matters with
respect to Borrower’s Bank (other than enforceability of the Security Deposit
Accounts Agreement against Borrower’s Bank)).

 

(b)           (i) Prior to the
earlier to occur of (A) the receipt of the first Rents under any Lease covered
by Section 7.57(a) or any other amounts required under the Loan Documents to be
deposited into one of the Collection Accounts (as hereinafter defined) and (B)
the date of the Initial Construction Advance, (1) to execute and deliver (and
cause FC Member to execute and deliver) either (x) a pledge and security agreement
by and among Borrower, FC Member, Agent, for itself and on behalf of Lenders,
and Borrower’s Bank substantially in the form of Exhibit T hereto, subject to any
modifications requested by Borrower’s Bank that are reasonably acceptable to
Agent or (y) (I) a pledge and security agreement by and among Borrower, FC
Member and Agent, for itself and on behalf of Lenders substantially in the form
of Exhibit T
as to matters contained therein that govern the relationship between Agent, on
the one hand, and

 

116

 

Borrower and
FC Member, on the other hand, and the respective rights of each and (II) a
control agreement by and among Borrower, FC Member, Agent, for itself and on
behalf of Lenders, and Borrower’s Bank, in form and substance reasonably
acceptable to Agent and Borrower’s Bank (the document listed under clause (x)
or the documents listed under clause (y) collectively, the “Collection Accounts Agreement”)  and (2) to deliver an opinion reasonably
acceptable to Agent covering due authorization, execution and delivery by
Borrower and FC Member, security interest perfection, enforceability and other
customary matters with respect to the Collection Accounts Agreement (but in no
event with respect to matters as to Borrower’s Bank (other than enforceability
of the Collection Accounts Agreement against Borrower’s Bank)).

 

ARTICLE 8

 

THE AGENT

 

SECTION 8.01               Actions.  If Agent shall have reasonable cause to
believe that any action or proceeding related to the Mortgaged Property could,
if adversely determined, have an adverse effect upon the rights or interests of
Agent and/or Lenders under this Agreement or any of the other Project Loan
Documents, Agent shall have the right to commence, appear in and defend such
action or proceeding, and in connection therewith Agent may incur costs and
expenses, employ counsel, and pay attorneys’ fees and disbursements.  Borrower agrees to pay to Agent all
reasonable costs and expenses incurred by Agent in connection therewith,
including without limitation reasonable attorneys’ fees and disbursements,
together with interest from the due date thereof unless there has been a
non-appealable judicial determination that Agent’s commencement, appearance and
defense was not proper.  Borrower’s
obligation to pay such costs and expenses shall be secured by the Security
Documents.

 

SECTION 8.02               Non-Liability
of Agent and Lenders.  Borrower
acknowledges and agrees that:

 

(a)           any inspections of the
construction of the Project made by or through Agent, Lenders or Construction
Consultant are for purposes of administration of the Project Loan and for the
protection of Agent and/or Lenders only and neither any Borrower Entity, nor
any other Person is entitled to rely upon the same with respect to the quality,
adequacy or suitability of materials or workmanship, conformity to the Plans
and Specifications, state of completion or otherwise; each Borrower Entity
shall make its own inspections and judgments of such construction to determine
that the quality of the Project and all other requirements of such construction
are being performed in a manner satisfactory to such Borrower Entity and Agent
and in conformity with the Plans and Specifications and all other requirements;
and Borrower shall immediately notify Agent should the same not be in
conformity with any Plans and Specifications and all other requirements;

 

(b)           by accepting or
approving anything required to be observed, performed, fulfilled or given to
Agent or Lenders pursuant to the Project Loan Documents, including any
certificate, statement of profit and loss or other financial

 

117

 

statement,
survey, appraisal, lease, contract or insurance policy, neither Agent nor
Lenders shall be deemed to have warranted or represented the sufficiency,
legality, effectiveness or legal effect of the same, or of any term, provision
or condition thereof, and such acceptance or approval thereof shall not
constitute a warranty or representation to anyone with respect thereto by Agent
or Lenders;

 

(c)           neither Agent nor
Lenders undertake nor assume any responsibility or duty to any Borrower Entity
to select, review, inspect, supervise, pass judgment upon or inform any
Borrower Entity of any matter in connection with the Mortgaged Property or the
Project, including without limitation matters relating to the quality, adequacy
or suitability of (i) the Plans and Specifications, (ii) the architects,
contractors, subcontractors and materialmen employed or utilized in connection
with the construction of the Project, or the workmanship of or the materials
used by any of them, or (iii) the progress or course of construction and its
conformity or nonconformity with the Plans or Specifications;

 

(d)           neither Agent nor any
Lender owes any duty of care to protect any Borrower Entity against negligent,
faulty, inadequate or defective building or constructions; and

 

(e)           neither Agent nor any
Lender shall be directly or indirectly liable or responsible for any loss,
claim, cause of action, liability, indebtedness, damage or injury of any kind
or character to any Person or property arising from any construction on, or
occupancy or use of, any of the Mortgaged Property or the Project, including
without limitation any loss, claim, cause of action, liability, indebtedness,
damage or injury caused by, or arising from: 
(i) any defect in any building, structure, grading, fill, landscaping or
other improvements thereon or in any on-site or off-site improvement or other
facility therein or thereon; (ii) any act or omission of any Borrower Entity,
the parties comprising any such entity or any such entities’ agents, employees,
independent contractors, licensees or invitees (including, without limitation,
the General Contractor); (iii) any accident in or on the Premises or any fire,
flood or other casualty or hazard thereon; (iv) the failure of any Borrower
Entity or any of such entity’s licensees, employees, invitees, agents,
independent contractors or other representatives to maintain the Mortgaged Property
in a safe condition; and (v) any nuisance made or suffered on any part of the
Mortgaged Property.  Notwithstanding the
foregoing, Borrower shall not be liable for any loss, claim, cause of action,
liability, indebtedness, damage or injury which (x) is directly attributable to
any gross negligence or willful misconduct of, or violation of law by, Agent,
any Lender or any employee or agent of such Agent or Lender or (y) is
attributable to the period of time during which Agent or any Lender is a
“mortgagee in possession” or after the Mortgaged Property has been foreclosed
upon or has been transferred by deed-in-lieu thereof to any third party
purchaser.

 

SECTION 8.03               Authorization
and Action.

 

(a)           By its acceptance of an
interest in the Project Loan, each Lender: (i) agrees to the terms and
conditions of this Agreement and all other Project Loan Documents; (ii)
authorizes and directs Agent to act on its behalf in all respects

 

118

 

under the Project Loan in connection with the Project Loan Documents
and the making of the Project Loan and to exercise all powers under the Project
Loan Documents and all powers reasonably incidental thereto, except with
respect to matters, items and decisions as to which a Major Decision or
Super-Major Decision is required (matters which are not Major Decisions or
Super-Major Decisions being hereinafter referred to as “Agent Decisions”) and
(iii) agrees to be bound by any acts of Agent in accordance with the
foregoing.  Without limiting the
generality of the foregoing and, notwithstanding any provision hereof to the
contrary, any and all actions relating to the construction and development of
the Project, including, without limitation, approval of changes to the Budgets,
Disbursement Schedule, Construction Schedule, the Plans and Specifications,
contracts and subcontracts and Payment and Performance Bonds; all decisions
with respect to releases of Units under Section 7.46; at any time there is no
outstanding Noticed Default or Event of Default, all decisions with respect to
the making of Advances; and all power to determine, declare, and send notices
of Defaults and Events of Default and to approve Leases (except to the extent
approval of a Lease is a Major Decision) and Material Contracts, shall be Agent
Decisions exclusively and shall not constitute a Major Decision or Super-Major
Decision requiring the approval of any other Lender.  Any provision of this Agreement which grants to Agent the right
to make a decision at its sole discretion or in its reasonable judgment or at
its option or any other similar provision is intended, unless the context shall
clearly require otherwise, to apply only to relations between Borrower, the
other Borrower Entities and Agent and the respective rights and obligations of
Borrower, the other Borrower Entities and Agent hereunder and shall not apply
to the relations between Agent and the Lenders or the respective rights and
obligations of Agent and the Lenders hereunder.

 

(b)           As to any Major
Decision or Super-Major Decision, Agent shall not be required to exercise any
discretion or take any action, but shall be required to act or to refrain from
acting (and shall be fully protected in so acting or refraining from acting)
upon the instructions of the Majority Lenders (in the case of any Major
Decision) or the Super-Majority Lenders (in the case of Super-Major Decision),
provided, however, that Agent shall not be required to take any action which
exposes Agent to personal liability or which is contrary to this Agreement or
applicable law.

 

(c)           All losses, expenses,
liabilities and obligations incurred by Agent in connection with the Project
Loan, the enforcement thereof or the realization of the security therefor and
not paid for by a Borrower Entity shall be borne by the Lenders in accordance
with their ratable interest in the Project Loan, and Lenders will, upon
request, reimburse Agent for their ratable shares of any expenses incurred by
Agent in connection therewith, including any advances made to pay Property
Taxes or insurance or otherwise to preserve the lien of the Project Loan
Mortgage or to preserve and protect the Mortgaged Property, or made to effect
the completion of the Project to be constructed pursuant to this Agreement
and/or the achievement of Final Completion of the Project, any other expense
incurred in connection with the enforcement of the Security Documents, and any
expenses incurred by Agent in connection with the consummation of the Project
Loan not paid or provided by Borrower.

 

119

 

(d)           Promptly after Agent
acquires actual knowledge thereof, Agent will give notice to each Lender of any
Lien on the Mortgaged Property or material Default under this Agreement or any
of the other Project Loan Documents which in Agent’s judgment materially
adversely affects any Lender’s interest in the Project Loan.  Agent shall promptly advise Lenders from
time to time of any material remedial action which Agent shall have taken.

 

(e)           In no event shall any
or all Lenders have the right to remove Agent without cause and in no event
shall Agent resign as agent.

 

(f)            The provisions of this
Section 8.03 are for the sole benefit of Agent and Lenders and therefore may be
modified, amended or deleted as Agent and Lenders shall mutually agree without
the consent of any Borrower Entity.

 

SECTION 8.04               Agent’s
Reliance, Etc.  (a)  Agent shall administer this Agreement and
the other Project Loan Documents and service the Project Loan in accordance
with the terms and conditions of this Agreement and with the same degree of
care as Agent would use in servicing a loan of similar size and type held for
its own account, provided, however, that none of its directors, officers,
agents or employees shall be liable for any action taken or omitted to be taken
by it or them under or in connection with the Project Loan Documents, except
for its or their own gross negligence or willful misconduct.  Without limitation of the generality of the
foregoing, Agent:  (i) may consult with
legal counsel, independent public accountants and other experts selected and
shall not be liable for any action taken or omitted to be taken in good faith
by it in accordance with the advice of such counsel, accountants or experts;
(ii) makes no warranty or representation to any Lender and shall not be
responsible to any Lender for any statements, warranties or representations
(whether written or oral) made in or in connection with the Project Loan
Documents; (iii) shall not have any duty to ascertain or to inquire as to the
performance or observance of any of the terms, covenants or conditions of this
Agreement or any other Project Loan Document on the part of any Borrower Entity
to inspect the Mortgaged Property (except that prior to Substantial Completion,
Agent shall (or shall direct Construction Consultant to) periodically inspect
the Mortgaged Property as necessary to comply with the standard of care
described in the first sentence of this Section 8.04) or the books and records
of any Borrower Entity; (iv) shall not be responsible to any Lender for the due
execution, legality, validity, enforceability, genuineness, sufficiency or
value of any Project Loan Document or any other instrument or document
furnished pursuant hereto; and (v) shall incur no liability under or in respect
of this Agreement or any other Project Loan Document by acting upon any notice,
consent, certificate or other instrument or writing (which may be by
telecopier, telegram, cable or telex) believed by it to be genuine and signed
or sent by the proper party or parties.

 

(b)           The provisions of this
Section 8.04 are for the sole benefit of Agent and Lenders and therefore may be
modified, amended or deleted as Agent and Lenders shall mutually agree without
the consent of any Borrower Entity.

 

120

 

SECTION 8.05               Payments
to Lenders.  Agent shall remit to
Lenders their ratable shares of any payment received from Borrower or from
another source on account of sums payable by Borrower.  The provisions of this Section are for the
sole benefit of Agent and Lenders and therefore may be modified, amended or
deleted as Agent and Lenders shall mutually agree without the consent of any
Borrower Entity.

 

SECTION 8.06               Construction
Consultant.  (a)  Borrower acknowledges that (i) the
Construction Consultant has been retained by Agent to act as a consultant and
only as a consultant to Agent in connection with the construction of the
Project and has no duty to any Borrower Entity, (ii) the Construction
Consultant shall in no event have any power or authority to give any approval
or consent or to do any other act or thing which is binding upon Agent and/or
Lenders, (iii) Agent reserves the right to make any and all decisions required
to be made by Agent under the Project Loan Documents and to give or refrain
from giving any and all consents or approvals required to be given by Agent
under the Project Loan Documents and to accept or not accept any matter or
thing required to be accepted by Agent under the Project Loan Documents, and
without being bound or limited in any manner or under any circumstance
whatsoever by any opinion expressed or not expressed, or advice given or not
given, or information, certificate or report provided or not provided, by the
Construction Consultant with respect thereto, and (iv) Agent reserves the right
in its sole and absolute discretion to disregard or disagree, in whole or in
part, with any opinion expressed, advice given or information, certificate or
report furnished or provided by the Construction Consultant to Agent or any
other Person.

 

(b)           Neither Agent nor the
Construction Consultant shall have any liability to any Borrower Entity on
account of (i) the services performed by the Construction Consultant, (ii) any
neglect or failure on the part of the Construction Consultant to properly
perform its services or (iii) any approval by the Construction Consultant of
construction of the Project.  Neither
Agent nor the Construction Consultant assumes any obligation to any Borrower
Entity or any other Person concerning the quality of construction of the
Project or the absence therefrom of defects.

 

SECTION 8.07               Actions
of Agent Binding Upon Lenders.  Any
Borrower Entity shall be entitled to rely upon any notice from or action taken
by Agent, and no Borrower Entity shall be under any duty to inquire as to
whether such notice or action has been duly authorized by the Lenders.  Each Borrower Entity shall only be required
to deal with Agent.

 

SECTION 8.08               Initial
Agent.

 

(a)           Initial Agent is acting
as initial agent under this Agreement, the Project Loan Mortgage and the
Project Loan Assignment of Leases solely for the purpose of making available to
Borrower an exemption from mortgage recording tax so that the Project may be
financially feasible for Borrower.  In
order to accomplish the foregoing, Initial Agent hereby agrees to submit the
Project Loan Mortgage and the Project Loan Assignment of Leases to the Office
of the City Register of New York County for recordation.  Upon such submission for recording of the
Project Loan

 

121

 

Mortgage and
the Project Loan Assignment of Leases, effective immediately, automatically and
without any further action whatsoever, Initial Agent shall be deemed to have
(i) resigned as the initial agent (and the parties hereto consent to and accept
such resignation), and (ii) assigned unto Agent all of Initial Agent’s right,
title and interest as initial agent under this Agreement, the Project Loan
Mortgage and the Project Loan Assignment of Leases (and Agent shall be deemed
to have consented to and accepted such assignments).  The foregoing assignments are made without recourse,
representation or warranty by Initial Agent, in any case or event or for any
purpose whatsoever.  In confirmation of
(and simultaneously with) the foregoing assignments, Initial Agent and Agent
shall execute an assignment and assumption agreement evidencing such assignment
which shall be submitted for recording in the Office of the City Register of
New York County immediately after the submission of the Project Loan Mortgage
and the Project Loan Assignment of Leases.

 

(b)           Except as set forth in
Section 8.08(a), Initial Agent has no beneficial interest in or discretionary
authority, and has no obligations, responsibilities or liabilities, as initial
agent under this Agreement, the Project Loan Mortgage, the Project Loan
Assignment of Leases and such Project Loan Notes.  Initial Agent has no beneficial interest in or discretionary
authority, and has no obligations, responsibilities or liabilities, under any
other Project Loan Document.

 

(c)           Borrower acknowledges
that Initial Agent is entering into this Agreement solely as an accommodation
to Borrower and that Initial Agent shall have absolutely no obligations, responsibilities
or liabilities under this Agreement or any other Loan Document except to the
extent set forth in Section 8.08(a). 
The parties hereto acknowledge that the Initial Agent is executing this
Agreement solely to bind itself with respect to this Section 8.08 and that
Initial Agent’s execution does not amount to or evidence Initial Agent’s
agreement with or endorsement of any other provisions of this Agreement.

 

(d)           Initial Agent shall not
be entitled to any compensation whatsoever for acting as initial agent under
this Agreement, the Project Loan Mortgage, the Project Loan Assignment of
Leases and such Project Loan Notes.

 

ARTICLE 9

 

EVENTS OF DEFAULT

 

SECTION 9.01               Events
of Default.  The occurrence of any
one or more of the following conditions or events shall constitute an “Event of Default”
under this Agreement:

 

(a)           (i)            failure by Borrower to pay (w) (subject to
Agent’s obligations under Section 5.03(b) hereof) any installment of interest
under the Project Loan Notes within five (5) days of when the same shall become
due and payable, (x) the Indebtedness on the Maturity Date, (y) Property Taxes
(unless the same are being contested in compliance with Section 7.05 hereof)
within five (5) Business Days after

 

122

 

notice of
failure to pay the same when due and payable is given by Agent or (z) any
amount required to be paid in connection with any prepayment under Section 3.12
or 7.46 hereof within five (5) Business Days after notice of failure to pay the
same is given by Agent; (ii) failure by any Borrower Entity to pay any other
sums (including any portion of a Completion Deposit) to be paid by it hereunder
or under any other Project Loan Document after written demand for payment has
been given and such sum has not been paid within the time period provided for
in the applicable Project Loan Document (or, if there is no such time period,
the time period provided for in such demand, which time period shall not be
less than ten (10) Business Days); or (iii) failure by Borrower or any Member
to deposit within two (2) business days after notice any amount required to be
deposited under the Collection Accounts Agreement or Security Deposit Accounts
Agreement.

 

(b)           failure by any Borrower
Entity to duly keep, perform and observe (i) the covenants contained in
Sections 7.33, 7.52, 7.56 or 7.57 hereof within five (5) Business Days from the
date upon which Agent gives notice of such failure or (ii) any covenant
applicable to it under any Project Loan Document to which it is a party (other
than those covenants referred to in the other clauses (including subclause (i)
of this clause (b)) of this Section 9.01), within thirty (30) days from the
date upon which Agent gives notice of such failure; provided that, in the case of
clause (ii) of this Section 9.01(b) only, in the event such failure is curable
but is not susceptible of cure within such thirty (30) day period it shall not
be a default hereunder in the event such Borrower Entity commences cure within
such thirty (30) day period and diligently prosecutes such cure to completion
within one hundred and twenty (120) days of the expiration of such thirty (30)
day period.  All determinations of
whether any failure is curable or is susceptible to cure within thirty (30)
days shall be made by Agent;

 

(c)           a breach of or failure
(i) by Borrower to duly keep, perform and observe the covenants and obligations
contained in Section 7.35(a)(i), Section 7.35(a)(ii), Section 7.35(a)(vii),
Section 7.35(a)(viii) or in Section 7.30(a)(iii) or (ii) by any Borrower Entity
to duly keep, perform and observe any provision of Section 7.32, provided that,
with respect to any such breach or failure of said Section 7.32 which (1) in
the opinion of Agent, is unintentional, (2) does not affect in any material
respect the value of the Mortgaged Property or the security intended to be
granted to Agent, or (3) is not a breach or failure relating to the transfer of
the Land or Improvements or the voluntary placement of a Lien on the Property,
such breach or failure shall not constitute an Event of Default unless and
until it continues uncured for five (5) Business Days after notice from Agent
of such breach or failure;

 

(d)           (i)  if Borrower or any other party thereto
(other than Agent, any Lender, Ground Lessor, ESDC, the New York City Transit
Authority or the City of New York) shall be in default beyond any applicable
notice and cure period under any of the Condominium Documents (other than a
default by NYTC Member after its Unit has been released pursuant to Section
7.46 hereof), or under any of the Public Project Agreements, or (ii) if the
Equity Contribution Documents, the Ground Lease, the Severance Subleases or the
Land Acquisition Agreement shall cease to be in full force or

 

123

 

effect or
shall not be enforceable against any party thereto, other than Agent (to the
extent Agent is a party thereto);

 

(e)           if any material
inaccuracy shall exist in any of the financial statements and supporting
materials thereto (other than projections) delivered to Agent in connection
with the making of the Project Loan or delivered under this Agreement or any
other Project Loan Document or any certificate furnished by or on behalf of any
Borrower Entity to Agent pursuant to the provisions of any Project Loan
Document provided that in the case of the Guarantors, such financial
statements, supporting materials or certificates shall be limited to those
delivered at or prior to the Closing Date;

 

(f)            if (x) at any time any
representation or warranty (other than any representation or warranty re-made
pursuant to Section 4.02(c) hereof) made by any Borrower Entity in any of the
Project Loan Documents or in any certificate furnished by or on behalf of any
Borrower Entity or any officer thereof, shall be untrue or incorrect in any
material respect when made, or (y) at any time any representation or warranty
re-made by Borrower or any Member under Section 4.02(c) hereof shall be untrue
or incorrect in any material respect and such untruth or incorrectness has, or
is reasonably likely to have, a Material Adverse Effect;

 

(g)           (i)            if (A) a petition is filed against Borrower
or any Member, seeking a reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any law relating
to bankruptcy or insolvency, including, without limitation, the Bankruptcy Code
(each, a “Bankruptcy Law”)
or any Person other than Borrower or any Member shall apply for the appointment
of any trustee, receiver, master, liquidator, assignee, sequestrator (or other
similar official) (any of the foregoing, a “Bankruptcy Assignee”) of Borrower or
such Member or of all or any part of the Mortgaged Property or of all of any
part of the Rents (either, an “Involuntary Bankruptcy”) and (B) such application or
appointment is (y) not opposed or (z) is opposed, but not discharged, stayed or
dismissed prior to the earlier of (1) ninety (90) days after the filing thereof
and (2) the entry of an order for relief in any such case or proceeding;

 

(ii)           if
(A) a petition is filed by Borrower or any Member seeking a reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar
relief under any Bankruptcy Law, (B) Borrower or any Member shall apply for the
appointment of any Bankruptcy Assignee of itself or of all or any part of the
Mortgaged Property or of all or any part of the rents, revenues, issues,
earnings, profits or income thereof, (C) Borrower or any Member acquiesces or
colludes in any Involuntary Bankruptcy, (D) Borrower or any Member makes any
assignment for the benefit of creditors, or (E) Borrower or any Member is or
becomes insolvent (each of the foregoing, a “Voluntary Bankruptcy”);

 

(h)           if any Draw Request is
fraudulently submitted by Borrower in connection with any advance for services
performed or for materials used in or

 

124

 

furnished for
the Property or if any proceeds of the Project Loan are misappropriated by any
Borrower Entity;

 

(i)            if Borrower confesses
in writing its inability to continue or complete construction of the Project in
substantial accordance with the Plans and Specifications and in accordance with
the Public Project Agreements and this Agreement;

 

(j)            failure by Borrower to
purchase and maintain any Interest Rate Cap, to the extent such cap is required
to be purchased by the terms of this Agreement, within five (5) Business Days
from the date upon which Agent gives notice of such failure.

 

(k)           If, on a repeated
basis, Agent, the Construction Consultant or their respective representatives
are not (subject to appropriate safety requirements) permitted at all
reasonable times and upon reasonable notice to enter upon the Property, and
inspect the Project and the construction thereof and to examine and make copies
of (at Borrower’s expense) the Plans and Specifications (and provided Agent
shall have notified Borrower each time it or the Construction Consultant or
their respective representatives have not been permitted to so enter upon the Property
and inspect the Project);

 

(l)            if Borrower or any
Member executes any conditional bill of sale, chattel mortgage or other
security instrument covering any furniture, furnishings, fixtures and equipment
intended to be incorporated and made a part of the Improvements, or covering
articles of personal property that are part of the Project, or files a
financing statement publishing notice of such security instrument, or purchases
any of such furniture, furnishings, fixtures and equipment so that ownership of
the same will not vest unconditionally in Borrower or a Member, free from
encumbrances, on delivery to the Premises and payment therefor; or if Borrower
does not produce to Agent, upon demand, the contracts, bills of sale,
statements, receipted vouchers or agreements, or any of them, under which
Borrower claims title to such materials, fixtures and articles and in either
such case such failure shall continue for ten (10) days after notice from Agent
with respect thereto;

 

(m)          if Borrower does not
disclose to Agent and Construction Consultant the names of all persons with
whom Borrower contracted for the construction of the Project or for the
furnishing of labor or materials therefor, or when so required by Agent
pursuant to the Project Loan Documents, fails to obtain the acceptance by Agent
of such persons and in either case such failure shall continue for ten (10)
Business Days after notice of such failure from Agent;

 

(n)           if a lien for the
performance of work or supply of materials is filed against the Premises or any
part thereof and is not paid and discharged, bonded or insured over in
accordance with Section 7.39 hereof, or if a judgment in excess of $500,000.00
is filed against any Borrower or either Member or the Property and remains
unsatisfied or unbonded for a period of sixty (60) days after such filing;

 

125

 

(o)           if the Policies are not
kept in full force and effect in accordance with the terms and provisions of
the Project Loan Mortgage or if the Payment and Performance Bonds are not kept
in full force and effect and in either case the same is not cured within one
(1) Business Day after any Borrower Entity has knowledge of same;

 

(p)           if any provision of
Section 7.36 is breached and any such breach is not cured within ten (10)
Business Days after notice thereof from Agent; provided, that, in addition to
curing such breach, Borrower delivers to Agent within twenty (20) Business Days
a non-consolidation opinion in form and substance and from counsel reasonably
satisfactory to Agent, which opinion takes into account such breach and cure;

 

(q)           if any Borrower Entity
shall fail to maintain its existence, except as otherwise permitted in any
Project Loan Document;

 

(r)            if Borrower is in
default (beyond any notice or grace period expressly provided therein) under
the Guaranteed Maximum Price Contract or if the third party to any Material
Contract (other than the Material Contracts listed in clauses (c), (d) and,
from and after the date on which the Plans and Specifications (other than any
Change Orders) are in final form, (e) of the definition thereof) is in default
thereunder and, in either case, such default, if not cured within any
applicable notice and/or cure periods, could reasonably be expected to result
in a Material Adverse Effect;

 

(s)           if Borrower fails to
cause the Title Insurance Companies to comply with their obligations under the
Title Company Side Letter within five (5) Business Days from the date on which
Agent gives notice to Borrower of such non-compliance; or

 

(t)            if an Event of Default
under and as defined in the Building Loan Agreement shall have occurred and be
continuing.

 

ARTICLE 10

 

RIGHTS AND REMEDIES OF LENDERS

 

SECTION 10.01             Remedies.  Upon the occurrence and during the
continuance of any Event of Default (or, to the extent provided in Section
10.01(f), a Default), Agent may, at any time thereafter, at its option,
exercise any or all of the following rights and remedies:

 

(a)           Declare Lenders’
obligations to make Advances hereunder to be terminated, whereupon the same
shall terminate, and/or declare all Indebtedness (including the Exit Fee (as
defined in the Side Letter re:  Fees))
to be immediately due and payable, whereupon same shall become and be
immediately due and payable, anything in the Project Loan Documents to the
contrary notwithstanding, and without presentation, protest or further demand
or notice of any kind (all of which are expressly hereby waived by Borrower);
provided, however, that Lenders may make Advances or

 

126

 

parts of
Advances thereafter without thereby waiving the right to demand payment of the
Project Loan Notes, without becoming liable to make any other or further
Advances, and without affecting the validity of or enforceability of the
Project Loan Documents; provided further, however, with respect to an Event of
Default described in Section 9.01(g) hereof, all Indebtedness (including the
Exit Fee) shall immediately and automatically become due and payable, without
notice or demand, anything contained herein or in any other Project Loan
Document to the contrary notwithstanding), and Agent may enforce or avail
itself of any or all rights or remedies provided in the Project Loan Documents
against any Borrower Entity and/or the Mortgaged Property, including all rights
or remedies available at law or in equity.

 

(b)           Agent may cause the
Project to be constructed and developed until achievement of Final Completion
and Stabilized Occupancy and may enter upon the Premises and construct, equip
and complete the Project substantially in accordance with the Plans and
Specifications (with such changes or modifications thereto that Agent may, in
its sole discretion, deem necessary or advisable).  In connection with any construction of the Project undertaken by
Agent pursuant to the provisions of this subsection, Agent may:

 

(1)           use
any funds of any Borrower Entity pledged to Agent under or pursuant to any Loan
Document, and any funds remaining unadvanced under the Project Loan and/or the
Building Loan;

 

(2)           employ
existing contractors and subcontractors, including the General Contractor, any
other Major Contractors, any Major Subcontractors, and the like, or terminate
the same and employ others;

 

(3)           employ
security personnel to protect the Property;

 

(4)           take
over and use any and all Personal Property contracted for or purchased by
Borrower or the Members, or dispose of the same as Agent sees fit;

 

(5)           execute
all applications and certificates on behalf of Borrower or the Members which
may be required by any Governmental Authority or Legal Requirements or
contracts or agreements;

 

(6)           pay,
settle or compromise all existing or future bills and claims which are or may
be liens against the Mortgaged Property, or may be necessary for the completion
of the Project or the clearance of title to the Mortgaged Property, including,
without limitation, all Property Taxes;

 

(7)           complete
the marketing and leasing of leasable space in the Improvements, enter into new
leases and occupancy

 

127

 

or operating
agreements of the Units or portions thereof, and modify or amend existing
leases and occupancy or operating agreements, all as Agent shall deem to be
necessary or desirable;

 

(8)           prosecute
and defend all actions and proceedings in connection with the construction of
the Project or in any other way affecting the Mortgaged Property and take such
action and require such performance as Agent deems necessary under the GMP
Guaranty or the Payment and Performance Bonds; and

 

(9)           take
such other action hereunder, or refrain from acting hereunder, as Agent may, in
its sole and absolute discretion, from time to time determine, and without any
limitation whatsoever, to carry out the intent of this Section 10.01(b).  Borrower shall be liable to Agent for all
costs paid or incurred for the construction, completion and equipping of the
Project, whether the same shall be paid or incurred pursuant to the provisions
of this Section or otherwise, and all payments made or liabilities incurred by
Agent hereunder of any kind whatsoever shall be deemed Advances made to
Borrower under this Agreement and shall be secured by the Security
Documents.  Any sums so expended by
Agent shall be paid by Borrower to Agent on demand, with interest thereon at
the Default Rate until paid; and Borrower shall execute such notes or
amendments to the Project Loan Notes as may be requested by Agent to evidence
Borrower’s obligation to pay such excess costs and until such notes or
amendments are so executed by Borrower, Borrower’s obligation to pay such
excess costs shall be deemed to be evidenced by this Agreement.  In the event Agent takes possession of the
Premises and assumes control of such construction as aforesaid, Agent shall not
be obligated to continue such construction longer than Agent shall see fit and
may thereafter, at any time, change any course of action undertaken by it or
abandon such construction and decline to make further payments for the account
of Borrower and the Members whether or not the Project shall have been
completed.  For the purpose of this
Section, the construction, equipping and completion of the Project shall be
deemed to include any action necessary to cure any Event of Default under any
of the terms and provisions of any of the Project Loan Documents.

 

(c)           Appoint or seek
appointment of a receiver, without notice and without regard to the solvency of
Borrower or the adequacy of the security, for the purpose of preserving the
Mortgaged Property, preventing waste, and to protect all rights accruing to
Lenders by virtue of this Agreement and the other Project Loan Documents, and
expressly to do any further acts as Agent may determine to be necessary to
complete the development and construction of the Project (including achieving
Final Completion and Stabilized Occupancy). 
All expenses incurred in connection with the appointment of such
receiver, or in protecting, preserving, or improving the Mortgaged Property,
shall be charged against Borrower with interest thereon from the date of such
expenditure to the

 

128

 

date repaid at
the Default Rate and shall be secured by the Project Loan Mortgage and
enforceable as a lien against the Mortgaged Property.

 

(d)           Accelerate maturity of
the Project Loan Notes and any other indebtedness of Borrower to Lenders, and
demand payment of the principal sum due thereunder, with interest, advances,
costs and reasonable attorneys’ fees and disbursements (including those for
appellate proceedings), and enforce collection of such payment by foreclosure
of the Project Loan Mortgage or the enforcement of any guaranty or the
collection of any other collateral, or other appropriate action.

 

(e)           Notwithstanding any
other provision of this Agreement or any other Loan Document, and to the extent
permitted by applicable law, at any time and from time to time, without notice
(any such notice being expressly waived), and without regard to the adequacy of
any collateral, set-off and apply (x) any and all deposits and other amounts
(general or specific, time or demand, provisional or final, regardless of
currency, maturity, or the branch where the deposits are held) at any time held
by Agent, Borrower’s Bank or any other escrow bank pursuant to the provisions
hereof and of all other Loan Documents and (y) all other sums credited by or
due from Agent or any Lender to the extent permitted by Section 3.15(b) hereof.

 

(f)            If an Event of Default
(or a Default, if such Default is that an insurance policy required to be
maintained under the Project Loan Documents is no longer in effect) shall have
occurred and be continuing, Agent shall have the right, but not the duty,
without limitation upon any of Agent’s rights pursuant hereto, to perform the
obligations of or cure any breaches by any Borrower Entity which are the
subject of the Event of Default (or the Default), in which event Borrower
agrees to pay to Agent, within five (5) Business Days after demand therefor,
all actual costs and expenses incurred by Agent in connection therewith,
including without limitation reasonable attorneys’ fees and disbursements,
together with interest from the date of expenditure at the Default Rate.  Upon demand by Agent, each of the Lenders shall
promptly advance to Agent in immediately available funds its ratable portion of
the funds expended by Agent in curing such Event of Default (or Default),
together with interest thereon at the Default Rate from the date of Agent’s
payment through the date prior to the date on which such advance is received by
Agent.

 

(g)           Agent may terminate or
rescind any proceeding or other action brought in connection with its exercise
of the remedies provided in this Section at any time before the conclusion
thereof, as determined in Agent’s sole discretion and without prejudice to
Lenders.

 

SECTION 10.02             Power
of Attorney.  During the continuance
of an Event of Default (or effective at any time with respect to the right of
Agent to execute and file any Uniform Commercial Code financing statements
reasonably necessary or advisable to accomplish the purposes of any Project
Loan Document), Borrower hereby irrevocably constitutes and appoints (and
hereby causes the Members to hereby irrevocably constitute and appoint) Agent
its (or their) true and lawful attorney-in-fact, with full power of
substitution, to execute, acknowledge and deliver any instruments and do and
perform

 

129

 

any acts which are referred to in this Agreement or in the Ground Lease
or any Severance Sublease (including, without limitation, those referred to in
Section 10.01(b) hereof), in the name and on behalf of Borrower (and/or the
Members).  The power vested in such
attorney-in-fact is, and shall be deemed to be, coupled with an interest and
irrevocable.

 

SECTION 10.03             Remedies
Cumulative.  During the continuance
of any Event of Default, the rights, powers and privileges provided in this
Article 10 and all other remedies available to Agent under this Agreement or
under any of the other Project Loan Documents or at law or in equity may be
exercised by Agent at any time and from time to time and shall not constitute a
waiver of Agent’s other rights or remedies thereunder, whether or not the
Project Loan shall be due and payable, and whether or not Agent shall have
instituted any foreclosure proceedings or other action for the enforcement of
its rights under the Project Loan Documents. 
The exercise or beginning of the exercise by Agent of any one or more of
the rights, powers or remedies provided for in this Agreement or the other
Project Loan Documents or now or hereafter existing at law or in equity or by
statute or otherwise shall not preclude the simultaneous or later exercise by
Agent of all such other rights, powers or remedies, and no failure or delay on
the part of Agent to exercise any such right, power or remedy shall operate as
a waiver thereof.  Agent may, at its
option, exercise any right or remedy with respect to less than all of the
collateral pledged by the Security Documents, leaving unexercised its rights
with respect to the remainder thereof, and such partial exercise shall in no
way restrict or jeopardize Agent’s right to exercise rights with respect to all
or another portion of the collateral at a later time or times.

 

SECTION 10.04             Annulment
of Defaults.  An Event of Default
shall not be deemed to be in existence for any purpose of this Agreement or any
other Project Loan Document if Agent shall have waived such Event of Default in
writing or stated that the same has been cured to its satisfaction, but no such
waiver shall extend to or affect any subsequent Event of Default or impair any
of the rights of Agent or Lenders upon the occurrence thereof.

 

SECTION 10.05             Waivers.  Borrower hereby waives (and shall cause each
other Borrower Entity to waive) to the extent not prohibited by applicable law
(a) all presentments, demands for payment or performance, notices of
nonperformance (except to the extent required by the provisions hereof or of
any other Project Loan Documents), protests and notices of dishonor, (b) any
requirement of diligence or promptness on Agent’s part in the enforcement of
its rights under the provisions of this Agreement or any other Project Loan
Document, (c) any and all notices of every kind and description which may be
required to be given by any statute or rule of law and (d) all rights to have
any security marshaled upon the exercise of any remedies hereunder or under any
other Project Loan Document.

 

SECTION 10.06             Course
of Dealing, Etc.  No course of
dealing and no delay or omission by Agent in exercising any right or remedy
hereunder shall operate as a waiver thereof or of any other right or remedy and
no single or partial exercise thereof shall preclude any other or further
exercise thereof or the exercise of any other right or

 

130

 

remedy.  A waiver on any one
occasion shall not be construed as a bar to or waiver of any right or remedy on
any future occasion.  No waiver or
consent shall be binding upon Agent unless it is in writing and signed by
Agent.  Agent’s exercise of any right to
remedy any default shall not constitute a waiver of the default remedied, a
waiver of any other prior or subsequent default or a waiver of the right to be
reimbursed for any and all of its expenses in so remedying such default.  No Advance of Project Loan proceeds
hereunder, no increase or decrease in the amount of any Advance, and no making
of all or any part of an Advance prior to the due date thereof shall constitute
an approval or acceptance by Agent or Lenders of the work theretofore done or a
waiver of any of the conditions of Lenders’ obligation to make further
Advances, nor in the event Borrower is unable to satisfy any such condition,
shall any such failure to insist upon strict compliance have the effect of
precluding Lenders from thereafter refusing to make an Advance and/or declaring
such inability to be an Event of Default as hereinabove provided.  Any Advances hereunder during the existence
of a Default or an Event of Default shall not constitute a waiver thereof.  All Advances shall be deemed to have been
made pursuant hereto and not in contravention of the terms of this
Agreement.  All rights and remedies of
Agent hereunder are cumulative.

 

SECTION 10.07             Bankruptcy.

 

(a)           In the event of any
Event of Default under Section 9.01(g), if Borrower or a Member seeks to reject
the Ground Lease or a Severance Sublease pursuant to Section 365(a) of the
Bankruptcy Code or any analogous provision of any other Bankruptcy Law, Borrower
or such Member shall give Agent not less than thirty (30) days’ prior notice of
the date on which Borrower or such Member shall apply to the applicable
Governmental Authority for authority to reject the Ground Lease or such
Severance Sublease.  Agent shall have
the right, but not the obligation, to serve upon Borrower or such Member within
such thirty (30) day period a notice stating that Agent demands that Borrower
or such Member assume and assign the Ground Lease or such Severance Sublease to
Agent pursuant to Section 365 of the Bankruptcy Code.  If Agent shall serve upon Borrower or such Member the notice
described in the preceding sentence, Borrower or such Member shall not seek to
reject the Ground Lease or such Severance Sublease and shall comply with the
demand provided for in the preceding sentence within thirty (30) days after the
notice shall have been given or such shorter time as may be necessary to assume
such Ground Lease or Severance Sublease in such proceeding.

 

(b)           Borrower shall not (and
shall not permit any Member to), without Agent’s prior written consent, elect
to treat the Ground Lease or a Severance Sublease as terminated under
subsection 365(h)(1)(A)(i) of the Bankruptcy Code or any analogous provision of
any other Bankruptcy Law.  Any such
election made without Agent’s consent shall be void.

 

(c)           If pursuant to
subsection 365(h)(1)(B) of the Bankruptcy Code or any analogous provision of
any other Bankruptcy Law, Borrower or a Member shall seek to offset against the
rent reserved in the Ground Lease or a Severance Sublease the amount of any
damages caused by the nonperformance by the Ground Lessor or any

 

131

 

other fee
owner of its or their obligations under the Ground Lease or by the sublessor of
its obligations under a Severance Sublease after the rejection by Ground Lessor
or such sublessor under the Bankruptcy Code or such other applicable Bankruptcy
Law, Borrower or such Member shall, prior to effecting such offset, notify
Agent of its intent to do so, setting forth the amounts proposed to be so
offset and the basis therefor.  Agent
shall have the right to object to all or any part of such offset that, in the
reasonable judgment of Agent, would constitute a breach of the Ground Lease or
such Severance Sublease, and in the event of such objection, Borrower or such
Member shall not effect any offset of the amounts so objected to by Agent.  Neither Agent’s failure to object as
aforesaid nor any objection relating to such offset shall constitute an
approval of any such offset by Agent.

 

ARTICLE 11

 

GENERAL CONDITIONS

 

SECTION 11.01             Rights
of Third Parties.  (a)  All conditions of the obligations of Agent
and Lenders hereunder, including the conditions precedent to the obligation to
make Advances, are imposed solely and exclusively for the benefit of Agent and
Lenders and no other Person (including, without limitation, the Construction
Consultant, General Contractor, any other Major Contractor, any Major
Subcontractor, or any other contractors, subcontractors and materialmen engaged
in the construction of the Project) shall have standing to require satisfaction
of such conditions in accordance with their terms or be entitled to assume that
Lenders will make Advances in the absence of strict compliance with any or all
thereof and no other Person shall, under any circumstances, be deemed to be a
beneficiary of such conditions, any and all of which may be freely waived in
whole or in part by Agent or any Lender any time if in its sole discretion it
deems it desirable to do so.  In
particular, Agent and Lenders make no representations and assume no obligations
as to third parties concerning the quality of the construction by Borrower of
the Project or the absence therefrom of defects.

 

(b)           [INTENTIONALLY OMITTED]

 

SECTION 11.02             Relationship.  The relationship between Agent and Lenders
on the one hand, and Borrower Entities, on the other hand, is solely that of a
lender and borrower, and nothing contained herein or in any of the other
Project Loan Documents or the NYTC Completion Guaranty shall in any manner be
construed as making the parties hereto partners, joint venturers or any other
relationship other than lender and borrower. 
In addition, neither Agent nor any Lender is the agent or representative
of any Borrower Entity and neither this Agreement, any other Project Loan
Document or the NYTC Completion Guaranty shall make Agent or any Lender liable
to materialmen, contractors, craftsmen, laborers or others for goods delivered
to or services performed by them upon the Mortgaged Property, or for debts or
claims accruing to such parties against any Borrower Entity and there is no
contractual relationship, either express or implied, between Agent or any
Lender and any materialmen, subcontractors, craftsmen, laborers, or any other
person supplying any work, labor or materials to the Mortgaged Property.

 

132

 

SECTION 11.03             Evidence
of Satisfaction of Conditions; Approval Standard.  If any condition of this Agreement requires the submission of
evidence of the existence or non-existence of a specified fact or facts or
implies as a condition the existence or non-existence, as the case may be, of
such fact or facts, Agent shall, at all times, be free independently to
establish to its satisfaction and in its absolute discretion such existence or
non-existence, except where Agent expressly agrees hereunder to be
reasonable.  In any circumstance where
any Project Loan Document or the NYTC Completion Guaranty specifies that the
approval or consent of Agent, Construction Consultant or any Indemnified Party
must be given, or that any matter or circumstance must be satisfactory or
acceptable to, or determined by, Agent, Construction Consultant or any
Indemnified Party, then unless expressly set forth to the contrary, such
approval or consent or such determination of satisfaction or acceptability or
other determination, shall be within the sole and absolute discretion of Agent,
Construction Consultant or such Indemnified Party.

 

SECTION 11.04             Notices.  (a) 
Any request, notice, report, demand, approval or other communication
permitted or required by this Agreement to be given or furnished shall be in
writing and shall be deemed given or furnished when addressed to the party
intended to receive the same, at the address of such party as set forth below,
(i) when delivered by overnight nationwide commercial courier service, one (1)
Business Day (determined with reference to the location of the recipient) after
the date of delivery to such courier service, (ii) when personally delivered,
if delivered on a Business Day in the place of receipt and during normal
business hours (otherwise on the next occurring Business Day in such place of
receipt) or (iii) when transmitted by telecopy to the telecopier number set
forth below, to the party intended to receive same, if transmitted on a
Business Day in the place of receipt and during normal business hours (and
otherwise on the next occurring Business Day in such place of receipt) and provided
that such transmission is confirmed by duplicate notice in such other manner as
permitted above:

 

	
  Lenders or
  Agent:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GMAC Commercial Mortgage Corporation

  	
   

  	
   

  
	
  100 South Wacker Drive, Suite 400

  	
   

  	
   

  
	
  Chicago, Illinois  60606

  	
   

  	
   

  
	
  Attention:

  	
  Vacys R. Garbonkus

  	
   

  	
   

  
	
  Telecopier:

  	
  (312)
  917-6131

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  with a copy
  to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Paul, Weiss, Rifkind, Wharton &
  Garrison LLP

  	
   

  	
   

  
	
  1285 Avenue of the Americas

  	
   

  	
   

  
	
  New York, New York  10019

  	
   

  	
   

  
	
  Attention:

  	
  Harris B.
  Freidus, Esq.

  	
   

  	
   

  
	
  Telecopier:

  	
  (212)
  492-0064

  	
   

  	
   

  

 

133

 

	
  and (but
  only if such notice relates to a default by Agent)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GMAC Commercial Mortgage Corporation

  	
   

  	
   

  
	
  200 Witmer Road

  	
   

  	
   

  
	
  Horsham, Pennsylvania  19044

  	
   

  	
   

  
	
  Attention:

  	
  General
  Counsel

  	
   

  	
   

  
	
  Telecopier:

  	
  (215) 328-3620

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Borrower:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The New York Times Building LLC

  	
   

  	
   

  
	
  c/o FC Lion LLC

  	
   

  	
   

  
	
  One MetroTech Center North

  	
   

  	
   

  
	
  Brooklyn, New York 11201

  	
   

  	
   

  
	
  Attention:

  	
  General
  Counsel

  	
   

  	
   

  
	
  Telecopier:

  	
  (718)
  923-8705

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  with a copy
  to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Kelley, Drye & Warren LLP

  	
   

  	
   

  
	
  101 Park Avenue

  	
   

  	
   

  
	
  New York, New York 10178

  	
   

  	
   

  
	
  Attention:

  	
  James J.
  Kirk, Esq.

  	
   

  	
   

  
	
  Telecopier:

  	
  (212)
  808-7897

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The New York Times Company

  	
   

  	
   

  
	
  229 West 43rd Street

  	
   

  	
   

  
	
  New York, New York 10036

  	
   

  	
   

  
	
  Attention:

  	
  Anthony
  Benten

  	
   

  	
   

  
	
   

  	
  David Thurm

  	
   

  	
   

  
	
   

  	
  and Kenneth
  A. Richieri, Esq.

  	
   

  	
   

  
	
  Telecopier

  	
  (212)
  556-1646 (Mr. Benten) and

  	
   

  	
   

  
	
   

  	
  (212)
  556-4634 (Mr. Thurm and Mr. Richieri)

  
	
   

  	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  INGREDUS Site 8 South LLC

  	
   

  	
   

  
	
  c/o Clarion Partners

  	
   

  	
   

  
	
  335 Madison Avenue

  	
   

  	
   

  
	
  New York, New York  10017

  	
   

  	
   

  
	
  Attention: 
  Charles Grossman

  	
   

  	
   

  
	
  Telecopier:  (212) 883-2700

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  

 

134

 

	
  INGREDUS Site 8 South LLC

  	
   

  	
   

  
	
  c/o Clarion Partners

  	
   

  	
   

  
	
  601 13th Street, NW, Suite 450

  	
   

  	
   

  
	
  Washington, D.C.  20005

  	
   

  	
   

  
	
  Attention: 
  Martin Sandiford

  	
   

  	
   

  
	
  Telecopier:  (917) 777-2600

  	
   

  	
   

  

 

(b)           Any
party may change the entity, address or the attention party to which any such
request, notice, report, demand or other communication is to be given by
furnishing notice of such change to the other parties in the manner specified
above.  Without the prior consent of
Agent, Borrower may not add any other parties to these notice provisions.  Rejection or refusal to accept, or inability
to deliver because of changed address when no notice of changed address was
given, shall be deemed to be receipt of any such notice.  As between Agent and any Borrower Entities
only, a notice given by a party under any Project Loan Document of a change of
entity, address or attention party shall be deemed to be a notice of such
change to Agent or any such party, as applicable, for purposes of all Project
Loan Documents to which such party is a party.

 

(c)           Unless
notified to the contrary pursuant to this Section 11.04(c), any notice or
communication to be made to any Lender shall be made only to Agent and its
counsel as provided for in this Section.

 

SECTION 11.05             Assignment.  (a) Subject to Section 7.50 hereof, Borrower
may not assign this Agreement, any other Loan Document or any of its rights or
obligations hereunder or thereunder without the prior approval of Agent.  Subject to the further provisions of this
Section 11.05, Borrower acknowledges and agrees that GMACCM and any other
Lender may assign, transfer, sell, pledge or grant participation interests in
or otherwise hypothecate its rights in, to and under the Loans, the Loan
Documents and the NYTC Completion Guaranty, or any portion thereof (any such
transaction, an “Assignment”)
(i) without Borrower’s consent, to any Eligible Assignee, (ii) subject to
clause (iii) of this sentence, with the prior consent of Borrower to any other
Person, which consent may not be unreasonably withheld or (iii) without
Borrower’s consent, to those entities approved by Borrower in the Disclosure
Side Letter.  Upon any such Assignment
by GMACCM or any Lender (excluding any such pledge or other hypothecation or
any such granting of a participation interest), GMACCM or such Lender shall be
relieved of any liability hereunder and under any Loan Document, but only to
the extent such liability is assumed by the assignee.  Notwithstanding anything to the contrary in the foregoing, (1) no
consent of Borrower shall be required for any Assignment by GMACCM during the
continuance of an Event of Default and no consent of Borrower, GMACCM or Agent
shall be required for any Assignment by any other Lender during the continuance
of an Event of Default, (2) Agent agrees that prior to the occurrence of an
Event of Default, GMACCM and its Affiliates shall collectively retain at least
$50,000,000.00 of the Loans (including undrawn portions thereof) in the
aggregate (or, in the event that there has been any prepayment of any principal
amount owing under the Loans, GMACCM and its Affiliates shall collectively
retain such portion of the Loans (including undrawn portions thereof) as shall,
in the aggregate, bear the same proportion as $50,000,000.00 shall bear to
$320,000,000.00), (3) each Lender shall

 

135

 

have the right, without the consent of Borrower, Agent or any Lender,
to grant participation interests in the Loans to any Person (and any such
participations shall not count toward or be violative of clause (2) of this
Section 11.05(a)), (4) without Agent’s consent, which may be withheld in
Agent’s sole discretion, no Lender shall have the right to consummate an
Assignment (other than a participation) with respect to a portion of the Loans
not equal to any whole number multiple of $10,000,000, and (5) subject to the
foregoing clauses (1), (3) and (4), each Lender’s right to consummate an
Assignment shall be subject to Agent’s prior reasonable consent.  Clause (2) of the immediately preceding
sentence shall not be construed so as to prohibit GMACCM from entering into any
so-called “off-balance sheet” or “repurchase” facility arrangement wherein
GMACCM shall retain effective control over any portion of the Loans which is
subject to such arrangement and shall be responsible for the funding of that
portion of the Project Loan.  The
parties to any Assignment (other than any grantee of a participation interest
or any grantee of a pledge or other hypothecation (but not any Person who has
foreclosed upon such pledge or hypothecation)) by a Lender shall execute and
deliver to Agent, for its acceptance and recording in the Agent’s Register, Agent’s
form of assignment and acceptance agreement (the “Assignment and Acceptance Agreement”)
together with a processing and recordation fee of $2,500, which fee shall cover
Agent’s administrative cost in connection with such assignment.  The parties to such Assignment shall also
pay all of Agent’s reasonable attorneys’ fees and disbursements in connection
with such Assignment except, with respect to Agent’s reasonable attorneys’ fees
and disbursements, to the extent paid by Borrower pursuant to Section 7.06(a)(ii)
hereof.  Each Borrower Entity shall
promptly execute and file any amendments to any Project Loan Document or the
NYTC Completion Guaranty necessary or desirable to reflect any such Assignment
(including, without limitation, multiple notes reflecting such assignee’s
interest in the Project Loan) provided the same do not increase any such
Borrower Entity’s liabilities (other than to a de minimis extent) or decrease
any such Borrower Entity’s rights (other than to a de minimis extent) with
respect to the Project Loan.  Upon such
execution, delivery, acceptance and recording, from and after the effective
date specified in such Assignment and Acceptance Agreement, (x) such assignee
shall be a Lender and (y) the assignor thereunder shall, to the extent that
rights and obligations hereunder have been assigned by it, or assumed by the
assignee thereunder, pursuant to such Assignment and Acceptance Agreement,
relinquish its rights and be released from its obligations under this Agreement
and the other Project Loan Documents (and, in the case of an Assignment and
Acceptance Agreement covering all or the remaining portion of an assignor’s
rights and obligations under this Agreement, such assignor shall cease to be a
Lender).  The Agent shall maintain a
register (the “Agent’s
Register”) showing the identity of the Lenders from time to
time, and upon request from Borrower from time to time, shall supply Borrower
with a copy of the Agent’s Register. 
Agent acknowledges and confirms that as of the date hereof, GMACCM is
the only Lender.  Supplementing the
foregoing, no entity whose only interest in the Loans is a participation
interest or a pledge or other hypothecation (except to the extent such entity
has foreclosed on such pledge or other hypothecation) shall be considered, for
any purpose hereunder, a Lender.

 

(b)           Subject to Section
11.23 hereof, Borrower acknowledges and agrees that Agent or any Lender may
provide to any potential assignee or participant

 

136

 

originals or
copies of this Agreement, any other Project Loan Documents and any other
documents, instruments, certificates, opinions, insurance policies, letters of
credit, reports, requisitions and other materials and information at any time
submitted by or on behalf of any Borrower Entity or received by Agent and/or
Lenders in connection with the Project Loan. 
Agent and each Lender agree that as a condition to such disclosure to
any such assignee or participant, Agent or such Lender shall use reasonable
efforts to cause such assignee or participant to agree to keep such information
confidential in a manner substantially similar to Section 11.23 hereof.  In addition, Borrower agrees to cooperate in
all reasonable respects with Agent and/or Lenders in the exercise of their
respective rights pursuant to this Section 11.05, including, without
limitation, providing such information and documentation regarding Borrower
Entities, or any other Person and their businesses and finances as Agent and/or
Lenders or any potential assignee or participant may reasonably request and
meeting with potential assignees and participants upon reasonable notice.

 

SECTION 11.06             Successors
and Assigns Included in Parties. 
Whenever in this Agreement one of the parties hereto is named or referred
to, the heirs, legal representatives, successors and assigns of such party
shall be included (including, without limitation, any Member succeeding
Borrower to title to any Unit pursuant to Section 7.50 hereof) and all
covenants and agreements contained in this Agreement by or on behalf of
Borrower or by or on behalf of Agent or any Lender shall bind and inure to the
benefit of their respective heirs, legal representatives, successors and
assigns (including such Members), whether so expressed or not.  Notwithstanding the foregoing, to the extent
any Member is released from liability under the Project Loan Documents pursuant
to Section 7.46 hereof, the heirs, legal representatives, successors and
assigns of such Member shall also be deemed to have been released to such
extent.

 

SECTION 11.07             Headings.  The headings of the Articles, Sections and
subsections of this Agreement are for the convenience of reference only, are
not to be considered a part hereof and shall not limit or otherwise affect any
of the terms hereof.  All references in
this Agreement to Sections, subsections and other divisions are references to
the Sections, subsections and divisions of this Agreement unless otherwise
stated.

 

SECTION 11.08             Invalid
Provisions to Affect No Others.  If fulfillment
of any provision hereof or any transaction related hereto at the time
performance of such provisions shall be due, shall involve transcending the
limit of validity presently prescribed by law, with regard to obligations of
like character and amount, then, ipso facto, the obligation to be fulfilled
shall be reduced to the limit of such validity; and if any clause or provision
herein contained operates or would prospectively operate to invalidate this
Agreement in whole or in part, then such clause or provision only shall be held
for naught, as though not herein contained, and the remainder of this Agreement
shall remain operative and in full force and effect.

 

SECTION 11.09             Interpretation.  Whenever the singular or plural number, or
the masculine, feminine or neuter gender is used herein, it shall equally
include the other.  The words “hereof,”
“herein” and “hereunder” and words of similar import when

 

137

 

used in this Agreement shall refer to this Agreement as a whole and not
to any particular provision of this Agreement.

 

SECTION 11.10             Computation
of Time Periods.  In this Agreement,
with respect to the computation of periods of time from a specified date to a
later specified date, the word “from” means both “from and including” and the
words “to” and “until” both mean “to but excluding.”

 

SECTION 11.11             Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and performed solely within such State.

 

SECTION 11.12             Consent
to Jurisdiction.  Borrower hereby
irrevocably and unconditionally (a) agrees that any suit, action or other legal
proceeding arising out of or relating to the Project Loan Documents may be brought
in the courts of record of the State of New York in New York County or the
courts of the United States, Southern District of New York; (b) consents to,
and waives any and all personal rights under the laws of any state to object
to, the jurisdiction of each such court in any such suit, action or proceeding;
and (c) waives any objection which it may have to the laying of venue of any
such suit, action or proceeding in any of such courts.  In furtherance of such agreement, Borrower
agrees, upon request of Agent, to discontinue (or consent to the discontinuance
of) any such suit, action or proceeding pending in any other jurisdiction or
court.  Nothing contained herein,
however, shall prevent Agent from bringing any suit, action or proceeding or
exercising any rights against any security and against Borrower, and against
any property of Borrower, in any other state or court.  Initiating such suit, action or proceeding
or taking such action in any state shall in no event constitute a waiver of the
agreement contained herein that the laws of the State of New York shall govern
the rights and obligations of Borrower and any Lender and Agent hereunder or
the submission herein by Borrower to personal jurisdiction within the State of
New York.  Borrower irrevocably consents
to the service of any and all process in any such suit, action or proceeding by
service of copies of such process to Borrower at its address provided
herein.  Nothing in this Section 11.12,
however, shall affect the right of Agent to serve legal process in any other
manner permitted by law.  TO THE FULL
EXTENT PERMITTED BY LAW, BORROWER HEREBY KNOWINGLY, INTENTIONALLY AND
VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES,
RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THIS AGREEMENT
OR ANY CONDUCT, ACT OR OMISSION OF BORROWER, OR ANY OF ITS DIRECTORS, OFFICERS,
PARTNERS, PRINCIPALS, MEMBERS, EMPLOYEES OR ANY OTHER AFFILIATES, IN EACH OF THE
FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.  The waivers in this Section are given
knowingly and voluntarily by Borrower and, with respect to the waiver of jury
trial, is intended to encompass individually each instance and each issue as to
which the right to a trial by jury would otherwise accrue.  Agent is hereby authorized to file a copy of
this Section in any proceeding as conclusive evidence of these waivers by
Borrower.

 

138

 

SECTION 11.13             Amendments.  Except as provided in Article 8 and Section
11.05 hereof, neither this Agreement nor any provision hereof may be changed,
waived, discharged or terminated orally, but only by instrument in writing
signed by the party against whom enforcement of the change, waiver, discharge
or termination is sought.

 

SECTION 11.14             Counterparts.  This Agreement may be executed in any number
of counterparts, each of which, when executed and delivered, shall be an
original, but such counterparts shall together constitute one and the same
instrument.

 

SECTION 11.15             Entire
Agreement.  This Agreement and the
other Project Loan Documents embody the entire agreement and understanding
between the parties with respect to the Project Loan and supersede all other
prior agreements and understandings, whether oral or written, relating to the
subject matter hereof and thereof, except as specifically agreed to the
contrary.

 

SECTION 11.16             Recourse.  Agent and Lenders shall have full recourse
against Borrower for any liability or obligation of Borrower under this
Agreement and the other Project Loan Documents.  Neither Lenders nor Agent nor any of them shall have any recourse
against, or the right to enforce the liability and obligation of, the other
Borrower Entities to perform and observe the obligations contained in this
Agreement or any other Project Loan Documents by any action or proceeding
brought against any such other Borrower Entity other than (1) as expressly
provided in the Guaranties, or any other agreement hereafter executed and
delivered to Agent by such other Borrower Entity in connection with the Project
Loan or (2) against the collateral granted under the Security Documents or any
other Project Loan Document.  The
provisions of this Section 11.16 shall not (i) constitute a waiver, release or
impairment of any obligation evidenced or secured by any of the Project Loan
Documents or the NYTC Completion Guaranty; (ii) affect the validity or
enforceability of any Project Loan Document or the NYTC Completion Guaranty or
any of the rights and remedies of Agent thereunder; or (iii) impair the right
of Agent to obtain the appointment of a receiver.  No officer, director, member, shareholder, limited partner,
employee, agent, representative, beneficiary or trustee of, or any person
executing this Agreement or any other Project Loan Document or the NYTC
Completion Guaranty in a representative capacity on behalf of (solely by virtue
of such execution) a Borrower Entity shall ever be personally liable hereunder
for the obligations of such Borrower Entity, all liability of each Borrower
Party being expressly limited to such Borrower Entity (or any general partner,
joint venturer, or other person having liability for the obligations of such
Borrower Entity as a matter of law) and its assets, and all persons dealing
with a Borrower Entity must look solely to such Borrower Entity (or any general
partner, joint venturer, or other person having liability for the obligations
of such Borrower Entity as a matter of law) and its assets for the enforcement
of any claim against such Borrower Entity and in no event shall any recourse be
had to the private property of any officer, director, member, shareholder,
limited partner, employee, agent, representative, beneficiary or trustee of, or
any person executing this agreement on behalf of (solely by virtue of such
execution), a Borrower Entity.

 

139

 

SECTION 11.17             Statute
of Limitations.  Borrower hereby
expressly waives and releases to the fullest extent permitted by law the
pleading of any statute of limitations as a defense to payment of the Project
Loan or performance of its obligations under any of the Project Loan Documents.

 

SECTION 11.18             Remedies
of Borrower Entities.  In the event
that a claim or adjudication is made that Agent or any Lender has acted
unreasonably or has unreasonably delayed acting with respect to any consent or
approval requested under any Project Loan Document in any case where by law or
under the Project Loan Document, it has an obligation to act reasonably or
promptly, Agent or such Lender shall not be liable for any monetary damages,
and the sole remedies of Borrower Entities shall be limited to injunctive
relief or declaratory judgment.

 

SECTION 11.19             Time
of the Essence.  Time is of the
essence of this Agreement and of each and every term, covenant and condition
herein.

 

SECTION 11.20             Survival.  This Agreement and all covenants,
agreements, representations and warranties made herein and in the certificates
delivered pursuant hereto shall survive the making by Lenders of the Project
Loan and the execution and delivery to Lenders of the Project Loan Notes
(regardless of any investigation made by Lenders or on their behalf), and shall
continue in full force and effect so long as all or any part of the Project
Loan is outstanding and unpaid.

 

SECTION 11.21             Usury.  This Agreement and the other Project Loan
Documents are subject to the express condition that at no time shall Borrower
Entities be obligated or required to pay interest on the Project Loan or loan
charges at a rate which could subject the holder of the Project Loan Notes to
either civil or criminal liability as a result of being in excess of the
Maximum Rate permitted by applicable law. 
If by the terms of any Project Loan Document, any Borrower Entity is at
any time required or obligated to pay interest on the Project Loan or loan
charges at a rate in excess of such Maximum Rate, the rate of interest or loan
charges under the Project Loan Notes shall be deemed to be immediately reduced
to such Maximum Rate and the interest payable shall be computed at such Maximum
Rate and all prior interest payments or loan charges in excess of such Maximum
Rate shall be applied and shall be deemed to have been payment in reduction of
the Outstanding Principal.  All sums
paid or agreed to be paid to Lenders for the use, forbearance, or detention of
the Project Loan or for loan charges shall, to the extent permitted by
applicable law, be amortized, prorated, allocated, and spread throughout the
full stated term of the Project Loan Notes until payment in full so that the
rate or amount of interest on account of the Project Loan does not exceed the
Maximum Rate from time to time in effect and applicable to the Project Loan for
so long as the Project Loan is outstanding.

 

SECTION 11.22             Successive
Actions.  A separate right of action
hereunder shall arise in favor of (a) Agent or (b) any other Indemnified Party,
as the case may be, each time Agent or such Indemnified Party acquires
knowledge of any matter indemnified by Borrower hereunder.  Separate and successive actions by Agent or
any Indemnified Party may be brought hereunder to enforce any of the provisions
hereof at

 

140

 

any time and from time to time. 
To the extent permitted by law, no action hereunder shall preclude any
subsequent action, and Borrower hereby warrants and covenants not to assert any
defense in the nature of splitting of causes of action or merger of judgments.

 

SECTION 11.23             Confidentiality.  Borrower and Agent, for itself and on behalf
of Lenders, acknowledge that in connection with the Project Loan, certain
information shall be provided which the Providing Party deems proprietary and
confidential (such information, the “Information”).  Provided that the Providing Party specifies in writing, at the
time of its submission to the Receiving Party, that such information is
confidential, Borrower agrees and Agent, for itself and on behalf of Lenders,
agrees, that the Information shall be kept confidential and shall not be
disclosed to any third party except (a) as may be required by any applicable
court order or decree, or legal or administrative process; (b) as necessary in
connection with the enforcement by Agent of its rights under the Project Loan
Documents and the NYTC Completion Guaranty; (c) as may be required by any
Governmental Authority, bank regulatory body or representative of any thereof
arising out of or in connection with an examination of Agent, any Lender or any
Borrower Entity (as applicable); (d) to any of the Receiving Party’s officers,
directors, employees, attorneys, accountants, agents, advisors or other
representatives who require access to Information to participate in the
administration of the Project Loan; or (e) in connection with any actual or
proposed Assignment of all or any part of Agent’s or any Lender’s interests in
the Project Loan.  Without limiting the
foregoing, Borrower and Agent, for itself and on behalf of Lenders, acknowledge
and agree that if any report concerning the Loans or the Project appears in any
media outlet (including, without limitation, The New York Times, The Boston
Globe, The Worcester Telegram & Gazette and related web sites) owned by
NYTC Guarantor (the “News
Outlets”), Borrower shall not be in violation of this Section
11.23 as long as Borrower has not disclosed Information to the News Outlets and
keeps such Information confidential from the News Outlets in accordance with
its standard policies and procedures.  For
purposes of this Section, “Information”
shall include the economic terms and provisions of the Project Loan and shall
not include (i) any information, product or structure internally developed by
any Receiving Party provided the same does not identify any economic terms of
the Project Loan; (ii) any information in any Receiving Party’s possession or
otherwise known to any Receiving Party prior to the commencement of
negotiations in connection with the consummation of the Project Loan; (iii) any
information which is, or becomes, public or part of the public domain; and (iv)
any information which was previously, or is subsequent to the date hereof, made
available to any Receiving Party by a source not known to such Receiving Party
to be bound by a confidentiality agreement with any Borrower Entity, Agent or
any Lender (as applicable). 
Supplementing the foregoing, all publicity statements and press releases
issued by any Borrower Entity which refer to Agent, any Lender or the Project
Loan must be approved in advance by Agent.

 

SECTION 11.24             Reinstatement
of Obligations.  If at any time all
or any part of any payment made by on behalf of Borrower or received by Agent,
any Lender or any Indemnified Party under or with respect to this Agreement is
or must be rescinded or returned for any reason whatsoever (including, but not
limited to, the insolvency,

 

141

 

bankruptcy or reorganization of Borrower), then the obligations of
Borrower hereunder shall, to the extent of the payment rescinded or returned,
be deemed to have continued in existence, notwithstanding such previous
payment, or receipt of payment by Agent, such Lender or such Indemnified Party,
and the obligations of Borrower hereunder shall continue to be effective or be
reinstated, as the case may be, as to such payment, all as though such previous
payment had never been made.

 

SECTION 11.25             Facsimile
Signatures.  Project Loan Documents
(other than any Project Loan Notes) and the NYTC Completion Guaranty may be
signed by facsimile.  The effectiveness
of any such signatures shall, subject to applicable Legal Requirements, have
the same force and effect as manually-signed originals and shall be binding on
all parties to the Project Loan Documents and the NYTC Completion
Guaranty.  Agent may also require that
any such documents and signatures be confirmed by a manually-signed original
thereof, provided that the failure to request or deliver the same shall not
limit the effectiveness of any facsimile signature.

 

[signature page follows]

 

142

 

IN WITNESS
WHEREOF, Borrower, Initial Agent and Agent have executed this Agreement on the
date first above written.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE NEW YORK
  TIMES BUILDING LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  FC Lion LLC,
  member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  FC 41st
  Street Associates, LLC, its

  managing member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  RRG 8 South,
  Inc., its managing

  member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ David L. Berliner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:  Davd L. Berliner

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:    Sr. Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NYT Real Estate Company LLC, member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  R Anthony Benten

  	
   

  
	
   

  	
   

  	
   

  	
  Name:  R Anthony Benten

  
	
   

  	
   

  	
   

  	
  Title:    Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  INITIAL
  AGENT:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NEW YORK
  STATE URBAN DEVELOPMENT

  CORPORATION d/b/a EMPIRE STATE

  DEVELOPMENT CORPORATION,

  
	
   

  	
  as Initial
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anita W. Laremont

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Anita W. Laremont

  
	
   

  	
   

  	
  Title:

  	
  SVP,
  Legal and General Counsel

  
													

 

 

	
   

  	
   

  	
   

  	
   

  	
  AGENT:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  GMAC COMMERCIAL MORTGAGE

  
	
   

  	
   

  	
   

  	
   

  	
  CORPORATION, as agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Vacys R. Garbonkus

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name: 

  	
  Vacys R. Garbonkus

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE UNDERSIGNED ARE EXECUTING THIS

  	
   

  
	
   

  	
  AGREEMENT AS THE BENEFICIAL OWNERS OF

  	
   

  
	
   

  	
  THE NYTC UNIT AND FC UNITS, RESPECTIVELY:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FC MEMBER:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FC LION LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  FC 41st Street Associates, LLC,
  its managing member

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  RRG 8 South, Inc., its managing member

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ David L. Berliner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  David L. Berliner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Sr. Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NYTC MEMBER:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NYT REAL ESTATE COMPANY LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ R Anthony Benten

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  R Anthony Benten

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Manager

  	
   

  
																		

 

 

Exhibit
A

 

The Land

 

ALL that
certain plot, piece or parcel of land, situate, lying and being in the Borough
of Manhattan, County of New York, City and State of New York, bounded and
described as follows:

 

BEGINNING at
the corner formed by the intersection of the northerly line of West 40th Street
with the easterly line of 8th Avenue;

 

RUNNING THENCE
northerly along said easterly line of 8th Avenue, 197 feet 6 inches to the
corner formed by the intersection of the easterly side of 8th Avenue with the
southerly line of West 41st Street;

 

THENCE
easterly along said southerly line of West 41st Street, 400 feet;

 

THENCE
southerly and parallel to said easterly line of 8th Avenue, 197 feet 6 inches
to the northerly line of West 40th Street;

 

THENCE
westerly along said northerly line of West 40th Street, 400 feet to the point
or place of BEGINNING.

 

Being the
property located at and known as Block 1012, Lots 1, 5, 8, 14, 53, 59, 61, 62,
63 and part of 15 on the Tax Assessment Map of the County of New York.

 

A-1

 

Exhibit
B

 

Permitted Exceptions

 

1.                                       Railroad
Consent recorded in Liber 3192 Cp. 302. (Affects Lot 14).

 

2.                                       Terms,
covenants, conditions, restrictions, provisions and easements contained in the
deed made by New York State Urban Development Corporation d/b/a Empire State
Development Corporation to 42nd St. Development Project, Inc. dated as of
September 8, 2003 and recorded October 24, 2003 as CRFN2003000433117.

 

3.                                       Terms,
covenants, conditions, restrictions, provisions, easements and right of
reversion contained in the deed made by New York State Urban Development
Corporation d/b/a Empire State Development Corporation to The City of New York,
dated as of September 8, 2003 and recorded October 24, 2003 as
CRFN2003000433118.

 

4.                                       Agreement
(Easement) among The New York Times Building LLC, The New York City Transit
Authority, 42nd St. Development Project, Inc. and The City of New York,
dated as of December 12, 2001 and recorded October 24, 2003 as
CRFN2003000433126.

 

5.                                       Site
8 South Land Acquisition and Development Agreement among New York State Urban
Development Corporation d/b/a Empire State Development Corporation, 42nd
St. Development Project, Inc. and The New York Times Building LLC, dated as of
December 12, 2001 and recorded October 24, 2003 as CRFN2003000433119.

 

6.                                       First
Amendment to Site 8 South Land Acquisition and Development Agreement among New
York State Urban Development Corporation d/b/a Empire State Development
Corporation, 42nd St. Development Project, Inc. and The New York
Times Building LLC, dated as of December 14, 2003 and recorded October 24, 2003
as CRFN2003000433120.

 

7.                                       Site
8 South Project Agreement among New York State Urban Development Corporation
d/b/a Empire State Development Corporation, 42nd St. Development
Project, Inc., The City of New York, The New York Times Building LLC, NYT Real
Estate Company LLC and FC Lion LLC, dated as of December 12, 2001 and recorded
October 24, 2003 as CRFN2003000433116.

 

8.                                       Site
8 South Declaration of Design, Use and Operation made by New York State Urban
Development Corporation d/b/a Empire State Development Corporation and 42nd
St. Development Project, Inc., dated as of December 12, 2001 and recorded
October 24, 2003 as CRFN2003000433121.

 

B-1

 

9.                                       Terms,
covenants, provisions and option to purchase contained in the Agreement of
Ground Lease made between 42nd St. Development Project, Inc., as
Landlord, and The New York Times Building LLC, as Tenant, dated as of December
12, 2001, a memorandum of which was recorded October 24, 2003 as
CRFN2003000433122.

 

10.                                 Terms,
covenants, provisions and option to purchase contained in the Agreement of
Sublease made between The New York Times Building LLC, as Landlord, and FC Lion
LLC, as Tenant, dated as of December 12, 2001, a memorandum of which was
recorded October 24, 2003 as CRFN2003000433123.

 

11.                                 Terms,
covenants, provisions and option to purchase contained in the Agreement of
Sublease made between The New York Times Building LLC, as Landlord, and FC Lion
LLC, as Tenant, dated as of December 12, 2001, a memorandum of which was
recorded October 24, 2003 as CRFN2003000433124.

 

12.                                 Terms,
covenants, provisions and option to purchase contained in the Agreement of
Sublease made between The New York Times Building LLC, as Landlord, and NYT
Real Estate Company LLC, as Tenant, dated as of December 12, 2001, a memorandum
of which was recorded October 24, 2003 as CRFN2003000433125.

 

13.                                 Permitted
Leases.

 

14.                                 Liens
created by the Loan Documents.

 

B-2

 

Exhibit
C

 

Certificate of Non-Bank Status

 

	
  To:

  	
   

  	
  The New York
  Times Building LLC

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  [Name of
  Bank and Lending Office]

  

 

Date:

 

Re:  Building Loan and
Project Loan Agreement

 

Ladies and Gentlemen:

 

Reference is
hereby made to the Building Loan Agreement and that certain Project Loan
Agreement, each dated as of
[           ], 2004,
among THE NEW YORK TIMES BUILDING LLC, NEW YORK STATE URBAN DEVELOPMENT
CORPORATION d/b/a EMPIRE STATE DEVELOPMENT CORPORATION, as initial agent
(“Initial Agent”), for itself and for the benefit of any co-lenders as may
exist from time to time(such lenders collectively, including any successors and
assigns, “Lenders”), and GMAC COMMERCIAL MORTGAGE CORPORATION and any successor
thereto, as agent (including as successor to Initial Agent), for itself and any
other co-lenders as may exist from time to time.  Pursuant to the provisions of Sections 3.16(e) of such Building
Loan Agreement and such Project Loan Agreement, the undersigned hereby
certifies that it is not a “bank” within the meaning of Section 881(c)(3) of
the Internal Revenue Code of 1986, as amended.

 

	
   

  	
  Yours faithfully,

  
	
   

  	
   

  
	
   

  	
  [NAME OF
  BANK]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

C-1

 

Exhibit
D

 

Form of Condominium Subordination Agreement

 

D-1

 

 

 

 

 

	
  County of New York

  	
   

  	
  After recording, please
  return to:

  
	
  Section: 4

  	
   

  	
  Paul, Weiss, Rifkind,
  Wharton & Garrison LLP

  
	
  Block: 1012

  	
   

  	
  1285 Avenue of the
  Americas

  
	
  Lots: 
  [              ]
  (f/k/a Lots 1, 5, 8,

  	
   

  	
  New York, NY 10019

  
	
  14, 53, 59, 61, 62, 63
  [and part of 15])

  	
   

  	
  Attention: Harris B.
  Freidus, Esq.

  

 

SUBORDINATION
AGREEMENT

 

THIS SUBORDINATION AGREEMENT (this “Agreement”) is entered into
as of
                        
     , 200    by GMAC COMMERCIAL
MORTGAGE CORPORATION, a California corporation with an address at 100 South Wacker
Drive, Suite 400, Chicago, Illinois, 60606 or any successor thereto, as agent
(including as successor to Initial Agent (as hereinafter defined))(including
its successors and assigns as agent, “Agent”) for itself and on behalf of the
lenders as may exist from time to time (such lenders collectively, including
any successors and assigns, “Lenders” and each individually a “Lender”).

 

W  I
T  N  E  S  S  E  T  H:

 

WHEREAS, pursuant to that certain Building Loan Agreement and that
certain Project Loan Agreement (collectively, as the same have been and may be
revised, restated, amended or modified from time to time, the “Loan
Agreement”), each dated as of June    , 2004
among The New York Times Building LLC (“Borrower”), New York State Urban
Development Corporation d/b/a Empire State Development Corporation, as initial
agent (“Initial
Agent”), for itself and for the benefit of Lenders, and Agent, for
itself and on behalf of Lenders, the Lenders have agreed to advance to Borrower
loans in the maximum aggregate principal amount of $320,000,000 (collectively,
the “Loan”);

 

WHEREAS, the proceeds of the Loan are being used to construct certain
improvements (the “Improvements”) on land (the “Land”)
demised to Borrower pursuant to that certain Agreement of Lease by and between
42nd St. Development Project, Inc. (“Ground Lessor”) and Borrower, dated as of
December 12, 2001 (the “Ground Lease”) which Land is more
particularly described on Exhibit A hereto;

 

WHEREAS, as security for the Loan, Borrower has executed that certain Ground
Leasehold Building Loan Mortgage, Assignment of Leases, Security Agreement and
Subordination Agreement dated as of 
June    , 2004 and recorded at the Office of the
City Register of New York County on
                        
     , 200   as CRFN#                              
and that certain Ground Leasehold Project Loan Mortgage, Assignment of Leases,
Security Agreement and Subordination Agreement dated as of
June   , 2004 and recorded at the Office of the City Register of
New York County on                         
     , 200   as CRFN#
                             
(collectively, as the same may be extended, renewed, revised, restated,
replaced, spread, amended, consolidated, supplemented, assigned or modified
from time to time, the “Mortgages”);

 

 

WHEREAS, (a) Borrower has assigned to Ground Lessor all of Borrower’s
right, title and interest in the Ground Lease and the Severance Subleases (as
defined in the Ground Lease) pursuant to that certain Assignment and Assumption
Agreement, dated as of
                        
     , 200  , which has been submitted to
the Office of the City Register of New York County for recordation immediately
prior to the submission of this Agreement for recording and (b) Agent has
released the Ground Lease and the Severance Sublease to which NYT Real Estate
Company LLC (“NYTC Member”) is a party from the lien of the Mortgages;

 

WHEREAS, the Land and the Improvements have been submitted to the
provisions of Article 9-B of the Real Property Law of the State of New
York pursuant to that certain Declaration of Leasehold Condominium of the
Premises known as The New York Times Building, New York, New York 10019, dated
as of
                        
     , 200   (together with the Condominium
By-Laws attached as Exhibit A thereto, the “Declaration”; all capitalized
terms used herein but left undefined shall have the meanings assigned to such
terms in the Declaration) and recorded on
                        
     , 200   at the Office of the City
Register of New York County as CRFN #
                             ;

 

WHEREAS, as a result of the recording of the Declaration and the
release referred to above, the Mortgages now encumber solely the FC Collective
Unit and the Retail Unit, together with their respective undivided percentage
interest in the Common Elements; and

 

WHEREAS, Agent has agreed to evidence certain lien priority agreements
as between the Mortgages and the Declaration pursuant to this Agreement.

 

NOW THEREFORE, for good and valuable consideration, the receipt and
legal sufficiency of which is hereby acknowledged, Agent hereby agrees as
follows:

 

1.             Lien Priority.  Agent, for itself and on behalf of Lenders,
does acknowledge and agree that in the event of any foreclosure (or acceptance
of a deed in lieu of foreclosure) of any Unit subject to the lien of the
Mortgages by Agent, any designee of Agent or any third party purchaser, it,
such designee or such third party purchaser shall take title to such Unit in
connection with such foreclosure (or acceptance of a deed in lieu thereof)
subject to the Declaration and the Board of Managers’ Lien.  Neither the immediately preceding sentence,
nor any conflict or inconsistency between the terms and provisions of the
Mortgages, on the one hand, and the terms and provisions of the Declaration, on
the other hand, shall be construed to limit, nullify, prevent or restrict Agent
from enforcing any provision in, or from exercising any rights or remedies of
Agent or the Lenders under, the Mortgages.

 

2.             Successors and Assigns.  Whenever in this Agreement any party is
named or referred to, the successors and assigns of such party or parties shall
be included, whether so expressed or not. 
All obligations, covenants and agreements contained in this Agreement
shall be binding on, and inure to the benefit of, the respective successors and
assigns of the parties hereto whether so expressed or not.

 

2

 

3.             Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed solely within such State.

 

4.             Counterparts.  This Agreement may be executed in any number of counterparts and
all of such counterparts shall together constitute one and the same instrument.

 

[SIGNATURE
ON NEXT PAGE]

 

3

 

IN WITNESS WHEREOF, Agent, for itself and on behalf of Lenders, has
executed this Agreement as of the date first set forth above.

 

	
   

  	
  AGENT:

  
	
   

  	
   

  
	
   

  	
  GMAC COMMERCIAL MORTGAGE

  CORPORATION, as Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
  STATE OF
                             

  	
   

  	
  )

  
	
   

  	
  )  ss.:

  
	
  COUNTY OF
                       

  	
   

  	
  )

  
				

 

On the          day of
        in the year 200   before
me, the undersigned, personally appeared
                                
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, 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

  

 

 

EXHIBIT A

 

ALL that certain plot,
piece or parcel of land and the improvements thereon, situate, lying and being
in the Borough of Manhattan, County, City and State of New York, bounded and
described as follows:

 

 

SAID LAND AND
IMPROVEMENTS NOW KNOWN AS Lots
[                            ]
as more particularly described in the Declaration and on the floor plans
certified by
                                                    
on
                        
   , 200   and filed with the Real Property Assessment
Department on
                  
    , 200   as Condominium Plan No.
         and also filed in the Office
of the City Register of New York County on
                  
    , 200    as CFRN #
                                                      .

 

 

Exhibit
E

 

Draw Request

 

E-1

 

 

 

 

DRAW REQUEST

 

                            ,
200  

 

GMAC Commercial Mortgage
Corporation, as Agent

100 South Wacker Drive, Suite 400

Chicago, Illinois  60606

Attn:  Phillip J. Keel, Vice President

 

[                                                

                                                

                                                

Attn: 
                                      ](1)

 

Re:          Building Loan Agreement dated as of
                  
    , 2004 (as revised, restated, amended or modified from
time to time, the “Building Loan Agreement”) and Project Loan
Agreement dated as of
              
      , 2004 (as revised, restated, amended or
modified from time to time, the “Project Loan Agreement”; together with the
Building Loan Agreement, the “Loan Agreements”) each by and among The New
York Times Building LLC (“Borrower”), New York State Urban
Development Corporation, d/b/a Empire State Development Corporation, as initial
agent (“Initial
Agent”) for itself and for the benefit of any lenders as may exist
from time to time (such lenders, collectively, including any successors and
assigns, “Lenders”),
and GMAC Commercial Mortgage Corporation and any successor thereto, as agent
(including as successor to Initial Agent) (including any successors and assigns
as agent, “Agent”)
for itself and on behalf of Lenders. 
All capitalized terms not defined herein shall have the meanings
ascribed to them in the Loan Agreements.

 

Ladies and Gentlemen:

 

In accordance with the Loan Agreements, Borrower desires to obtain an
advance of
                                      
($                    )
(the “Building
Loan Advance”) and an advance of
                          
($                      )
(the “Project
Loan Advance”; together

 

(1) 
Copies of the Draw Request do not need to go to the Disbursement Agent
unless Agent has made the election under Section 5.03(b)(ii) of the Building
Loan Agreement.

 

 

with the Building Loan Advance, the “Advances” and individually,
an “Advance”)
on
                                
(the “Requested
Advance Date”) as follows: 
$                      
on account of Building Loan Costs for the FC Units,
$                  
on account of Building Loan Costs for the NYTC Units,
$                    
on account of Project Loan Costs for the FC Units, and
$                  
on account of Project Loan Costs for the NYTC Units.  Such allocations (a) are more particularly set forth on the
attachments to the Sworn Owner’s Affidavit which is attached hereto and
(b) have been prepared in accordance with the Cost Allocation
Methodology.  In order to induce Lenders
to make each Advance, Borrower hereby represents and warrants the following to
Agent and Lenders:

 

1.             The
period covered by this Draw Request is
                                                .

 

2.             The
Improvements have not been injured or damaged by fire, explosion, accident,
flood or other casualty except: 
                                                      .

 

3.             All
Building Loan Costs and Project Loan Costs for the payment of which Lenders
have previously advanced funds have in fact been paid and all such prior
Advances have been used for the purposes requested therefor except as
follows: 
                                .

 

4.             The
subject Advances shall be used for the purposes set forth in the Sworn Owner’s
Statement attached hereto.

 

5.             No
Borrower Entity has any defenses to or offsets against the payment of any
amounts due to Agent and/or any Lender under or in connection with the Loan
Documents, or defenses, claims or counterclaims against the payment and
performance of any of their respective obligations under the Loan Documents.  Borrower is authorized to make this
representation on behalf of all of the other Borrower Entities.

 

6.             The
amount of each Advance (except if such advance is the final Advance) equals at
least Fifty Thousand and No/100 Dollars ($50,000.00).  No other Draw Request has been submitted in this calendar month
and the most recent Draw Request was submitted at least fifteen (15) days prior
to the date hereof.  The total of all
previous Advances made under the Building Loan and the Project Loan, together
with the subject Advances, is shown on the attachments hereto.  The total of all previous Advances under the
Building Loan Agreement and under the Project Loan Agreement allocable to the
Maximum Amount—FC, together with that portion of the subject Advance allocable
to the Maximum Amount—FC, does not exceed the Maximum Amount—FC.  The total of all previously requested
Advances under the Building Loan Agreement and under the Project Loan Agreement
allocable to the Maximum Amount—NYTC, together with that portion of the subject
Advance allocable to the Maximum Amount—NYTC, does not exceed the Maximum
Amount—NYTC.  No item of expense
specified in the Sworn Owner’s Affidavit attached hereto has previously been
made the basis of any prior Advance.

 

7.             The
purpose of the Advances is to pay the Building Loan Costs and Project Loan
costs detailed in the Sworn Owner’s Statement and accompanying invoices
attached hereto and made a part hereof.

 

2

 

	
   

  	
   

  
	
  Initials of

  
	
  Borrower

  

 

8.             The
costs of any additional documentation, legal fees or title insurance required
by Agent to evidence the Advances and preserve the priority of the lien of the
Building Loan Mortgage and Project Loan Mortgage and the other Security
Documents is a Reimburseable Cost.

 

9.             All
conditions precedent to the Advances set forth in Section 4.02 and (if
applicable) 4.03 of the Building Loan Agreement and the Project Loan Agreement
have been fulfilled.

 

10.           The
information set forth herein is true, correct and complete as of the date
hereof and will be true, correct and complete as of the Requested Advance Date.

 

This letter shall constitute a Borrower’s instruction to Lenders
to pay to Agent [the Disbursement Agent] the Advances in the total amount
indicated on the attachments in the Sworn Owner’s Statement, and
(b) Borrower’s instructions and authorization to [Agent] [Disbursement
Agent] to disburse such Advances and any applicable Other Funds to pay each of
the expenses shown in the enclosed invoices, unless (i) any such amount
with respect to interest, fees or other amounts due and payable to Agent and/or
any Lender which Agent and Lenders are, in accordance with the Building Loan
Agreement or Project Loan Agreement, entitled to subtract from such Advance [or
(ii) Disbursement Agent is otherwise instructed by Agent].  [Disbursement Agent acknowledges, however,
that it shall only disburse such Loan proceeds in accordance with the
Construction Loan Disbursement Agreement.]

 

[Signature page follows]

 

3

 

	
   

  	
  Borrower:

  
	
   

  	
   

  
	
   

  	
  THE NEW YORK TIMES BUILDING LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  FC LION LLC, member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  FC 41st Street Associates, LLC, its

  managing member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  RRG 8 South, Inc., its managing

  member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NYT Real Estate Company LLC, member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
									

 

 

Sworn
Owner’s Statement

 

	
  State of New York

  	
  )

  	
   

  
	
   

  	
  )

  	
  ss:

  
	
  County of New York

  	
  )

  	
  Escrow No.
                

  

 

The affiant,
                                            ,
being duly sworn on oath deposes and says the following in his/her capacity as
the
                            
of RRG 8 South, Inc., which is the managing member of FC 41st Street
Associates, LLC, which is the managing member of FC Lion LLC, which is a member
of The New York Times Building LLC (“Borrower”), which is the owner of the
premises known as The New York Times Building, New York, New York:

 

                1.             That he/she is
authorized to deliver this statement on behalf of Borrower and is thoroughly
familiar with the facts and circumstances concerning the premises described
above;

                

                2.             Since the date of the
last Sworn Owner’s Statement submitted in connection with a Draw Request, the
only services performed, materials supplied, work done or reimbursements
furnished in connection with the mentioned premises for whom Borrower is
requisitioning funds are listed on the attachments hereto;

                

                3.             That the contracts to
which Borrower, or any Affiliate thereof, is a party as to which Borrower is
not requisitioning funds (whether because the third party thereto is not yet
entitled to payment pursuant to the applicable contract, or because there is a
dispute between such third party and Borrower), together with the amount of any
bills, invoices or payment claims submitted by such third party, if applicable
and the reason(s) why payment has not been requisitioned are set forth on the
attachments hereto; and

                

                4.             That, to the
affiant’s knowledge, the facts set forth in this statement and the attachments
are true and complete.

                

Notwithstanding anything
to the contrary contained in this Sworn Owner’s Statement, the affiant shall
not have any personal liability hereunder. 
Borrower does have liability hereunder to the same extent it has
liability under any other Loan Document.

 

 

	
   

  	
  Signed:

  	
   

  
	
   

  	
  Name:

  	
   

  

 

Subscribed and sworn to
before me this        day of
                      ,
200  .

 

 

	
   

  	
   

  
	
   

  	
  Notary Public

  

 

 

 

 

Exhibit
F

 

Description of Improvements

 

F-1

 

 

 

 

Borrower intends to construct upon the Land a
52 story office building (with ground floor retail) located at 820 Eighth
Avenue, (block 1012, lots 1, 5, 8 and 14, part of 15, 53, 59, 61, 62 and 63)
New York, New York, consisting of approximately 1,539,000 square feet of total
gross building area of above grade space, additional below grade space and
additional roof top and mechanical space.

 

 

 

 

Exhibit
G

 

Intentionally Omitted

 

G-1

 

Exhibit
H

 

Form of Non-Disturbance Agreement

 

H-1

 

 

 

 

SUBORDINATION,
NON-DISTURBANCE AND ATTORNMENT AGREEMENT

 

This Subordination, Non-Disturbance and Attornment Agreement (this “Agreement”)
is made as of
                           ,
200    , between GMAC COMMERCIAL MORTGAGE CORPORATION, a
California corporation and any successor thereto, as agent (including as
successor to Initial Agent (as hereinafter defined)) (including any of its
successors and assigns as agent, “Agent”), for itself and any co-lenders as
may exist from time to time (such lenders collectively, including any
successors and assigns, “Lenders”), [Tenant] (“Tenant”) and [Landlord] (“Landlord”).

 

RECITALS

 

A.    Tenant is the tenant under a
certain lease (the “Lease”), dated as of
                                  ,
            , with
Landlord, of premises described in the Lease (the “Premises”) as more
particularly described in Exhibit A hereto.

 

B.    This Agreement is being
entered into in connection with (i) those certain loans (collectively, the
“Construction
Loan”) which Lenders have agreed to make to The New York Times
Building LLC (“Owner”) pursuant to that certain Building Loan Agreement and
that certain Project Loan Agreement, each dated as of
June     , 2004 and each by and among The New York
Times Building LLC, New York State Urban Development Corporation d/b/a Empire
State Development Corporation, as initial agent (“Initial Agent”), for itself
and for the benefit of Lenders, and Agent, for itself and on behalf of Lenders,
which Loans are secured, in part, by that certain Ground Leasehold Building
Loan Mortgage, Assignment of Leases, Security Agreement and Subordination
Agreement, dated as of June       , 2004 (as
the same may hereafter be amended or modified, the “Building Loan Mortgage”);
that certain Ground Leasehold Project Loan Mortgage, Assignment of Leases,
Security Agreement and Subordination Agreement, dated as of
June       , 2004 (as the same may hereafter
be amended or modified, the “Project Loan Mortgage”); that certain
Assignment of Leases and Rents (Building Loan Mortgage) dated as of
June       , 2004 (as the same may hereafter
be amended or modified, the “Building Loan Assignment”); and that
certain Assignment of Leases and Rents (Project Loan Mortgage), dated as of
June       , 2004 (as the same may hereafter
be amended or modified, the “Project Loan Assignment”).

 

C.            The Building Loan Assignment and Project
Loan Assignment are collectively referred to herein as the “Assignments.”  The Building Loan Mortgage and Project Loan
Mortgage are collectively referred to herein as the “Mortgages”.  The Assignments and Mortgages, together with
all other documents executed and delivered or to be executed and delivered in
connection with the Construction Loan, are collectively referred to herein as
the “Loan
Documents”.

 

D.            Landlord is a member of Owner and has
consented to the Mortgages and the Assignments and has executed and delivered
the Mortgages and the Assignments.  Each
Mortgage covers, among other things, the Premises, and each Assignment covers,
among other things, the Lease.

 

 

AGREEMENT

 

For mutual consideration, including the mutual covenants and agreements
set forth below, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.             Tenant
agrees that the Lease and all terms and conditions contained therein and all
rights, options, liens and charges created thereby is and shall be subject and
subordinate in all respects to the Loan Documents, the liens created thereby,
all present or future advances thereunder and all renewals, amendments,
spreaders, modifications, consolidations, replacements, increases and
extensions thereof, to the full extent of all amounts secured by the Loan
Documents from time to time.

 

2.             Agent
agrees that, if Agent exercises any of its rights under the Loan Documents such
that it becomes the owner of the Premises, including but not limited to an
entry by Agent pursuant to any Mortgage, a foreclosure under any Mortgage, a
power of sale under any Mortgage or otherwise: 
(a) the Lease shall continue in full force and effect as a direct
lease between Agent and Tenant, and subject to all the terms, covenants and
conditions of the Lease, and (b) Agent shall not disturb Tenant’s right of
quiet possession of the Premises under the terms of the Lease so long as Tenant
is not in default beyond any applicable grace period of any term, covenant or
condition of the Lease.

 

3.             Tenant
agrees that, in the event of an exercise of the power of sale or foreclosure of
any Mortgage by Agent or the acceptance of a deed in lieu of foreclosure by
Agent or any other succession of Agent to ownership of the Premises, Tenant
will attorn to and recognize Agent as its landlord under the Lease for the
remainder of the term of the Lease (including all extension periods which have
been or are hereafter exercised) upon the same terms and conditions as are set
forth in the Lease, and Tenant hereby agrees to pay and perform all of the
obligations of Tenant pursuant to the Lease.

 

4.             Tenant
agrees that, in the event Agent succeeds to the interest of Landlord under the
Lease, neither Agent nor Lenders shall be:

 

(a)           liable in any way for any act, omission,
neglect or default of any prior Landlord (including, without limitation, the
then defaulting Landlord), except to the extent such act, omission, neglect or
default accrues from and after Agent succeeds to the interest of Landlord; or

 

(b)           subject to any claim, defense, counterclaim
or offsets which Tenant may have against any prior Landlord (including, without
limitation, the then defaulting Landlord), except to the extent such claim,
defense, counterclaim or offset accrues 
from and after the date that Agent succeeds to the interest of Landlord
under the Lease; or

 

2

 

(c)           bound by any payment of rent or additional
rent which Tenant might have paid for more than one month in advance of the due
date under the Lease to any prior Landlord (including, without limitation, the
then defaulting Landlord), except to the extent received by Agent or required
under the Lease to be so paid in Advance; or

 

(d)           bound by any obligation to make any payment
to Tenant which was required to be made prior to the time Agent succeeded to
any prior Landlord’s interest, except for any work allowance, work credit or
any other similar payments to be made to Tenant under the Lease; or

 

(e)           accountable for any monies deposited with any
prior Landlord (including security deposits), except to the extent such monies
are actually received by Agent; or

 

(f)            bound by any amendment or modification of
the Lease made without the written consent of Agent, which consent shall not be
unreasonably withheld or delayed.

 

Subject to paragraph 2 above, nothing contained herein shall prevent
Agent from naming Tenant in any foreclosure or other action or proceeding
initiated in order for Agent to avail itself of and complete any such
foreclosure or other remedy if such joinder shall be required by law.

 

5.             Tenant
hereby agrees to give to Agent copies of all notices of Landlord default(s)
under the Lease in the same manner as, and whenever, Tenant shall give any such
notice of default to Landlord and no such notice of default shall be deemed
given to Landlord unless and until a copy of such notice shall have been so
delivered to Agent.  Agent shall have
the right but no obligation to remedy any Landlord default under the Lease, or
to cause any default of Landlord under the Lease to be remedied, and for such
purpose Tenant hereby grants Agent, in addition to the period given to Landlord
for remedying defaults, an additional twenty (20) days in the case of a
monetary default and an additional sixty (60) days in the case of a
non-monetary default to remedy, or cause to be remedied, any such default.  Tenant shall accept performance by Agent of
any term, covenant, condition or agreement to be performed by Landlord under
the Lease with the same force and effect as though performed by Landlord.  No Landlord default under the Lease shall
exist or shall be deemed to exist (i) as long as Agent, in good faith,
shall have commenced to cure such default and shall be prosecuting the same to
completion with reasonable diligence, within the above-referenced time period
subject to any force majeure that exists at or during Agent’s cure periods, or
(ii) if possession of the Premises is required in order to cure such
default, or if such default is not susceptible of being cured by Agent, as long
as Agent, in good faith, shall have notified Tenant within ten (10) business
days of receiving Tenant’s notice to Agent of Landlord’s default that Agent
intends to institute proceedings under the Loan Documents, and, thereafter, as
long as such proceedings shall have been promptly instituted and shall be
prosecuted with all reasonable diligence. 
In the event of the termination of the Lease by reason of any bankruptcy
by Landlord, upon Agent’s written request, given within thirty (30) days after

 

3

 

any such termination, Tenant, within fifteen (15) days after receipt of
such request, shall execute and deliver to Agent or its designee or nominee a
new lease of the Premises for the remainder of the term of the Lease upon all
of the terms, covenants and conditions of the Lease.  Neither Agent nor its designee or nominee shall become liable
under the Lease unless and until Agent or its designee or nominee becomes, and
then only with respect to periods in which Agent or its designee or nominee remains,
the owner of the Premises.  In no event
shall Agent or Lenders have any personal liability as successor to Landlord and
Tenant shall look only to the estate and property of Agent or Lenders in the
Premises and the proceeds of any sale of the Premises or any part thereof for
the satisfaction of Tenant’s remedies for the collection of a judgment (or
other judicial process) requiring the payment of money in the event of any
default by Agent as Landlord under the Lease, and no other property or assets of
Agent or Lenders shall be subject to levy, execution or other enforcement
procedure for the satisfaction of Tenant’s remedies under or with respect to
the Lease.  Agent shall, subject to the
last grammatical paragraph of paragraph 4 hereof, have the right, without
Tenant’s consent, to foreclose the Mortgages or to accept a deed in lieu of
foreclosure or to exercise any other remedies under the Loan Documents.

 

6.             Tenant
agrees that, following delivery of written notice from Agent to Tenant
designating an account into which all payments of rent are thereafter to be
made (which notice shall include appropriate wire and mailing instructions),
Tenant shall thereafter make all payments of rent due under the Lease
(including, without limitation, base rent, amounts due for operating expenses
and real estate taxes and, where applicable, rent due as a percentage of sales
receipts) and all other charges and sums payable by Tenant under the Lease in
accordance with such notice, unless and until Tenant receives written
instructions from Agent to do otherwise. 
Agent shall apply such rents and other payments it receives in
accordance with the Loan Documents and, upon the repayment of the indebtedness
evidenced by the Loan Documents, shall instruct Tenant to make future payments
of rent as directed by Landlord.  Any
payments due under the Lease which are made by Tenant to Agent hereunder shall
be deemed to satisfy Tenant’s obligations to Landlord under the Lease.  In the event of any conflict between the
provisions of this paragraph 6 and the terms and provisions of the Lease, the
provisions of this paragraph 6 shall govern and control.

 

7.             Tenant
has no knowledge of any prior assignment or pledge of the rents accruing under
the Lease by Landlord.  Tenant hereby
acknowledges the making of the Assignments from Landlord to Agent in connection
with the Loans.  Tenant acknowledges
that the interest of the Landlord under the Lease is to be assigned to Agent
solely as security for the purposes specified in the Assignments, and Agent
shall have no duty, liability or obligation whatsoever under the Lease or any
extension or renewal thereof, either by virtue of the Assignments or by any
subsequent receipt or collection of rents thereunder, unless Agent shall
specifically undertake such liability in writing.

 

8.             If
Tenant is a corporation, each individual executing this Agreement on behalf of
said corporation represents and warrants that s/he is duly authorized to
execute and deliver this Agreement on behalf of said corporation, in accordance
with a duly adopted resolution of the Board of Directors of said corporation

 

4

 

or in accordance with the by-laws of said corporation, and that this
Agreement is binding upon said corporation in accordance with its terms.  If Tenant is a partnership or limited
liability company, each individual executing this Agreement on behalf of said
partnership or limited liability company represents and warrants that s/he is
duly authorized to execute and deliver this Agreement on behalf of said
partnership or limited liability company in accordance with the partnership
agreement for the partnership or operating agreement for the limited liability
company.

 

9.             Any
notice, election, communication, request or other document or demand required
or permitted under this Agreement shall be in writing and shall be deemed
delivered on the earlier to occur of (a) receipt or (b) the date of
delivery, refusal or nondelivery indicated on the return receipt, if deposited
in a United States Postal Service Depository, postage prepaid, sent certified
or registered mail, return receipt requested, or if sent via recognized
commercial courier service providing for a receipt, addressed to Tenant or
Agent, as the case may be, at the following addresses:

 

	
   

  	
  If to Tenant:

  
	
   

  	
   

  
	
   

  	
  [To be added]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  
	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  
	
   

  	
   

  
	
   

  	
  If to Agent:

  
	
   

  	
   

  
	
   

  	
  GMAC Commercial Mortgage Corporation

  
	
   

  	
  100 South Wacker Drive, Suite 400

  
	
   

  	
  Chicago, Illinois 60606

  
	
   

  	
  Attention: Vacys R. Garbonkus

  
	
   

  	
   

  
	
   

  	
  with copies to:

  
	
   

  	
   

  
	
   

  	
  GMAC Commercial Mortgage Corporation

  
	
   

  	
  200 Witmer Road

  
	
   

  	
  Horsham, Pennsylvania 19044

  
	
   

  	
  Attention: General Counsel

  
				

 

5

 

	
   

  	
  and

  
	
   

  	
   

  
	
   

  	
  Paul, Weiss, Rifkind, Wharton &
  Garrison LLP

  
	
   

  	
  1285 Avenue of the Americas

  
	
   

  	
  New York, New York 10019-6064

  
	
   

  	
  Attention: Harris B. Freidus, Esq.

  
	
   

  	
   

  
	
   

  	
  If to Landlord:

  
	
   

  	
   

  
	
   

  	
  [to be added]

  

 

10.           The
term “Agent” or “Lenders” as used herein includes any successors or assigns
thereof, including without limitation, any co-lender at the time of or after
the making of the Loans, any purchaser at a foreclosure sale and any transferee
pursuant to a deed in lieu of foreclosure, and their successors and assigns,
and the term “Landlord” or  “Tenant” as
used herein includes any successor and assign of the named Landlord or Tenant,
as applicable, herein.

 

11.           If
any provision of this Agreement is held to be invalid or unenforceable by a
court of competent jurisdiction, such provision shall be deemed modified to the
extent necessary to be enforceable, or if such modification is not practicable
such provision shall be deemed deleted from this Agreement, and the other
provisions of this Agreement shall remain in full force and effect.

 

12.           Neither
this Agreement nor any of the terms hereof may be terminated, amended,
supplemented, waived or modified orally, but only by an instrument in writing
executed by the party against which enforcement of the termination, amendment,
supplement, waiver or modification is sought.

 

13.           This
Agreement shall be construed in accordance with the laws of the State where the
Premises is located without regard to conflict of law principles.

 

14.           As
between Landlord and Tenant, nothing herein expands Landlord’s or Tenant’s
respective obligations or limits Landlord’s or Tenant’s respective rights under
the Lease.

 

[signature page follows]

 

6

 

WITNESS the execution hereof as of the date first above written.

 

	
   

  	
  GMAC COMMERCIAL MORTGAGE CORPORATION,

  
	
   

  	
  a California corporation, as Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [TENANT]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

The undersigned Landlord hereby consents to the foregoing Agreement and
confirms the facts stated in the foregoing Agreement.

 

	
   

  	
  [

  	
   

  	
  ]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

 

ACKNOWLEDGMENT FOR AGENT

 

	
  STATE OF
                                   

  	
  )

  
	
   

  	
  )  ss.:

  
	
  COUNTY OF
                  

  	
  )

  

 

On the      day of
                    ,
        , before me, the undersigned,
personally appeared
                                        
, personally known to me or proved to me on the basis of satisfactory evidence
to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her/their signature(s) on the
instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument.

 

	
   

  	
   

  
	
   

  	
  Signature and Office of individual taking
  acknowledgment

  

 

ACKNOWLEDGMENT FOR TENANT

 

	
  STATE OF NEW YORK

  	
  )

  
	
   

  	
  )  ss.:

  
	
  COUNTY OF 
                  

  	
  )

  

 

On the      day of
                    ,
        , before me, the undersigned,
personally appeared
                                        
, personally known to me or proved to me on the basis of satisfactory evidence
to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their
capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument.

 

	
   

  	
   

  
	
   

  	
  Signature and Office of individual taking
  acknowledgment

  

 

 

ACKNOWLEDGMENT FOR LANDLORD

 

	
  STATE OF NEW YORK

  	
  )

  
	
   

  	
  )  ss.:

  
	
  COUNTY OF 
                  

  	
  )

  

 

On the      day of
                    ,
      , before me, the undersigned, personally
appeared
                                        
, personally known to me or proved to me on the basis of satisfactory evidence
to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her/their signature(s) on the
instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument.

 

 

	
   

  	
   

  
	
   

  	
  Signature and Office of individual taking
  acknowledgment

  

 

9

 

EXHIBIT A

 

The Premises

 

 

10

 

Exhibit
A

 

The Land

 

ALL that certain plot, piece or parcel of land, situate, lying and
being in the Borough of Manhattan, County of New York, City and State of New
York, bounded and described as follows:

 

BEGINNING at the corner formed by the intersection of the
northerly line of West 40th Street with the easterly line of 8th Avenue;

 

RUNNING THENCE northerly along said easterly line of 8th Avenue, 197
feet 6 inches to the corner formed by the intersection of the easterly
side of 8th Avenue with the southerly line of West 41st Street;

 

THENCE easterly along said southerly line of West 41st Street, 400
feet;

 

THENCE southerly and parallel to said easterly line of 8th Avenue, 197
feet 6 inches to the northerly line of West 40th Street;

 

THENCE westerly along said northerly line of West 40th Street, 400 feet
to the point or place of BEGINNING.

 

Being the property located at and known as Block 1012, Lots 1, 5, 8,
14, 53, 59, 61, 62, 63 and part of 15 on the Tax Assessment Map of the County
of New York.

 

A - 1

 

 

 

 

 

Exhibit
I

 

Architect’s Certificate

 

I-1

 

 

 

 

ARCHITECTS’ STATEMENT

 

[Architect’s Letterhead]

 

	
   

  	
                                 ,
  200

  
	
   

  	
   

  
	
   

  	
  Application for Payment 

  

 

GMAC Commercial Mortgage
Corporation, as Agent

100 South Wacker Drive, Suite 400

Chicago, Illinois  60606

 

Ladies and Gentlemen:

 

The undersigned (“Architect”) understands that GMAC Commercial Mortgage
Corporation, as agent (including any successor thereto, “Agent”) for itself and any other co-lenders
as may exist from time to time (collectively, “Lenders”) has made or will make loans (the “Loans”) to The New
York Times Building LLC (“Borrower”), which Loans will be used to finance construction
by Borrower of the improvements (the “Improvements”) on and adjacent to the premises more
particularly described in Exhibit A hereto (the “Land”; and together with the Improvements,
the “Project”).  The Loans will be advanced pursuant to that
certain Building Loan Agreement dated as of 
June    , 2004 (the “Building Loan Agreement”) by and between
Borrower, New York State Development Corporation d/b/a Empire State
Corporation, as initial agent (“Initial Agent”) for itself and for the benefit of Lenders,
and Agent, for itself and on behalf of Lenders, and that certain Project Loan
Agreement dated as of June     , 2004 (the “Project Loan Agreement”;
collectively with the Building Loan Agreement, the “Loan Agreements”) by and between Borrower,
Initial Agent, for itself and for the benefit of Lenders, and Agent, for itself
and on behalf of Lenders.  Capitalized
terms not defined herein shall have the meanings ascribed to them in the
Architect’s Agreement (as defined below).

 

Knowing that Agent and Lenders will rely on this Architect’s Statement
in advancing proceeds of the Loans, Architect, for itself and on behalf of RPBW
(as hereinafter defined), based upon its knowledge, information and belief, and
upon its performance and services (including RPBW and Architect’s respective
periodic on site observations of construction) all in accordance with the
Architect’s Agreement (as hereinafter defined) and subject to generally
accepted standards of practice, hereby states to Agent and Lenders as follows
as of the date hereof:

 

1.             Architects
have been engaged to act as architects for the Project and such engagement is
evidenced by that certain Contract for Architectural Services dated as of
October 3, 2001 among FC 41st Street Associates, LLC (“FC 41st Street”), 

 

 

NYT Real Estate Company LLC (“NYTC Member”), RPBW Piano Building Workshops,
S.E.L.A.F.A. (“RPBW”;
together with Architect, “Architects”)) and Architect, as assigned by FC 41st
Street and NYTC Member to Borrower in accordance with Section 14.3 of the
Architect’s Agreement (the “Architect’s Agreement”).  No amendments or supplements to the Architect’s Agreement have
been made except as set forth on Exhibit B attached hereto.

 

2.             Architects
last observed the Project on
              ,
200    and
                              ,
200  , respectively, and each found the status of the Project on such
date and the progress made on the Project [since their last Certificate dated
               ,
200  ] to be in substantial accordance with the Project Schedule.

 

3.             Architects
have been advised that, pursuant to that certain memorandum of the New York
State Urban Development Corporation d/b/a Empire State Development Corporation
(“ESDC”) concerning the
42nd Street Development Project, dated November 14, 2001 (the “Override Resolution”),
ESDC confirmed that the Project is not required to comply with the requirements
of the New York City Zoning Resolution. 
Architects have been further advised that the Project is required to
comply with the Site 8 South Declaration of Design, Use and Operation by
ESDC, 42nd St. Development Project, Inc., dated as of December 12, 2001
(the “DUO Declaration”)
and is required to comply with all other “Legal Requirements” as defined in the
ground lease for the site of the Project (the “Lease”). 
In addition, Architects have been informed that Design Development Plans
and Final Plans and Specifications, as defined in the Lease, are required to be
approved by the ESDC before construction of the Project may begin and that such
approvals have been received.

 

4.             The
Construction Documents in effect as of the date hereof have been approved by
all applicable governmental authorities having jurisdiction over the Project
and comply with building codes and other similar legal requirements.  Supplementing the foregoing, the
Construction Documents comply with the “Design Development Plans” and “Final
Plans and Specifications” that have been approved by ESDC.  Architects have made no amendments,
modifications, or changes to the Construction Documents other than those with
Agent’s prior written approval or with respect to which Borrower has informed
Architects that Agent’s approval is not required since the last Architect’s
Certificate dated
                      ,
200  , other than as described on Exhibit C attached hereto.

 

5.             All
work observed to date has been done generally in accordance with the
Construction Documents.

 

6.             Upon
completion of the Project in accordance with the Construction Documents, the
Project will be in compliance in all material respects with currently
applicable building codes and other similar legal requirements (including,
without limitation, the Americans with Disabilities Act) and the Project shall
be entitled to certificates of occupancy by all applicable governmental
authorities and may be lawfully occupied and used for the purposes for which it
was designed.

 

2

 

7.             All
material permits, licenses, and other approvals from governmental authorities
required to complete construction of the Project have been validly issued by
the appropriate governmental authorities (or are capable of being obtained
within time periods consistent with the projected completion dates set forth on
the Project Schedule) and are in full force and effect, and subject to the
limited scope of services provided for in the Architect’s Agreement, to
Architects’ knowledge there is no violation of any of the provisions thereof or
of any legal requirements.

 

8.             The
Architects have no knowledge of any petitions, actions or proceedings pending
or threatened to revoke, rescind, alter or declare invalid any legal
requirements, permits, licenses or approvals of any governmental authorities
for or relating to the Project.

 

9.             The
DUO Declaration permits, as of right, the construction of the Project in
accordance with the Construction Documents and, upon completion of
construction, the operation, use and occupancy thereof contemplated by the
Construction Documents.

 

10.           Architects
have received a survey from the Borrower and, to the extent shown on such
survey, are familiar with the locations of all easements, restrictions,
rights-of-way, subsurface rights and the like in force relating to the Project,
and the Construction Documents have been so prepared that the improvements will
not encroach over, across or upon any such easements, restrictions,
rights-of-way or subsurface rights and the like to the extent shown on such
survey, except as expressly permitted by the holders of title to such
easements, rights-of-way or subsurface rights pursuant to written instruments,
agreements and permits.

 

11.           The
Architect’s Agreement is in full force and effect, Architects  are not in default thereunder and to
Architects’ knowledge, Borrower is not in default of any of Borrower’s
obligations thereunder.

 

12.           The
Project has not been suspended, abandoned or terminated.

 

13.           As
of the date hereof, the Fee has not been subject to any increase and there are
no approved Additional Services for the Architects other than, in each case,
those referenced on Exhibit B
attached hereto or heretofore disclosed on a prior Architects’ Certificate to
Agent.

 

14.           As
the date hereof, Architect acknowledges that Architects have been paid 
$                                    
for Basic Services, $
                            
for Additional Services and $                       
for Reimbursable Expenses.

 

15.           The
provisions set forth in this Certificate shall be binding upon Architects and
Architects’ successors and shall inure to the benefit of Agent and Lenders but
not to any other Person and accordingly no other Person shall be entitled to
rely thereon.

 

3

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FOX & FOWLE ARCHITECTS, PC, for

  itself and on behalf of RPBW

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

4

 

Exhibit A

 

Description of Premises

 

 

 

Exhibit A

 

The Land

 

ALL that certain plot, piece or parcel of land, situate, lying and
being in the Borough of Manhattan, County of New York, City and State of New
York, bounded and described as follows:

 

BEGINNING at the corner formed by the intersection of the
northerly line of West 40th Street with the easterly line of 8th Avenue;

 

RUNNING THENCE northerly along said easterly line of 8th Avenue, 197
feet 6 inches to the corner formed by the intersection of the easterly
side of 8th Avenue with the southerly line of West 41st Street;

 

THENCE easterly along said southerly line of West 41st Street, 400
feet;

 

THENCE southerly and parallel to said easterly line of 8th Avenue, 197
feet 6 inches to the northerly line of West 40th Street;

 

THENCE westerly along said northerly line of West 40th Street, 400 feet
to the point or place of BEGINNING.

 

Being the property located at and known as Block 1012, Lots 1, 5, 8,
14, 53, 59, 61, 62, 63 and part of 15 on the Tax Assessment Map of the County
of New York.

 

A - 1

 

Exhibit B

 

Amendments to the Architect’s
Agreement and Fees for Services

 

 

 

Exhibit C

 

Amendments to the
Construction Documents

 

 

 

 

 

Exhibit
J

 

General Contractor’s Certificate

 

J-1

 

 

 

GENERAL CONTRACTOR’S CERTIFICATE

 

[General Contractor’s
Letterhead]

 

                                      ,
200  

 

Application for Payment
No.             

 

GMAC Commercial Mortgage
Corporation, as Agent

100 South Wacker Drive, Suite 400

Chicago, Illinois 60606

 

Ladies and Gentlemen:

 

The undersigned (“General Contractor”) understands that GMAC Commercial
Mortgage Corporation, as agent (“Agent”) for itself and any other co-lenders as may
exist from time to time (collectively, “Lenders”) has made or will make loans (the “Loans”) to The New
York Times Building LLC (“Borrower”), which Loans will be used to finance
construction by Borrower of the improvements (the “Improvements”) on and adjacent to the
premises more particularly described in Exhibit A hereto (the “Land”; and together with the Improvements,
the “Project”).  The Loans will be advanced pursuant to that
certain Building Loan Agreement dated as of June     ,
2004 (the “Building Loan
Agreement”) by and between Borrower, New York State Development
Corporation d/b/a Empire State Corporation as initial agent (“Initial Agent”), for
itself and for the benefit of Lenders, and Agent, for itself and on behalf of
Lenders, and that certain Project Loan Agreement dated as of
June     , 2004 (the “Project Loan Agreement”; collectively with
the Building Loan Agreement, the “Loan Agreements”) by and between Borrower, Initial
Agent, for itself and for the benefit of Lenders, and Agent, for itself and on
behalf of Lenders.  Capitalized terms
not defined herein shall have the meanings ascribed to them in the Guaranteed
Maximum Price Contract defined below.

 

General Contractor certifies to Agent and Lenders as follows:

 

1.             General
Contractor has been engaged to act as the construction manager for the Project
and such engagement is evidenced by that certain Construction Management
Agreement between Borrower and General Contractor dated as of January 22,
2004 (the “Guaranteed Maximum
Price Contract”).  Except
for Change

 

 

Orders, Field Directives and Emergency Change Orders (collectively, “Scope Changes”) no
amendments or supplements to the Guaranteed Maximum Price Contract have been
made without the prior written approval of Agent.  The Guaranteed Maximum Price Contract constitutes the only
agreement (other than Scope Changes) between General Contractor and Borrower
with respect to the matters and interests described therein.

 

2.             General
Contractor has reviewed the Drawings and Specifications prepared for the
Project and specified in the Guaranteed Maximum Price Contract.  There have been no Scope Changes since the date
of the last General Contractor’s Certificate dated
              ,
200  , except as set forth in the Potential Change Order Log attached
as Schedule 1
hereto.

 

3.             The
Application and Certificate of Payment (AIA Document No. G702), dated
                                  ,
200   (the “Current Application for Payment”) which General
Contractor understands is to be included as an item in Borrower’s requisition
to Agent, is in full compliance with the terms of the Guaranteed Maximum Price
Contract.

 

4.             Schedule 2
hereto is a list of each Major Subcontractor (as defined in Exhibit B).

 

5.             The
Work performed to date has been performed in accordance with the Guaranteed
Maximum Price Contract and the other Contract Documents in effect on the date
hereof.  To the best of General
Contractor’s knowledge, except as set forth in paragraph 2 above, no event
has occurred and there are no conditions (including without limitation, any
concealed conditions, design defects or deficiencies), or changes in the
Construction Documents that would entitle General Contractor to an increase in
the GMP, other than (a) as set forth on Schedule 1 hereto and (b) increases that General
Contractor is not yet obligated to make a claim for as of the date hereof in
accordance with the terms of the Guaranteed Maximum Price Contract.  As of the date hereof, the Guaranteed
Maximum Price is set forth in the Current Application for Payment.

 

6.             As
of the date hereof, the required dates under the Guaranteed Maximum Price
Contract for Substantial Completion and Final Completion for each portion of
the Project are set forth in the most recent schedule attached as Schedule 3
hereto.  The General Contractor does not
know of any facts or circumstances which would entitle General Contractor to an
extension of any such dates; and General Contractor has not made any claim for
any such extension, other than (a) as set forth on Schedule 1 hereto and (b) claims that
General Contractor is not yet obligated to make as of the date hereof in
accordance with the terms of the Guaranteed Maximum Price Contract.

 

7.             Except
as shown on Schedule 4,
all Governmental Approvals (as defined in Exhibit B) required to have been
obtained by General Contractor, and, to the best of General Contractor’s
knowledge, all other Governmental Approvals from the City of New York,
including its Department of Transportation, required to have been obtained by
Borrower, with respect to the construction of the Project have been issued, are
in full

 

2

 

force and effect and are not subject to any legal proceedings or
unsatisfied conditions.  With respect to
any such Governmental Approvals not yet required to be obtained, (i) each
such Governmental Approval is of a type that is routinely granted upon
application therefor and (ii) General Contractor knows of no facts or
circumstances which indicate that any such Governmental Approval will not be
timely obtainable without material difficulty, expense or delay prior to the
time that it is required.

 

8.             All
insurance required from the General Contractor (if any) under the Guaranteed
Maximum Price Contract (i) has been obtained and (ii) is in full force and
effect.

 

9.             Except
for funds remaining in the Trust Account established pursuant to
Article 18.6.1 of the Guaranteed Maximum Price Contract, General
Contractor has paid to its direct subcontractors and suppliers in full all of
its obligations with respect to all labor and/or materials and rented
equipment, appliances or tools related to the construction of the Project
supplied through and including the period covered by the Application and
Certificate of Payment (AIA Document No. G702) included in Borrower’s second
most recent requisition (the “Prior Application for Payment”) and all such
subcontractors have paid their direct subcontractors and suppliers in full for
and with respect to all labor and/or materials and rented equipment, appliances
or tools related to the construction of the Project supplied through and
including the period covered by the Prior Application for Payment properly due
to subcontractors and suppliers in accordance with the Guaranteed Maximum Price
Contract.

 

10.           There
are no unbonded liens in favor of General Contractor and/or any subcontractor
hired by General Contractor who has performed work, for the work so performed,
and/or who has supplied labor, goods and/or materials, for the labor, goods
and/or materials so supplied, except for such work or labor, goods and/or
materials for which payment is requested.

 

11.           The
Guaranteed Maximum Price Contract is in full force and effect.  Neither General Contractor nor Borrower is
in default of any of its respective obligations to the other as of the date
hereof.  There is no existing
circumstance or event which, but for the lapse of time and/or the giving of
notice, would constitute a default by either General Contractor or Borrower or
would give either such party the right to terminate the Guaranteed Maximum
Price Contract.  General Contractor has
not sent or received any notice of default or any notice for the purpose of
terminating the Guaranteed Maximum Price Contract.

 

12.           There
are no changes in the condition of the General Contractor which would be likely
to materially adversely affect its ability to perform its obligations under the
Guaranteed Maximum Price Contract.

 

13.           The
Project has not been suspended, abandoned or terminated.

 

14.           All
Work performed to date has been performed only by subcontractors (not including
suppliers) subject to collective bargaining agreements with

 

3

 

unions affiliated with the Building and Construction Trades Council of
Greater New York.

 

15.           General
Contractor is in compliance with all of its obligations under Section 2.4
of the Guaranteed Maximum Price Contract.

 

16.           The
provisions set forth in this Certificate shall be binding upon General Contractor
and General Contractor’s successors and assigns and shall inure to the benefit
of Agent and Lenders and their successors and assigns.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  AMEC CONSTRUCTION MANAGEMENT, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

4

 

Exhibit A

 

The Land

 

ALL that certain plot,
piece or parcel of land, situate, lying and being in the Borough of Manhattan,
County of New York, City and State of New York, bounded and described as
follows:

 

BEGINNING at the corner
formed by the intersection of the northerly line of West 40th Street with
the easterly line of 8th Avenue;

 

RUNNING THENCE northerly
along said easterly line of 8th Avenue, 197 feet 6 inches to the corner formed
by the intersection of the easterly side of 8th Avenue with the southerly
line of West 41st Street;

 

THENCE easterly along
said southerly line of West 41st Street, 400 feet;

 

THENCE southerly and
parallel to said easterly line of 8th Avenue, 197 feet 6 inches to the
northerly line of West 40th Street;

 

THENCE westerly along
said northerly line of West 40th Street, 400 feet to the point or place of
BEGINNING.

 

Being the property
located at and known as Block 1012, Lots 1, 5, 8, 14, 53, 59, 61, 62, 63 and
part of 15 on the Tax Assessment Map of the County of New York.

 

 

Exhibit B

 

Definitions

 

“Governmental Approvals”
means all approvals, consents, waivers, orders, acknowledgments,
authorizations, permits and licenses required under applicable Legal
Requirements to be obtained from any government (or any political subdivisions
thereof), court, agency, authority, board (including, without limitation, any
environmental protection, planning or zoning board), bureau, commission,
department, office or instrumentality of any nature whatsoever of any
governmental or quasi-governmental unit having jurisdiction over Borrower, the
Project or any part thereof (or the construction, development, use, occupancy,
management, ownership or operation of the Project or any part thereof) or Agent
or any Lender, as applicable.

 

“Major Subcontractor”
means any subcontractor (vis-a-vis Owner) under the Guaranteed Maximum Price
Contract (or any direct or indirect subcontractor thereof) who is supplying
labor, goods, materials or services in connection with the Project, where, at
the time of determination, the aggregate contract price for such labor, goods,
materials or services (including fees) equals or exceeds $500,000, whether
pursuant to one contract or agreement or multiple contracts or agreements,
after taking into account all change orders.

 

 

Schedule 1

 

Potential Change Order Log

 

 

 

 

 

Schedule 2

 

Major Subcontractors

 

 

Schedule 3

 

Current Schedule

 

 

Schedule 4

 

Governmental Approvals

 

 

 

 

 

Exhibit
K

 

Form of Estoppel Certificate

 

K-1

 

 

Estoppel Certificate

 

                              ,
200  

 

GMAC Commercial Mortgage Corporation, as Agent

100 South Wacker Drive, Suite 400

Chicago, Illinois 60606

 

Re:                               New
York Times Building, New York, New York

 

The undersigned understands that THE NEW YORK TIMES BUILDING LLC (“Borrower”), NEW YORK
STATE URBAN DEVELOPMENT CORPORATION, D/B/A EMPIRE STATE DEVELOPMENT
CORPORATION, as initial agent (“Initial Agent”) for itself and for the benefit of the
lenders as may exist from time to time (such lenders collectively, including
any successors and assigns, “Lenders” and each individually a “Lender”) and GMAC COMMERCIAL MORTGAGE
CORPORATION, as agent (including as successor to Initial Agent) (including any
of its successors and assigns as agent, “Agent”) for itself and on behalf of Lenders, have
entered into that certain Building Loan Agreement dated as of
June         , 2004 and that
certain Project Loan Agreement dated as of
June         , 2004, and that
Agent is requiring, and will rely upon, this certificate from the undersigned.  The undersigned hereby certifies as follows:

 

1.                                       The undersigned
is the tenant under the lease described in Exhibit A annexed hereto, covering the space in the
building known as the New York Times Building, New York, New York (the “Property”) described
on Exhibit A (the “Premises”), which
lease has not been amended or supplemented (orally or in writing) except as set
forth on Exhibit A (as
so amended or supplemented, the “Lease”). [The Lease is guarantied by the guaranty set
forth on Exhibit A
(the “Guaranty”)].  The Lease [and the Guaranty] contain[s] all
of the understandings and agreements between the landlord thereunder (“Landlord”) and the
undersigned with respect to the Premises.

 

2.                                       Except as
indicated on Exhibit A,
the undersigned has not assigned the Lease, sublet all or any portion of the
Premises or pledged its interest thereunder. 
All conditions to the Lease to be performed by Landlord as of the date
hereof and necessary to the enforceability of the Lease have been satisfied.

 

3.                                       The Lease [and
the Guaranty] [is][are] in full force and effect.  As of the date hereof (i) the undersigned has neither sent nor
received any notice of default under the Lease and, to the best of the
undersigned’s knowledge, there are no defaults under the Lease by either
Landlord or the undersigned [or under the Guaranty by the guarantor
thereunder], nor are there any conditions or events existing which, with or
without notice or the lapse of time, or both, could constitute a default under
the Lease [or the Guaranty], and (ii) to the best of the undersigned’s
knowledge, the undersigned has no charge, lien, claim or offsets under the
Lease against Landlord or the rent or other amounts payable thereunder.  The undersigned has not advanced any funds
for or on behalf of Landlord for which the undersigned has a right to deduct
from or offset against future rent payments.

 

 

4.                                       The amount of
the security deposit to be held under the Lease is set forth on Exhibit A.

 

5.                                       No notice to
terminate the Lease [or the Guaranty] has been given or received by the
undersigned.

 

6.                                       [Neither] [T]he
undersigned [nor the guarantor under the Guaranty] is [not] the subject,
whether voluntary or otherwise, of any bankruptcy, insolvency or similar
proceeding in any federal, state or other court or jurisdiction.

 

7.                                       Attached hereto
as Exhibit B is a true
and correct copy of the Lease [and the Guaranty] and all the amendments,
modifications and supplements thereto.

 

8.                                       The undersigned
hereby certifies to Agent the truth and accuracy hereof and acknowledges that
Agent is relying on the terms hereof in consummating the transactions described
above.

 

9.                                       This certificate
shall be binding upon the undersigned and its successors and assigns and shall
inure to the benefit of and be enforceable by Agent and its successors and
assigns, including any purchaser at a foreclosure sale or any person receiving
a deed in lieu of foreclosure.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [

  	
   

  	
  ]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

 

EXHIBIT A

 

1.                                       Description
of Lease and of each amendment thereto [and any Guaranty thereof] by title,
date and parties:

 

2.                                       Subleases,
assignments or pledges:

 

3.                                       Security
deposit:

 

 

EXHIBIT B

 

[attached behind]

 

 

If the Lease is guaranteed, the following
must be completed by all lease guarantors:

 

JOINDER

 

The undersigned Guarantor of the Lease hereby joins in this tenant
estoppel certificate to confirm that the undersigned’s Guaranty of the Lease
remains in full force and effect, and is hereby reaffirmed and ratified.  The undersigned Guarantor represents and
warrants that all representations and warranties made in such Guaranty are true
and correct in all material respects as of the date hereof.  The undersigned further confirms that the
undersigned has no claim of offset, defense or counterclaim to the obligations
of the undersigned under such Guaranty and have no defenses to enforcement of
the Guaranty or the Lease in accordance with its terms.

 

	
  [Date]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

 

Exhibit
L

 

Intentionally Omitted

 

L-1

 

Exhibit
M

 

Form of Assignment of Interest Rate Cap

 

M-1

 

 

FORM
OF

 

ASSIGNMENT
OF INTEREST RATE CAP

 

 

between

 

THE NEW YORK TIMES
BUILDING LLC

having an address at

One MetroTech Center North,

Brooklyn, New York 11201

(Assignor)

 

and

 

GMAC COMMERCIAL MORTGAGE
CORPORATION

having an address at

100 South Wacker Drive, Suite 400

Chicago, Illinois 60606,

as agent

(Agent)

 

Dated as of
                        ,
200  

 

 

TABLE
OF CONTENTS

 

	
  SECTION 1.

  	
  Assignment

  	
   

  
	
  SECTION 2.

  	
  Representations and Warranties

  	
   

  
	
  SECTION 3.

  	
  Covenants

  	
   

  
	
  SECTION 4.

  	
  Performance of Assignor’s Obligations.

  	
   

  
	
  SECTION 5.

  	
  Notice and Instruction to Counterparty

  	
   

  
	
  SECTION 6.

  	
  Remedies

  	
   

  
	
  SECTION 7.

  	
  Indemnification

  	
   

  
	
  SECTION 8.

  	
  Notices.

  	
   

  
	
  SECTION 9.

  	
  Filing of Financing Statements; Appointment of Attorney-in-Fact

  	
   

  
	
  SECTION 10.

  	
  Successors and Assigns Included in Parties

  	
   

  
	
  SECTION 11.

  	
  Headings

  	
   

  
	
  SECTION 12.

  	
  Invalid Provisions to Affect No Others

  	
   

  
	
  SECTION 13.

  	
  Number and Gender

  	
   

  
	
  SECTION 14.

  	
  Computation of Time Periods

  	
   

  
	
  SECTION 15.

  	
  Governing Law

  	
   

  
	
  SECTION 16.

  	
  Amendments

  	
   

  
	
  SECTION 17.

  	
  Counterparts

  	
   

  
	
  SECTION 18.

  	
  Time of the Essence

  	
   

  
	
  SECTION 19.

  	
  Survival

  	
   

  
	
  SECTION 20.

  	
  Exculpation

  	
   

  
	
  SECTION 21.

  	
  Further Assurances

  	
   

  
	
  SECTION 22.

  	
  Assignment

  	
   

  
	
  SECTION 23.

  	
  Entire Agreement

  	
   

  
	
  SECTION 24.

  	
  Statute of Limitations

  	
   

  
	
  SECTION 25.

  	
  Remedies of Assignor

  	
   

  
	
  SECTION 26.

  	
  Obligations Not Impaired

  	
   

  
	
  SECTION 27.

  	
  No Waiver

  	
   

  
	
  SECTION 28.

  	
  Reinstatement of Obligations

  	
   

  
	
  SECTION 29.

  	
  Successive Actions

  	
   

  

 

i

 

 

PWRW&G

3/31/04

 

FORM OF

 

ASSIGNMENT OF INTEREST RATE CAP

 

THIS ASSIGNMENT OF INTEREST RATE CAP (this “Assignment”), dated as of
                         ,
200  , is made by THE NEW YORK TIMES BUILDING LLC, a New York
limited liability company with an address at One MetroTech Center North,
Brooklyn, New York 11201 (“Assignor”), in favor of GMAC COMMERCIAL MORTGAGE
CORPORATION, a California corporation with an office at 100 South Wacker Drive,
Suite 400, Chicago, Illinois 60606, as agent (including any of its successors
and assigns as agent, “Agent”) for itself and any other co-lenders as may exist
from time to time (collectively, including any successors and assigns, “Lenders” and each
individually, a “Lender”).

 

W I T N E S S E T H:

 

WHEREAS, Assignor, Initial Agent (as defined in the Loan Agreements (as
hereinafter defined)), for itself and for the benefit of Lenders, and Agent,
for itself and on behalf of Lenders, entered into that certain Building Loan
Agreement, dated as of
                             ,
200   (as the same may be revised, restated, amended or modified from
time to time, the “Building Loan
Agreement”) and that certain Project Loan Agreement dated as of
                            ,
200    (as the same may be revised, restated, amended or
modified from time to time, the “Project Loan Agreement”; the Building Loan Agreement
and the Project Loan Agreement collectively, the “Loan Agreements”; capitalized terms used
herein but not defined herein shall have the respective meanings specified in
the Loan Agreements), pursuant to which the Lenders are advancing loans in the
original maximum aggregate amount of $320,000,000.00 (the “Loan”) to Assignor;

 

WHEREAS, Initial Agent has satisfied all of its obligations under the
Building Loan Documents and the Project Loan Documents and has resigned as
initial agent under the Building Loan Documents and the Project Loan Documents
and in confirmation of the foregoing, has, among other things, assigned all of
its rights as initial agent to Agent, and Agent has assumed all of Initial
Agent’s Obligations as initial agent;

 

WHEREAS, the Loan Agreements require that, under certain circumstances,
Assignor purchase an interest rate cap and execute and deliver this Assignment
as further security for the payment of the Indebtedness and the performance of
the Obligations; and

 

WHEREAS, that certain ISDA Confirmation (the “Confirmation”), dated
                        
      , 200   between Assignor and
                                            
(“Counterparty”),
together with that certain ISDA Master Master Agreement (Multicurrency Cross
Border) governing the Confirmation (the “Master Agreement”; the Confirmation, together with the
Master Agreement, the “Interest Rate Cap”), which Interest Rate Cap is attached
hereto as Exhibit A, is [the Initial Interest Rate Cap][a Future Interest Rate
Cap] referred to in the Loan Agreement.

 

 

NOW, THEREFORE, in consideration of the foregoing and other benefits
accruing to Assignor, the receipt and sufficiency of which are hereby
acknowledged, Assignor and Agent, for itself and on behalf of Lenders, hereby
agree as follows:

 

SECTION 1.                                Assignment.  As security for the due and punctual payment
in full of the Indebtedness and the performance of the Obligations, Assignor
hereby assigns, grants, delivers and transfers to Agent, and grants to Agent a
security interest in, all of Assignor’s right, title and interest, whether now
owned or hereafter acquired, now existing or hereafter arising, wherever
located, in, to and under (i) the Interest Rate Cap; (ii) all rights to receive
payments under, and any payment intangibles due or to become due to Assignor in
respect of, the Interest Rate Cap or arising thereunder whether as contractual
Obligations or otherwise (“Payments”); (iii) all of
Assignor’s claims, rights, powers, privileges, authority, options, security
interests, liens and remedies, if any, under or arising out of the Interest
Rate Cap; and (iv) any and all accessions and additions to, substitutions for
and replacements of products and proceeds (including non-cash proceeds) of any
of the foregoing (the property and interests described in the foregoing clauses
(i) through (iv) being referred to herein collectively as the “Collateral”).

 

SECTION 2.                                Representations
and Warranties.  Assignor represents
and warrants that (i) it is a limited liability company duly organized, validly
existing and in good standing under the laws of the State of New York; (ii) it
has the power, authority and legal right to purchase and own the Interest Rate
Cap and to execute, deliver and perform its obligations under this Assignment
including, without limitation, to assign and grant a security interest in the
Collateral; (iii) this Assignment and the Interest Rate Cap have been duly
authorized, executed and delivered by all necessary parties on behalf of
Assignor; (iv) the copy of the Interest Rate Cap attached as Exhibit A hereto
is a true and complete copy thereof, (v) it owns the Collateral free and clear
of all liens and claims of others, (vi) it has not transferred, assigned,
granted a security interest in or otherwise encumbered its interest in and to
the Collateral other than in favor of Agent and Lenders pursuant to this
Assignment, (vii) no security agreement, financing statement or other document
is on file or of record in any public office with respect to the Collateral,
other than in favor of Agent and Lenders pursuant to this Assignment, (viii)
the obligation of the Counterparty under the Interest Rate Cap to make Payments
is not subject to any defense or counterclaim arising from any act or omission
of Assignor, any other Borrower Entity or any Affiliate thereof, (ix) the
Interest Rate Cap is in full force and effect and there exists no default or
event of default thereunder and (x) the exact name and the state of
formation of Assignor as set forth in the Articles of Organization of Assignor
are set forth on page 1 hereof and the place of business (as used in
Article 9 of the UCC) and chief executive office of Assignor is located at
the address set forth on page one.

 

SECTION 3.                                Covenants.  Assignor covenants and agrees that (i) it
shall comply with all terms of the Interest Rate Cap, (ii) it shall not waive
any material provision of, or make any material change to, the Interest Rate
Cap and it shall not consent or agree to any act or omission to act on the part
of Counterparty which would

 

2

 

constitute a
default under the Interest Rate Cap, (iii) it shall not tender or accept a
surrender or cancellation of the Interest Rate Cap, (iv) it shall not assign,
pledge, encumber or grant a security interest in any of the Collateral to
anyone other than Agent for the benefit of itself and Lenders, (v) it shall
exercise promptly and diligently each and every right which it may have under
the Interest Rate Cap, (vi) it shall not take or omit to take any action or
suffer or permit any action to be omitted or taken, the taking or omission of
which would result in any right of offset against sums payable under the
Interest Rate Cap, or any defense by Counterparty, to payment, (vii) it shall
promptly deliver a copy of any notice received from Counterparty to Agent and
(viii) it shall deliver to Agent copies of any replacement or substitution of,
and any amendment to, the Interest Rate Cap.

 

SECTION 4.                                Performance
of Assignor’s Obligations.  Subject
to Section 6 hereof, nothing contained herein and no act taken by Agent
hereunder shall obligate or be construed to obligate Agent, vis-à-vis Assignor,
to perform any of the terms, covenants or conditions contained in the Interest
Rate Cap or otherwise to impose any obligation upon Agent with respect to the
Collateral.  This Assignment shall not
operate to place upon Agent any responsibility for the operation, control,
care, management or repair of the Mortgaged Property or for the payment,
performance or observance of any Obligations or any requirement or condition
under the Interest Rate Cap.

 

SECTION 5.                                Notice
and Instruction to Counterparty. 
The Counterparty has executed this Assignment for the purpose of
evidencing its consent hereto.  This
Assignment shall constitute a direction to the Counterparty to make all
payments to be made under or pursuant to the terms of the Interest Rate Cap,
without set-off, defense or counterclaim, to Agent (a) directly to the
account designated on Schedule B hereto, and (b) upon Agent’s
written notice to Counterparty that an Event of Default has occurred, in
accordance with Agent’s written instruction. 
Assignor agrees that payments made by Counterparty pursuant to these
directions shall, to the extent of such payment, satisfy Counterparty’s
obligations to Assignor in respect of the Confirmation and that Counterparty
may rely upon Agent’s written notice without any inquiry into the factual basis
for such notice or any prior notice to or consent from Assignor. Assignor
further acknowledges that its consent is not needed to any termination and
liquidation of the Collateral upon which Agent and Counterparty may agree and
that all proceeds paid in respect thereof are to be paid to Agent. Assignor
releases Counterparty from all liability in connection with Counterparty’s
compliance with Agent’s written instructions or performance in accordance with
this Assignment.

 

SECTION 6.                                Remedies.  Notwithstanding anything to the
contrary contained herein, prior to the occurrence of an Event of Default,
neither Agent nor Lenders shall have the right to assume the Interest Rate
Cap.  During the continuance of an Event
of Default, Agent shall be entitled to all of the rights, remedies, powers and
privileges available to a secured party under the UCC.  Agent may, but shall not be obligated to,
assume all of the obligations of Assignor under the Interest Rate Cap and/or
exercise the rights, benefits and privileges of Assignor with respect to any of
the other

 

3

 

Collateral and, in such event, Agent shall be entitled to utilize the
Collateral in Assignor’s place and stead, in the name of Assignor or otherwise
and/or to take in its name or in the name of Assignor, or otherwise, such
action as Agent may at any time or from time to time determine to be necessary
to cure any default under the Collateral or to protect the rights of Assignor
or Agent or Lenders thereunder.  In
connection with the foregoing, Agent shall be entitled to take possession of
and use all books of account and financial records of Assignor relating to the
Collateral.  The assumption by Agent of
the Interest Rate Cap pursuant to this Section 6 shall be evidenced by a
written notice from Agent to the Counterparty upon which the Counterparty shall
be entitled to rely.  Under no
circumstances shall Agent or any Lender be deemed by any party to have assumed
Assignor’s rights and obligations under the Interest Rate Cap unless and until
such written notice is delivered to the Counterparty in accordance with the
foregoing provision.  Assignor
hereby agrees to pay all sums expended by Agent under the authority
hereof.  Such amounts shall constitute
Reimbursable Costs.

 

SECTION 7.                                Indemnification.  Assignor agrees to indemnify and hold Agent
and/or Lenders harmless from and against any and all losses which Agent and/or
Lenders incur by reason of this Assignment, or by reason of any action
permitted to be taken by Agent hereunder, and against and from any and all
claims and demands whatsoever which may be asserted against Agent and/or
Lenders by reason of any alleged obligation or undertaking on its part to
perform or discharge any of the terms, covenants and conditions contained in
the Interest Rate Cap except to the extent that such Loss resulted from the
gross negligence or willful misconduct of Agent.  The foregoing indemnity shall be subject to the provisions of
Section 7.29 of the Loan Agreements.

 

SECTION 8.                                Notices.

 

Any request, notice, report, demand, approval or other
communication permitted or required by this Assignment to be given or furnished
shall be in writing and shall be deemed given or furnished when addressed to
the party intended to receive the same, at the address of such party as set
forth below, (i) when delivered by overnight nationwide commercial courier
service, one (1) Business Day (determined with reference to the location of the
recipient) after the date of delivery to such courier service, (ii) when
personally delivered, if delivered on a Business Day in the place of receipt
and during normal business hours (otherwise on the next occurring Business Day
in such place of receipt) or (iii) when transmitted by telecopy to the
telecopier number set forth below, to the party intended to receive same if
transmitted on a Business Day in the place of receipt and during normal
business hours (and otherwise on the next occurring Business Day in such place
of receipt) and provided that such transmission is confirmed by duplicate
notice in such other manner as permitted above:

 

4

 

Lenders or Agent:

 

GMAC Commercial
Mortgage Corporation

100 South Wacker Drive, Suite 400

Chicago, Illinois  60606

Attention:    Vacys R. Garbonkus

Telecopier:  (312) 917-6131

 

with a copy to:

 

Paul, Weiss,
Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York  10019

Attention:  Harris B. Freidus, Esq.

Telecopier:  (212) 492-0064

 

Assignor

 

The New York
Times Building LLC

One MetroTech Center North

Brooklyn, New York 11201

Attention:

Telecopier:

 

with a copy to:

 

[Assignor to provide]

 

 

Counterparty:

 

 

 

Telecopier:  (    )

 

(b)                                 Any
party may change the entity, address or the attention party to which any such
request, notice, report, demand or other communication is to be given by
furnishing notice of such change to the other parties in the manner specified
above.  Without limiting the foregoing,
Assignor may not add any other parties to these notice provisions.  Rejection or refusal to accept, or inability
to deliver because of changed address or because no notice of changed address
was given, shall be deemed to be receipt of any such notice.  A notice given by a party under any Loan
Document of a change of entity, address or attention party shall be deemed to
be a notice of such change for purpose of all Loan Documents to which such
party is a party.

 

5

 

(c)                                  Unless
notified to the contrary pursuant to this Section, any notice or communication
to be made to any Lender shall be made only to Agent and its counsel as
provided for in this Section.

 

SECTION 9.                                Filing
of Financing Statements; Appointment of Attorney-in-Fact.  (a) Assignor hereby authorizes Agent to file
Uniform Commercial Code financing statements describing the Collateral and
evidencing and perfecting the security interests in the Collateral granted to
Agent pursuant to this Assignment and to file any Uniform Commercial Code
financing statements reasonably necessary or advisable too accomplish the
purposes of this Assignment and (b) effective upon the occurrence of an Event
of Default, Assignor hereby appoints Agent the attorney-in-fact for Assignor,
with full authority in its place and stead and in the name of Assignor or
otherwise, from time to time in Agent’s discretion, to take any action and to
execute any instrument which Agent may deem reasonably necessary or advisable
to accomplish the purposes of this Assignment. 
Assignor agrees that the foregoing power constitutes a power coupled
with an interest which may not be revoked and which shall survive until all of
the Indebtedness shall have been indefeasibly paid in full and satisfied.

 

SECTION 10.                          Successors
and Assigns Included in Parties. 
Whenever in this Assignment Assignor, Agent or Lender(s) is named or
referred to, the heirs, legal representatives, successors and assigns of such
party or parties shall be included, whether so expressed or not.  All obligations, covenants and agreements
contained in this Assignment shall be binding on, and inure to the benefit of,
the respective heirs, legal representatives, successors and assigns of Assignor,
Agent or such Lender(s), whether so expressed or not.

 

SECTION 11.                          Headings.  The headings of the Sections and
subsections of this Assignment are for the convenience of reference only, are
not to be considered a part hereof and shall not limit or otherwise affect any
of the terms hereof.  All references in
this Assignment to Sections, subsections and other divisions are references to
the Sections, subsections and divisions of this Assignment unless otherwise
stated.

 

SECTION 12.                          Invalid
Provisions to Affect No Others.  If
fulfillment of any provision hereof or any transaction related hereto at the
time performance of such provisions shall be due, shall involve transcending
the limit of validity presently prescribed by law, with regard to obligations
of like character and amount, then, ipso facto, the obligation to be fulfilled
shall be reduced to the limit of such validity; and if any clause or provision
herein contained operates or would prospectively operate to invalidate this
Assignment in whole or in part, then such clause or provision only shall be
held for naught, as though not herein contained, and the remainder of this
Assignment shall remain operative and in full force and effect.

 

SECTION 13.                          Number
and Gender.  Whenever the singular
or plural number, or the masculine, feminine or neuter gender is used herein,
it shall equally include the other.  The
words “hereof,” “herein” and “hereunder” and words of similar

 

6

 

import when
used in this Assignment shall refer to this Assignment as a whole and not to
any particular provision of this Assignment.

 

SECTION 14.                          Computation
of Time Periods.  In this
Assignment, with respect to the computation of periods of time from a specified
date to a later specified date, the word “from” means both “from and including”
and the words “to” and “until” both mean “to but excluding”.

 

SECTION 15.                          Governing
Law.  This Assignment shall be
governed by and construed in accordance with laws of the State of New York
applicable to contracts made and performed solely within such State.

 

SECTION 16.                          Amendments.  Neither this Assignment nor any provision
hereof may be changed, waived, discharged or terminated orally, but only by
instrument in writing signed by the party against whom enforcement of the
change, waiver, discharge or termination is sought.

 

SECTION 17.                          Counterparts.  This Assignment may be executed in any
number of counterparts, each of which, when executed and delivered, shall be an
original, but such counterparts shall together constitute one and the same
instrument.

 

SECTION 18.                          Time
of the Essence.  Time is of the
essence of this Assignment and of each and every term, covenant and condition
herein.

 

SECTION 19.                          Survival.  This Assignment and all covenants,
agreements, representations and warranties herein made shall survive the making
by Lenders of the Loans and the execution and delivery to Lenders of the
Building Loan Notes and the Project Loan Notes (regardless of any investigation
made by Lenders or on their behalf), and shall continue in full force and
effect so long as all or any part of the Loans is outstanding and unpaid.

 

SECTION 20.                          Exculpation.  This Assignment shall be subject to the
provisions of Sections 11.16 of the Loan Agreements.

 

SECTION 21.                          Further
Assurances.  Assignor agrees that at
any time and from time to time Assignor will promptly execute and deliver all
further instruments and documents, and take all further action, that may be
reasonably necessary or desirable, or that Agent may reasonably request, in
order to perfect and protect any security interest granted or purported to be
granted hereunder or to enable Agent to exercise and enforce its rights and
remedies hereunder.

 

SECTION 22.                          Assignment.  The assignment of this Assignment shall be
governed by Sections 7.50 and 11.05 of the Loan Agreements.

 

7

 

SECTION 23.                          Entire
Agreement.  This Assignment and the
other Loan Documents embody the entire agreement and understanding between the
parties with respect to the Loans and supersede all other prior agreements and
understandings, whether oral or written, relating to the subject matter hereof
and thereof, except as specifically agreed to the contrary.

 

SECTION 24.                          Statute
of Limitations.  Assignor hereby
expressly waives and releases to the fullest extent permitted by law the
pleading of any statute of limitations as a defense to the performance of its
obligations hereunder.

 

SECTION 25.                          Remedies
of Assignor.  In the event that a
claim or adjudication is made that Agent or any Lender has acted unreasonably
or has unreasonably delayed acting with respect to any consent or approval
requested under this Assignment in any case whereby law or under this Agreement
it has an obligation to act reasonably or promptly, Agent or such Lender shall
not be liable for any monetary damages, and the sole remedies of Assignor shall
be limited to injunctive relief or declaratory judgment.

 

SECTION 26.                          Obligations
Not Impaired.  Assignor hereby
waives diligence, presentment, demand, protest and notice of any kind
whatsoever in respect of this Assignment (but not any notice of Default or
Event of Default provided for in the Loan Agreements), as well as any
requirement that Agent exhaust any right or remedy or take any action in
connection with this Assignment or any other Loan Document.  Assignor further waives all rights to have
any security marshalled upon the exercise of any remedies permitted
hereunder.  Assignor agrees that Agent
may take or release other security for the Indebtedness, release any party
liable for any such Indebtedness, grant extensions, renewals or indulgences
with respect to said Indebtedness, and may apply any other security therefor
held by it without prejudice to any of its rights hereunder.

 

SECTION 27.                          No
Waiver.  No failure or delay on the
part of Agent to exercise any power, right or privilege under this Assignment
shall impair any such power, right or privilege, or be construed to be a waiver
of any default or an acquiescence therein, nor shall any single or partial
exercise of such power, right or privilege preclude any other or further exercise
thereof or of any other right, power or privilege.  To the extent permitted by law, Assignor hereby waives any
requirement that Agent commence any foreclosure proceeding with respect to the
Mortgaged Property or to any of the other collateral securing payment of the
Loan prior to enforcement of any remedies pursuant to this Assignment.  Further, nothing contained in this
Assignment and no act or action taken or done, or omitted to be taken or done,
by Agent pursuant to the powers and rights granted to Agent hereunder shall be
deemed to (i) be a waiver of or to cure any Default or Event of Default or
(ii) be a waiver by Agent of any of its respective rights and remedies
against any Borrower Entity or Member in connection with, or in respect of, the
Indebtedness.

 

8

 

SECTION 28.                          Reinstatement
of Obligations.  If at any time all
or any part of any payment made by or on behalf of Assignor or received by
Agent or any Lender from Assignor under or with respect to this Assignment is
or must be rescinded or returned for any reason whatsoever (including, but not
limited to, the insolvency, bankruptcy or reorganization of Assignor), then the
obligations of Assignor hereunder shall, to the extent of the payment rescinded
or returned, be deemed to have continued in existence, notwithstanding such
previous payment, or receipt of payment by Agent or such Lender, and the
obligations of Assignor hereunder shall continue to be effective or be
reinstated, as the case may be, as to such payment, all as though such previous
payment had never been made.

 

SECTION 29.                          Successive
Actions.  A separate right of action
hereunder shall arise in favor of Agent or any Lender each time Agent or such
Lender acquires knowledge of any matter indemnified by Assignor under this
Assignment.  Separate and successive
actions by Agent may be brought hereunder to enforce any of the provisions
hereof at any time and from time to time. 
No action hereunder shall preclude any subsequent action, and, to the
extent permitted by applicable law, Assignor hereby waives and covenants not to
assert any defense in the nature of splitting of causes of action or merger of
judgments.

 

[SIGNATURE
PAGE FOLLOWS]

 

9

 

IN WITNESS WHEREOF, Assignor has executed this Assignment as of the
date first written above.

 

	
   

  	
  ASSIGNOR:

  
	
   

  	
   

  
	
   

  	
  THE NEW YORK TIMES BUILDING LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  FC LION LLC, member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  FC 41st Street Associates, LLC,
  its

  managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  RRG 8 South, Inc., its managing

  member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  NYT REAL ESTATE COMPANY LLC,

  member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

 

 

By countersigning this
Assignment Counterparty hereby: 
(a) acknowledges and consents to the assignment and security
interest granted by Assignor to Agent; (b) acknowledges Agent’s rights as
described herein; and (c) confirms that it has not previously received
notice of any other assignment of, or security interest in, Assignor’s rights
in, to and under the Confirmation.  Until
Agent notifies Counterparty in writing that Agent has released its interest in
the Confirmation, Counterparty agrees that it will:  (a) make payments in respect of the Counterparty in
accordance with this Assignment; (b) not accept changes to the account
designated for payments due to Assignor without Agent’s prior written consent
to each new account designation; (c) obtain Agent’s written consent prior
to assigning its interest or obligations under the Confirmation; and
(d) not modify or terminate the Confirmation, nor be relieved of its
obligations under the Confirmation, pursuant to any waiver given by Assignor
unless, in each case, made with Agent’s prior written consent.  Except as expressly provided herein in
respect of the Confirmation, Counterparty shall have no obligation or liability
to Agent in respect of the Confirmation, the assignment referenced herein or
the Loan.

 

	
  COUNTERPARTY:

  	
   

  
	
   

  	
   

  
	
  [

  	
   

  	
  ]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

 

Exhibit
A

 

Interest
Rate Cap

[attached
behind]

 

 

Exhibit
B

 

Wiring
Instructions

	
  Bank:

  	
   

  	
  Wachovia Bank, National Association

  5th and Market Streets

  Philadelphia, Pennsylvania 19106

  ABA#: 031-201-467

  
	
   

  	
   

  	
   

  
	
  Beneficiary:

  	
   

  	
  GMAC Commercial Mortgage Corporation

  
	
   

  	
   

  	
   

  
	
  Account Number:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Reference:

  	
   

  	
   

  

 

 

 

 

Exhibit
N

 

Condominium Title Endorsement

 

N-1

 

 

 

	
  

  	
  Fidelity National Title

  
	
  INSURANCE COMPANY OF NEW YORK

  

 

AFFIRMATIVE INSURANCE ENDORSEMENT

 

ATTACHED to and forming a part of POLICY NO.:

 

The Company insures the insured against loss or damage
sustained by reason of:

 

1.           The failure of the unit
identified in Schedule A and its common elements to be part of a condominium
within the meaning of the condominium statutes of the State of New York.

 

2.           The failure of the
documents required by the condominium statutes to comply with the requirements
of the statutes to the extent that such failure affects the title to the unit
and its common elements.

 

3.          Present violations of any
restrictive covenants which restrict the use of the unit and its common
elements and which are created by the condominium documents. Said restrictive
covenants do not contain any provisions which will cause a forfeiture or
reversion of title.

 

4.          The priority of any lien for
charges and assessments at Date of Policy provided for in the condominium
statutes and condominium documents over the lien of any insured first mortgage
identified in Schedule A.

 

5.            The failure of the unit and
its common elements to be entitled by law to be assessed for real property
taxes as a separate parcel.

 

6.          Any obligation to remove
any improvements which exist at Date of Policy because of any present
encroachments or because of any future unintentional encroachments of the
common elements upon any unit or of any unit upon the common elements or
another unit.

 

7.           The failure of title by
reason of a right of first refusal to purchase the unit and its common elements
which was exercised or could have been exercised at Date of Policy.

 

THIS
ENDORSEMENT is made a
part of the policy and is subject to all of the terms and provisions thereof
and of any prior endorsement thereto. Except to the extent expressly stated, it
neither modifies any of the terms and provisions of the policy and any prior
endorsements, nor does it extend the effective date of the Policy, nor does it
increase the face amount thereof.

 

 

IN WITNESS WHEREOF, the Company has caused its corporate name and seal to be hereunto
affixed by its duly authorized signatory and countersigned on the date
hereinafter set forth.

 

Dated:

	
   

  	
   

  
	
   

  	
   

  
	
  Countersigned:

  	
  Fidelity National Title Insurance Company

  of New York

  
	
   

  	
   

  
	
   

  	
   

  
	
  BY:

  	
   

  	
   

  	
   

  	
  BY

  	
  /s/
  [ILLEGIBLE]

  
	
   

  	
  Authorized Signatory

  	
   

  	
   

  	
  President

  
	
   

  	
  (Please print name below)

  	
  [SEAL]

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ATTEST

  	
  /s/ Charles
  H. Wimer

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  
						

 

 

Exhibit
O

 

Title Assurance Letter

 

O-1

 

 

[LETTERHEAD OF ALL TITLE
COMPANIES]

 

                             ,
200  

 

GMAC Commercial Mortgage
Corporation, as Agent

100 South Wacker Drive, Suite 400

Chicago, Illinois 60606

 

Re:  New York Times Building, 

New York, New York (the “Property”)

Title No: [
                                
] [Title Company Name]

Title No: [
                                
] [Title Company Name]

Title No: [
                                
] [Title Company Name]

[Add more policies as needed]

 

Ladies and Gentlemen:

 

This letter will confirm that the above Title Companies have issued the
policy or policies captioned above.  In
connection with the same, you have advised the Title Companies of your
intention to subordinate the insured mortgage to the Declaration of Condominium
for the premises described in said policy(ies) (the “Mortgaged Premises”).  You have asked the Title Companies to inform
you what effect the insureds voluntary act of subordinating the insured
mortgage as aforesaid will have on the liability of the insurer(s) under the
policy(ies).

 

The above policy(ies) is/are presently in full force and effect in
accordance with the terms and conditions and insuring provisions thereof,
including any endorsements annexed thereto, subject however, to the exclusions
from coverage contained in the policy(ies) or in any endorsements affixed to
the policy(ies) and to the exceptions to coverage contained on the
Schedule B of the policy(ies).  As
of the date hereof, the policy(ies) further insure that the subordination of
the insured mortgage to the Declaration of Condominium affecting the Mortgaged
Premises will not, except for the priority of the lien of condominium common
charges for any unit or any express provision of the said Declaration of
Condominium agreed to by you, affect the priority or enforceability of the lien
of the insured mortgage nor will such subordination void the coverage provided
under the policy(ies).

 

[Title Companies]

 

 

Exhibit
P

 

Conditional Assignment of Declarant’s Rights

 

P-1

 

 

CONDITIONAL
COLLATERAL ASSIGNMENT OF DECLARANT’S RIGHTS

 

FC LION LLC, a New York limited liability company (“Assignor”) for $10.00
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, does hereby grant, assign, transfer and set over unto
GMAC COMMERCIAL MORTGAGE CORPORATION and its successors, as agent (including as
successor to Initial Agent (as hereinafter defined)) (“Agent”) for itself and any other co-lenders
as may exist from time to time (collectively, “Lenders”) under that certain Building Loan
Agreement by and among The New York Times Building LLC (“Borrower”), New York State Urban Development
Corporation d/b/a Empire State Development Corporation, as initial agent (“Initial Agent”), for
itself and for the benefit of Lenders and Agent, for itself and on behalf of
Lenders, dated as of June    , 2004 and that certain
Project Loan Agreement by and among Borrower, Initial Agent, for itself and on
behalf of Lenders, and Agent, for itself and on behalf of Lenders, dated as of
June    , 2004 (collectively, as the same may be revised,
restated, amended or modified from time to time, the “Loan Agreements”; capitalized
terms used herein but left undefined shall have the meanings assigned to such
terms in the Loan Agreements), all of Assignor’s rights and privileges
including, without limitation, the right to take any actions and/or exercise
any rights, remedies or easements available to Assignor as successor to
Borrower (the “Declarant’s Rights”)
arising under (i) the Declaration (as hereinafter defined), and
(ii) the by-laws attached thereto (the “By-Laws”) relating to the condominium (the “Development”) created
by the Declaration, but only to the extent the Declarant’s Rights relate to the
Mortgaged Property other than the NYTC Units.

 

So long as no Event of Default shall have occurred and be continuing,
Assignor may exercise the Declarant’s Rights, except that it may not
(i) further transfer or encumber any of the Declarant’s Rights (except as
permitted under the Loan Agreements), (ii) cause or allow any of the
Condominium Documents to be modified in any material respect without Agent’s
prior consent which consent may not be unreasonably withheld or
(iii) allow any new Manager (as defined in the Declaration) to be elected
or appointed unless Assignor shall have caused such new Manager to deliver to
Agent a duly executed Conditional Resignation of Manager in the form attached
to the Loan Agreements.

 

Upon the full payment of the Indebtedness secured by the Building Loan
Mortgage and Project Loan Mortgage, the Declarant’s Rights shall automatically
be reassigned to Assignor by the Agent and this Assignment shall terminate.

 

For the purposes of this Assignment, “Declaration” shall mean the Declaration of
Leasehold Condominium establishing a plan of Leasehold condominium ownership of
premises located on the easterly side of Eighth Avenue between 40th
and 41st Streets, New York, New York pursuant to Article 9-B of
the Real Property Law of the State of New York, dated
                   ,
      , and recorded on                        ,
        , in the Office of the City
Register, New York County as CRFN#                           .

 

This Assignment shall be governed by the laws of the State of New York
applicable to contracts solely performed in said State.

 

 

The rights and privileges of the Agent and Lenders hereunder shall
inure to the benefit of their respective successors and assigns.  This Assignment shall be binding upon, and
inure to the benefit of, Assignor and its successors and assigns.

 

[SIGNATURE PAGE FOLLOWS]

 

2

 

IN WITNESS WHEREOF, Assignor has duly executed this Assignment as of
this
             
day of
              ,
200  .

 

	
   

  	
  ASSIGNOR:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FC LION LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  FC 41st
  Street Associates, LLC, its

  managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  RRG 8 South,
  Inc., its

  managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
								

 

3

 

	
  State of New
  York            )

  	
   

  
	
   

  	
  ss.:

  	
   

  
	
  County of New
  York        )

  	
   

  
			

 

On the
             
day of
                       ,
               ,
before me, the undersigned, personally appeared
                                      
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, 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

  

 

4

 

Exhibit
Q

 

Conditional Resignation of Managers

 

Q-1

 

 

CONDITIONAL RESIGNATION OF

MANAGER

 

                        ,
      , 200  .

 

 

GMAC Commercial Mortgage Corporation, as Agent

100 South Wacker Drive, Suite 400

Chicago, Illinois 606606

 

Re: 
New York Times Building Condominium, New York, New York

 

Ladies and Gentleman:

 

The undersigned,
                             ,
being a Manager on the [Board of Managers of the Association] [FC Board of
Managers](1)  (as such term is defined
in the Condominium Declaration (as defined in that certain Building Loan
Agreement and that certain Project Loan Agreement by and between The New York
Times Building LLC , New York State Urban Development Corporation d/b/a Empire
State Development Corporation, as initial agent (“Initial Agent”), for itself
and for the benefit of any co-lenders as may exist from time to time (such
Lenders collectively, “Lenders”) and GMAC Commercial Mortgage Corporation
and its successors, as agent (including as successor to Initial Agent), for
itself and on behalf of Lenders, each dated as of June    ,
2004 (collectively the “Loan Agreements”; capitalized terms not
defined herein shall have the meanings ascribed to them in the Loan
Agreements))), hereby tenders his or her resignation as a Manager thereof.  Said resignation may not be rescinded or
revoked by the undersigned so long as you are the holder of any mortgage (securing
the Building Loan or the Project Loan) encumbering any of the FC Units(as
defined in the Loan Agreements). 
Notwithstanding the foregoing sentence, said resignation shall only be
effective upon your acceptance thereof, with notice to the undersigned, at any
time during the existence and continuance of an Event of Default.

 

	
  Signature

  	
   

  	
  Position, if any

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

This is to certify that this Conditional Resignation of Manager was
executed in my presence on the date hereof by the party whose signature appears
above in the capacity, if any, indicated.

 

(1)          Delete as appropriate.

 

 

	
   

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
  My commission expires:

  

 

2

 

 

Exhibit
R

 

Form of Extension Loan Intercreditor Agreement

 

R-1

 

 

SUBORDINATION AND INTERCREDITOR AGREEMENT

 

THIS
SUBORDINATION AND INTERCREDITOR AGREEMENT (this “Agreement”)
is dated as of
                ,
200   between GMAC COMMERCIAL MORTGAGE CORPORATION, as
agent for itself and any other co-lenders as may exist from time to time
(collectively, “Lenders”) (together with its successors
and assigns, “Senior Lender”), a California corporation, having an
office at 100 South Wacker Drive, Suite 400, Chicago, Illinois 60606, and THE NEW YORK
TIMES COMPANY [or a wholly owned subsidiary thereof]
(together with its successors and assigns, “Subordinate Lender”),
a
                ,
having an office at 229 West 43rd Street, New York, NY  10036.

 

RECITALS:

 

A.                                   The
New York Times Building LLC (“Original Borrower”), New York State
Urban Development Corporation d/b/a Empire State Development Corporation, as
initial agent, for itself and for the benefit of Lenders, and Agent, for itself
and on behalf of Lenders, entered into that certain Building Loan Agreement and
that certain Project Loan Agreement, each dated as of                           ,
2004 (collectively, as the same may be revised, restated, amended or modified
from time to time, the “Senior Loan Agreements”; capitalized
terms used herein without definition shall have the meanings assigned to such
terms in the Senior Loan Agreements), pursuant to which Lenders agreed to
advance to Borrower loans in the original maximum aggregate principal amount of
$320,000,000.00 (collectively, the “Senior Loan”).

 

B.                                     Pursuant
to the Senior Loan Agreements, Borrower executed that certain Ground Leasehold
Building Loan Mortgage, Assignment of Leases and Security Agreement and
Subordination Agreement and that certain Ground Leasehold Project Loan
Mortgage, Assignment of Leases and Security Agreement and Subordination
Agreement (collectively, the “Original Senior Loan Mortgages”)
encumbering the Property more particularly described as Exhibit A hereto
(the “Property”).

 

C.                                     On
the date hereof, the property encumbered by the Original Senior Loan Mortgages
is being subjected to a condominium regime, and in connection therewith
(a) the liens of the Original Senior Loan Mortgages are being spread to
include the Severance Subleases and the Ground Lease is being released
therefrom, (b) immediately thereafter, the Severance Sublease entered into
by NYTC Member is being released from the lien of the Original Senior Loan
Mortgages (so that thereafter the Original Senior Loan Mortgages will encumber
only the Severance Subleases (the “FC Severance Subleases”) entered by FC
Member (“Borrower”), (c) Borrower is assuming the obligations
of Original Borrower under the Senior Loan Agreements and the other Loan
Documents (collectively, the “Senior Loan Documents”) and
(d) the Original Senior Loan Mortgages are being severed, so that four
mortgages shall exist, and two of such 

 

 

mortgages (the
“Subordinate
Mortgages”) are being assigned to Subordinate Lender to secure a
loan (the “Subordinate Loan”) being made to Borrower in the principal
amount of
$                     .  The Original Senior Loan Mortgages, as so
spread and released, are hereinafter referred to as the “Senior Mortgages”).

 

D.                                    Subordinate
Lender and Senior Lender desire to establish by this Agreement their respective
rights and obligations between each other as well as the relative priorities of
their rights and remedies with respect to the Senior Loan and the Subordinate
Loan.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged and agreed, Subordinate Lender and
Senior Lender hereby agree as follows:

 

1.                                       Consent
and Estoppel of Senior Lender.  Senior
Lender hereby acknowledges and consents to the making of the Subordinate Loan
and to the encumbrance of the FC Severance Subleases by the Subordinate
Mortgages and, subject to the terms and conditions of this Agreement, agrees
that the Subordinate Loan and such encumbrances shall not be deemed to
constitute a default under the Senior Loan Documents.

 

2.                                       Subordination.
(a)  Subordinate Lender hereby agrees
that the Senior Obligations (as hereinafter defined), the rights, powers and
privileges of the Senior Lender under the Senior Loan Documents and any lien or
other security interest created in favor of Senior Lender (the real and
personal property encumbered by such liens and security interests, the “Senior Loan
Collateral”) shall be prior and superior to the Subordinated
Obligations (as hereinafter defined), the rights, powers and privileges of the
Subordinated Lender under the loan documents evidencing or securing the
Subordinate Loan (collectively, the “Subordinate Loan Documents”) and any lien
or other interests created in favor of Subordinated Lender, such priority, as
between the Subordinate Lender and the Senior Lender, to give to the Senior
Lender all of the rights, powers and privilege of a first priority secured
creditor under the New York Uniform Commercial Code, New York real property
law, other applicable law and otherwise in respect of the Senior Obligations,
the Senior Loan Documents and the collateral on which Senior Lender has been
granted a lien or security interest.  In
furtherance of the foregoing, Subordinate Lender hereby covenants and agrees
with Senior Lender that the lien of the Subordinate Mortgages are, and shall
continue to be, subject and subordinate to the lien of the Senior Mortgages and
to any extensions, renewals, consolidations, splitters and modifications
thereof, and to all advances heretofore made or which hereafter may be made
thereon; provided, that except for such advances as may be made pursuant to the
terms of the Senior Loan Documents, the maximum aggregate amount of the Senior
Loan shall not be increased.  Any
assignment of rents or leases given in conjunction with the Subordinate
Mortgages are and shall in all respects be subject and subordinate to the
Senior Mortgages and to any assignment of rents or leases given in conjunction
with the Senior Mortgages.  The
foregoing shall apply notwithstanding the availability of other collateral to
Senior Lender or the actual date and time of execution, delivery, recordation, 

 

2

 

filing or perfection of the
Senior Mortgages or any assignment of leases related thereto or the Subordinate
Mortgages or any assignment of leases related thereto, or the lien or priority
of payment thereof, the perfection or non-perfection of any lien or security
interest intended to be granted in favor of Senior Lender, and notwithstanding
the fact that the Senior Loan or any claim for the Senior Loan is subordinated,
avoided or disallowed, in whole or in part, under Title 11 of the United States
Code (the “Bankruptcy Code”) or other applicable federal or state
law.  In the event of a proceeding by or
against Borrower or a member in Borrower for insolvency, liquidation,
reorganization, dissolution, bankruptcy or other similar proceeding pursuant to
the Bankruptcy Code or other applicable federal or state law (a “Reorganization
Proceeding”), the Senior Loan shall include all interest accrued on
the Senior Loan, in accordance with and at the rates specified in the Senior
Loan Documents, both for periods before and for periods after the commencement
of any of such Reorganization Proceeding, even if the claim for such interest
is not allowed pursuant to applicable law. 
“Senior
Obligations” shall mean, collectively, the unpaid principal of and
interest on the Senior Loan and all other obligations and liabilities of the
Borrower Entities to the Senior Lender (including interest accruing at the then
applicable rate after the maturity (including by acceleration) of the Senior
Loan and interest accruing at the then applicable rate after the commencement
of any Reorganization Proceeding, whether or not a claim for post-filing or
post-petition interest is allowed in any such Proceeding), whether absolute or
contingent, due or to become due, or now existing or hereafter incurred, which
may arise under, out of, or in connection with, the Senior Loan Documents, in
each case whether on account of principal, interest, reimbursement obligations,
fees, indemnities, costs, expenses or otherwise (including all fees and
disbursements of counsel to the Senior Lender that are required to be paid by
the Borrower or any other party pursuant to the terms of the Senior Loan
Documents).  In no event shall the term
“Senior Obligations” include any of the Subordinated Obligations.  “Subordinated Obligations” shall mean,
collectively, the unpaid principal of and interest on the Subordinated Loan and
all other obligations and liabilities of the Borrower or any other party to the
Subordinated Lender (including interest accruing at the then applicable rate
after maturity (including by acceleration) of the Subordinated Loan and
interest accruing at the then applicable rate after the commencement of any
Reorganization Proceeding, whether or not a claim for post-filing or post-petition
interest is allowed in such Proceeding), whether absolute or contingent, due or
to become due, or now existing or hereafter incurred, which may arise under,
out of, or in connection with, the Subordinated Loan Documents, whether on
account of principal, interest, reimbursement obligations, fees, indemnities,
costs, expenses or otherwise (including all fees and disbursements of counsel
to the Subordinated Lender that are required to be paid by the Borrower or any
other party pursuant to the terms of the Subordinated Loan Documents).  In no event shall the term “Subordinated
Obligations” include any of the Senior Obligations.

 

(b)                                 If
any lien or security interest granted to Senior Lender under the Senior Loan
Documents is or becomes, for any reason, unenforceable or unperfected, such
unenforceability or lack of perfection shall not affect the relative rights, as
between Senior Lender and Subordinate Lender, which are intended to be created
by the Senior 

 

3

 

Loan Documents, the Subordinate Lender and this Agreement.  Subordinate Lender will not contest the
enforceability or perfection of the Senior Loan Documents.

 

(c)                                  Subordinate
Lender will, at Subordinate Lender’s expense and at any time and from time to
time, promptly execute and deliver all further instruments and documents, and
take all further actions, that may be reasonably necessary, or that Senior
Lender may reasonably request, to protect any right or interest granted by this
Agreement or to enable Senior Lender to exercise and enforce its rights and
remedies under this Agreement.

 

(d)                                 To
the extent that Borrower makes a payment or payments to Senior Lender or Senior
Lender receives any payment or proceeds of any security for the Senior Loan,
which payment(s) or proceed(s) (or any part) are subsequently voided,
invalidated, declared to be fraudulent conveyances or preferential transfers,
set aside or required to be repaid to a trustee, receiver or any other party
under any bankruptcy act, state or federal law, common law or equitable cause,
then, to the extent of the payment(s) or proceeds received by Senior Lender,
the Senior Loan (or part intended to be satisfied) will be revived for all
purposes of this Agreement and will continue in full force and effect, as if
such payment or proceeds had not been received by Senior Lender.

 

3.                                       Subordinate
Loan Defaults.  Subordinate Lender
shall send to Senior Lender simultaneously with the delivery of any of the
following notices to Borrower, in accordance with the notice provisions set
forth in Section 8 hereof, a copy of each written notice or writing or
other written communication given by or on behalf of Subordinate Lender with
respect to:  (a) any default or event of
default under or pursuant to the Subordinate Loan Documents; (b) any documents
regarding any agreement or proposed agreement with respect to any foreclosure
under the Subordinate Loan Documents, including, but not limited to, any deed
in lieu of foreclosure, or regarding any other remedial action to be taken by
Subordinate Lender or any so-called “workout,” “standstill” or other
arrangement made in lieu of the exercise of remedies; and (c) the exercise by
Subordinate Lender of any other rights or remedies under the Subordinate Loan
Documents.

 

4.                                       Senior
Loan Defaults.  (a)  Senior Lender shall send to Subordinate
Lender simultaneously with the delivery of any of the following notices to
Borrower, in accordance with the notice provisions set forth in Section 8
hereof, a copy of each written notice or writing or other written communication
given by or on behalf of such Senior Lender with respect to: (i) any default or
event of default under or pursuant to the Senior Loan Documents; (ii) any
documents regarding any agreement or proposed agreement with respect to any
foreclosure or any other remedial action or work-outs, standstills, etc. with
respect to the Senior Loan Collateral, including, but not limited to, any deed
in lieu of foreclosure, or regarding any other remedial action to be taken by
Senior Lender or any so-called “workout,” “standstill” or other arrangement
made in lieu of the exercise of remedies; and (iii) the exercise by Senior
Lender of any other rights or remedies under the Senior Loan Documents
(collectively herein referred to as a “Senior Lender Notice”).

 

4

 

(b)                                 Notwithstanding
anything to the contrary contained in the Senior Loan Documents, (i)
Subordinate Lender shall have the right, but not the obligation, to cure any
default under the terms of any of the Senior Loan Documents which can be cured
with the payment of a sum of money (a “Monetary Default”) (which cure must
include all default interest, late charges, protective advances and
reimbursable sums (including reasonable attorneys’ fees and disbursements) then
due and owing to Senior Lender (collectively, the “Cure Amount”)), on or
before the tenth (10th) day after Senior Lender has given the first Senior
Lender Notice of such Monetary Default; provided, however, that the cure rights
of Subordinate Lender shall not apply to any Monetary Default (or series of
Monetary Defaults) that have been (or continue to be) cured by Subordinate
Lender more than three (3) consecutive times in any twelve (12) month
period and, in the event that Subordinate Lender and/or Borrower successfully
cures such default within such ten (10) days, Senior Lender shall not commence
any acceleration, foreclosure action or other proceeding against the Senior
Loan Collateral, and any amounts expended or paid by Subordinate Lender to cure
such Monetary Default shall be deemed permitted advances under the Subordinate
Loan Documents and under this Agreement without the further consent of Senior
Lender; and (ii) in the event a Monetary Default becomes an Event of Default,
and in lieu of the cure right set forth in clause (i) of this subparagraph (b),
Subordinate Lender shall have the right, but not the obligation, on or before
the forty-fifth (45th) day after Senior Lender has given a notice of the
occurrence of such Event of Default, to obtain an assignment from the Senior
Lender of the Senior Loan Documents upon payment in full of the Cure Amount
plus the Exit Fee (as defined in the Side Letter re: Fees) (which Exit Fee
shall be, for purposes of this Agreement, deemed payable at the time of such
assignment) (collectively, the “Owed Amount”) (but without any
prepayment premium or penalty) together with any reasonable attorneys’ fees and
disbursements incurred by the Senior Lender in connection with such assignment.

 

(c)                                  Notwithstanding
anything to the contrary set forth in the Senior Loan Documents, if the default
so specified in a Senior Lender Notice is the failure of Borrower to observe or
perform any covenant, promise or agreement in any Senior Loan Document, which
default cannot be cured by the payment of money, Subordinate Lender shall have
the right, but not the obligation, (i) to cure such default by observing or
performing such covenant, promise or agreement on or before the twentieth
(20th) day after Senior Lender has given the First Senior Loan Notice of such
default, or (ii) in the event such default becomes an Event of Default, to
obtain an assignment from the Senior Lender of the Senior Loan Documents upon
payment in full of the Owed Amount (but without any prepayment premium or
penalty) together with any reasonable attorneys’ fees and disbursements
incurred by the Senior Lender in connection with such assignment, on or before
the forty-fifth (45th) day after the expiration of the Cure Period (as
hereinafter defined).  If the default is
not susceptible of cure within such twenty (20) day period, Subordinate Lender
shall have such additional time as is necessary, but in no event more than
ninety (90) days (such time period, the “Cure Period”), in order to effect such
cure on the condition that Subordinate Lender promptly commences and diligently
pursues such cure to completion. If the curing of such default is successfully
completed within the Cure Period, Senior Lender shall not commence any
acceleration, any foreclosure action 

 

5

 

or proceeding against the Senior Loan Collateral; provided, however,
that from and after the scheduled maturity date of the Senior Loan (without
giving effect to any extension period if such extension right was not
exercised) Senior Lender may initiate foreclosure or exercise any of its other
remedies.

 

(d)                                 If
the default specified in a Senior Lender Notice is not cured in accordance with
the provisions of either subparagraph 4(b) or (c) hereinabove, Senior Lender
shall be entitled to exercise its acceleration and other rights and remedies
under the Senior Loan Documents.

 

(e)                                  Following
the occurrence and during the continuation of a Noticed Default relating to a
Monetary Default or any other Event of Default, Subordinate Lender shall not
accept any payment (whether from Borrower or any other person or entity) with
respect to the Subordinate Loan before the Senior Loan has been irrevocably
paid in full in cash.  In the event that
Subordinate Lender receives, directly or indirectly, any payment with respect
to the Subordinate Loan in violation of the foregoing sentence, Subordinate
Lender will receive and hold the same in trust, as trustee, for the benefit of
Senior Lender and will promptly deliver the same to Senior Lender in precisely
the form received (except for the endorsement or assignment without recourse
and without representation or warranty by Subordinate Lender to Senior Lender
or its order where necessary) for application to the Senior Loan.

 

(f)                                    Without
limiting Senior Lender’s rights, benefits, remedies and privileges under this
Agreement or the Senior Loan Documents, Senior Lender may, at any time, in its
sole discretion, take all or any of the following actions without releasing
Subordinate Lender from its obligations hereunder or incurring any liability to
Subordinate Lender: (i) renew, extend, accelerate (on the terms set forth in
the Senior Loan Documents) or postpone the time of payment of all or any
portion of the Senior Debt or grant any indulgence with respect to the Senior
Loan; (ii) compromise or settle the Senior Loan; and (iii) waive, substitute, surrender,
exchange or release any of the security provided by the Senior Loan Documents;
provided, however, that the maximum aggregate amount of the Senior Loan shall
not be increased.

 

5.                                       Standstill.  Until the Senior Loan is paid in full:

 

(a)                                  Subordinate
Lender shall waive any rights it may have pursuant to any Subordinate Loan
Document to approve or to consent to any action of Borrower if Senior Lender
shall have approved or consented to such action, and in the event that Senior
Lender has no approval or consent rights over an action by Borrower,
Subordinate Lender hereby waives any approval or consent rights it may have
over any such action;

 

(b)                                 Subordinate
Lender shall not, without the prior consent of Senior Lender, take any
Enforcement Action (as hereinafter defined). For the purposes of this
Agreement, the term “Enforcement Action” shall mean, with
respect to the Subordinate Loan Documents, the acceleration of all or any part
of the Subordinate Loan, any foreclosure proceedings, the exercise of any power
of sale, the acceptance by the holder of the Subordinate Mortgages of a deed or
assignment in lieu of foreclosure, the obtaining 

 

6

 

of a receiver, the seeking of default interest or late charges
(provided, however, that nothing shall prevent the accrual of such default
interest or late charges pursuant to the terms of the Subordinate Loan
Documents), the taking of possession or control of the Property, the suing on
any of the Subordinate Loan Documents or any guaranty or other obligation
contained in the Subordinate Loan Documents, the exercising of any banker’s
lien or rights of set-off or recoupment, the application of any security for
the Subordinate Loan against the Subordinate Loan, the commencement of any
bankruptcy, reorganization or insolvency proceedings against Borrower or any
guarantor under any federal or state law, or the taking of any other
enforcement action against any guarantor, the Borrower or the Property;
provided, however, that if Senior Lender accelerates the maturity of Borrower’s
indebtedness secured by the Senior Loan Documents, then Subordinate Lender may
accelerate the indebtedness secured by the Subordinate Loan Documents (but may
not take any further action without Senior Lender’s consent as aforesaid);

 

(c)                                  In
the event (i) the Senior Loan becomes due or is declared due and payable prior
to its stated maturity, (ii) Subordinate Lender receives any payment with
respect to the Subordinate Loan contrary to the terms of this Agreement or the
Subordinate Loan Documents, (iii) an Event of Default under and as defined in
the Senior Loan Agreements has occurred and is continuing, or (iv) of a
Reorganization Proceeding, then, any payment or distribution of any kind or
character, whether in cash, property or securities which, but for these
subordination provisions, shall be payable or deliverable with respect to any
or all of the Subordinate Loan, shall be paid forthwith or delivered directly
to Senior Lender for application to the payment of the Senior Loan.  Any such payment or distribution received by
Subordinate Lender (notwithstanding the preceding sentence of this paragraph)
shall be segregated from the funds and property of Subordinate Lender and held
in trust by Subordinate Lender for the benefit of, and shall be forthwith be paid
over or delivered in the same form as so received (with any necessary
endorsements) by Subordinate Lender to Senior Lender for application to the
payment of the Senior Loan.  Senior
Lender may, but shall not be obligated to, demand, claim and collect any such
payment or distribution that would, but for these subordination provisions, be
payable or deliverable with respect to the Subordinate Loan.  In the event of the occurrence of (i), (ii),
(iii) or (iv) above and until the Senior Loan shall have been fully paid and
satisfied and all of the obligations to Senior Lender have been performed in
full, no payment shall be made to or accepted by Subordinate Lender in respect
of the Subordinate Loan;

 

(d)                                 Subordinate
Lender retains any right it may have to request that a final judgment in a
foreclosure of the Senior Mortgages direct payment to Subordinate Lender of all
or any part of the indebtedness secured by the Subordinate Mortgages from the
proceeds of the foreclosure sale of the Senior Mortgage to the extent that the
proceeds of such foreclosure sale are in excess of any amounts necessary to
satisfy the Senior Loan;

 

(e)                                  Subordinate
Lender shall not modify, waive or amend any of the terms or provisions of the
Subordinate Loan Documents without the prior consent of Senior Lender.  In addition, Subordinate Lender shall not
pledge, assign, hypothecate, 

 

7

 

transfer, convey, sell or grant participation rights in the Subordinate
Loan or any interest in the Subordinate Loan (other than to an Affiliate)
without the prior consent of Senior Lender;

 

(f)                                    Subordinate
Lender shall not collect payments for the purpose of escrowing taxes,
assessments or other charges imposed on the Property or insurance premiums due
on the insurance policies required under the Senior Mortgages or the
Subordinate Mortgage if Senior Lender is collecting payments for such purposes,
however, Subordinate Lender may collect payments for such purposes if Senior
Lender is not collecting the same, provided such payments shall be held in
trust by Subordinate Lender to be applied only for such purposes;

 

(g)                                 Notwithstanding
anything to the contrary contained in the Senior Loan Documents, during the
continuance of a default by Borrower which can be cured by the payment of money
under the Subordinate Loan Documents beyond any applicable notice or grace
period, if the Senior Loan Documents are not then in default with respect to
the payment of principal and interest, Subordinate Lender shall have the right,
but not the obligation, at any time prior to the giving by Senior Lender of a
Senior Lender Notice, to obtain an assignment from the Senior Lender of the
Senior Loan Documents upon payment in full of the Owed Amount together with any
reasonable attorney’s fees and disbursements incurred by the Senior Lender in
connection with such assignment; and

 

(h)                                 To
the extent that Subordinate Lender acquires any right under Section 361,
363 or 364 of the Bankruptcy Code, Subordinate Lender hereby agrees not to
assert such rights without the prior consent of Senior Lender.  In the event of the occurrence of a
Reorganization Proceeding, if proper proofs of claim and other pleadings and
motions are not filed by Subordinate Lender at least thirty (30) days prior to
the expiration date for such pleadings, Senior Lender shall have the right,
upon at least ten (10) days prior notice to Subordinate Lender, to file
appropriate proofs of claim and other pleadings or motions on behalf of
Subordinate Lender.  The Subordinate
Lender appoints Senior Lender as its attorney-in-fact for such purposes (which
appointment, being coupled with an interest, is irrevocable until the
termination of this Agreement).

 

6.                                       Waiver
of Rights of Subrogation.  Until
such time as the Senior Loan is paid in full, the Subordinate Lender shall not
exercise any right of subrogation that the Subordinate Lender may have or
obtain pursuant to the exercise of any right or remedy in connection with the
Subordinate Loan.  Without limiting the
generality of the foregoing, the Subordinate Lender agrees not to acquire,
directly or indirectly, by subrogation or otherwise, any lien, estate, right or
other interest which is or may be prior in right to the Senior Mortgages,
including, without limitation, advances for real estate taxes.

 

7.                                       Insurance;
Taking and Condemnation. 
Subordinate Lender hereby assigns and transfers to Senior Lender:

 

(a)                                  all
of Subordinate Lender’s right, title, interest or claim, if any, in and to the
proceeds of all policies of insurance covering the Property (or any portion 

 

8

 

thereof) with respect to damages arising from the occurrence of a fire
or other casualty for application or disposition thereof in accordance with the
terms, conditions and provisions of the Senior Loan Documents; and

 

(b)                                 all
of Subordinate Lender’s right, title, interest or claim, if any, in and to all
awards or other compensation made for any taking or condemnation of any part of
the Property (or any portion thereof) for application or disposition thereof in
accordance with the terms, conditions, and provisions of the Senior Loan
Documents.

 

8.                                       Notices.
All notices, requests, demands, consents and approvals under this Agreement
shall be in writing, and shall be hand delivered, sent by registered U.S. Mail,
return receipt requested, or sent by overnight courier service, designated for
next-day delivery, as follows:

 

If to Senior Lender:

 

GMAC Commercial Mortgage Corporation

100 South Wacker Drive – Suite 400

Chicago, Illinois 60606

Attn:  Vacys R. Garbonkus

 

With a copy to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019-6064

Attn:  Harris B. Freidus, Esq.

 

If to Subordinate Lender:

 

 

c/o The New York Times Company

229 West 43rd Street

New York, New York 10036

Attn:  Mr. David A. Thurm

 

With a copy to:

 

c/o The New York Times Company

229 West 43rd Street

New York, New York  10036

Attn:                Solomon B. Watson, IV, Esq.,

General Counsel

 

and to:

 

Piper Rudnick, LLP

 

9

 

1251 Avenue of the Americas

New York, New York 10020

Attn:  Martin D. Polevoy, Esq.

 

Any party hereto may designate a different address to which or person
to whom notices or demands shall be directed by written notice given in the
same manner and directed to the other parties at the address hereinabove set
forth.  Any notice given hereunder shall
be deemed received one (1) Business Day after delivery to an overnight delivery
service designated for next-day delivery, three (3) Business Days after mailing
if sent by registered U.S. mail return receipt requested, or when actually
received if received on a Business Day (and otherwise on the next Business Day)
if sent by hand delivery.

 

9.                                       Representations,
Warranties and Covenants.

 

(a)                                  Subordinate
Lender represents and warrants to Senior Lender that: (i) this Agreement has
been duly authorized, executed and delivered on behalf of Subordinate Lender;
(ii) Subordinate Lender is the sole legal and equitable holder and owner of the
Subordinate Loan Documents, (iii) the Subordinate Loan Documents are the only
agreements or instruments creating or purporting to create in favor of
Subordinate Lender a lien encumbering the Property (and Subordinate Lender
agrees that, so long as any portion of the Senior Loan remains unpaid,
Subordinate Lender shall not claim any rights under, or the benefit of, any
other agreement or instrument creating or purporting to create in favor of
Subordinate Lender a security interest in the Property prior in lien or right
of payment to the Senior Loan), (iv) the Subordinate Lender owns the
Subordinate Loan, and (v) the aggregate principal indebtedness secured by the
Subordinate Loan Documents is
$                  
and the maturity date is
                  .

 

(b)                                 Subordinate
Lender acknowledges that Senior Lender has made no warranties or
representations with respect to the due execution, legality, validity,  completeness or enforceability of the Senior
Loan Documents or the collectibility of the Senior Loan.  Senior Lender will be entitled to manage and
supervise the Senior Loan in accordance with its usual practices, modified from
time to time as Senior Lender deems appropriate under the circumstances,
without regard to the existence of any rights that Subordinate Lender may now
or in the future have in or to the Senior Loan Collateral.  Senior Lender will have no liability to
Subordinate Lender for, and Subordinate Lender waives, any claim which it may
now or in the future have against Senior Lender arising out of: (i) any and all
actions which Senior Lender, in good faith, takes or omits to take with respect
to the Senior Loan Documents or the collection of the Senior Loan or the
valuation, use, protection or release of any collateral (including, without
limitation, actions or inactions of Senior Lender with respect to the creation,
perfection or continuation of liens or security interests in its collateral,
the occurrence of an Event of Default, the foreclosure on, sale, release of,
depreciation of, or failure to realize on, any of its collateral, and the
collection of any claim for all or any part of the Senior Loan from any account
debtor, guarantor or other party); (ii) Senior Lender’s election, in any
Reorganization Proceeding, of the application of Section 1111 (b)(2) of
the Bankruptcy Code; or (iii) any borrowing or grant of a security interest by
Borrower or a member in Borrower in a Reorganization Proceeding under
Section 364 of the Bankruptcy Code.

 

10

 

Notwithstanding anything to the contrary contained herein, Subordinate
Lender does not waive any claim it may have against Senior Lender arising out
of Senior Lender’s alleged breach hereof. 
Subordinate Lender hereby waives any rights it may have to require a
marshalling of the assets of Borrower.

 

(c)                                  Senior
Lender shall have no duty to advise Subordinate Lender of information known to
Senior Lender regarding Borrower’s business, financial or other condition or
the risk of non-payment of the Senior Loan. Upon written request made by
Subordinate Lender or Senior Lender from time to time, but not more often than
once in any calendar year, Senior Lender or Subordinate Lender, as the case may
be, will furnish certificates indicating the principal, interest and other
sums, if any, due under the Senior Loan Documents or Subordinate Loan
Documents, as the case may be, and whether or not, to the best of Senior
Lender’s knowledge or Subordinate Lender’s knowledge, an event of default (or
event which, with notice or the passage of time, would constitute an event of
default) has occurred.

 

10.                                 No
Third Party Beneficiary.  The terms
of this Agreement are for the sole and exclusive protection and use of
Subordinate Lender and any holders of the Subordinate Loan Documents and the
Senior Lender and any holders of the Senior Loan Documents.  Neither Borrower, nor any other person or
party, shall be a third-party beneficiary hereunder, and no provision hereof
shall operate or inure to the use and benefit of Borrower or any such other
person or party.

 

11.                                 Construction
of this Agreement.  This Agreement
is for the sole benefit of Subordinate Lender and Senior Lender and shall be
binding upon Subordinate Lender and Senior Lender, and all of their respective
affiliates, participants, trustees, receivers, successors and assigns.  Nothing herein shall be deemed to modify,
limit or in any way affect (a) the obligations of Borrower to Senior Lender
under Senior Loan Documents, or (b) the obligations of Borrower to Subordinate
Lender under the Subordinate Loan Documents.

 

12.                                 Headings;
Severability.  The
section headings herein are for convenience of reference only and shall
not affect the construction hereof.  If
any provision hereof is prohibited, invalid or unenforceable in any
jurisdiction, or as to any fact or circumstance, the same shall not affect the
remaining provision hereof nor affect the validity or enforceability of such
provision in any other jurisdiction or as to other facts or circumstances.

 

13.                                 Jurisdiction
and Venue; Waiver of Jury Trial. 
Each of the parties hereby irrevocably submits to the jurisdiction of
any federal or state court sitting in State of New York over any suit, action
or proceeding arising out of or relating to this Agreement and covenants and
agrees that such courts shall have exclusive jurisdiction over any such suit,
action or proceeding.  Each party
irrevocably waives, to the fullest extent permitted under applicable law, any
objections it may now or hereafter have to the venue of any suit, action or
proceeding brought in any such court and any claim that the same has been
brought in an inconvenient forum.

 

11

 

14.                                 Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of New York.

 

15.                                 Modification.  This Agreement may not be amended or
modified except by an agreement in writing executed by all parties to this
Agreement, and no provision of this Agreement may be waived except by a waiver
in writing signed by the party against whom the waiver is asserted.

 

16.                                 Business
Days.  The terms “Business Day” and
“Business Days” as used in this Agreement shall mean any day other than a
Saturday, a Sunday or a Federal holiday.

 

17.                                 Counterparts.  This Agreement and the consent hereto may be
executed in counterparts, all of which, taken together, shall constitute one
and the same instrument, and any of the parties hereto may execute this
Agreement by signing any such counterpart.

 

18.                                 Attorneys’
Fees.  In the event of any lawsuit
or other legal proceeding arising from or relating to this Agreement, the
prevailing party shall be entitled to an award of its actual reasonable
attorneys’ fees and related costs and expenses.

 

19.                                 Specific
Performance.  In addition to any
other remedies available under any applicable law, each party hereto shall be
entitled to specific performance of this Agreement, and each party hereby
irrevocably waives any defense to such specific performance based on the adequacy
of any remedy at law.

 

20.                                 Waiver
of Jury Trial. SUBORDINATE LENDER AND SENIOR LENDER WAIVE TRIAL BY JURY IN
ANY ACTION, PROCEEDING, CLAIM, OR COUNTERCLAIM, WHETHER IN CONTRACT OR TORT, AT
LAW OR IN EQUITY, WITH RESPECT TO, IN CONNECTION WITH OR ARISING OUT OF OR IN
ANY WAY RELATED TO THIS AGREEMENT OR ANY OTHER DOCUMENT DELIVERED IN CONNECTION
HEREWITH OR THEREWITH.

 

21.                                 Termination.
The following events are referred to herein as “Termination Events”:  (a) complete payment and satisfaction in
full of the Senior Loan; and (b) complete payment and satisfaction in full of
the Subordinate Loan.  Upon the
occurrence of a Termination Event, this Agreement shall automatically
terminate, and the provisions herein shall automatically be of no further force
and effect.  Promptly upon request by
Subordinate Lender or Senior Lender, the other party hereto shall execute any
reasonable documents and/or instruments confirming any such termination.

 

 

[signature page follows]

 

12

 

WITNESS the execution hereof as of the day and date first above
written.

 

	
   

  	
  SENIOR LENDER:

  
	
   

  	
   

  
	
   

  	
  GMAC COMMERCIAL MORTGAGE

  CORPORATION, as agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SUBORDINATE LENDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
  State of New York

  	
   

  	
  )

  
	
    :

  	
   

  	
  SS.:

  
	
  County of New York

  	
   

  	
  )

  

 

On the       day of
                 ,
200    before me, the undersigned, a Notary Public in and for
said State, personally appeared (Person Appearing), (Personally Proved) to me
on the basis of satisfactory evidence to be the individual(s) whose name(s)
is/are subscribed to the within instrument and acknowledged that he/she/they
executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of
which the individual(s) acted, executed the instrument.

 

 

	
   

  	
   

  
	
   

  	
  (Notary Name)

  
	
   

  	
  Notary Public

  
	
   

  	
  My commission expires: (expiration)

  

 

 

	
  State of New York

  	
   

  	
  )

  
	
    :

  	
   

  	
  SS.:

  
	
  County of New York

  	
   

  	
  )

  

 

On the       day of
                ,
200   before me, the undersigned, a Notary Public in and for said
State, personally appeared (Person Appearing), (Personally Proved) to me on the
basis of satisfactory evidence to be the individual(s) whose name(s) is/are
subscribed to the within instrument and acknowledged that he/she/they executed
the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument.

 

 

	
   

  	
   

  
	
   

  	
  (Notary Name)

  
	
   

  	
  Notary Public

  
	
   

  	
  My commission expires: (expiration)

  

 

 

Exhibit A

 

The Property

 

 

 

Exhibit
S

 

Security Deposit Accounts Agreement

 

S-1

 

 

SECURITY DEPOSIT ACCOUNTS AGREEMENT

 

THIS SECURITY DEPOSIT ACCOUNTS AGREEMENT, dated as of
              
    , 200   (this “Agreement”), among
[           ], a
                                    
having an address at
                                      
(“Bank”), THE NEW YORK TIMES
BUILDING LLC, a New York limited liability company (“Borrower”) and FC LION LLC, a New York limited liability
company (“FC Member”), each having
an address at One MetroTech Center North, Brooklyn, New York 11201 (Borrower
and FC Member collectively, the (“Pledgors”)
and GMAC COMMERCIAL MORTGAGE CORPORATION, a California corporation and any
successors thereto, as agent (including as successor to Initial Agent (as
hereinafter defined)) (including any of its successors and assigns as agent, “Agent”) for itself and any other co-lenders
as may exist from time to time (such lenders collectively, including any
successors and assigns, “Lenders”
and each individually, a “Lender”).

 

W I T N E S S E T H:

 

WHEREAS, Borrower, New York State Urban Development Corporation d/b/a
Empire State Development Corporation, as initial agent (“Initial Agent”), for itself and for the
benefit of Lenders, and Agent, for itself and on behalf of Lenders, are
entering into that certain Building Loan Agreement and that certain Project
Loan Agreement, each dated as of the date hereof (as the same may be revised,
restated, amended or modified, the “Loan
Agreements”; capitalized terms not otherwise defined herein shall
have the respective meanings specified in the Loan Agreements), pursuant to
which the Lenders are making the Loans to Borrower; and

 

WHEREAS, one of the conditions precedent to the obligations of the
Lenders under the Loan Agreements is that the Pledgors provide for the payment
of Tenant security deposits in respect of any Lease into one or more accounts
established by Pledgors with Bank which account(s) will be maintained for the
benefit of Agent and Lenders.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing, and for other good
and valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, the parties hereto agree as follows:

 

1.  Accounts.  (a) This Agreement applies to the accounts identified below that
have been established 
     at Bank by the applicable Pledgor
for the benefit of Agent and Lenders:

 

 

 

	
  Description
  of Accounts

  	
   

  	
  Account
  Numbers

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Account Name: The New York Times Building
  LLC Security Deposit Account — GMAC Commercial Mortgage Corporation, as agent
  and secured party Account Type:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Account Name: FC Lion LLC Security Deposit
  Account — GMAC Commercial Mortgage Corporation, as agent and secured party
  Account Type:

  	
   

  	
   

  	
   

  

 

The accounts identified above shall be collectively referred to herein
as the “Security Deposit Accounts”.  No Pledgor shall cancel or cause any of the
Security Deposit Accounts to be canceled, nor shall any Pledgor establish any
other account with Bank or any other bank, mutual fund, investment banking firm
or similar institution into which any Rents (other than security deposits)
shall be deposited.

 

(b)                                 (i)  Each Pledgor shall deposit, or cause to be
deposited, in the applicable Security Deposit Account, all security deposits
received by such Pledgor (or any leasing or managing agent) under or in respect
of any Lease within two (2) Business Days of receipt thereof.  All such deposits shall be made in the
lawful currency of the United States of America.  If any such security deposit is in the form of a letter of
credit, such letter of credit (or any replacement thereof) must be delivered to
Bank within the same time period, must be an irrevocable, standby letter of
credit in form and content and from an institution reasonably acceptable to
Agent and must be payable to Agent, provided that any such letter of credit may
be payable to the applicable Pledgor if such letter of credit is also freely
assignable to Agent and is actually assigned to Agent prior to or
simultaneously with its delivery to Bank. 
To the extent required by the applicable Lease, each applicable Pledgor
shall require each applicable Tenant to maintain in effect any such letter of
credit (or any replacement thereof) during the term of the applicable Lease or
replace such letter of credit with a cash deposit.  If any such letter of credit is not so maintained or replaced
within fifteen (15) days prior to the expiration thereof, Agent shall have the
right, in addition to any other remedies available to Agent, to require Bank to
draw upon such letter of credit.  Upon
receipt, Bank shall send copies of such letters of credit to Agent.

 

(ii)                                  In
the absence of instructions from a Pledgor as to which account any amounts
shall be deposited to, Bank shall notify the Pledgors and request such
instructions, and in the meantime, Bank may refuse to accept delivery of such
amounts until such instructions are received from such payor or Pledgor.

 

(c)                                  The
applicable Pledgor shall provide the notice set forth on Exhibit A attached hereto to each party to
a Lease as each Lease is executed (or, if such Lease has previously been
executed, then immediately).  The
applicable Pledgor shall obtain the acknowledgment of its Tenants to such
notice. If the applicable Pledgor fails to provide any such notice or obtain
such acknowledgement, or if any Event of Default has 

 

2

 

occurred and is continuing, Agent shall have the right (and without
prejudice to Agent’s rights with respect to such failures or Event of Default )
to direct such parties to remit all security deposits directly into the
applicable Security Deposit Account by issuing a notice as Agent deems
appropriate.  Each of the Pledgors
hereby grants to Agent a power of attorney to sign and deliver the foregoing
notices, which power of attorney shall be deemed coupled with an interest and
irrevocable until the Indebtedness has been paid in full, and each Pledgor
directs all applicable Tenants (and any successor to the interest of any such
Tenant) under the applicable Leases to follow any such instructions given by
Agent, notwithstanding any contrary instructions from any Pledgor and without
any obligation or right on the Tenant’s part to determine the actual existence
of an Event of Default or other event claimed by Agent as the basis for Agent’s
right to send such notice.

 

(d)                                 No
modifications or revocations of any notice given by any Pledgor pursuant to
clause (c) above are permitted without Agent’s prior written approval, which
approval shall not be unreasonably withheld or delayed.  Upon Agent’s request from time to time, each
Pledgor will certify in writing that it has sent a notice to all applicable
Tenants or otherwise demonstrate to Agent’s satisfaction that notices have been
issued to all applicable Tenants.

 

(e)                                  Upon
Agent’s request from time to time, each Pledgor shall provide a written
statement to Agent itemizing the amounts deposited in its Security Deposit
Account for the period covered by Agent’s request and such supporting
documentation as Agent reasonably may require.

 

(f)                                    Each
of the Pledgors represents and warrants that (i) this Agreement creates a
valid, first priority security interest in all of its rights in the Collateral
(as defined below), (ii) as of the date hereof, except for the security
interest created by this Agreement, the Security Deposit Accounts are free from
any Lien, or other right, title and interest of any other person or party and
(iii) the exact legal name and state of formation of each Pledgor are as set
forth on page one hereof.  Except as
permitted hereunder, no Pledgor shall sell, transfer, encumber, hypothecate or
otherwise dispose of, or grant any option with respect to, the Collateral, or
create or permit to exist any Lien upon the Collateral.

 

(g)                                 The
Security Deposit Accounts shall not be evidenced by a certificate of deposit,
passbook or other instrument.

 

(h)                                 Account
balances shall accrue interest at a savings account rate (or a money market
rate, but only to the extent that the Security Deposit Accounts can remain
“deposit accounts” (as defined in the UCC) notwithstanding the giving of a
money market rate) for accounts denominated in U.S. dollars and interest shall
be credited by Bank to the applicable Security Deposit Account not later than
the fifth (5th) Business Day of the month immediately following the month for
which accrued interest is being credited. 
Interest accruing on each of the Security Deposit Accounts shall be
periodically added to the principal amount of the corresponding Security
Deposit Account.

 

3

 

(i)                                     Each
Pledgor acknowledges and agrees that neither it, nor any other party claiming
on behalf of, or through, it, shall have any right, title or interest, whether
express or implied, in the Security Deposit Accounts, or to withdraw or make
use of any amounts from any Security Deposit Account except to the extent
expressly permitted by Section 5 hereof.

 

2.  Pledge of the Collateral.

 

(a)                                  To
secure the full payment of the Indebtedness and the performance of the
Obligations, each Pledgor hereby sells, conveys, assigns, transfers and grants
a first priority continuing security interest in, pledges and sets over unto
Agent, for Agent’s own benefit and the benefit of Lenders, all of its right,
title and interest, whether now owned or hereafter acquired or arising,  in and to each Security Deposit Account, all
interest, dividends, credits and proceeds relating thereto, all monies, checks
and other similar instruments held or deposited therein and all of Borrower’s
rights under any letters of credit, including all rights to proceeds of any
letters of credit (collectively, the “Collateral”):

 

(b)                                 Bank
acknowledges that this Agreement constitutes notice of Agent’s security
interest in the Collateral and hereby acknowledges and consents thereto.

 

(c)                                  Pledgors
hereby authorize Agent to file UCC financing statements describing the
Collateral and evidencing and perfecting the security interest in the
Collateral granted to Agent pursuant to this Agreement and to file any other
UCC financing statements reasonably necessary or advisable to accomplish the
purposes of this Agreement.

 

3.  Control of the Collateral.  If Agent delivers to Bank a Notice of
Exclusive Control (as hereinafter defined) and until such time as such Notice
of Exclusive Control is rescinded in writing by Agent, Bank will comply with
any directions originated by Agent concerning the Security Deposit Accounts and
the other Collateral without further consent by any Pledgor.  Agent may exercise any rights and powers
under or in connection with this Agreement and the Collateral without further
consent of any of the Pledgors.  Subject
to the foregoing, Bank shall also comply with entitlement orders or other
directions concerning the Security Deposit Accounts and the other Collateral
originated by any of the Pledgors or their Authorized Representatives (as
defined in Section 5(b) below), until such time as Agent delivers a
written notice to Bank (with copies to Pledgors) that Agent is thereby exercising
exclusive control over the Security Deposit Accounts and the other
Collateral.  Such notice is referred to
herein as the “Notice of Exclusive Control”.  After Bank receives a Notice of Exclusive
Control (and so long as such Notice of Exclusive Control has not been rescinded
in writing by Agent), it will cease complying with entitlement orders or other
directions concerning the Security Deposit Accounts and the other Collateral
originated by any Pledgor or any of its Authorized Representatives and will
comply solely with entitlement orders or other directions concerning the
Security Deposit Accounts and the other Collateral originated 

 

4

 

by Agent.  As between Pledgors
and Agent, Agent agrees to give a Notice of Exclusive Control only if a Noticed
Default or an Event of Default has occurred and is continuing.

 

4.  Agency.  (a) Agent hereby appoints Bank as Agent’s
agent, bailee and pledgee and pledgee-in-possession for the Collateral, and
Bank, by its execution and delivery of this Agreement, hereby accepts such
appointment and agrees to be bound by the terms of this Agreement.  Each of the Pledgors hereby agrees to such
appointment of Bank.

 

(b)                                 Bank
agrees that all cash and other property held in the Security Deposit Accounts
shall be segregated from all other cash and property held by Bank and shall be
identified as being held in trust pursuant to this Agreement.  Segregation will be accomplished by
appropriate identification of the cash or other property held in trust on the
books and records of Bank.  Bank agrees
not to commingle the amounts held in, or designated for deposit in, the
Security Deposit Accounts with any other amounts held on behalf of Agent,
Pledgors or any other party.  Agent
agrees that Bank may commingle security deposits received with respect to
different Tenants in a single account provided that Bank is able to separately
track interest accruing to each Tenant.

 

5.  Withdrawals.  (a) 
So long as a Notice of Exclusive Control is not in effect, and as
between Pledgors and Agent, and without any right, duty or obligation on the
part of Bank to verify compliance by Pledgors with this Section 5(a),
Pledgors may utilize funds in the Security Deposit Accounts, upon not less than
five (5) Business Days’ prior written confirmation from the applicable Pledgor
to Agent specifying the amount of funds to be disbursed and certifying that
such Pledgor is entitled, by the applicable Lease and by law, to the amounts so
requested or the proceeds of the applicable letter of credit.  Upon receipt of such certification, Agent
shall instruct Bank to deliver and apply such funds in accordance with the
terms of such certification (or Agent shall draw upon the applicable letter of
credit).  The applicable Pledgor shall
provide evidence to Agent, on Agent’s request, of the proper application of
such funds.  Upon the delivery of a
Notice of Exclusive Control, the rights conferred upon the Pledgors pursuant to
this Section shall immediately and automatically terminate without further
action being required of Agent, Bank or any Pledgor.

 

(b)                                 Each
Pledgor agrees to designate a limited number of persons who have authority to
issue or deliver withdrawal, transfer or disbursement instructions to Bank
(each such person, an “Authorized
Representative”).  The
initial list of Authorized Representatives for each Pledgor and samples of
their respective genuine signatures is attached hereto as Exhibit B (“Certificate of Authority”). 
Each of the Pledgors may, from time to time, amend its then current list
of Authorized Representatives by sending an amendment to, or replacement of,
the Certificate of Authority, in each case to be substantially in the form of Exhibit B and signed by a Secretary,
Assistant Secretary or other duly authorized officer of the applicable
Pledgor.  Bank will be authorized to
rely and act upon all instructions given or purported to be given by an
Authorized Representative of a Pledgor, provided that (i) in the case of
written instructions, such written instructions bear the original signature,
facsimile 

 

5

 

signature or electronic signature of an Authorized Representative which
resembles the specimen signature for such Authorized Representative on file
with Bank; and (ii) in the case of electronically transmitted instructions, the
person providing the instruction uses a security code or other authentication
procedure provided by Bank for such Pledgor’s use.  Unless an expiration date is expressly stated in the Certificate
of Authority, all authorizations shall continue in full force and effect until
canceled or superseded by a subsequent Certificate of Authority received by
Bank with reasonable opportunity to act thereon.

 

6.  Bank’s Obligations with
respect to the Collateral.

 

(a)                                  The
parties agree that items deposited in the Security Deposit Accounts shall be deemed
to bear the valid and legally binding endorsement of the payee and to comply
with all of Bank’s requirements for the supplying of missing endorsements, now
or hereafter in effect.  As between
Pledgors and Agent, any deposit made by or on behalf of any Pledgor into the
applicable Security Deposit Account shall be deemed deposited into such
Security Deposit Account when the funds in respect of such deposit shall become
collected funds.

 

(b)                                 Notwithstanding
anything to the contrary herein, each of the Pledgors acknowledges that it is
responsible for monitoring the sufficiency of funds deposited its respective
Security Deposit Account and that each is liable for any deficiency in
available funds necessary to cover disbursements and fees to Bank, irrespective
of whether it has received any account statement, notice or demand from Agent
or Bank. If on any day there are insufficient amounts in the applicable
Security Deposit Account necessary to cover disbursements and fees to Bank, the
applicable Pledgor shall immediately deposit into the applicable Security
Deposit Account, without the need for any notice or demand from Agent or Bank,
the amount of such deficiency in immediately available funds.

 

(c)                                  Availability
of cash credited to the applicable Security Deposit Account shall be subject to
checks, drafts or other demand instruments having cleared deposit.  If withdrawal instructions for wire
transfers are received (i) at or before 2:00 p.m. eastern time on a Business
Day, payment of the amount withdrawn shall be made to or for the benefit of the
applicable Pledgor by wire transfer on the same Business Day, or (ii) after
2:00 p.m. eastern time on a Business Day, payment of the amount withdrawn shall
be made to or for the benefit of the applicable Pledgor by wire transfer on the
next Business Day.

 

7.  No Other Assignments.  Bank represents and warrants to Agent that
no other notices of control, assignment, grant of security interest or Lien of
any kind in respect of the Collateral are reflected in Bank’s records
concerning the Collateral.  Bank hereby
agrees that any such notice of control, assignment, grant of security interest,
or Lien of any kind in respect of the Collateral that it receives, including
the notice conferred by this Agreement, will be recorded in Bank’s records
concerning the Collateral and Bank will immediately notify Agent upon receipt
thereof.  Bank agrees not to allow any
person or entity other than Agent and Bank (to the extent permitted in 

 

6

 

Section 12
below) to withdraw amounts from the Security Deposit Accounts (it being
acknowledged, however, that Pledgors have the rights to utilize funds in the
Collateral Accounts to the extent provided in Sections 3 and 5 hereof).

 

8.  Actions With Respect to
the Collateral Following an Event of Default.

 

(a)                                  At
all times after Bank’s receipt of a Notice of Exclusive Control, and until Bank
has received notice from Agent that such Notice of Exclusive Control has been
rescinded, Bank shall solely follow the written instructions of Agent as to the
Collateral, including amounts from time to time on deposit in the Security
Deposit Accounts, without further consent of any of the Pledgors, and Agent
shall be irrevocably entitled to exercise any and all rights and remedies in
respect of or in connection with the Collateral provided to Agent under the
Loan Agreements or any other Security Document or otherwise available in equity
or under applicable law, without further consent or instructions from any of
the Pledgors.  Each of the Pledgors
agrees that Bank may act as the agent of Agent in exercising, as to any funds
or other property from time to time consisting of Collateral, any rights of
set-off provided by the Loan Agreements or any other Loan Document or otherwise
available in equity or under applicable law, without further consent or
instructions from any Pledgor.

 

(b)                                 Upon
the occurrence and during the continuance of an Event of Default, Agent may,
without notice of any kind, except for notices required by law which may not be
waived (in addition to any other rights or remedies under this Agreement, at
law or in equity or otherwise, but subject to the provisions of applicable law)
retain for its own account or otherwise sell or dispose of all or any portion
of the Collateral in one or more public or private sales, and, in each case,
apply such proceeds in accordance with the Loan Documents.  In addition to the rights, powers and
remedies granted to it under this Agreement and in any other Loan Document,
Agent shall have all the rights, powers and remedies available at law or in
equity, including, without limitation, the rights and remedies of a secured
party under the applicable Uniform Commercial Code.  To the extent permitted by law, each of the Pledgors waives
presentment, demand, protest and all notices of any kind and all claims,
damages and demands it may acquire against the Agent or any Lender arising out
of the exercise by them of any rights hereunder, except for claims, damages or
demands arising from the gross negligence or willful misconduct of Agent or any
Lender.

 

(c)                                  Effective
during the continuance of an Event of Default, each Pledgor hereby irrevocably
constitutes and appoints Agent and any officer or agent of Agent, with full
power of substitution, as its true and lawful attorney-in-fact with full
irrevocable power and authority in the place and stead of each Pledgor and in
the name of each Pledgor or in Agent’s own name, from time to time in Agent’s
discretion, for the purpose of carrying out the terms of this Agreement, to
take any and all appropriate action and to execute any and all documents and
instruments which may be necessary or desirable to accomplish the purposes of
this Agreement, including, without limitation, any financing statements,
endorsements, assignments or other instruments of transfer.

 

7

 

9.  Information.  (a) 
Bank shall provide to the applicable Pledgor and Agent a periodic
statement setting forth all deposits, withdrawals, and account service charges,
if any, with respect to each Security Deposit Account.  Such periodic statements will be issued on a
monthly or quarterly basis, depending on activity, but not more frequently than
once per month.  Any Pledgor or Agent
may request more frequent statements in which case Bank may assess such Pledgor
for the applicable account service charge.

 

(b)                                 Each
Pledgor acknowledges its duty to promptly examine each periodic statement
issued to it by Bank and to use reasonable care to discover any errors or
unauthorized transactions charged to, or affecting, the Security Deposit Accounts.  Should such Pledgor fail to send written
objections or exceptions to Bank with respect to a periodic statement within
sixty (60) days of the date such statement is issued, such Pledgor shall be
deemed to have approved such statement, and, as against such Pledgor, such
statement shall be presumed to be correct for all purposes with respect to all
information set forth therein.  The
foregoing shall not be construed to limit, in any respect, Bank’s right to correct
any error it discovers with respect to the Security Deposit Accounts or to
withdraw from the Security Deposit Accounts cash or other property deposited
therein by Bank in error.

 

10.  Certain Matters
Affecting the Bank.  Pledgors and
Agent agree that:

 

(a)                                  Bank
shall be entitled to rely upon, and shall be protected in acting or refraining
from acting upon, any written notice, certificate or other document or
communication (including, without limitation, facsimiles thereof) believed by
it to be genuine and to have been signed, presented or delivered by the proper
party or parties, and Bank may rely on statements contained therein without
further inquiry or investigation.  Bank
shall have no obligation to review or confirm that actions it is requested to
take pursuant to any such notice comply with any agreement or document other
than this Agreement.

 

(b)                                 Bank
shall be entitled to rely, and shall be protected in acting or refraining from
acting, without independent investigation or any further consent or
instructions from any Pledgor, upon any written notice received from Agent to
the effect that an Event of Default has occurred or has ceased to exist or that
any action requested by Agent to disburse funds from the Security Deposit
Accounts or other Collateral or exercise Agent’s set-off rights against the
Collateral is permitted under the Loan Agreements, any other Loan Document
and/or in equity or under applicable law.

 

(c)                                  The
duties and obligations of Bank shall be determined solely by the express
provisions of this Agreement, and, except as expressly set forth herein, Bank
will not be charged with knowledge of any provisions of the Loan Agreements or
any other Loan Documents.  Bank shall
not be liable except for the performance of its duties and obligations as are
specifically set forth in this Agreement, except to the extent any claims,
losses, damages, expenses or other liabilities are caused by the gross
negligence or willful or intentional misconduct of Bank, and no implied
covenants or obligations, except those that may be implied by law, shall be
read into this 

 

8

 

Agreement against Bank.  Without limiting the foregoing: Bank shall
have no investment responsibility with respect to the cash or other property
held in the Collateral except as specifically set forth herein; shall not be accountable
for the use or application by any Pledgor or any other identified party of any
money paid over by Bank in accordance with this Agreement; and shall have no
responsibility for taking any steps to preserve rights against any parties with
respect to any property held hereunder.

 

(d)                                 Bank
shall have no liability for any loss occasioned by delay in the actual receipt
of notice or other instructions to Bank of any payment, disbursement or any
other transaction regarding the Collateral, nor shall Bank be liable for any
claims, losses, damages, expenses or other liabilities, other than to the
extent the same may be caused by the gross negligence or willful or intentional
misconduct of Bank.  Under no
circumstance whatsoever will Bank be liable for any lost profits or for any
incidental, special, consequential or punitive damages whether or not Bank knew
of the possibility or likelihood of such damages and regardless of the form of
action in which any such loss or damage may be claimed.  Bank’s substantial compliance with its
standard procedures for provision of the services required under this Agreement
shall be deemed to constitute its exercise of reasonable care.

 

(e)                                  If
any Pledgor becomes subject to a voluntary or involuntary proceeding under the
United States Bankruptcy Code, or if Bank is otherwise served with legal
process which Bank in good faith believes affects the Collateral, or if at any
time Bank receives conflicting instructions with respect to any action it is
requested to take under this Agreement, Bank shall have the right to place a
hold on the Collateral until such time as Bank receives an appropriate court
order or other assurances satisfactory to Bank establishing that the Collateral
continue to be disbursed according to the instructions contained in this
Agreement.

 

11.  Irrevocable Agreement.  Pledgors acknowledge that the agreements
made by it and the conveyances and authorizations made and granted by it herein
are irrevocable and that the conveyances and authorizations made and granted herein
constitute powers coupled with an interest.

 

12.  Waiver of Set-off Rights
by Bank.  Bank hereby waives, with
respect to all existing and future claims it may have against Pledgors, all
rights of set-off and banker’s liens which it may now or hereafter have against
the Collateral and all items (and proceeds thereof) that come into the
possession of Bank in connection with the Collateral, except, without further
consent from Pledgors or Agent, to the extent Bank is unable to obtain payment
from Pledgors and to the extent permitted by applicable law, rights of set-off
and banker’s liens arising in connection with (i) items deposited in the
Security Deposit Accounts that are subsequently returned to Bank unpaid for
insufficient funds or if such amount is otherwise uncollectible by Bank,
including without limitation by any “stop payment order” having been applied to
such item, (ii) any fees due to Bank or charges incurred by Bank in connection
with its deposit or collection attempts (provided such amounts are not in
excess of the fees or charges Bank regularly and customarily charges its
customers with respect thereto), (iii) the amount represented by such
uncollectible item if such item has actually been paid by Bank to Pledgors
prior to 

 

9

 

Bank’s collection
thereof, (iv) unpaid fees and expenses with respect to the Collateral that are
charged to any of the Pledgors by Bank in the normal course of business for the
Collateral and (v) any funds or items deposited in the Security Deposit
Accounts in error or as necessary to correct processing errors (and Bank shall
have the right to withdraw from the Security Deposit Accounts funds or other
items deposited in error without further consent from Pledgors or Agent).

 

13.  Miscellaneous.  This Agreement shall supersede any other
agreement (to the extent conflicting herewith) relating to the matters referred
to herein, including any other account agreement between either Pledgor and
Bank.  This Agreement is binding upon the
parties hereto and their respective successors and assigns (including any
trustee of either Pledgor appointed or elected in any action under the United
States Bankruptcy Code) and shall inure to their benefit.  This Agreement may not be changed, amended,
modified or waived orally, but only by an instrument in writing signed by each
of the parties hereto, provided that such instrument need by signed only by
Bank and Agent if it does not change any rights or obligations of Pledgors
hereunder.  This Agreement shall be
governed by, and interpreted in accordance with, the laws of the State of New
York applicable to contracts made and performed solely within such State,
except with regard to payment of checks and other items and other issues
relating to the operations of the Security Deposit Accounts or any other
account to which funds from the Security Deposit Accounts are transferred,
which issues shall be interpreted and enforced according to the laws of the
state where the Security Deposit Accounts or such other account are located.  This Agreement may be executed in any number
of counterparts which together shall constitute one and the same
instrument.  Pledgors may not assign
this Agreement without the prior approval of Agent.  Agent may assign this Agreement in conformance with
Section 11.05 of the Loan Agreements. 
Bank may assign this Agreement with the prior approval of Agent, and
notice thereof shall be given to Pledgors.

 

14.  Taxes.  Each Pledgor shall deliver promptly to Bank
a duly completed and executed copy of the proper United States Internal Revenue
Service (a) Form W-9 or (b) if a Pledgor is not a United States citizen, Form
1001, Form 4224, Form W-8 or Form 8709 (as applicable), certifying such
Pledgor’s status as a beneficial owner of its Security Deposit Account (within
the meaning of Section 1.1441-1(c)(6) of the Treasury Regulations of the
United States Internal Revenue Tax Code). 
Each of the Pledgors further agrees to provide duly executed and
completed updates of such forms (or applicable successor forms) promptly (but
in any event no later than 10 Business Days) upon Bank’s request therefor, if
Bank notifies such Pledgor that existing forms have expired or become
obsolete.  Each Pledgor shall, on its
own initiative, shall promptly provide (but in any event no later than 10 Business
Days) duly executed and completed updates of such forms upon the occurrence of
any event in respect of such Pledgor requiring a change in the most recent form
previously delivered by such Pledgor to Bank. 
Each Pledgor shall be responsible for the payment of all taxes relating
to the assets in its Security Deposit Account (other than taxes with respect to
investment earnings retained by Bank in accordance with this Agreement).

 

10

 

15.  Termination.  Pledgors may not terminate this Agreement
for any reason without Agent’s prior written consent; provided, however, that
Pledgors may terminate this Agreement for the purpose of using a different
depository bank if (i) Agent approves such replacement depository bank, such
approval not to be unreasonably withheld or delayed and (ii) such replacement
depository bank shall enter into an agreement with Pledgors and Agent
substantially similar to this Agreement. 
This Agreement shall remain in full force and effect until such time as
(a) Agent shall deliver written notice to Bank as to the full and final payment
of all Indebtedness under the Loan Documents and the termination of the Loan
Documents, (b) Agent shall deliver written notice of termination to Pledgors
and Bank at any time for any reason, (c) Bank shall deliver written notice of
termination to Pledgors and Agent not less than thirty (30) days prior to the
effective termination date or (d) Borrower shall have replaced Bank with a
replacement depository bank in accordance with the immediately foregoing sentence.  If Bank so terminates this Agreement or if
Agent so terminates this Agreement but requires that Security Deposit Accounts
with a different depository be established, Agent and Pledgors shall jointly
select a new depository to replace Bank, and thereupon Agent and the Pledgors
shall enter into a new arrangement with such depository substantially similar
to this Agreement.  Bank hereby agrees
that it shall promptly take all reasonable action necessary to facilitate the
transfer of the Collateral to any replacement depository.  All rights of Bank under Sections 10 and 12
hereof for the period prior to any such termination shall survive such
termination.

 

16.  Further Assurances.  Each Pledgor hereby covenants and agrees
that it shall (i) perform such acts and execute, acknowledge and deliver, from
time to time, such financing statements and other instruments as may be
reasonably required by Agent to perfect or better assure this Agreement and the
security interests created hereby, and file or record the same in the public
records specified by Agent and (ii) upon request of Agent, execute and deliver
all further instruments and documents, and take all further action, that may be
necessary or desirable in Agent’s reasonable opinion to protect any security interest
granted or purported to be granted hereby, to enable Agent to exercise and
enforce its rights and remedies hereunder with respect to the Collateral or to
effectuate the purpose and intent of this Agreement, provided that the same do
not increase such Pledgor’s liabilities, or decrease such Pledgor’s rights,
under the Loan Documents (other than, in each case, to a de minimis extent).

 

17.  Notices.  (i) Any request, notice, report, demand,
approval or other communication permitted or required by this Agreement to be
given or furnished shall be in writing and shall be deemed given or furnished
when addressed to the party intended to receive the same, at the address of
such party as set forth below, (i) when delivered by overnight nationwide
commercial courier service, one (1) Business Day (determined with reference to
the location of the recipient) after the date of delivery to such courier
service, (ii) when personally delivered, if delivered on a Business Day in the
place of receipt and during normal business hours (otherwise on the next
occurring Business Day in such place of receipt) or (iii) when transmitted by
telecopy to the telecopier number set forth below, to the party intended to
receive same if transmitted on a Business Day in the place of receipt and
during normal business hours (and otherwise on the next occurring 

 

11

 

Business Day in such place of receipt) and provided that such
transmission is confirmed by duplicate notice in such other manner as permitted
above:

 

Agent:

 

GMAC Commercial Mortgage Corporation

100 South Wacker Drive, Suite 400

Chicago, Illinois 60606

Attention:  Vacys R. Garbonkus

Telecopier:  (312) 917-6131

 

with a copy to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019-6064

Attention:  Harris B. Freidus, Esq.

Telecopier:  (212) 492-0064

 

Borrower:

 

The New York Times Building LLC

c/o FC Lion LLC

One Metro Tech Center North

Attention: General Counsel

Telecopier: (718) 923-8705

 

with a copy to:

 

Kelley Drye & Warren LLP

101 Park Avenue

New York, New York 10178

Attention: James J. Kirk, Esq.

Telecopier: (212) 808-7897

 

and

 

The New York Times Company

229 West 43rd Street

New York, New York 10036

Attention:       Anthony Benten, David Thurm and

Kenneth A. Richieri, Esq.

Telecopier:         (212) 556-1646 (Mr. Benten) and 

(212) 556-4634 (Mr. Thurm and Mr. Richieri)

 

FC Member:

 

12

 

FC Lion LLC

One Metro Tech Center North

Attention: General Counsel

Telecopier: (718) 923-8705

 

with a copy to:

 

Kelley Drye & Warren LLP

101 Park Avenue

New York, New York 10178

Attention: James J. Kirk, Esq.

Telecopier: (212) 808-7897

 

If to Bank:

 

[                                                     ]

[                                                     ]

[                                                     ]

[                                                     ]

 

(b)                                 Any
party may change the entity, address or the attention party to which any such
request, notice, report, demand or other communication is to be given by
furnishing notice of such change to the other parties in the manner specified
above.  Without the prior consent of
Agent, none of the Pledgors may add any other parties to these notice
provisions.  Rejection or refusal to
accept, or inability to deliver because of changed address when no notice of
changed address was given shall be deemed to be receipt of any such notice.

 

(c)                                  Unless
notified to the contrary pursuant to this Section 17, any notice or
communication made to any Lender shall be made only to Agent and its counsel as
provided in this Section.

 

18.  Fees.  Bank agrees not to charge any fees in
connection with the Security Deposit Accounts or its services hereunder.

 

19.  Headings.  The headings of the Articles, Sections and
subsections of this Agreement are for the convenience of reference only, are
not to be considered a part hereof and shall not limit or otherwise affect any
of the terms hereof.  All references in
this Agreement to Sections, subsections and other divisions are references to
the Sections, subsections and divisions of this Agreement unless otherwise
stated.

 

20.  Invalid Provisions to
Affect No Others.  If fulfillment of
any provision hereof or any transaction related hereto at the time performance
of such provisions shall be due, shall involve transcending the limit of
validity presently prescribed by law, with regard to obligations of like
character and amount, then, ipso facto, the obligation to be fulfilled shall be
reduced to the limit of such validity; and if any clause or provision herein
contained operates or would prospectively operate to invalidate this Agreement
in whole or in part, then such clause or provision only shall be held for
naught, as though 

 

13

 

not herein
contained, and the remainder of this Agreement shall remain operative and in
full force and effect.

 

21.  UCC Matters.  Pledgors acknowledge and Bank represents
that each of the Security Deposit Accounts is a “deposit account” as defined in
Section 9-102(29) of the UCC.  In
connection therewith:

 

(a)                                  Bank
represents that it is an organization that is engaged in the business of
banking and therefore is a “bank” within the meaning of Section 9-102(8)
of the UCC.

 

(b)                                 Except
to the extent provided in Section 12 hereof, Bank subordinates any
security interest in the Collateral which Bank has or may have to the security
interest of Agent in the Collateral.

 

(c)                                  Subject
to the provisions of Sections 3 and 5 hereof, Bank agrees to follow the
directions originated by Agent with respect to the Collateral without further
consent of any Pledgor.

 

(d)                                 Bank
represents that the Bank’s “jurisdiction” (as determined by the rules set forth
in Section 9-304(b) of the UCC) is New York.

 

22.  Interpretation.  Whenever the singular or plural number, or
the masculine, feminine or neuter gender is used herein, it shall equally
include the other.  The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement.

 

23.  Computation of Time Periods.  In this Agreement, with respect to the
computation of periods of time from a specified date to a later specified date,
the word “from” means both “from and including” and the words “to” and “until”
both mean “to but excluding.”

 

24.  Entire Agreement.  This Agreement and the other Loan Documents
embody the entire agreement and understanding between the parties with respect
to the Loans and supersede all other prior agreements and understandings,
whether oral or written, relating to the subject matter hereof and thereof,
except as specifically agreed to the contrary.

 

14

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

 

 

	
   

  	
  [                              ],
  as Bank

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  GMAC COMMERCIAL MORTGAGE

  
	
   

  	
  CORPORATION, as Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  THE NEW YORK TIMES BUILDING LLC,

  
	
   

  	
  as Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  FC Lion LLC, member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  FC 41st Street Associates, LLC, its managing member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  RRG 8 South, Inc., its managing

  member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  NYT Real Estate Company LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  FC LION LLC, as FC Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  FC 41st Street Associates, LLC, its managing member

  
											

 

 

	
   

  	
   

  	
  By:

  	
  RRG 8 South, Inc., its managing

  member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT A

 

Payment Instruction Notice

 

Tenant Name:

Lease Agreement (“Lease”):

Leased Premises:

 

Please take notice that your landlord under the above-referenced Lease
has selected                   
(“Bank”) as the financial depository which will hold all security deposits
under your Lease and to which such security deposits are to be sent.

 

You are hereby directed and instructed to send all security deposit
payments due to your landlord under your Lease in accordance with the
instructions set forth in this letter, notwithstanding any provision of your
Lease to the contrary.

 

All security deposits (other than letters of credit) should be made
payable to the account specified below:

 

Account Name: [The New York Times Building LLC] [FC Lion LLC] Security
Deposit Account - GMAC Commercial Mortgage Corporation, as agent and secured
party

Account Number: #

 

Bank has agreed to accept your payments by any of the following means,
to the extent permitted by the Lease:

 

•                  U.S. Dollar
denomination checks mailed to Bank

•                  U.S. Dollar
denomination wire transfers to the landlord’s designated Bank account

•                  Automated
Clearing House (ACH) credits to the landlord’s designated account at Bank

•                  Letters of
Credit

 

If you elect to make payments by check, Bank will collect upon your
check by using a check truncation process. This means that Bank will convert
your paper check into an electronic debit which will be presented for payment
at your bank the next business day. 
Your physical check will not be presented to your bank nor returned to
you by your bank with your bank account statement.  Your bank statement, however, will reflect the check number and
the amount electronically presented by Bank to your bank, thereby indicating
that the check has been presented and paid.

 

The address for mailing checks and letters of credit to Bank is:

 

[                  ]

[                  ]

[                  ]

[                  ]

 

Should you wish to arrange payment by wire transfer or ACH credit,
please contact Bank at
                              
and ask for                                 .

 

A-1

 

These payment instructions have been implemented as part of a credit
facility provided to your landlord by GMAC Commercial Mortgage Corporation
(“GMACCM”).  You are to continue making
all payments in accordance with these instructions until you receive further
written instructions signed by landlord and GMACCM (or its successor as agent).

 

Neither GMACCM nor Bank have assumed any obligations of your landlord
under the Lease.  Therefore, you should
continue to send all communications regarding the Lease or landlord issues in
the manner specified in your lease and not to GMACCM or Bank.   Any notices which you send to GMACCM or
Bank and not to the parties specified in your lease will not be effective
notice to your landlord under the Lease.

 

	
  Very truly yours,

  
	
   

  
	
  [Landlord signature]

  
	
   

  
	
  Dated:

  	
   

  	
   

  

 

 

ACKNOWLEDGED BY:

 

	
  Tenant’s Name:

  	
   

  	
   

  
	
  Authorized Signature:

  	
   

  	
   

  
	
  Name & Title of Person Signing:

  	
   

  	
   

  
					

 

A-2

 

EXHIBIT B

 

CERTIFICATE OF AUTHORITY

IDENTIFYING AUTHORIZED REPRESENTATIVES

 

I, the undersigned officer of The New York
Times Building LLC hereby certify to Bank that each of
the following persons named below has been duly authorized by it to act for it
and exercise all authority conveyed to an “Authorized Representative” under the
Security Deposit Accounts Agreement dated
                    
among The New York Times Building LLC, FC Lion LLC and GMAC Commercial Mortgage
Corporation, as agent, that each person holds the title set forth opposite his
or her name, and that the specimen signatures set forth opposite the name of
each such person is his or her genuine signature:

 

AUTHORIZED REPRESENTATIVES

 

	
  Name

  	
   

  	
  Title

  	
   

  	
  Signature

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

I further confirm that Bank may rely on the effectiveness of this
Certificate until Bank receives written notice from The New York Times Building
LLC to the contrary (and has had a reasonable opportunity to act upon such
written notice).

 

IN WITNESS WHEREOF, I have executed this Certificate this
           day of
                                        ,
            .

 

	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

C-1

 

I, the undersigned officer of FC Lion LLC
hereby certify to Bank that each of the following persons named below has been
duly authorized by it to act for it and exercise all authority conveyed to an
“Authorized Representative” under the Security Deposit Accounts Agreement dated
                    
among The New York Times Building LLC, FC Lion LLC, GMAC Commercial Mortgage
Corporation, as agent, and Bank, that each person holds the title set forth
opposite his or her name, and that the specimen signatures set forth opposite
the name of each such person is his or her genuine signature:

 

AUTHORIZED REPRESENTATIVES

 

	
  Name

  	
   

  	
  Title

  	
   

  	
  Signature

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

I further confirm that Bank may rely on the effectiveness of this
Certificate until Bank receives written notice from FC Lion LLC to the contrary
(and has had a reasonable opportunity to act upon such written notice).

 

IN WITNESS WHEREOF, I have executed this Certificate this
           day of
                                        ,
            .

 

	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

2

 

 

 

Exhibit
T

 

Collection Accounts Agreement

 

T-1

 

 

 

COLLECTION ACCOUNTS AND SECURITY AGREEMENT

 

THIS COLLECTION ACCOUNTS AND SECURITY AGREEMENT, dated as of
              
    , 200   (this “Agreement”), among
[             ],
a
                                    
having an address at
                                      
(“Bank”), THE NEW YORK TIMES
BUILDING LLC, a New York limited liability company (“Borrower”) and FC LION LLC, a New York limited liability
company (“FC Member”), each having
an address at One MetroTech Center North, Brooklyn, New York 11201 (Borrower
and FC Member collectively, the (“Pledgors”)
and GMAC COMMERCIAL MORTGAGE CORPORATION, a California corporation and any
successors thereto, as agent (including as successor to Initial Agent (as
hereinafter defined)) (including any of its successors and assigns as agent, “Agent”) for itself and any other co-lenders
as may exist from time to time (such lenders collectively, including any
successors and assigns, “Lenders”
and each individually, a “Lender”).

 

W I T N E S S E T H:

 

WHEREAS, Borrower, New York State Urban Development Corporation d/b/a
Empire State Development Corporation, as initial agent (“Initial Agent”), for itself and for the
benefit of Lenders, and Agent, for itself and on behalf of Lenders, are
entering into that certain Building Loan Agreement and that certain Project
Loan Agreement, each dated as of the date hereof (as the same may be revised,
restated, amended or modified, the “Loan
Agreements”; capitalized terms not otherwise defined herein shall
have the respective meanings specified in the Loan Agreements), pursuant to
which the Lenders are making the Loans to Borrower; and

 

WHEREAS, one of the conditions precedent to the obligations of the
Lenders under the Loan Agreements is that the Pledgors provide for the payment
of Rents into one or more accounts established by Pledgors with Bank which
account(s) will be maintained for the benefit of Agent and Lenders.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing, and for other good
and valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, the parties hereto agree as follows:

 

1.                                       Accounts.  (a) This Agreement applies to the accounts
identified below that have been established at Bank by the applicable Pledgor
for the benefit of Agent and Lenders:

 

 

	
  Description
  of Accounts

  	
   

  	
  Account
  Numbers

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Account Name: The New York Times Building
  LLC Collection Account — GMAC Commercial Mortgage Corporation, as agent and
  secured party Account Type:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Account Name: FC Lion LLC Collection
  Account — GMAC Commercial Mortgage Corporation, as agent and secured party
  Account Type:

  	
   

  	
   

  	
   

  

 

The accounts identified above shall be collectively referred to herein
as the “Collection Accounts”.  No Pledgor shall cancel or cause any of the
Collection Accounts to be canceled, nor shall any Pledgor establish any other
account with Bank or any other bank, mutual fund, investment banking firm or
similar institution into which any Rents (other than security deposits) shall
be deposited.

 

(b)                                 Each
Pledgor shall deposit, or cause to be deposited, in the applicable Collection
Account, all Rents (other than security deposits) paid to or for the benefit of
such Pledgor.  Such Rents shall be made
in the lawful currency of the United States of America, and shall be payable to
the applicable Collection Account and shall be delivered directly by the payor
to Bank.  If either of the Pledgors (or
any leasing or managing agent) shall receive any Rents (other than a security
deposit), that is not payable in the foregoing manner, such Pledgor(s) shall
(and shall cause leasing and managing Agent to) deposit such Rents into the
applicable Collection Account by the close of business on the second Business
Day following the day on which the same is received by such Pledgor (or leasing
or managing agent).  In the absence of
instructions from the payor or a Pledgor as to which account any amounts shall
be deposited to, Bank shall notify the Pledgors and request such instructions,
and in the meantime, Bank may refuse to accept delivery of such amounts until
such instructions are received from such payor or Pledgor.

 

(c)                                  The
applicable Pledgor shall provide the notice set forth on Exhibit A attached hereto to each party to a
Lease as each Lease is executed (or, if such Lease has previously been
executed, then immediately).  The
applicable Pledgor shall obtain the acknowledgment of its Tenants to such
notice. If the applicable Pledgor fails to provide any such notice or obtain
such acknowledgement, or if any Event of Default has occurred and is
continuing, Agent shall have the right (and without prejudice to Agent’s rights
with respect to such failures or Event of Default ) to direct such parties to
remit all Rents, other than security deposits, directly into the applicable
Collection Account by issuing a notice as Agent deems appropriate.  Each of the Pledgors hereby grants to Agent
a power of attorney to sign and deliver the foregoing notices, which power of
attorney shall be deemed coupled with an interest and irrevocable until the
Indebtedness has been paid in full, and each Pledgor directs all applicable
Tenants (and any successor to the interest of any such Tenant) under the
applicable Leases to follow any such instructions given by Agent,
notwithstanding any contrary instructions from any Pledgor and without any
obligation or right on the Tenant’s part to determine the actual existence 

 

2

 

of an Event of Default or other
event claimed by Agent as the basis for Agent’s right to send such notice.

 

(d)                                 No
modifications or revocations of any notice given by any Pledgor pursuant to
clause (c) above are permitted without Agent’s prior written approval, which
approval shall not be unreasonably withheld or delayed.  Upon Agent’s request from time to time, each
Pledgor will certify in writing that it has sent a notice to all applicable
Tenants or otherwise demonstrate to Agent’s satisfaction that notices have been
issued to all applicable Tenants.

 

(e)                                  Upon
Agent’s request from time to time, each Pledgor shall provide a written
statement to Agent itemizing the amounts deposited in its Collection Account
for the period covered by Agent’s request and such supporting documentation as
Agent reasonably may require.

 

(f)                                    Each
of the Pledgors represents and warrants that (i) this Agreement creates a
valid, first priority security interest in all of its rights in the Collateral
(as defined below), (ii) as of the date hereof, except for the security
interest created by this Agreement, the Collection Accounts are free from any
Lien, or other right, title and interest of any other person or party and (iii)
the exact legal name and state of formation of each Pledgor are as set forth on
page one hereof.  Except as permitted
hereunder, no Pledgor shall sell, transfer, encumber, hypothecate or otherwise
dispose of, or grant any option with respect to, the Collateral, or create or
permit to exist any Lien upon the Collateral.

 

(g)                                 The
Collection Accounts shall not be evidenced by a certificate of deposit,
passbook or other instrument.

 

(h)                                 Account
balances shall accrue interest at a savings account rate (or a money market
rate, but only to the extent that the Collection Accounts can remain “deposit
accounts” (as defined in the UCC) notwithstanding the giving of a money market
rate) for accounts denominated in U.S. dollars and interest shall be credited
by Bank to the applicable Collection Account not later than the fifth (5th)
Business Day of the month immediately following the month for which accrued
interest is being credited.  Interest
accruing on each of the Collection Accounts shall be periodically added to the
principal amount of the corresponding Collection Account.

 

(i)                                     Each
Pledgor acknowledges and agrees that neither it, nor any other party claiming
on behalf of, or through, it, shall have any right, title or interest, whether
express or implied, in the Collection Accounts, or to withdraw or make use of
any amounts from any Collection Account except to the extent expressly
permitted by Section 5 hereof.

 

2.                                       Pledge
of the Collateral.

 

(a)                                  To
secure the full payment of the Indebtedness and the performance of the
Obligations, each Pledgor hereby sells, conveys, assigns, transfers and grants
a first priority continuing security interest in, pledges and sets over unto 

 

3

 

Agent, for Agent’s own benefit
and the benefit of Lenders, all of its right, title and interest, whether now
owned or hereafter acquired or arising, 
in and to each Collection Account and all interest, dividends, credits
and proceeds relating thereto and all monies, checks and other similar
instruments held or deposited therein (collectively, the “Collateral”):

 

(b)                                 Bank
acknowledges that this Agreement constitutes notice of Agent’s security
interest in the Collateral and hereby acknowledges and consents thereto.

 

(c)                                  Pledgors
hereby authorize Agent to file UCC financing statements describing the
Collateral and evidencing and perfecting the security interest in the
Collateral granted to Agent pursuant to this Agreement and to file any other
UCC financing statements reasonably necessary or advisable to accomplish the
purposes of this Agreement.

 

3.                                       Control
of the Collateral.  If Agent
delivers to Bank a Notice of Exclusive Control (as hereinafter defined) and
until such time as such Notice of Exclusive Control is rescinded in writing by
Agent, Bank will comply with any directions originated by Agent concerning the
Collection Accounts and the other Collateral without further consent by any
Pledgor.  Agent may exercise any rights
and powers under or in connection with this Agreement and the Collateral
without further consent of any of the Pledgors.  Subject to the foregoing, Bank shall also comply with entitlement
orders or other directions concerning the Collection Accounts and the other
Collateral originated by any of the Pledgors or their Authorized
Representatives (as defined in Section 5(b) below), until such time as
Agent delivers a written notice to Bank (with copies to Pledgors) that Agent is
thereby exercising exclusive control over the Collection Accounts and the other
Collateral.  Such notice is referred to
herein as the “Notice of Exclusive Control”.  After Bank receives a Notice of Exclusive
Control (and so long as such Notice of Exclusive Control has not been rescinded
in writing by Agent), it will cease complying with entitlement orders or other
directions concerning the Collection Accounts and the other Collateral
originated by any Pledgor or any of its Authorized Representatives and will
comply solely with entitlement orders or other directions concerning the
Collection Accounts and the other Collateral originated by Agent.  As between Pledgors and Agent, Agent agrees
to give a Notice of Exclusive Control only if a Noticed Default or an Event of
Default has occurred and is continuing.

 

4.                                       Agency.  (a) Agent hereby appoints Bank as Agent’s
agent, bailee and pledgee and pledgee-in-possession for the Collateral, and
Bank, by its execution and delivery of this Agreement, hereby accepts such
appointment and agrees to be bound by the terms of this Agreement.  Each of the Pledgors hereby agrees to such
appointment of Bank.

 

(b)                                 Bank
agrees that all cash and other property held in the Collection Accounts shall
be segregated from all other cash and property held by Bank and shall be identified
as being held in trust pursuant to this Agreement.  Segregation will be accomplished by appropriate identification of
the cash or other property held in trust 

 

4

 

on the books and records of
Bank.  Bank agrees not to commingle the
amounts held in, or designated for deposit in, the Collection Accounts with any
other amounts held on behalf of Agent, Pledgors or any other party.

 

5.                                       Withdrawals.  (a) 
So long as a Notice of Exclusive Control is not in effect, and as
between Pledgors and Agent, and without any right, duty or obligation on the
part of Bank to verify compliance by Pledgors with this Section 5(a),
Pledgors may utilize funds in the Collection Accounts solely for the purposes
of (i) paying Project Loan Costs, Building Loan Costs and operating expenses,
and any and all costs, expenses, fees, taxes and other amounts from time to
time incurred, or to be incurred within the next thirty (30) days thereafter,
with respect to the Property or the Project or (ii) paying principal and
interest payable with respect to the Loans or Extension Loan, whether or not
due and payable; provided, however, that if Substantial Completion has been
achieved, and at the time in question the Pro Forma Debt Service Coverage
exceeds 1.30:1:00, the applicable Pledgor may withdraw amounts from its
respective Collection Account and distribute such amounts to its respective
members.  The applicable Pledgor shall
provide evidence to Agent, on Agent’s request, of the proper application of
such funds.  Upon the delivery of a
Notice of Exclusive Control, the rights conferred upon the Pledgors pursuant to
this Section shall immediately and automatically terminate without further
action being required of Agent, Bank or any Pledgor; provided, however, that if
a Notice of Exclusive Control is in effect (and no Event of Default exists), at
the request of Borrower, Agent will apply amounts on deposit in the Collection
Accounts to cure any Noticed Default or Defaults (to the extent the same can be
cured with the payment of money) and to allow Borrower to comply with its
obligations under the Loan Documents.

 

(b)                                 Each
Pledgor agrees to designate a limited number of persons who have authority to
issue or deliver withdrawal, transfer or disbursement instructions to Bank
(each such person, an “Authorized
Representative”).  The
initial list of Authorized Representatives for each Pledgor and samples of
their respective genuine signatures is attached hereto as Exhibit B (“Certificate of Authority”). 
Each of the Pledgors may, from time to time, amend its then current list
of Authorized Representatives by sending an amendment to, or replacement of,
the Certificate of Authority, in each case to be substantially in the form of Exhibit B and signed by a Secretary,
Assistant Secretary or other duly authorized officer of the applicable
Pledgor.  Bank will be authorized to
rely and act upon all instructions given or purported to be given by an
Authorized Representative of a Pledgor, provided that (i) in the case of
written instructions, such written instructions bear the original signature,
facsimile signature or electronic signature of an Authorized Representative
which resembles the specimen signature for such Authorized Representative on
file with Bank; and (ii) in the case of electronically transmitted
instructions, the person providing the instruction uses a security code or
other authentication procedure provided by Bank for such Pledgor’s use.  Unless an expiration date is expressly
stated in the Certificate of Authority, all authorizations shall continue in
full force and effect until canceled or superseded by a subsequent Certificate
of Authority received by Bank with reasonable opportunity to act thereon.

 

5

 

6.                                       Bank’s
Obligations with respect to the Collateral.

 

(a)                                  The
parties agree that items deposited in the Collection Accounts shall be deemed
to bear the valid and legally binding endorsement of the payee and to comply
with all of Bank’s requirements for the supplying of missing endorsements, now
or hereafter in effect.  As between
Pledgors and Agent, any deposit made by or on behalf of any Pledgor into the
applicable Collection Account shall be deemed deposited into such Collection
Account when the funds in respect of such deposit shall become collected funds.

 

(b)                                 Notwithstanding
anything to the contrary herein, each of the Pledgors acknowledges that it is
responsible for monitoring the sufficiency of funds deposited its respective
Collection Account and that each is liable for any deficiency in available
funds necessary to cover disbursements and fees to Bank, irrespective of
whether it has received any account statement, notice or demand from Agent or
Bank. If on any day there are insufficient amounts in the applicable Collection
Account necessary to cover disbursements and fees to Bank, the applicable
Pledgor shall immediately deposit into the applicable Collection Account,
without the need for any notice or demand from Agent or Bank, the amount of
such deficiency in immediately available funds.

 

(c)                                  Availability
of cash credited to the applicable Collection Account shall be subject to
checks, drafts or other demand instruments having cleared deposit.  If withdrawal instructions for wire
transfers are received (i) at or before 2:00 p.m. eastern time on a Business
Day, payment of the amount withdrawn shall be made to or for the benefit of the
applicable Pledgor by wire transfer on the same Business Day, or (ii) after
2:00 p.m. eastern time on a Business Day, payment of the amount withdrawn shall
be made to or for the benefit of the applicable Pledgor by wire transfer on the
next Business Day.

 

7.                                       No
Other Assignments.  Bank represents
and warrants to Agent that no other notices of control, assignment, grant of
security interest or Lien of any kind in respect of the Collateral are
reflected in Bank’s records concerning the Collateral.  Bank hereby agrees that any such notice of
control, assignment, grant of security interest, or Lien of any kind in respect
of the Collateral that it receives, including the notice conferred by this
Agreement, will be recorded in Bank’s records concerning the Collateral and
Bank will immediately notify Agent upon receipt thereof.  Bank agrees not to allow any person or
entity other than Agent and Bank (to the extent permitted in Section 12
below) to withdraw amounts from the Collection Accounts (it being acknowledged,
however, that Pledgors have the rights to utilize funds in the Collateral
Accounts to the extent provided in Sections 3 and 5 hereof).

 

8.                                       Actions
With Respect to the Collateral Following an Event of Default.

 

(a)                                  At
all times after Bank’s receipt of a Notice of Exclusive Control, and until Bank
has received notice from Agent that such Notice of Exclusive 

 

6

 

Control has been rescinded,
Bank shall solely follow the written instructions of Agent as to the
Collateral, including amounts from time to time on deposit in the Collection
Accounts, without further consent of any of the Pledgors, and Agent shall be
irrevocably entitled to exercise any and all rights and remedies in respect of
or in connection with the Collateral provided to Agent under the Loan
Agreements or any other Security Document or otherwise available in equity or
under applicable law, without further consent or instructions from any of the
Pledgors.  Each of the Pledgors agrees
that Bank may act as the agent of Agent in exercising, as to any funds or other
property from time to time consisting of Collateral, any rights of set-off
provided by the Loan Agreements or any other Loan Document or otherwise
available in equity or under applicable law, without further consent or
instructions from any Pledgor.

 

(b)                                 Upon
the occurrence and during the continuance of an Event of Default, Agent may,
without notice of any kind, except for notices required by law which may not be
waived (in addition to any other rights or remedies under this Agreement, at
law or in equity or otherwise, but subject to the provisions of applicable law)
retain for its own account or otherwise sell or dispose of all or any portion
of the Collateral in one or more public or private sales, and, in each case,
apply such proceeds in accordance with the Loan Documents.  In addition to the rights, powers and
remedies granted to it under this Agreement and in any other Loan Document,
Agent shall have all the rights, powers and remedies available at law or in
equity, including, without limitation, the rights and remedies of a secured
party under the applicable Uniform Commercial Code.  To the extent permitted by law, each of the Pledgors waives
presentment, demand, protest and all notices of any kind and all claims,
damages and demands it may acquire against the Agent or any Lender arising out
of the exercise by them of any rights hereunder, except for claims, damages or
demands arising from the gross negligence or willful misconduct of Agent or any
Lender.

 

(c)                                  Effective
during the continuance of an Event of Default, each Pledgor hereby irrevocably
constitutes and appoints Agent and any officer or agent of Agent, with full
power of substitution, as its true and lawful attorney-in-fact with full
irrevocable power and authority in the place and stead of each Pledgor and in
the name of each Pledgor or in Agent’s own name, from time to time in Agent’s
discretion, for the purpose of carrying out the terms of this Agreement, to
take any and all appropriate action and to execute any and all documents and
instruments which may be necessary or desirable to accomplish the purposes of
this Agreement, including, without limitation, any financing statements,
endorsements, assignments or other instruments of transfer.

 

9.                                       Information.  (a) 
Bank shall provide to the applicable Pledgor and Agent a periodic
statement setting forth all deposits, withdrawals, and account service charges,
if any, with respect to each Collection Account.  Such periodic statements will be issued on a monthly or quarterly
basis, depending on activity, but not more frequently than once per month.  Any Pledgor or Agent may request more
frequent statements in which case Bank may assess such Pledgor for the
applicable account service charge.

 

(b)                                 Each
Pledgor acknowledges its duty to promptly examine each periodic statement
issued to it by Bank and to use reasonable care to discover any 

 

7

 

errors or unauthorized
transactions charged to, or affecting, the Collection Accounts.  Should such Pledgor fail to send written
objections or exceptions to Bank with respect to a periodic statement within
sixty (60) days of the date such statement is issued, such Pledgor shall be
deemed to have approved such statement, and, as against such Pledgor, such
statement shall be presumed to be correct for all purposes with respect to all
information set forth therein.  The
foregoing shall not be construed to limit, in any respect, Bank’s right to
correct any error it discovers with respect to the Collection Accounts or to
withdraw from the Collection Accounts cash or other property deposited therein
by Bank in error.

 

10.                                 Certain
Matters Affecting the Bank. 
Pledgors and Agent agree that:

 

(a)                                  Bank
shall be entitled to rely upon, and shall be protected in acting or refraining
from acting upon, any written notice, certificate or other document or
communication (including, without limitation, facsimiles thereof) believed by
it to be genuine and to have been signed, presented or delivered by the proper
party or parties, and Bank may rely on statements contained therein without
further inquiry or investigation.  Bank
shall have no obligation to review or confirm that actions it is requested to
take pursuant to any such notice comply with any agreement or document other
than this Agreement.

 

(b)                                 Bank
shall be entitled to rely, and shall be protected in acting or refraining from
acting, without independent investigation or any further consent or
instructions from any Pledgor, upon any written notice received from Agent to
the effect that an Event of Default has occurred or has ceased to exist or that
any action requested by Agent to disburse funds from the Collection Accounts or
other Collateral or exercise Agent’s set-off rights against the Collateral is
permitted under the Loan Agreements, any other Loan Document and/or in equity
or under applicable law.

 

(c)                                  The
duties and obligations of Bank shall be determined solely by the express
provisions of this Agreement, and, except as expressly set forth herein, Bank
will not be charged with knowledge of any provisions of the Loan Agreements or
any other Loan Documents.  Bank shall
not be liable except for the performance of its duties and obligations as are
specifically set forth in this Agreement, except to the extent any claims,
losses, damages, expenses or other liabilities are caused by the gross
negligence or willful or intentional misconduct of Bank, and no implied
covenants or obligations, except those that may be implied by law, shall be
read into this Agreement against Bank. 
Without limiting the foregoing: Bank shall have no investment
responsibility with respect to the cash or other property held in the
Collateral except as specifically set forth herein; shall not be accountable
for the use or application by any Pledgor or any other identified party of any
money paid over by Bank in accordance with this Agreement; and shall have no
responsibility for taking any steps to preserve rights against any parties with
respect to any property held hereunder.

 

(d)                                 Bank
shall have no liability for any loss occasioned by delay in the actual receipt
of notice or other instructions to Bank of any payment, 

 

8

 

disbursement or any other
transaction regarding the Collateral, nor shall Bank be liable for any claims,
losses, damages, expenses or other liabilities, other than to the extent the
same may be caused by the gross negligence or willful or intentional misconduct
of Bank.  Under no circumstance
whatsoever will Bank be liable for any lost profits or for any incidental,
special, consequential or punitive damages whether or not Bank knew of the
possibility or likelihood of such damages and regardless of the form of action
in which any such loss or damage may be claimed.  Bank’s substantial compliance with its standard procedures for
provision of the services required under this Agreement shall be deemed to
constitute its exercise of reasonable care.

 

(e)                                  If
any Pledgor becomes subject to a voluntary or involuntary proceeding under the
United States Bankruptcy Code, or if Bank is otherwise served with legal
process which Bank in good faith believes affects the Collateral, or if at any
time Bank receives conflicting instructions with respect to any action it is
requested to take under this Agreement, Bank shall have the right to place a
hold on funds deposited in the Collection Accounts until such time as Bank
receives an appropriate court order or other assurances satisfactory to Bank
establishing that the funds may continue to be disbursed according to the
instructions contained in this Agreement.

 

11.                                 Irrevocable
Agreement.  Pledgors acknowledge
that the agreements made by it and the conveyances and authorizations made and
granted by it herein are irrevocable and that the conveyances and
authorizations made and granted herein constitute powers coupled with an
interest.

 

12.                                 Waiver
of Set-off Rights by Bank.  Bank
hereby waives, with respect to all existing and future claims it may have
against Pledgors, all rights of set-off and banker’s liens which it may now or
hereafter have against the Collateral and all items (and proceeds thereof) that
come into the possession of Bank in connection with the Collateral, except,
without further consent from Pledgors or Agent, to the extent Bank is unable to
obtain payment from Pledgors and to the extent permitted by applicable law,
rights of set-off and banker’s liens arising in connection with (i) items
deposited in the Collection Accounts that are subsequently returned to Bank
unpaid for insufficient funds or if such amount is otherwise uncollectible by
Bank, including without limitation by any “stop payment order” having been
applied to such item, (ii) any fees due to Bank or charges incurred by Bank in
connection with its deposit or collection attempts (provided such amounts are
not in excess of the fees or charges Bank regularly and customarily charges its
customers with respect thereto), (iii) the amount represented by such
uncollectible item if such item has actually been paid by Bank to Pledgors
prior to Bank’s collection thereof, (iv) unpaid fees and expenses with respect
to the Collateral that are charged to any of the Pledgors by Bank in the normal
course of business for the Collateral and (v) any funds or items deposited in
the Collection Accounts in error or as necessary to correct processing errors
(and Bank shall have the right to withdraw from the Collection Accounts funds
or other items deposited in error without further consent from Pledgors or
Agent).

 

13.                                 Miscellaneous.  This Agreement shall supersede any other
agreement (to the extent conflicting herewith) relating to the matters referred
to herein, 

 

9

 

including any other account agreement between either Pledgor and
Bank.  This Agreement is binding upon
the parties hereto and their respective successors and assigns (including any
trustee of either Pledgor appointed or elected in any action under the United
States Bankruptcy Code) and shall inure to their benefit.  This Agreement may not be changed, amended,
modified or waived orally, but only by an instrument in writing signed by each
of the parties hereto, provided that such instrument need by signed only by
Bank and Agent if it does not change any rights or obligations of Pledgors
hereunder.  This Agreement shall be
governed by, and interpreted in accordance with, the laws of the State of New
York applicable to contracts made and performed solely within such State,
except with regard to payment of checks and other items and other issues
relating to the operations of the Collection Accounts or any other account to
which funds from the Collection Accounts are transferred, which issues shall be
interpreted and enforced according to the laws of the state where the
Collection Accounts or such other account are located.  This Agreement may be executed in any number
of counterparts which together shall constitute one and the same
instrument.  Pledgors may not assign
this Agreement without the prior approval of Agent.  Agent may assign this Agreement in conformance with
Section 11.05 of the Loan Agreements. 
Bank may assign this Agreement with the prior approval of Agent, and
notice thereof shall be given to Pledgors.

 

14.                                 Taxes.  Each Pledgor shall deliver promptly to Bank
a duly completed and executed copy of the proper United States Internal Revenue
Service (a) Form W-9 or (b) if a Pledgor is not a United States citizen, Form
1001, Form 4224, Form W-8 or Form 8709 (as applicable), certifying such
Pledgor’s status as a beneficial owner of its Collection Account (within the
meaning of Section 1.1441-1(c)(6) of the Treasury Regulations of the
United States Internal Revenue Tax Code). 
Each of the Pledgors further agrees to provide duly executed and
completed updates of such forms (or applicable successor forms) promptly (but
in any event no later than 10 Business Days) upon Bank’s request therefor, if
Bank notifies such Pledgor that existing forms have expired or become
obsolete.  Each Pledgor shall, on its
own initiative, shall promptly provide (but in any event no later than 10
Business Days) duly executed and completed updates of such forms upon the
occurrence of any event in respect of such Pledgor requiring a change in the
most recent form previously delivered by such Pledgor to Bank.  Each Pledgor shall be responsible for the
payment of all taxes relating to the assets in its Collection Account (other
than taxes with respect to investment earnings retained by Bank in accordance
with this Agreement).

 

15.                                 Termination.  Pledgors may not terminate this Agreement
for any reason without Agent’s prior written consent; provided, however, that
Pledgors may terminate this Agreement for the purpose of using a different
depository bank if (i) Agent approves such replacement depository bank, such
approval not to be unreasonably withheld or delayed and (ii) such replacement
depository bank shall enter into an agreement with Pledgors and Agent
substantially similar to this Agreement. 
This Agreement shall remain in full force and effect until such time as
(a) Agent shall deliver written notice to Bank as to the full and final payment
of all Indebtedness under the Loan Documents and the termination of the Loan
Documents, (b) Agent shall deliver written notice of termination to Pledgors
and Bank at any time for any reason, (c) Bank shall 

 

10

 

deliver
written notice of termination to Pledgors and Agent not less than thirty (30)
days prior to the effective termination date or (d) Borrower shall have
replaced Bank with a replacement depository bank in accordance with the
immediately foregoing sentence.  If Bank
so terminates this Agreement or if Agent so terminates this Agreement but
requires that Collection Accounts with a different depository be established,
Agent and Pledgors shall jointly select a new depository to replace Bank, and
thereupon Agent and the Pledgors shall enter into a new arrangement with such
depository substantially similar to this Agreement.  Bank hereby agrees that it shall promptly take all reasonable
action necessary to facilitate the transfer of any funds held in the Collection
Accounts and items received to any replacement depository.  All rights of Bank under Sections 10 and 12
hereof for the period prior to any such termination shall survive such
termination.

 

16.                                 Further
Assurances.  Each Pledgor hereby
covenants and agrees that it shall (i) perform such acts and execute,
acknowledge and deliver, from time to time, such financing statements and other
instruments as may be reasonably required by Agent to perfect or better assure
this Agreement and the security interests created hereby, and file or record
the same in the public records specified by Agent and (ii) upon request of
Agent, execute and deliver all further instruments and documents, and take all
further action, that may be necessary or desirable in Agent’s reasonable
opinion to protect any security interest granted or purported to be granted
hereby, to enable Agent to exercise and enforce its rights and remedies
hereunder with respect to the Collection Accounts and the proceeds thereof or
to effectuate the purpose and intent of this Agreement, provided that the same
do not increase such Pledgor’s liabilities, or decrease such Pledgor’s rights,
under the Loan Documents (other than, in each case, to a de minimis extent).

 

17.                                 Notices.  (i) Any request, notice, report, demand,
approval or other communication permitted or required by this Agreement to be
given or furnished shall be in writing and shall be deemed given or furnished
when addressed to the party intended to receive the same, at the address of
such party as set forth below, (i) when delivered by overnight nationwide
commercial courier service, one (1) Business Day (determined with reference to
the location of the recipient) after the date of delivery to such courier
service, (ii) when personally delivered, if delivered on a Business Day in the
place of receipt and during normal business hours (otherwise on the next
occurring Business Day in such place of receipt) or (iii) when transmitted by
telecopy to the telecopier number set forth below, to the party intended to
receive same if transmitted on a Business Day in the place of receipt and
during normal business hours (and otherwise on the next occurring Business Day
in such place of receipt) and provided that such transmission is confirmed by
duplicate notice in such other manner as permitted above:

 

Agent:

 

GMAC Commercial Mortgage Corporation

100 South Wacker Drive, Suite 400

Chicago, Illinois 60606

Attention:  Vacys R. Garbonkus

Telecopier:  (312) 917-6131

 

11

 

with a copy to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019-6064

Attention:  Harris B. Freidus, Esq.

Telecopier:  (212) 492-0064

 

Borrower:

 

The New York Times Building LLC

c/o FC Lion LLC

One Metro Tech Center North

Attention: General Counsel

Telecopier: (718) 923-8705

 

with a copy to:

 

Kelley Drye & Warren LLP

101 Park Avenue

New York, New York 10178

Attention: James J. Kirk, Esq.

Telecopier: (212) 808-7897

 

and

 

The New York Times Company

229 West 43rd Street

New York, New York 10036

Attention:         Anthony Benten, David Thurm and

Kenneth A. Richieri, Esq.

Telecopier:           (212) 556-1646 (Mr. Benten) and 

(212) 556-4634 (Mr. Thurm and Mr. Richieri)

 

FC Member:

 

FC Lion LLC

One Metro Tech Center North

Attention: General Counsel

Telecopier: (718) 923-8705

 

with a copy to:

 

Kelley Drye & Warren LLP

101 Park Avenue

New York, New York 10178

Attention: James J. Kirk, Esq.

Telecopier: (212) 808-7897

 

12

 

If to Bank:

 

[                                                     ]

[                                                     ]

[                                                     ]

[                                                     ]

 

(b)                                 Any
party may change the entity, address or the attention party to which any such
request, notice, report, demand or other communication is to be given by
furnishing notice of such change to the other parties in the manner specified
above.  Without the prior consent of
Agent, none of the Pledgors may add any other parties to these notice
provisions.  Rejection or refusal to
accept, or inability to deliver because of changed address when no notice of
changed address was given shall be deemed to be receipt of any such notice.

 

(c)                                  Unless
notified to the contrary pursuant to this Section 17, any notice or
communication made to any Lender shall be made only to Agent and its counsel as
provided in this Section.

 

18.                                 Fees.  Bank agrees not to charge any fees in
connection with the Collection Accounts or its services hereunder.

 

19.                                 Headings.  The headings of the Articles, Sections and
subsections of this Agreement are for the convenience of reference only, are
not to be considered a part hereof and shall not limit or otherwise affect any
of the terms hereof.  All references in
this Agreement to Sections, subsections and other divisions are references to
the Sections, subsections and divisions of this Agreement unless otherwise
stated.

 

20.                                 Invalid
Provisions to Affect No Others.  If
fulfillment of any provision hereof or any transaction related hereto at the
time performance of such provisions shall be due, shall involve transcending the
limit of validity presently prescribed by law, with regard to obligations of
like character and amount, then, ipso facto, the obligation to be fulfilled
shall be reduced to the limit of such validity; and if any clause or provision
herein contained operates or would prospectively operate to invalidate this
Agreement in whole or in part, then such clause or provision only shall be held
for naught, as though not herein contained, and the remainder of this Agreement
shall remain operative and in full force and effect.

 

21.                                 UCC
Matters.  Pledgors acknowledge and
Bank represents that each of the Collection Accounts is a “deposit account” as
defined in Section 9-102(29) of the UCC. 
In connection therewith:

 

(a)                                  Bank
represents that it is an organization that is engaged in the business of
banking and therefore is a “bank” within the meaning of Section 9-102(8)
of the UCC.

 

13

 

(b)                                 Except
to the extent provided in Section 12 hereof, Bank subordinates any
security interest in the Collateral which Bank has or may have to the security
interest of Agent in the Collateral.

 

(c)                                  Subject
to the provisions of Sections 3 and 5 hereof, Bank agrees to follow the
directions originated by Agent with respect to the Collateral without further
consent of any Pledgor.

 

(d)                                 Bank
represents that the Bank’s “jurisdiction” (as determined by the rules set forth
in Section 9-304(b) of the UCC) is New York.

 

22.                                 Interpretation.  Whenever the singular or plural number, or
the masculine, feminine or neuter gender is used herein, it shall equally
include the other.  The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement.

 

23.                                 Computation
of Time Periods.  In this Agreement,
with respect to the computation of periods of time from a specified date to a
later specified date, the word “from” means both “from and including” and the
words “to” and “until” both mean “to but excluding.”

 

24.                                 Entire
Agreement.  This Agreement and the
other Loan Documents embody the entire agreement and understanding between the
parties with respect to the Loans and supersede all other prior agreements and
understandings, whether oral or written, relating to the subject matter hereof
and thereof, except as specifically agreed to the contrary.

 

14

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

 

 

	
   

  	
  [                             ],
  as Bank

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  GMAC COMMERCIAL MORTGAGE

  
	
   

  	
  CORPORATION, as Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE NEW YORK TIMES BUILDING LLC,

  
	
   

  	
   

  	
  as Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  FC Lion LLC, member

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  FC 41st Street Associates, LLC, its managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  RRG 8 South, Inc., its managing

  member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  NYT Real Estate Company LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FC LION LLC, as FC Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  FC 41st Street Associates, LLC, its managing

  member

  
											

 

 

	
   

  	
   

  	
   

  	
  By:

  	
  RRG 8 South, Inc., its managing

  member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  
							

 

 

EXHIBIT A

 

Payment Instruction Notice

 

Tenant Name:

Lease Agreement (“Lease”):

Leased Premises:

 

Please take notice that your landlord under the above-referenced Lease
has selected
                    
(“Bank”) as the financial depository to which all payments of rent under your
Lease are to be sent.

 

You are hereby directed and instructed to send all rent payments due to
your landlord under your Lease (including, without limitation, base rent and
amounts due for operating or common area expenses) in accordance with the
instructions set forth in this letter, notwithstanding any provision of your
Lease to the contrary.

 

All payments under or with respect to your Lease, other than security
deposits, should be made payable to and sent to:

 

Account Name: [The New York Times Building LLC] [FC Lion LLC]
Collection Account - GMAC Commercial Mortgage Corporation, as agent and secured
party

 

Account Number: #

 

Bank has agreed to accept your payments by any of the following means:

 

•                  U.S. Dollar
denomination checks mailed to Bank

•                  U.S. Dollar
denomination wire transfers to the landlord’s designated Bank account

•                  Automated
Clearing House (ACH) credits to the landlord’s designated account at Bank

 

If you elect to make payments by check, Bank will collect upon your
check by using a check truncation process. This means that Bank will convert
your paper check into an electronic debit which will be presented for payment
at your bank the next business day. 
Your physical check will not be presented to your bank nor returned to
you by your bank with your bank account statement.  Your bank statement, however, will reflect the check number and
the amount electronically presented by Bank to your bank, thereby indicating
that the check has been presented and paid.

 

The address for mailing checks to Bank is:

 

[                 ]

[                 ]

[                 ]

[                 ]

 

Should you wish to arrange payment by wire transfer or ACH credit,
please contact Bank at
                              
and ask for                                 .

 

A-1

 

These payment instructions have been implemented as part of a credit
facility provided to your landlord by GMAC Commercial Mortgage Corporation
(“GMACCM”).  You are to continue making
all payments in accordance with these instructions until you receive further
written instructions signed by landlord and GMACCM (or its successor as agent).

 

Neither GMACCM nor Bank have assumed any obligations of your landlord
under the Lease.  Therefore, you should
continue to send all communications regarding the Lease or landlord issues in
the manner specified in your lease and not to GMACCM or Bank.   Any notices which you send to GMACCM or
Bank and not to the parties specified in your lease will not be effective
notice to your landlord under the Lease.

 

	
  Very truly yours,

  
	
   

  
	
  [Landlord signature]

  
	
   

  
	
  Dated:

  	
   

  	
   

  

 

 

ACKNOWLEDGED BY:

 

	
  Tenant’s Name:

  	
   

  	
   

  
	
  Authorized Signature:

  	
   

  	
   

  
	
  Name & Title of Person Signing:

  	
   

  	
   

  
					

 

A-2

 

EXHIBIT B

 

CERTIFICATE OF AUTHORITY

IDENTIFYING AUTHORIZED REPRESENTATIVES

 

I, the undersigned officer of The New York
Times Building LLC hereby certify to Bank that each of
the following persons named below has been duly authorized by it to act for it and
exercise all authority conveyed to an “Authorized Representative” under the
Collection Accounts and Security Agreement dated
                    
among The New York Times Building LLC, FC Lion LLC and GMAC Commercial Mortgage
Corporation, as agent, that each person holds the title set forth opposite his
or her name, and that the specimen signatures set forth opposite the name of
each such person is his or her genuine signature:

 

AUTHORIZED REPRESENTATIVES

 

	
  Name

  	
   

  	
  Title

  	
   

  	
  Signature

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

I further confirm that Bank may rely on the effectiveness of this
Certificate until Bank receives written notice from The New York Times Building
LLC to the contrary (and has had a reasonable opportunity to act upon such
written notice).

 

IN WITNESS WHEREOF, I have executed this Certificate this
           day of
                                        ,
            .

 

	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  
				

 

C-1

 

I, the undersigned officer of FC Lion LLC
hereby certify to Bank that each of the following persons named below has been
duly authorized by it to act for it and exercise all authority conveyed to an
“Authorized Representative” under the Collection Accounts and Security
Agreement dated                     
among The New York Times Building LLC, FC Lion LLC, GMAC Commercial Mortgage
Corporation, as agent, and Bank, that each person holds the title set forth
opposite his or her name, and that the specimen signatures set forth opposite
the name of each such person is his or her genuine signature:

 

AUTHORIZED REPRESENTATIVES

 

	
  Name

  	
   

  	
  Title

  	
   

  	
  Signature

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

I further confirm that Bank may rely on the effectiveness of this
Certificate until Bank receives written notice from FC Lion LLC to the contrary
(and has had a reasonable opportunity to act upon such written notice).

 

IN WITNESS WHEREOF, I have executed this Certificate this
           day of
                                        ,
            .

 

	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  
				

 

2

 

Schedule
1

 

Initial Required Equity Funds Previously Contributed

 

$207,046,237

 

S1-1

 

Schedule
2

 

Initial Advance Interest Rate Cap

 

	
  Period

  	
   

  	
  Rate

  	
   

  
	
  Months 1-6

  	
   

  	
  3.30

  	
  %

  
	
  Months 7-12

  	
   

  	
  3.80

  	
  %

  
	
  Months 13-18

  	
   

  	
  4.60

  	
  %

  
	
  Months 19-24

  	
   

  	
  5.75

  	
  %

  
	
  Months 25-30

  	
   

  	
  8.00

  	
  %

  
	
  Months 31-36

  	
   

  	
  8.25

  	
  %

  
	
  Months 37-42

  	
   

  	
  9.00

  	
  %

  
	
  Months 43-48

  	
   

  	
  9.50

  	
  %

  

 

Future Advance Interest Rate Cap

 

	
  Period

  	
   

  	
  Trigger
  Rate

  	
   

  	
  Rate

  	
   

  
	
  Months 1-6

  	
   

  	
  3.05

  	
  %

  	
  3.30

  	
  %

  
	
  Months 7-12

  	
   

  	
  3.55

  	
  %

  	
  3.80

  	
  %

  
	
  Months 13-18

  	
   

  	
  4.35

  	
  %

  	
  4.60

  	
  %

  
	
  Months 19-24

  	
   

  	
  5.50

  	
  %

  	
  5.75

  	
  %

  
	
  Months 25-30

  	
   

  	
  7.75

  	
  %

  	
  8.00

  	
  %

  
	
  Months 31-36

  	
   

  	
  8.00

  	
  %

  	
  8.25

  	
  %

  
	
  Months 37-42

  	
   

  	
  8.75

  	
  %

  	
  9.00

  	
  %

  
	
  Months 43-48

  	
   

  	
  9.25

  	
  %

  	
  9.50

  	
  %

  

 

S2-1

 

Schedule
3

 

Availability of Utilities

 

None.

 

S3-1

 

Schedule
4

 

Governmental Approvals and Third Party Approvals

 

None.

 

S4-1

 

Schedule
5

 

Leases

 

None.

 

S5-1Exhibit
10.5

 

CONSTRUCTION
MANAGEMENT AGREEMENT

 

 

 

BETWEEN

 

 

 

THE NEW
YORK TIMES BUILDING, LLC,

 

OWNER,

 

 

 

and

 

 

 

AMEC
CONSTRUCTION MANAGEMENT, INC.,

 

 

CONSTRUCTION
MANAGER

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1 DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2 GENERAL
  PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2.1

  	
   

  	
  RELATIONSHIP OF THE PARTIES

  	
   

  
	
  2.2

  	
   

  	
  CONTRACT DOCUMENTS

  	
   

  
	
  2.3

  	
   

  	
  CONSTRUCTION
  MANAGER’S GENERAL OBLIGATIONS

  	
   

  
	
  2.4

  	
   

  	
  ETHICAL
  OBLIGATIONS

  	
   

  
	
  2.5

  	
   

  	
  EQUAL OPPORTUNITY

  	
   

  
	
  2.6

  	
   

  	
  COOPERATION WITH
  INTERIOR CONSTRUCTION MANAGER, TRADE CONTRACTORS AND ARCHITECT

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3
  PRE-CONSTRUCTION PHASE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  3.1

  	
   

  	
  PRE-CONSTRUCTION PHASE
  SERVICES

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 4 CONSTRUCTION
  PHASE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  4.1

  	
   

  	
  PERFORMANCE
  OF THE WORK

  	
   

  
	
  4.2

  	
   

  	
  COORDINATION WITH
  INTERIORS WORK

  	
   

  
	
  4.3

  	
   

  	
  BIDDING PROCESS

  	
   

  
	
  4.4

  	
   

  	
  TRADE CONTRACTS

  	
   

  
	
  4.5

  	
   

  	
  CONSTRUCTION PHASE
  SCOPE OF WORK

  	
   

  
	
  4.6

  	
   

  	
  WARRANTIES

  	
   

  
	
  4.7

  	
   

  	
  COMPLIANCE WITH AFFIRMATIVE
  ACTION REQUIREMENTS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5 MANAGEMENT OF
  THE WORK

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  5.1

  	
   

  	
  KEY EMPLOYEES

  	
   

  
	
  5.2

  	
   

  	
  SUPPORT STAFF

  	
   

  
	
  5.3

  	
   

  	
  AUTHORIZED REPRESENTATIVES

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6 PAYMENT

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  6.1

  	
   

  	
  PHASES

  	
   

  
	
  6.2

  	
   

  	
  PAYMENTS

  	
   

  
	
  6.3

  	
   

  	
  PAYMENT DOES NOT
  CONSTITUTE ACCEPTANCE

  	
   

  
	
  6.4

  	
   

  	
  INCENTIVE BONUSES

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 7 GUARANTEED
  MAXIMUM PRICE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  7.1

  	
   

  	
  GMP

  	
   

  
	
  7.2

  	
   

  	
  TRADE
  CONTRACT COSTS

  	
   

  
	
  7.3

  	
   

  	
  GENERAL
  CONDITIONS COSTS

  	
   

  
	
  7.4

  	
   

  	
  CONSTRUCTION
  CONTINGENCY

  	
   

  
	
  7.5

  	
   

  	
  CONSTRUCTION
  MANAGER ACKNOWLEDGMENT OF INCOMPLETE DESIGN DOCUMENTS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 8 COSTS OF THE
  WORK

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  8.1

  	
   

  	
  LIMITATION ON COSTS OF
  THE WORK

  	
   

  
	
  8.2

  	
   

  	
  TRADE CONTRACT COSTS

  	
   

  
	
  8.3

  	
   

  	
  GENERAL
  CONDITIONS COSTS

  	
   

  
	
  8.4

  	
   

  	
  BACK-UP
  DOCUMENTATION

  	
   

  
	
  8.5

  	
   

  	
  CONTROL OF COSTS OF THE
  WORK

  	
   

  

 

ii

 

	
  ARTICLE 9 NON-REIMBURSABLE COSTS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  9.1

  	
   

  	
  NON-REIMBURSABLE
  COSTS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 10 CHANGES IN THE WORK

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  10.1

  	
   

  	
  CHANGE ORDERS

  	
   

  
	
  10.2

  	
   

  	
  MATERIAL CHANGE

  	
   

  
	
  10.3

  	
   

  	
  FIELD DIRECTIVE

  	
   

  
	
  10.4

  	
   

  	
  EMERGENCY CHANGE ORDER

  	
   

  
	
  10.5

  	
   

  	
  FULL PAYMENT FOR CHANGE
  ORDERS

  	
   

  
	
  10.6

  	
   

  	
  BACKCHARGES

  	
   

  
	
  10.7

  	
   

  	
  CHANGE ORDER-RELATED TIME
  EXTENSIONS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 11 SCHEDULE OF THE WORK AND
  OCCUPANCY

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  11.1

  	
   

  	
  PROJECT SCHEDULE

  	
   

  
	
  11.2

  	
   

  	
  CPM SCHEDULE

  	
   

  
	
  11.3

  	
   

  	
  UPDATES
  TO CPM SCHEDULE

  	
   

  
	
  11.4

  	
   

  	
  TIME OF THE ESSENCE

  	
   

  
	
  11.5

  	
   

  	
  REQUIREMENTS
  FOR SUBSTANTIAL COMPLETION

  	
   

  
	
  11.6

  	
   

  	
  REQUIREMENTS FOR
  FINAL COMPLETION

  	
   

  
	
  11.7

  	
   

  	
  TIME EXTENSIONS

  	
   

  
	
  11.8

  	
   

  	
  COMPENSATION
  FOR DELAY

  	
   

  
	
  11.9

  	
   

  	
  ACCELERATION
  OF THE WORK

  	
   

  
	
  11.10

  	
   

  	
  MODIFICATIONS TO
  PROJECT SCHEDULE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 12 SEPARATE CONTRACTORS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  12.1

  	
   

  	
  OWNER’S
  RIGHT TO ENGAGE SEPARATE CONTRACTORS

  	
   

  
	
  12.2

  	
   

  	
  COOPERATION
  AND COORDINATION WITH SEPARATE CONTRACTORS

  	
   

  
	
  12.3

  	
   

  	
  SEPARATE
  CONTRACTOR-RELATED SUSPENSIONS

  	
   

  
	
  12.4

  	
   

  	
  DAMAGE TO WORK

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 13 ACCOUNTING RECORDS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  13.1

  	
   

  	
  PROJECT ACCOUNTING RECORDS

  	
   

  
	
  13.2

  	
   

  	
  MAINTENANCE
  OF PROJECT ACCOUNTING BOOKS AND RECORDS

  	
   

  
	
  13.3

  	
   

  	
  AUDITS

  	
   

  
	
  13.4

  	
   

  	
  PRESERVATION OF PROJECT
  RECORDS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 14 BONDS AND INSURANCE

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  14.1

  	
   

  	
  BOND REQUIREMENTS

  	
   

  
	
  14.2

  	
   

  	
  INSURANCE
  REQUIREMENTS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 15 HAZARDOUS
  MATERIALS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  15.1

  	
   

  	
  GENERAL
  REQUIREMENTS

  	
   

  
	
  15.2

  	
   

  	
  HAZARDOUS MATERIALS
  BROUGHT TO SITE OR GENERATED BY CONSTRUCTION MANAGER AND/OR TRADE CONTRACTORS

  	
   

  
	
  15.3

  	
   

  	
  HAZARDOUS MATERIALS
  IDENTIFIED IN CONTRACT DOCUMENTS

  	
   

  
	
  15.4

  	
   

  	
  UNIDENTIFIED HAZARDOUS
  MATERIALS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 16
  TERMINATION AND SUSPENSION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  16.1

  	
   

  	
  TERMINATION
  FOR DEFAULT

  	
   

  
	
  16.2

  	
   

  	
  TERMINATION FOR CONVENIENCE

  	
   

  
	
  16.3

  	
   

  	
  SUSPENSION

  	
   

  
	
  16.4

  	
   

  	
  TERMINATION
  OF OWNER BY CONSTRUCTION MANAGER

  	
   

  

 

iii

 

	
  ARTICLE 17 DISPUTE RESOLUTION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  17.1

  	
   

  	
  LITIGATION

  	
   

  
	
  17.2

  	
   

  	
  CONTINUATION
  OF WORK

  	
   

  
	
  17.3

  	
   

  	
  PREVAILING
  PARTY AT TRIAL

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 18 MISCELLANEOUS PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  18.1

  	
   

  	
  PRACTICE
  OF ARCHITECTURE AND/OR ENGINEERING

  	
   

  
	
  18.2

  	
   

  	
  EFFECTIVENESS OF AGREEMENT

  	
   

  
	
  18.3

  	
   

  	
  SURVIVAL
  OF OBLIGATIONS

  	
   

  
	
  18.4

  	
   

  	
  ASSIGNMENT

  	
   

  
	
  18.5

  	
   

  	
  CONFIDENTIALITY

  	
   

  
	
  18.6

  	
   

  	
  TRUST ACCOUNT

  	
   

  
	
  18.7

  	
   

  	
  NOTICES

  	
   

  
	
  18.8

  	
   

  	
  CONSTRUCTION
  OF LANGUAGE

  	
   

  
	
  18.9

  	
   

  	
  CAPTIONS
  AND TITLES

  	
   

  
	
  18.10

  	
   

  	
  NO WAIVER

  	
   

  
	
  18.11

  	
   

  	
  INDEMNIFICATION

  	
   

  
	
  18.12

  	
   

  	
  SEVERABILITY

  	
   

  
	
  18.13

  	
   

  	
  ARCHITECT AND OWNER
  CONSULTANTS

  	
   

  
	
  18.14

  	
   

  	
  RIGHTS
  AND REMEDIES

  	
   

  
	
  18.15

  	
   

  	
  GOVERNING
  LAW AND CONSENT TO JURISDICTION

  	
   

  
	
  18.16

  	
   

  	
  INTERPRETATIONS IN WRITING

  	
   

  
	
  18.17

  	
   

  	
  INDEPENDENT CONTRACTOR

  	
   

  
	
  18.18

  	
   

  	
  LIMITED
  RECOURSE

  	
   

  

 

iv

 

	
  EXHIBIT A

  	
  Project Description

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT B

  	
  Trade Contract Form

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT C

  	
  Preliminary Schedule

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT D

  	
  General Conditions Items

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT E

  	
  Not Used

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT F

  	
  Preliminary List of Drawings and
  Specifications

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT G

  	
  Affirmative Action Requirements

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT H

  	
  Waiver of Lien and Release Forms

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT I

  	
  Consultants

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT J

  	
  OCIP Manual

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT K

  	
  Project Website Guidelines

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT L

  	
  Key Employee Affidavit

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT M

  	
  Key Employees

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT N

  	
  Not Used

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT O

  	
  Qualifications and Assumptions

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT P

  	
  Not Used

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT Q

  	
  Early Access Guidelines and Turnover Protocol

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT R

  	
  Cost Allocation Guidelines

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT S

  	
  Guaranteed Maximum Price

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT T

  	
  Hoisting and Logistics Plan

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT U

  	
  Allowances

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT V

  	
  Guarantee

  	
   

  

 

v

 

CONSTRUCTION MANAGEMENT AGREEMENT

 

AGREEMENT, made this 22nd day of January, 2004, by and between The New York Times
Building, LLC, having its offices located at 1 Metrotech Center North,
Brooklyn, New York 11201 (“Owner”); and AMEC Construction Management, Inc.,
having its offices located at 1633 Broadway, New York, NY 10019-6708
(“Construction Manager”).

 

WITNESSETH

 

WHEREAS, The New York Times Building LLC, as Owner, intends to construct a Base
Building of approximately 1,540,000 gross square feet on a site located on
Eighth Avenue between 40th and 41st Streets in New York, New York (the
“Project”), which shall consist of three primary condominium units: (1) retail
space; (2) commercial office space; and (3) headquarters for The New York
Times Company, including its newspaper division; and

 

WHEREAS, the Owner has retained Renzo Piano Building Workshop, S.E.L.A.F.A., in
association with Fox & Fowle Architects, P.C., as the Base Building
Architect to prepare preliminary and final plans, specification, working
drawings and other construction documents for the building core and shell
design (the final versions of which are hereinafter collectively referred to as
the “Construction Documents”); and

 

WHEREAS, NYT Real Estate Company, LLC, as Interiors Project Owner, intends to
buildout an Interiors Project totaling approximately 845,000 gross square feet
of space within the Base Building; and

 

WHEREAS, the Interiors Project Owner has retained Gensler & Partners as the
Interiors Architect for The New York Times Headquarters portion of the
Interiors Project; and

 

WHEREAS, the Interiors Project Owner has retained the Architect as the
architect for The Times Center portion of the Interiors Project; and

 

WHEREAS, the Interiors Project Owner has retained Turner Construction Company
as Interiors Construction Manager for the Interiors Project; and

 

WHEREAS, the Architect and the Interiors Architect shall collaborate on the
design of cafeteria and conference room portions of the Project; and

 

WHEREAS, FC Lion, LLC, as Commercial Office Project Owner, intends to buildout
an Office Interior Project totaling approximately 600,000 gross square feet of
space within the Base Building and, in connection therewith, anticipates that
there may be an architect or architects and a construction manager or
construction managers retained (referred to as Commercial Office Architect and
Commercial Office Construction Manager, respectively); and

 

WHEREAS, FC Lion, LLC, as Retail Project Owner, intends to buildout an Retail
Project totaling approximately 20,000 gross square feet of space within the
Base Building and, in connection therewith, anticipates that there may be an
architect or architects and a construction manager or construction managers
retained (referred to as Retail Architect and Retail Construction Manager,
respectively); and

 

1

 

WHEREAS, Owner may separately retain the services of such other design
professionals, consultants and construction managers as Owner may deem
necessary and in the best interest of the Project; and

 

WHEREAS, Owner intends to retain the services of Construction Manager to: (1)
perform Pre-construction Phase services; (2) construct the Project, including
but not limited to, arranging for, monitoring, supervising and administering
Trade Contracts for the construction of any and all portions of the Project;
and (3) coordinate with the Interiors Architect, the Interiors Construction
Manager, Interiors Trade Contractors, Office Architect, Office Construction
Manager, Retail Architect, Retail Construction Manager and Separate Contractors
working on the Base Building and the Project; and

 

WHEREAS, Construction Manager desires to be retained by Owner to perform, the
Work pursuant to the terms and conditions of this Agreement; and

 

WHEREAS, in order to induce Owner to award this Agreement to Construction
Manager, AMEC p.l.c. has executed the Guarantee attached hereto as Exhibit V;

 

NOW, THEREFORE, in consideration of the mutual covenants and
agreements contained herein, Owner and Construction Manager do hereby agree as
follows:

 

ARTICLE 1

 

DEFINITIONS

 

The terms used in this
Agreement, any amendment hereto and all Exhibits attached hereto, shall have
the following meanings:

 

“Acceleration” shall mean the process by which Construction
Manager increases the speed of the Work in order to regain lost time and
maintain the Project Schedule.

 

“Affiliated Entity” shall mean, with respect to any entity,
directly or indirectly controlling or controlled by, or under the direct or
indirect common control with, such entity. 
For the purposes of this Agreement, the term “control” as used with
respect to any entity, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management of such entity,
whether through ownership of voting securities or by contract or otherwise.

 

“Affirmative Action Requirements” shall mean those requirements set forth in Exhibit G hereto.

 

“Applicable Law” shall mean all applicable Federal, State and
local laws, statutes, codes, rules, regulations and ordinances, which are in
effect or pending at the time of execution of this Agreement.

 

“Application for Payment” shall mean Construction Manager’s monthly
requisition which shall be submitted on AIA Document G-702, G-703 or such other
form as may be agreed upon by Owner and Construction Manager.

 

2

 

“Architect” shall mean Renzo Piano Building Workshop, S.E.L.A.F.A., in association
with Fox & Fowle Architects, P.C., or its successor designated in writing
by Owner.  For the purposes of this
Agreement, “Architect” includes the Architect’s Consultants identified in Exhibit I and any other Architect’s
Consultants approved by Owner.

 

“Architect’s Consultants” shall mean engineers and specialty
consultants retained directly by Architect including, but not limited to, the
firms and individuals identified in Exhibit I.

 

“As-Built Drawings” shall mean red-lined Construction Documents
showing the Work as constructed, prepared by Trade Contractors and indicating
actual locations of utilities and all changes and alterations made to the Work
during construction.

 

“Authorized Representative” shall mean an individual, designated in
writing by each party, who shall be authorized to bind that party under the
terms of this Agreement.

 

“Backcharge” shall mean a credit assessed against one Trade Contractor, by means of
a deductive Change Order, for damage done to or extra Work performed by
Construction Manager, another Trade Contractor or Owner.

 

“Base Building” shall mean the Core & Shell of the building
to be constructed on Eighth Avenue between 40th and 41st Streets in New York,
New York, of which the Project is a part.

 

“Bid Documents” shall mean the procedural documents and Bid
Packages submitted to prospective Trade Contractors in connection with the
competitive bidding process.

 

“Bidder’s List” shall mean a list of pre-qualified
prospective Trade Contractors prepared by Construction Manager and approved by
Owner.

 

“Bid Package” shall mean the collection of pertinent
portions of the Construction Documents into a package suitable for bidding by
prospective Trade Contractors working in a specific Trade.

 

“Buy Saves” shall mean the differential between the cost of any Trade Contract
included in the GMP (Exhibit S)
and the buyout of that Trade Contract at less than such GMP cost.

 

“Change” shall mean an agreed-upon modification to Construction Manager’s scope
of Work which affects the price and/or the timing of the Work.

 

“Change Order” shall mean a written instrument prepared by
Construction Manager, and signed by Owner and Construction Manager, describing
a Change, and specifying any accompanying adjustment in the GMP or the
Construction Contingency, and/or a  Time
Extension.

 

“Change Order Log” shall mean a list of all pending and
approved Change Orders maintained by Construction Manager.

 

“Change Order Proposal” shall mean a written proposal by
Construction Manager covering proposed Change Order Work submitted in response
to a PCO issued by Owner.

 

“Change Order Work” shall mean Work undertaken by Construction
Manager (through its Trade Contractors) under a signed Change Order.

 

“Claim” shall mean a formal request for additional compensation and/or a Time
Extension by the Construction Manager.

 

3

 

“Codes” shall
mean building codes applicable to the Project.

 

“Commissioning Plan” shall mean a written plan agreed upon by
Owner and Construction Manager covering the initial startup, testing and
operation of all systems comprising any portion of the Work.

 

“Confidential Information” shall mean all information (whether or not
specifically labeled or identified as confidential), in any form or medium,
which is disclosed to or learned by Construction Manager in the performance of
this Agreement, or acquired directly or indirectly such as in the course of
discussions or investigations by Construction Manager, and which relates to the
Owner’s business, products, services, research or development, suppliers,
distributors, clients, or customers, or which relates to similar information of
a third party who has entrusted such information to the Owner including,
without limitation, any specialized know-how, technical or non-technical data,
formula, pattern, compilation, program, device, method, technique, drawing,
process, financial or business information, models, list of actual or potential
customers or suppliers, novel analysis, work papers, studies or other documents
that contain, reflect, or are based on such information.

 

“Construction Contingency” shall mean an amount available for use by
Construction Manager, subject to Owner’s prior written approval, to cover
certain unanticipated costs as more fully described in Section 10.4.

 

“Construction Documents” shall mean the final Drawings and
Specifications from which the Work is actually constructed.

 

“Construction Documents Phase” shall mean that Phase during which the
Construction Documents are prepared by the Architect.

 

“Construction Manager” shall mean AMEC Construction Management, Inc.

 

“Construction Manager-Caused Delay” shall mean any delay or interruption in the
progress of the Work which is caused by the Construction Manager, any Trade
Contractor or any party for whom either of them is responsible.

 

“Construction Phase” shall mean that Phase during which the Work
is actually being constructed by Trade Contractors and the Construction Manager
performs the tasks described in Article 4.

 

“Contract Documents” shall mean the documents identified in
Section 2.2 of this Agreement.

 

“Contract Time” shall mean the period of time for
performance of the Work as indicated in the approved Project Schedule, and any
subsequent revisions thereto approved by Owner pursuant to this Agreement.

 

“Controlled Inspection” shall mean an inspection of the Work or some
portion thereof by an independent third party.

 

“Coordination Drawings” shall mean drawings prepared by Trade
Contractors detailing the Work and the coordination of Work items among the
various Trade Contractors.

 

4

 

“Core & Shell” shall mean those portions of the Project
that are identified to be performed by Construction Manager pursuant to this
Agreement.

 

“Costs of the Work” shall mean those costs actually expended by
Construction Manager in performance of the Work that will be reimbursed by
Owner as set forth in this Agreement including, but not limited to, Trade
Contract Costs and General Conditions Costs, subject to the GMP.

 

“CPM” shall mean a critical path method format to be used for the Project
Schedule.

 

“Critical Path” shall mean those Work activities identified
on the Project Schedule which, if delayed, will cause a corresponding Delay in
the Substantial Completion Date.

 

“Day” shall mean a calendar day.

 

“Daily Report” shall mean written reports provided on a
daily basis by the Construction Manager that set forth the information
described in Section 4.5.9.1.

 

“Delay” shall mean any delay or interruption in the progress of the Work as
anticipated on the approved Project Schedule.

 

“Design Development Documents” shall mean the Design Documents prepared by
Architect during the Design Development Phase.

 

“Design Development Phase” shall mean that Phase in the development of
the Design Documents during which Architect prepares Documents that fix and
describe the size and character of the Project as to architectural, structural,
mechanical, electrical systems, materials and other elements as appropriate.

 

“Design Documents” shall mean preliminary Drawings and
Specifications prepared by Architect prior to final approval by Owner of the
Construction Documents.

 

“Design Team” shall mean Architect, Architect’s Consultants and Owner’s Consultants
as identified in Exhibit I.

 

“Development Agreement” shall mean the agreement among The New York
Times Building LLC, NYT Real Estate Company LLC and FC Lion LLC, dated December
12, 2001.  The requirements of the
Development Agreement relating to early access and turnover protocol are
attached hereto as Exhibit Q, and
incorporated herein by reference as applicable to the terms of this Agreement.

 

“Drawings” shall mean graphic or pictorial portions of the Contract Documents,
wherever located and whenever issued, which are proposed by Architect or any
Vendor, and which show, among other things, the location and dimensions of the
Work, generally including, but not limited to, plans, elevations, sections,
details, schedules and diagrams.  A
preliminary list of Drawings is attached hereto as Exhibit F.

 

“Emergency Change Order” shall mean a Change which is required in the
case of an emergency imminently threatening the safety of persons or the Work
and which, in the interest of such safety, Construction Manager determines must
be made without obtaining the prior written approval of Owner.

 

5

 

“Event of Default” shall mean actions and/or inactions on the
part of Construction Manager as described in Section 16.1 that justify
termination of Construction Manager by Owner for default.

 

“Excusable Delay” shall mean a delay, disruption, acceleration
or hindrance that is: (1) reasonably unforeseeable; (2) beyond the control of
Construction Manager; (3) not caused or contributed to by Construction Manager,
any Trade Contractor or Lower Tier Contractor, and (4) caused by one of the
causes described in Article 11 of this Agreement.

 

“Fee” shall mean the fixed fee that is Construction Manager’s compensation
for management of the Pre-Construction Phase and of the Construction Phase
of the Project as set forth as part of Exhibit
S.

 

“Fees-and-Costs” shall mean, in the context of dispute
resolution, all actual expenses of any legal proceeding borne by a party to
this Agreement, including, but not limited to, fees and expenses of all
attorneys (including both inside and outside counsel); architects; engineers;
expert witnesses; contractors; consultants; third party witnesses (and their
separate attorneys’ fees, where borne by a party to this Agreement); and other
persons providing any services relating to any legal proceeding; court fees and
charges; all costs of transcripts; printing of briefs and records on appeal;
copying; trial graphics; jury consultants; trial presentation expenses; and all
other reimbursable costs and expenses charged by any of the foregoing.

 

“FF&E” shall mean, collectively, furniture, furnishings, fixtures,
accessories and similar items relating to the Project.

 

“Field Directive” shall mean a written directive to perform
Work that is issued solely by Owner.

 

“Final Completion” shall mean that Construction Manager has
satisfactorily completed all of the Work in strict conformity with the
requirements of the Contract Documents, and the Work has been finally accepted
by the Owner.

 

“Final Completion Date” shall mean the date determined by Owner when
the Work has been completed and accepted by Owner.

 

“Final Payment” shall mean the last payment to Construction
Manager, including Retainage, in connection with the Project.

 

“Force Majeure Event” shall mean acts of God and similar
casualties beyond the reasonable control of Construction Manager, as described
in Article 11.

 

“General Conditions Cap” shall mean a percentage or fixed amount
which shall serve as a cap on the amount of General Conditions Costs that will
be reimbursed by Owner in connection with the Work, as will be set forth in Exhibit D to the Agreement.

 

“General Conditions Costs” shall mean those costs identified in Section
7.3 of this Agreement which relate to Construction Manager’s management of the
Project and operations at the Project Site.

 

“GMP” shall mean the guaranteed maximum price for the Work set forth in Exhibit S.

 

6

 

“Governmental Authorities” shall mean all Federal, State, local and
quasi-governmental agencies having jurisdiction over the Project, including but
not limited to the New York City Building Department.

 

“Hazardous Materials” shall mean: (1) any “hazardous waste” as
defined by the Resource, Conservation and Recovery Act of 1976 (42 U.S.C.
Section 6901, et  seq.), as amended, and regulations promulgated
thereunder, (2) any “hazardous, toxic or dangerous waste, substance or
material” specifically defined as such in (or for the purposes of) the
Comprehensive Environmental Response, Compensation and Liability Act of 1980
(42 U.S.C. Section 9601, et  seq.), as amended, and regulations
promulgated thereunder; (3) any “hazardous waste” or “hazardous substance” as
defined by applicable New York State laws and regulations), as amended, and
regulations promulgated thereunder; and (4) any hazardous, toxic or dangerous
waste, substance, or material as defined in any so-called “superfund” or
“superlien” law or any other federal, state or local statute, law, ordinance,
code, rule, regulation, order or decree regulating, relating to or imposing
liability or standards of conduct concerning such waste, substance or material.

 

“Indemnitees” shall mean Owner, Developer, INGREDUS Site 8
South LLC, Architect, Interiors Project Owner, Interiors Construction Manager,
Lender and their respective members, partners, principals, shareholders,
directors, agents, employees, successors and assigns.

 

“In-Scope Change Order” shall mean a Change Order that is funded
within the GMP including, but not limited to, from the Construction
Contingency.

 

“Interiors Project” shall mean the buildout within Base Building
of The New York Times headquarters and The Times Center.

 

“Interiors Architect” shall mean, with reference to The New York
Times Headquarters portion of the Interiors Project, Gensler and Partners, or
its successor designated in writing by the Interiors Project Owner, and with
reference to The Times Center, shall mean Architect, or its successor
designated in writing by the Interiors Project Owner.

 

“Interiors Construction Manager” shall mean the construction manager retained
by the Interiors Project Owner for the fitout of the Interiors.

 

“Interiors Project Owner” shall mean NYT Real Estate Company, LLC.

 

“Job Progress Report” shall mean the monthly report that
Construction Manager is required to submit in accordance with Section 4.5.10.

 

“Key Employees” shall mean those employees of the
Construction Manager identified in Exhibit M,
who will have primary responsibility for implementing the Construction
Manager’s obligations under this Agreement.

 

“Last Settlement Offer Before Trial” shall mean, in the context of dispute
resolution, either: (1) the final amount in immediately available funds offered
in complete resolution of the dispute delivered in writing by one party to the
other party no later than twenty (20) days prior to the first witness being
sworn to give testimony in any trial of the legal proceeding; or (2) where no
offer was made in accordance with the preceding subclause (1), the amount of
zero (0).

 

7

 

“Lease Agreement” shall mean the Agreement of Lease between
42nd St. Development Project, Inc., as Landlord, and The New York Times
Building LLC, as Tenant, dated December 12, 2001.

 

“Lender” shall mean any entity or institution that provides financing to Owner
in connection with the Project.

 

“Long Lead-Time Item” shall mean a material and/or piece of
equipment which must be ordered substantially in advance of the date on which
it is scheduled to be incorporated into the Work because of its lengthy
production, manufacturing, fabrication or delivery schedule.

 

“Lower Tier Contractor” shall mean a contractor having an agreement
with a Trade Contractor to perform a portion of the Trade Contractor’s scope of
Work, together with any other contractors to whom the Lower Tier Contractor may
further delegate portions of the Work. 
The term also includes lower-tier suppliers.

 

“Milestone” shall mean a specified event or completion of a specific portion of
the Project required for Construction Manager to receive the Time Bonus
indicated in Section 6.4.

 

“Milestone Dates” shall mean those dates which mark the
completion of the Milestones required for Construction Manager to receive the
Time Bonuses set forth in Section 6.4. 
One or more of the Milestone Dates may be changed by an approved Change
Order issued pursuant to Section 11.7.2.

 

“OCIP” shall mean the Owner’s Controlled Insurance Program as described in
Section 14.2.

 

“Open Access Floors” shall mean the Core and Shell work described
in Section 4.5.27.6.2.

 

“Out-of-Scope Change Order” shall mean a Change Order that is funded by
an increase in the GMP.

 

“Owner” shall mean The New York Times Building LLC.

 

“Owner-Caused Delay” shall mean a Delay in the Project Schedule
caused by an act or failure to act on the part of Owner or any party for whom
Owner is legally responsible.

 

“Owner-Furnished Items” shall mean material, equipment and other
items selected, purchased and provided to Construction Manager by Owner outside
of the GMP.

 

“Owner-Furnished Information” shall mean data, documents, studies,
analyses, reports and similar items to be furnished by the Owner to the
Construction Manager.

 

“Owner’s Consultants” shall mean designers (other than Architect
and Architect’s Consultants), other specialty consultants and advisors, who are
retained directly by Owner including, but not limited to, the firms and
individuals identified in Exhibit I
hereto.

 

“Payment Bond” shall mean a surety bond provided by a Trade
Contractor to assure payment to Lower Tier Contractors.

 

“PCO” shall mean a potential Change Order proposal submitted by Owner to
Construction Manager.

 

8

 

“Performance Bond” shall mean a surety bond provided by a Trade
Contractor to assure completion of that Trade Contractor’s scope of Work.

 

“Permitted Assignee” shall mean any Affiliated Entity of Owner.

 

“Person” shall mean: (1) an individual, corporation, limited liability company,
partnership, joint venture, estate, trust, unincorporated association or other
entity; (2)  any Federal, State,
county or municipal government (or any bureau, department, agency or
instrumentality thereof); and (3) any fiduciary acting in such capacity on
behalf of any of the foregoing.

 

“Phases of Work” shall mean those portions of the Work as
itemized in Section 6.1.

 

“Pre-Construction Phase” shall mean that preparatory phase of
Construction Manager’s services prior to and in preparation for commencement of
the Construction Phase of the Work.

 

“Preliminary Schedule” shall mean the schedule attached hereto as Exhibit C.

 

“Pre-Purchased Item” shall mean an item, material and/or
equipment purchased by Owner, Construction Manager or a Trade Contractor in
advance of the time that such Item will be installed in the Work, and stored on
or off Site.  Pre-Purchased Items
include, but are not limited to, Long Lead-Time Items.

 

“Prevailing Party at Trial” shall mean, in the context of dispute
resolution, a party awarded an amount in any trial of the Legal Proceeding
which, net of any offsets and counterclaims awarded to the other party, is
greater than the Last Settlement Offer Before Trial made by the other party.

 

“Principal-in-Charge” shall mean the individual designated by
Construction Manager and identified in Exhibit
M to generally oversee successful and timely completion of the
Project.

 

“Progress Payment” shall mean monthly payments to the
Construction Manager based on the percentage of Work completed as measured
against the approved Schedule of Values for the Project.

 

“Prohibited Person” shall mean: (1) any Person (1.1) that is in
default after notice and beyond any applicable cure period, of such Person’s
obligations under any material written agreement with New York City, the State
of New York, or any of their instrumentalities, or (1.2) that directly
controls, is controlled by, or is under common control with a Person that is in
default after notice and beyond any applicable cure period, of such Person’s
obligations under any material written agreement with New York City, the State
of New York or any of their instrumentalities, unless, in each instance, such
default or breach either (i) has been waived in writing by New York City, the
State of New York or any of their instrumentalities as the case may be or (ii)
is being disputed in a court of law, administrative proceeding, arbitration or
other forum or (iii) is cured within thirty (30) days after a determination and
notice from Owner that such Person is a Prohibited Person as a result of such
default; (2) any Person that is an Organized Crime Figure; (3) any government,
or any Person that is directly or indirectly controlled (rather than only
regulated) by a government, that is finally determined to be in violation of
(including, but not limited to, any participant in an international boycott in
violation of) the Export Administration Act of 1979, as amended, or any
successor statute, or the regulations issued pursuant thereto, or any
government that is, or any Person that, directly or indirectly, is controlled
(rather than only regulated) by a government, the effects or the activities of
which are regulated or controlled pursuant to regulations of the United States
Treasury Department or executive orders of the President of the United States
of America issued pursuant to the Trading with the Enemy

 

9

 

Act of 1917, as amended; (4) any Person that
is in default in the payment to the City of New York of any real estate taxes,
sewer rents or water charges totaling more than $10,000, unless such default is
then being contested in good faith in accordance with applicable Legal
Requirements or unless such default is cured within thirty (30) days after a
determination and notice from Owner that such Person is a Prohibited Person as
a result of such default; or (5) any Person (6.1) that has solely owned, at any
time during the 3-year period immediately preceding a determination of whether
such Person is a Prohibited Person, any property which, while in the ownership
of such Person, was acquired by the City by in rem tax foreclosure, other than
a property in which the City has released or is in the process of releasing its
interest pursuant to the Administrative Code of the City of New York, or (6.2)
that, directly or indirectly controls, is controlled by, or is under common
control with a person that has owned, at any time in the 3-year period
immediately preceding a determination of whether such Person is a Prohibited
Person, any property which, while in the ownership of such Person, was acquired
by the City of New York by in rem tax foreclosure, other than a property in
which the City of New York has released or is in the process of releasing its
interest to such person pursuant to the Administrative Code of the City of New
York.

 

“Project” shall mean the construction of the Core & Shell of the Base Building of approximately 1,540,000
gross square feet on a site located on Eighth Avenue between 40th and 41st
Streets in New York, New York, all as more fully described in Exhibit A hereto.

 

“Project Executive” shall mean the individual designated by
Construction Manager and identified as such in Exhibit M hereto.

 

“Project Manual” shall mean a manual prepared by the
Construction Manager and approved by the Owner that sets forth the information
described in Section 3.1.18.

 

“Project Schedule” shall mean the schedule in CPM format,
prepared by the Construction Manager and approved by the Owner, detailing the
sequence and time durations for the Work and the Milestone Dates, including any
approved revisions or updates thereto.

 

“Project Team” shall mean Owner, Owner’s Representative,
Construction Manager, Architect and all Consultants, regardless of whether
retained by Owner or Architect.

 

“Project Website” shall mean the website for the Project, to
be established and maintained by the Owner for the duration of the Project in
accordance with the Guidelines set forth in Exhibit
K.

 

“Punchlist” shall mean a list, compiled by Construction Manager and Architect at
Substantial Completion, and approved by Owner, which identifies items of Work
that remain to be completed or corrected prior to Final Payment.

 

“Purchase Order” shall mean a written agreement between
Construction Manager or a Trade Contractor and a Supplier in connection with
the furnishing by the Supplier of materials and/or equipment in connection with
the Work.

 

“Qualifications and Assumptions” shall mean any express qualifications and
assumptions of the Construction Manager underlying the GMP, that are set forth
in Exhibit O to the Agreement.

 

“Recovery Plan” shall mean a written plan prepared by
Construction Manager, which describes how Construction Manager intends to
reorganize and/or accelerate the Work to compensate for Delays and regain the
Project Schedule.

 

10

 

“RFI” shall mean a request for information and/or clarification submitted by
Construction Manager or any Trade Contractor.

 

“RFP” shall mean Owner’s original Request for Proposals dated April 26, 2003
together with the addenda issued thereto.

 

“Retainage” means an amount withheld by Owner from Progress Payments to
Construction Manager equal to: (1) ten percent (10%) of Trade Contract Costs
through 50% completion of the Work, which shall be held by Owner until Final
Payment; and (2) ten percent (10%) of Construction Manager’s Fee, which shall
be held by Owner until Final Payment. 
No Retainage shall be withheld on General Conditions Costs.

 

“Samples” shall mean physical examples that illustrate materials, equipment or
workmanship, and which establish standards by which the Work will be judged.

 

“Schedule of Values” shall mean a line item breakdown of Trade
Contractor Work, prepared by Construction Manager and approved by Owner, which
shall be used as a basis for Progress Payments to the Construction Manager.

 

“Schematic Design Documents” shall mean the Design Documents prepared by
Architect during the Schematic Design Phase.

 

“Schematic Design Phase” shall mean that Phase in the development of
the Design Documents during which Architect determines the scale and
relationship of the Project components.

 

“Separate Contractors” shall mean contractors or construction
managers, other than the Construction Manager, that are retained directly by
Owner to perform Work or services in connection with the Project.

 

“Shop Drawings” shall mean drawings, diagrams,
illustrations, schedules, performance checks and other data prepared by
Construction Manager, any Trade Contractor or Lower Tier Contractor to
illustrate how a specified portion of the Work will be constructed.

 

“Shop Drawing Submittal Schedule” shall mean a schedule, prepared by
Construction Manager and approved by Owner and Architect, outlining the
sequence and timing of the submission of Shop Drawings for review by Architect.

 

“Site” shall mean the place where the Work will be performed (excluding
manufacturing and storage/warehousing facilities).

 

“Site Safety Manager” shall mean the certified individual
appointed by Construction Manager to be responsible for Site safety.

 

“Specifications” shall mean written requirements for the Work
prepared by Architect.

 

“Submittal” shall mean a Shop Drawing, Sample, catalog cut or similar item
submitted by a Trade Contractor.

 

“Submittal Log” shall mean a log maintained by Architect
indicating the dates of submission of Shop Drawings and other Submittals by the
Construction Manager and their return after review by Architect.

 

11

 

“Substantial Completion” shall mean that stage in the progress of the
Work when the Project (or any designated portion thereof) is sufficiently
complete in accordance with the Contract Documents so that the Owner can occupy
or utilize the Project (or that designated portion) for its intended use.

 

“Substantial Completion Certificate” shall mean the certificate issued by
Architect and approved by Owner indicating the date upon which the Project (or
a designated portion thereof) is Substantially Complete.

 

“Substantial Completion Date” shall mean the date identified in
Architect’s Substantial Completion Certificate when the Work (or a designated
portion thereof) is Substantially Complete.

 

“Substitution” shall mean a replacement or alternative to
an item of material or equipment identified in the Construction Documents which
is proposed by Construction Manager and approved in writing by Owner and
Architect, as described in Section 4.5.37.

 

“Supplier” shall mean a person or entity that supplies materials and/or equipment
to Construction Manager or to a Trade Contractor.

 

“Surplus Materials and Equipment” shall mean materials and equipment which are
purchased by Construction Manager and paid for by Owner, but which are
ultimately not incorporated into the Work or consumed in the course of
performing the Work.

 

“Suspension” shall mean a delay, resequencing, stoppage and/or interruption of the
Work (in whole or in part), in response to a written directive from the Owner,
as more fully described in Section 16.3.

 

“Temporary Certificate of Occupancy” shall mean a certificate issued by
Governmental Authorities when the Work is Substantially Complete.

 

“Temporary Systems” shall mean all barricades, provisions for
utilities, offices and constructed facilities used in connection with the Work
that will not remain as part of the Project when the Project is complete.

 

“Tenant” shall mean the occupants of any floor or floors of the Base Building.

 

“Termination for Convenience” shall mean the termination of this Agreement
by Owner without cause, as described in Section 16.2.

 

“Termination for Default” shall mean the termination of this Agreement
by Owner for cause, as described in Section 16.1.

 

“Testing” shall mean, with reference to equipment, performing those test
required by the Contract Documents.

 

“The New York Times Headquarters” shall mean that portion of the Interiors
Project that will be built out for The New York Times office headquarters,
comprising approximately 825,000 gross square feet.

 

“The Times Center” shall mean that portion of the Interiors
Project, comprising approximately 20,000 square feet, which includes a 400-seat
auditorium, a companion space of similar size for exhibits and/or entertaining,
a TV studio, retail store and ancillary space.

 

12

 

“Time Bonus” shall mean the amount that Construction Manager will be eligible to
receive upon achievement of each Milestone, as set forth in Section 6.4.

 

“Time Extension” shall mean the grant by Owner of additional
time to complete the Work or discrete portions thereof, in connection with
Change Orders and other causes of Delay.

 

“Trade Contract” shall mean a written agreement, generally in
the form set forth in Exhibit B
hereto, between Construction Manager and a Trade Contractor.  The term “Trade Contract” also includes
Purchase Orders.

 

“Trade Contract Award Letter” shall mean a letter submitted by
Construction Manager to Owner after completion of bidding process in a form
approved by Owner.

 

“Trade Contract Costs” shall mean amounts billed by Trade
Contractors for Work performed.

 

“Trade Contractor” shall mean a person or entity having a Trade
Contract directly with Construction Manager to perform a portion of the Work or
to supply materials and/or equipment. 
The term “Trade Contractor” also includes Suppliers.

 

“Trademark” shall mean a trademark used by the Owner that is protected under U.S.
Trademark Law.

 

“Trade Secret” any and all information that comes into
Construction Manager’s possession, custody or control by, through, from, or on
behalf of the Owner without regard to form, including, without limitation, any
technical or non-technical data, formula, pattern, compilation, program,
device, method, technique, drawing, process, financial data, financial plan,
product plan, list of actual or potential customer or suppliers, that is not
commonly known by or available to the public and with information: (1) derives
economic value, actual or potential, from not being generally known to, and not
being readily ascertainable by proper means by, other persons who can obtain
economic value from its disclosure or use; and (2) is the subject of efforts
that are reasonable under the circumstances to maintain its secrecy.

 

“Trust Account” shall mean the bank account established by
Construction Manager through which all payments to Trade Contractors will be
processed.

 

“Unit Price” shall mean a Trade Contractor price for a specified unit of repetitive
Work.

 

“Vendor” shall mean the manufacturer or seller of Owner-Furnished Items.

 

“Work” means all work and other services required to be performed by the
Construction Manager under the Contract Documents, and includes all labor,
materials, equipment and services to be provided by Construction Manager during
the Pre-Construction and Construction Phases of the Project under the terms of
this Agreement.

 

“Work Day” shall mean Monday, Tuesday, Wednesday, Thursday and Friday, excluding
any nationally recognized union holidays, and excluding Saturday and Sunday.

 

13

 

ARTICLE 2

GENERAL PROVISIONS

 

2.1  Relationship
of the Parties

 

Construction Manager accepts
the relationship of trust and confidence established between Construction
Manager and Owner by this Agreement, and covenants to Owner to furnish its best
professional skill and judgment, and to cooperate with Owner, Owner’s
Representative, Architect and other members of the Project Team in furthering
the interests of Owner as made known to Construction Manager.  Construction Manager agrees to use its best
efforts to construct the Project at the lowest-reasonable cost and in an
expeditious fashion consistent with budgetary, design, scheduling and other
similar considerations.  Accordingly,
Construction Manager will devote its best efforts toward: (1) maintaining
the cost level of the Project at the lowest possible point consistent with good
construction practices and the quality of materials and workmanship required
and expected by Owner; (2) carrying out Owner’s intent and the direction of the
Construction Documents; and (3) achieving the rapid and efficient construction
and completion of the Work.  Construction
Manager will bring to Owner’s attention any possibilities for cost savings that
may present themselves over the course of the Project, and will confer with
Owner periodically in order to determine whether there are any areas where, by
design change or otherwise, costs may be reduced; provided however, that the
Owner will make the final determination whether to pursue such cost savings.

 

2.2  Contract
Documents

 

2.2.1                        Contract Documents Identified

 

The Contract Documents shall
consist of the following:

 

2.2.1.l                  This Agreement, including all the Exhibits
and amendments hereto.

 

2.2.1.2               Construction Documents and such other
Documents as may be prepared by Architect and approved in writing by Owner.

 

2.2.1.3               Change Orders, Emergency Change Orders, and
Field Directives.

 

2.2.1.4               The RFP.

 

2.2.1.5               The Project Schedule prepared by
Construction Manager and approved by Owner, as the same may be updated,
modified or extended in accordance with the applicable provisions of this
Agreement.

 

2.2.1.6               The letter dated January 16, 2004 from
Owner to the Construction Manager regarding the New York Times Ownership
Structure and Project Financing.

 

2.2.2                        This Agreement     The Contract
Documents form the agreement between Owner and Construction Manager.  References in the Contract Documents to “the
Contract” or “this Contract” shall be deemed to include all of the Contract
Documents.  References to “this
Agreement” or “the Agreement” shall refer to this instrument, which is one of
the Contract Documents.

 

14

 

2.2.3                        Intent of Contract Documents

 

The
intent of the Contract Documents is to include within Construction Manager’s
scope of Work the obligation to perform and provide all labor, supervision,
materials and supplies, insurance, tools, equipment, permits, licenses, taxes,
approvals, transportation, testing and field surveying and other services and
items as are necessary to satisfactorily complete the Work.  Matters not expressly included in the
Contract Documents, but which are reasonably inferable therefrom as being
necessary to produce the intended results shall be deemed included as part of
the Work.  For purposes of this Section,
the scope of Work shall be deemed to include: (1) items commonly associated
with items of Work shown; (2) repetitive items; and (3) items commonly
associated with the indicated purpose or quality.

 

2.2.4                        Conflicts Among Contract Documents

 

The
Contract Documents are complementary and cumulative, and what is called for by
one shall be as binding as if called for by all.

 

2.2.5                        Industry Terminology

 

Words
and abbreviations that have well known technical or trade meanings are used in
the Contract Documents in accordance with such recognized meanings.  In resolving any conflicts among the
Contract Documents, the Contract Documents shall be given precedence based on
the order in which they are set forth in Section 2.2.1.

 

2.2.6                        Resolution of Conflicts and Ambiguities in
the Contract Documents

 

2.2.6.1               Construction Manager shall carefully review
the Contract Documents for conflicts or ambiguities.  If any conflicts or ambiguities are discovered by Construction
Manager in or among the Contract Documents, Construction Manager shall
immediately bring the same to the attention of Owner for resolution.  It is expressly understood and agreed that
Owner, in consultation with Architect, shall be the interpreter of the
Construction Documents and shall resolve any such conflicts and
ambiguities.  The risk of performing any
Work relating to any such conflict or ambiguity prior to the timely resolution of
the same, shall be borne by Construction Manager without increase to the GMP.

 

2.2.6.2               The layout of mechanical and electrical
systems, equipment, fixtures, piping, ductwork, conduits, specialty items and
accessories indicated on the Construction Documents is diagrammatic.  The actual Work shall be carried out so as
not to affect the architectural and structural integrity and limitations of the
Base Building or the Project, and shall be performed in such sequence and
manner as to avoid conflicts and provide clear access to all control points,
including valves, strainers, control devices and specialty items of every
nature related to such systems and equipment. 
If Construction Manager, after a careful review of Shop Drawings,
Coordination Drawings and the Construction Documents, discovers or has
knowledge of: (1) conflicts between Shop Drawings, the Coordination Drawings
and/or the Construction Documents; or (2) any conflicts between existing
conditions at the Site and the Construction Documents which, in Construction
Manager’s professional opinion, are of a nature that may affect the
architectural or structural integrity or limitations of the Base Building or
the Project, Construction Manager shall immediately shall bring the same to the
attention of Owner for resolution.  The
risk of any Work relating to such a conflict that is performed by Construction
Manager or by any Trade Contractor prior to the resolution of the conflict
shall be borne by Construction Manager without increase to the GMP.

 

15

 

2.2.7                        Drawings and Specifications

 

The Drawings and
Specifications, which together comprise the Construction Documents are
complementary.  Anything shown in any of
the Drawings and not mentioned in the Specifications, or mentioned in any of
the Specifications and not shown in the Drawings, shall have the same effect as
if shown or mentioned in both.  In the
event of a conflict between the Drawings and the Specifications, Construction
Manager shall be required to perform the more complete installation, unless
directed otherwise by Owner in Owner’s sole discretion.

 

2.2.8                        Representative Details

 

A typical or representative
detail indicated on the Construction Documents shall constitute the standard
for workmanship and materials throughout corresponding parts of the Work,
unless otherwise approved by Owner.

 

2.3  Construction Manager’s General
Obligations

 

2.3.1                        Participation in Development of Design
Concept

 

The general scope of the
Work, as initially reflected in the Original RFP and in the Construction
Documents, shall be developed by Construction Manager into a detailed design
and construction schedule, and further refined as the preparation of the
Construction Documents progresses during the Pre-Construction Phase of the
Project, so as to include and define the scope, parameters and anticipated
timing for the Work, and the quality of materials and workmanship required and
expected by Owner.  Construction Manager
represents that Construction Manager: (1) has become acquainted with the design
concept and scope of the Work, as reflected in the Drawings and Specifications
identified in Exhibit F; (2) has
visited and inspected the Project Site, including the location of adjacent
structures and utilities and access to the Project Site; and (3) will actively
participate with Owner and Architect in further development of the design
concept into Construction Documents for the Project.

 

2.3.2                        Project Management

 

2.3.2.1               Construction Manager agrees to furnish
efficient business administration with emphasis on budget control, cost
estimating, construction scheduling, coordination of the Work, supervision and
construction management, and further agrees to perform the actual Work in an
expeditious and economical manner consistent with the best interests of
Owner.  Construction Manager shall
utilize the Project Website as an active management tool and shall be
responsible for posting (whether by posting itself or by causing appropriate
Trade Contractors to post) Project documentation on a regular and timely basis
as elsewhere described in this Agreement.

 

2.3.2.2               Construction Manager shall assist Owner in
developing and maintaining a climate of understanding and good will with
all Governmental Authorities, the local communities adjacent to the Project
Site, unions, new tenants at the Project site and the public at large.

 

2.3.2.3               Construction Manager shall generally advise
and assist Owner in all matters concerning construction of the Project and,
upon request by Owner, provide advice and assistance with regard to matters
concerning which the Construction Manager, being familiar with the construction
industry, might be consulted.

 

16

 

2.3.2.4               All recommendations to be provided by
Construction Manager shall be rendered promptly and in writing; shall state the
advantages and disadvantages of various courses of action and evaluate
alternatives; and shall be in sufficient detail to enable Owner to analyze such
recommendations and make informed decisions with respect thereto.

 

2.4  Ethical
Obligations

 

2.4.1                        Sales Commissions, Trade Discounts and
Contributions

 

Construction Manager shall
not accept, for its own account, any sales commissions, trade discounts or
contributions of any type from third parties in connection with the Work.

 

2.4.2                        Conflicts of Interest

 

Construction Manager shall
not:

 

2.4.2.1               deal with (or recommend that the Owner deal
with) any firm or entity in which Construction Manager has a financial or other
interest;

 

2.4.2.2               undertake any activity or employment which
would or could create a conflict of interest, compromise Construction Manager’s
professional judgment or otherwise prevent Construction Manager from serving
Owner’s best interests;

 

2.4.2.3               employ in connection with the Project, or
recommend the acceptance of a bid from any Trade Contractor employing, with
respect to the Project, any relative (including in-laws) of any officer or
director of Construction Manager without fully disclosing such relationship in
writing at the time that bids are solicited.

 

2.4.2.4               allow any officer, director, employee, agent
or consultant, acting on behalf of Construction Manager, to negotiate, accept,
approve or otherwise participate in any Trade Contractor or Trade Contract in
connection with which that individual has, directly or indirectly, a financial
or other personal interest.

 

If Construction Manager becomes aware of any of the
foregoing situations or circumstances, Construction Manager shall immediately
notify Owner in writing, and obtain Owner’s written approval before
proceeding.  Failure to so notify Owner
and obtain Owner’s written approval of an actual or potential conflict of
interest shall constitute a material breach of this Agreement, entitling Owner
to terminate Construction Manager for default. 
Termination of this Agreement pursuant to this Section shall result
in forfeiture by Construction Manager of its Fee earned to the date of
termination.

 

2.4.3                        Ethical
Conduct

 

2.4.3.1               Construction Manager acknowledges that
Owner is committed to having the Work performed in accordance with the highest
ethical standards applicable to, or governing, the conduct of construction
practices.  In furtherance thereof,
Construction Manager hereby agrees to comply with and observe all Applicable
Laws, trade standards and ethical guidelines governing performance of the Work.

 

2.4.3.2               In furtherance of the obligation set
forth in Section 2.4.3.1, Construction Manager shall cause all of Key
Employees identified in Exhibit M
to sign the affidavit

 

17

 

attached hereto as Exhibit L,
once as a condition of their assignment to and participation in the Project,
and a second time as a condition of Final Payment to Construction Manager.

 

2.5  Equal
Opportunity

 

2.5.1                        No
Discrimination

 

Construction Manager shall not discriminate against
any employee or applicant for employment because of race, creed, color,
national origin, marital status, sex, disability, sexual preference or
age.  Construction Manager shall take
such actions as are reasonably necessary to ensure that employees and
applicants for employment are treated without regard to their race, creed,
color, national origin, marital status, sex, sexual preference or age.  As used herein, the term “treated” shall
mean and include, without limitation, the following: recruited, whether by
advertising or other means; compensated, whether in the form of rates of pay or
other forms of compensation; selected for training, including apprenticeship;
promoted; upgraded; demoted; downgraded; transferred; laid off; and
terminated.  Construction Manager agrees
to comply with all Affirmative Action requirements set forth in Exhibit G.

 

2.5.2                        Reporting
and Audit Requirements

 

Construction Manager shall furnish all information and
reports required by Governmental Authorities to determine Construction
Manager’s compliance with the provisions of this Section 2.5 and
Applicable Laws, and shall permit access to its books and records by Owner
and/or any such Governmental Authority during regular business hours for
purposes of investigation to ascertain compliance with this Section 2.5.

 

2.6  Cooperation
with Interior Construction Manager, Trade Contractors and Architect

 

The Construction Manager shall cooperate and
coordinate the Work with the work of the Interiors Construction Manager, the
Interiors Trade Contractors, the Interiors Architect, the Commercial Office
Construction Manager, the Commercial Office Architect, the Retail Construction
Manager, and the Retail Architect.

 

18

 

ARTICLE 3

PRE-CONSTRUCTION PHASE

 

3.1  Pre-Construction
Phase Services

 

During the Pre-Construction Phase of the Project,
Construction Manager shall, at a minimum, perform the services described below
and such other services as may be requested by Owner, which services are not
intended to limit the services set forth in the RFP or otherwise in this
Agreement:

 

3.1.1                        consult
with Owner (including various user groups, as designated by Owner), Architect,
and other members of the Project Team to ascertain Owner’s needs and goals and
the requirements of the Work.

 

3.1.2                        attend
weekly meetings of the Project Team.

 

3.1.3                        thoroughly
review all Design Documents, and all revisions and additions thereto, for the
purpose of preparing and submitting to Owner a preliminary Construction
Budget.  The Construction Budget shall
be in such form and shall contain such detail as Owner may require and shall be
revised monthly or more frequently if Owner so requires.

 

3.1.4                        provide
assistance to and cooperate with Owner, Architect and Owner’s code consultant
in obtaining all necessary approvals of Governmental Authorities having
jurisdiction over the Project.

 

3.1.5                        review the
Design Documents on an ongoing basis during their development by Architect to
advise Owner regarding: (1) proposed Site use, logistics and improvements; (2)
selection and availability of materials, building systems and equipment; (3)
methods of Project delivery; (4) Long Lead-Time items; (5) potential areas of Trade
conflict; (6) value engineering recommendations; (7) possible economies; (8)
constructability; and (9) completeness of the Design Documents.

 

3.1.6                        review all
Design Documents and Construction Documents, and use best efforts to identify
any failure of said Documents to comply with Applicable Laws, including, but
not limited to, applicable building codes. 
Construction Manager shall advise Owner and Architect of any failure of
the Design Documents or Construction Documents to comply with Applicable Laws
that Construction Manager identifies. 
Construction Manager shall not, however, by virtue of this review,
become liable for Architect’s failure to design the Project in accordance with
all Applicable Laws.

 

3.1.7                        advise
Owner regarding the costing and procurement of Pre-Purchased Items, when early
procurement is in Owner’s best interests including, but not limited to, the
purchase of Long Lead-Time Items.  If
Owner procures any Pre-Purchased Item itself, Owner shall have the right to
assign the Purchase Order for that Pre-Purchased Item to Construction Manager
or a Trade Contractor.

 

3.1.8                        participate
in value engineering reviews with Owner and Architect.

 

3.1.9                        review the
Design Documents on an ongoing basis as they are being prepared for the purpose
of making recommendations to Owner and Architect regarding:

 

19

 

3.1.9.1               availability of labor, materials,
equipment and supplies.

 

3.1.9.2               elimination of possible conflicts and/or
overlapping jurisdictions among the various trades or overlapping
responsibilities among Trade Contractors.

 

3.1.9.3               conflicts and omissions and/or
variations from customary construction practices and methods which may cause
difficulties or delays in the performance of the Work.

 

3.1.9.4               discrepancies and deficiencies in the
Design Documents, or between the Design Documents and existing conditions at
the Project Site.

 

3.1.9.5               conduct of construction operations
utilizing good construction practices.

 

3.1.9.6               costs of labor, materials, equipment and
supplies to be used in the Work.

 

3.1.9.7               costs on comparable projects.

 

3.1.9.8               unit prices and alternates.

 

3.1.9.9               required Temporary Systems and Project
support facilities.

 

3.1.9.10         construction detailing.

 

3.1.9.11         achievement of construction economies through
alternative methods, materials, or concepts, consistent with Owner’s
requirements and sound construction practice.

 

3.1.9.12         temporary Certificate of Occupancy process.

 

3.1.10                  Comply with all
Affirmative Action Requirements annexed hereto as Exhibit G.

 

3.1.11                  Provide: (1) a
code compliance analysis of the Site; and (2) a confirmation of Building
infrastructure, Site analysis and related probe work.

 

3.1.12                  Advise and make
recommendations to Owner and Architect regarding the best order and sequence
for the development of the Construction Documents.

 

3.1.13                  Maintain written
records of all communications with, and recommendations made to, Architect, and
Architect’s responses thereto. 
Construction Manager shall make such records available for inspection by
Owner at all times, and promptly furnish Owner, upon request, with copies of
all correspondence and notes relating to communications between Construction
Manager and Architect relative to the Work and the Project.

 

3.1.14                  Advise and consult
with Owner and Architect with regard to division of the Construction Documents
into appropriate Bid Packages.

 

3.1.15                  Develop and
refine the preliminary Site logistics plan in cooperation with the
corresponding plan being developed by the Building Construction Manager;

 

20

 

 

3.1.16                  Prepare (and
update regularly) a Project Manual which addresses Construction Manager’s
policies, together with the policies of Owner and Architect on the following
issues:

 

3.1.16.1                   Coordination
with Interiors Construction Manager’s operations.

 

3.1.16.2                   Document
control, including filing systems.

 

3.1.16.3                   Submittals,
including Submittal Schedules, number of copies required and control logs.

 

3.1.16.4                   Clarifications,
fully setting forth the process for requests for information.

 

3.1.16.5                   Change Order
control, including related time extensions.

 

3.1.16.6                   Schedules,
including CPM Requirements and occupancy schedules.

 

3.1.16.7                   Cost Control
procedures, including cost reports.

 

3.1.16.8                   Quality Control
procedures, including management, inspection and testing.

 

3.1.16.9                   Safety
Procedures.

 

3.1.16.10             Photography
Requirements.

 

3.1.16.11             Coordination
procedures, including Coordination Drawings and coordination meetings.

 

3.1.16.12             Monthly progress
reports.

 

3.1.16.13             Application for
Payment process.

 

3.1.16.14             Meetings including
pre-construction, progress and others.

 

3.1.16.15             Trade
Contractor/Supplier/Vendor dispute resolution procedures.

 

3.1.16.16             Closeout procedures,
including procedures for Substantial and Final Completion inspections,
preparation of Punchlists, and the preparation of As-Built Drawings.

 

The Project Manual shall be subject to Owner’s
approval prior to implementation.

 

3.1.17                  Construction
Manager shall confirm that materials, equipment and labor are currently
available to accomplish the Work. 
Construction Manager shall continually thereafter undertake materials
and labor surveys, including analyses of the following with respect to
materials and equipment; all materials and equipment required for the Work; a
forecast of the availability thereof; and any factors or potential occurrences
identified by Construction Manager which might affect the future availability
of such materials and equipment.  With
respect to labor, Construction Manager shall prepare an analysis of costs,
types and quality of labor required for the Work; a forecast of labor
availability as and when needed; and a schedule of the dates of all union
contracts coming up for renewal during the anticipated period of the Work.

 

21

 

3.1.18                  Construction
Manager shall perform other services similar in type to those described above
including, but not limited to: preparation of such other schedules, reports,
budgets and other technical data as may be reasonably requested by Owner; and
attendance at such meetings during the Pre-Construction Phase as Owner may
reasonably request in order to assist in the preparation of the Construction
Documents, cost estimates, updated Project Schedules and any other documents
and instruments relative to the Project, to the end that Final Completion of
the Work may be achieved within the budgetary and time objectives set forth in
this Agreement.

 

3.1.19                  Construction
Manager acknowledges that portions of the Pre-Construction and Construction
Phases may be on-going at the same time and that certain services performed by
Construction Manager may overlap.

 

3.1.20                  As part of
Pre-Construction Phase Services (and at no additional charge to Owner),
Construction Manager shall coordinate and cooperate with parties working on the
Interiors Project including, but not limited to, the Interiors Architect,
Interiors Construction Manager, and Interiors Trade Contractors.

 

3.1.21                  Construction
Manager shall provide information as required for a tax cost segregation study.

 

3.1.22                  Throughout the
Pre-Construction Phase, Construction Manager shall post on the Project Website
(or cause Trade Contractors to post), as appropriate, documentation generated
or received by Construction Manager in the performance of Construction
Manager’s services.

 

22

 

ARTICLE 4

CONSTRUCTION PHASE

 

4.1  Performance
of the Work

 

Construction Manager shall perform or furnish all labor,
materials, plant, tools, supplies, equipment, services, transportation,
scaffolding, permits, licenses, supervision, and inspection (temporary
utilities to be provided by Owner), and all General Conditions items identified
in Exhibit D attached hereto.  Construction Manager shall provide all
services, business administration and supervision, necessary for, or incidental
to, the successful prosecution of the Work in an expeditious and economical
manner, consistent with industry accepted standards, and in strict and complete
compliance with: (1) the Contract Documents; (2) Applicable Laws pertinent to
the means and methods of performing the Work; (3) acceptable construction
industry practices; (4) the Affirmative Action Requirements attached hereto as Exhibit G, (5) the hoisting and logistics
plan attached hereto as Exhibit T,
as such may be amended to meet the requirements of Applicable Laws, and (6) the
best interests of the Owner.  The Work
shall be free from defects and represent “first quality” workmanship and
materials.

 

4.2  Coordination
with Interiors Work

 

Construction Manager acknowledges that work on the
Interiors Project will proceed concurrently with and overlap Construction
Manager’s Work on the Project. 
Accordingly, Construction Manager agrees to coordinate and cooperate
with the Interiors Construction Manager and the Interiors Trade Contractors on
all matters affecting the Work including, but not limited to: (1) access; (2)
storage space; (3) staging areas; (4) utilization of elevators and hoists; and
(5) the phased turnover of floors. 
Construction Manager acknowledges that work on the Commercial Office and
Retail Projects may proceed concurrently with and overlap Construction
Manager’s Work on the Project. 
Accordingly, Construction Manager agrees to coordinate and cooperate
with the respective Construction Manager and trade contractors on all matters
affecting the Work including, but not limited to: (1) access; (2) storage
space; (3) staging areas; (4) utilization of elevators and hoists; and (5) the
phased turnover of floors.  Owner
acknowledges that Construction Manager intends to use some of the commercial
retail space for staging its Work.

 

4.3  Bidding Process

 

4.3.1                        Management
of Bidding Process

 

Construction Manager shall be responsible for managing
and scheduling the competitive bidding process for Trade Contracts.  Notwithstanding the foregoing, Owner shall
have the right, in its discretion, to participate in all aspects of the bidding
process.  The exercise by Owner of the
rights of participation, review and approval set forth in this Section 4.3
shall not diminish Construction Manager’s obligations relative to the bidding
process as set forth herein.

 

4.3.2                        Pre-Qualification
of Bidders

 

All bidders shall be pre-qualified based on criteria
to be established jointly by Owner and Construction Manager.  The Bidders List, which shall contain a
minimum of three pre-qualified bidders for each anticipated buyout in excess of
$10,000 (unless otherwise approved by Owner in writing),

 

23

 

shall be developed by Construction Manager.  The Bidders List shall be subject to Owner’s approval, which may
be withheld in Owner’s discretion.

 

4.3.3                        Pre-Bid
Conferences

 

Construction Manager shall conduct pre-bid conferences
to familiarize bidders with the Bid Documents and administration of the bidding
process.  Construction Manager shall
respond to bidders’ questions by issuing addenda.  The bid form shall be subject to review and approval by Owner.

 

4.3.4                        Submission
and Evaluation of Bids

 

Bids shall be submitted by bidders at a place and time
established by Owner.  Owner shall
establish a procedure for the receipt and opening of all bids.  Owner shall have the right to be present at
all bid openings, and to review all bids including, but not limited to, riders
or addenda submitted by bidders for clarification purposes to identify
“exclusions” that could result in a distortion or skewing of the bids.  Construction Manager shall receive, level
and analyze all bids.  Construction
Manager shall prepare a written evaluation and comparison of the bids.  Construction Manager’s evaluation of bidders
shall include qualitative criteria such as experience, bondability and
financial resources, as well as quantitative criteria.

 

4.3.5                        Recommendations
Regarding Award

 

Construction Manager shall make written
recommendations to Owner regarding the award of Trade Contracts.  Subject to Owner’s approval, Construction
Manager shall negotiate the most favorable price and terms to be included in
such Trade Contracts.  Construction
Manager shall not allow any “holds” or other forms of contingencies within a
Trade Contract price.  Individual Trade
Contract contingencies shall be included in the overall Construction
Contingency.

 

4.3.6                        Trade
Contract Award Letter

 

4.3.6.1                                       After
completion of the bidding process for each trade, Construction Manager shall,
by Trade Contract Award Letter in a form to be approved by Owner in writing,
advise Owner as to: (1) which Trade Contract bid it intends to accept; (2) the
price of the proposed Trade Contract; and (3) any proposed material differences
between the provisions of the Trade Contract form and the terms of the Trade
Contract that Construction Manager proposes to enter into.  For purposes hereof; the term “material
difference” shall be deemed to mean changes to the Trade Contract form that:
(1) permit the Trade Contractor thereunder to observe a lesser standard of care
in the performance of its obligations to Construction Manager under the Trade Contract
than Construction Manager is obligated to observe under the terms of this
Agreement; and/or (2) any other difference which may have a cost, liability or
other consequence to Owner.

 

4.3.6.2                                       Upon
receipt by Owner of Construction Manager’s Trade Contract Award Letter, Owner
shall countersign the Trade Contract Award Letter, setting forth no objection
by Owner, or Owner’s rejection or other comment regarding any differences
between the proposed Trade Contract and the Trade Contract form, and the Work to
be performed by Construction Manager shall be deemed changed to the extent of
the differences accepted therein.  Owner
has the absolute right to reject any Trade Contract Award Letter.  If Owner rejects a Trade Contract Award
Letter which has no “material differences” as defined in Section 4.3.6.1
for any reason, or if Owner rejects a Trade Contract Award Letter which has a
material difference without a good faith reason, then Owner may indicate no
objection to one of the other Trade Contractors and the GMP and/or Project
Schedule (as identified in

 

24

 

the Trade Contract Award Letter) shall be increased or decreased by
Change Order based on the difference between the rejected and the approved
Trade Contract amounts.  Construction
Manager, upon receipt of the Trade Contract Award Letter countersigned by
Owner, shall promptly make all required changes in the proposed Trade Contract
and award the Trade Contract in question.

 

4.3.7                        Prior
bids.

 

The GMP is based on some bids that Construction
Manager has solicited, coordinated, and negotiated.  A removal or rejection by Owner of any bidder whose bid was used
to determine the GMP may result in a change to the GMP.  The GMP will be adjusted only to the extent
that the bidder is greater than the line item for that trade in the budget
annexed to the Agreement as part of Exhibit S.

 

4.4  Trade Contracts

 

4.4.1                        Requirement
for Written Trade Contracts

 

Unless otherwise agreed upon in writing by Owner, all
Work to be performed and all materials, equipment and supplies to be furnished
in connection with the Work shall be performed or provided by Trade Contractors
pursuant to written Trade Contracts awarded by Construction Manager.  No portion of the Work shall be performed by
a Trade Contractor and no materials, equipment or supplies shall be furnished
by any Supplier unless and until: (1) a Trade Contract is entered into between
Construction Manager and the Trade Contractor in question; and (2) the Trade
Contract is approved by Owner prior to execution (unless Owner expressly waives
the requirement).

 

4.4.2                        Each Trade
Contract shall set forth that Trade Contractor’s express undertaking to comply
with: (1) Owner’s OCIP (if applicable); (2) Owner’s Affirmative Action Program
as set forth in Exhibit G.

 

4.4.3                        Enforcement
of Trade Contract Terms

 

Construction Manager covenants and agrees that it
shall diligently enforce all terms and conditions of the Trade Contracts.

 

4.4.4                        Assignment
of Trade Contracts upon Termination of Construction Manager

 

Each Trade Contract to be entered into by Construction
Manager in connection with the Work shall contain a provision providing that,
if this Agreement is terminated by Owner pursuant to Article 16 hereof,
that Trade Contract, at the option of Owner, shall be assigned by Construction
Manager to Owner, or to such other entity as Owner may direct.  In such event, Owner or its designees shall
assume all of Construction Manager’s obligations thereunder arising from and
after the date of the assignment; provided, however, that nothing contained
herein shall be deemed to release Construction Manager from liability to such
Trade Contractor or to Owner or Owner’s designees with respect to claims
arising from events occurring prior to the effective date of such assignment.

 

4.4.5                        Ownership
and Use of Documents

 

Construction Manager agrees that the Contract
Documents belong to Owner, and may not be used by Construction Manager or any
Trade Contractor other than as may be necessary for the performance of the Work
hereunder.  Without limitation of the
foregoing, all Documents furnished to Construction Manager are to be used only
with respect to this Project and are not to be used on or in

 

25

 

connection with any other project. 
Submission or distribution of documents to meet official regulatory
requirements or for other proper and necessary purposes in connection with the
performance of the Work at the Project shall not be construed as a violation of
this Section.  Construction Manager
shall include the requirements of this Section in all Trade Contracts.

 

4.5  Construction
Phase Scope of Work

 

The Construction Phase of the Work shall commence on
the date of commencement of construction of any portion of the Work and shall
end on the date of Final Completion of the Work.  During the Construction Phase, Construction Manager shall, at a
minimum, perform the following services:

 

4.5.1                        Establishment
of Administrative Procedures

 

Construction Manager shall: (1) establish procedures
for the orderly and expeditious performance of the Work in accordance with the
terms of this Agreement and the Project Manual; (2) perform, or cause to be
performed, all Work necessary in connection with the Project; (3) establish
procedures for administration of Trade Contracts; (4) maintain coordination
among Trade Contractors; and (5) coordinate the Work with the Work of the Base
Building Construction Manager.

 

4.5.2                        Site
Organization

 

Construction Manager shall prepare Project Site organization
chart and establish lines of authority as necessary to carry out the Work on a
coordinated basis.

 

4.5.3                        Site
Staff and Office

 

Construction Manager shall organize staff and assign
personnel to various functional areas as necessary so that the Work may be
controlled, coordinated and expedited. 
Construction Manager shall establish a Site office, with appropriate
furnishings, equipment and support staff. 
The Site office shall have accommodations for up to five (5)
representatives of Owner and Architect.

 

4.5.4                        Cost
Forecasts

 

In consultation with Owner and Architect, Construction
Manager shall prepare an initial cost forecast setting forth in such manner and
detail as Owner may require, all anticipated costs of the Work for: (1) all
Trade Contractors performing Work or furnishing materials and/or equipment
under Trade Contracts on a trade-by-trade basis; and (2) General Conditions
Work.  Construction Manager shall update
the cost forecast monthly, or more frequently if requested by Owner, in consultation
with Owner and Architect.  Construction
Manager shall submit the updates to Owner for its approval, and shall make such
adjustments thereto, including adjustments by reason of approved Change Orders,
Emergency Change Orders and Field Directives, as Owner may deem appropriate, to
keep Owner currently informed as to the anticipated aggregate Costs of the Work
and the ability of Construction Manager to complete the Work within the
GMP.  In addition, Construction Manager
acknowledges that Owner will rely on Construction Manager for monthly cash flow
analysis for the purpose of Owner’s financial planning.  Construction Manager agrees that it will
provide timely and accurate information, to the extent possible, given the
state of the Design Documents at the time.

 

26

 

4.5.5                        Project
Schedule Updates

 

Construction Manager shall update the Project
Schedule (including a two-week look-ahead schedule) on a regular basis,
but not less than one (1) time per month to assure maximum utilization of all
Trade Contractors.  All revisions and
updates to the Project Schedule shall be approved by Owner.

 

4.5.6                        Incorporation
of Trade Contractor Schedules

 

Construction Manager shall review the submission of
Trade Contractor portions of the Project Schedule, which Construction Manager
shall incorporate into the Project Schedule in a timely and coordinated
manner.

 

4.5.7                        Owner
Approval of Changes

 

Construction Manager shall obtain Owner’s written
approval of any Changes in the Work and any approvals or other documents
necessary in connection therewith (including both scope Changes determined by
Construction Manager to be outside the GMP, and in-scope Changes within the
GMP).

 

4.5.8                        Job
Site Meetings

 

Construction Manager shall conduct regular job site
and coordination meetings with Trade Contractors and members of the Project
Team.  Job meetings shall be held not
less often than weekly, and coordination meetings shall be held as required.  Construction Manager shall prepare detailed
written agendas and minutes of each such meeting, which shall be circulated to
interested parties as directed by the Owner. 
Agendas must be provided at least two (2) days before each meeting, and
minutes must be provided within three (3) days after each meeting.

 

4.5.9                        Site
Record-Keeping

 

4.5.9.1                                       Construction
Manager shall prepare and maintain, on a current basis, an
on-Site record-keeping system, including, but not limited to: (1) records
of all Changes in the Work necessitated by Change Orders, Emergency Change
Orders and Field Directives; (2) RFI’s, which shall be posted, in unedited
form, on the Project Website; (3) Project Schedules; (4) daily manpower
breakdowns; (5) daily/weekly manpower reports required by the Affirmative
Action Requirements annexed as Exhibit G;
(6) Submittal Logs; (7) material lists; (8) records of all pertinent
communications with Architect and Architect’s responses thereto; and (9) Daily
Reports which shall record manpower breakdowns on a trade-by-trade basis with a
description of the Work being performed each day by each trade, equipment and
material deliveries, visitors, special occurrences, accidents, weather
conditions, and other Work related information.  Construction Manager shall make such on-Site records available
for inspection to Owner.  In addition,
copies of all correspondence pertaining to the Work shall be maintained by
Construction Manager and shall be made available at all times to Owner.

 

4.5.9.2                                       Construction
Manager shall maintain at the Project Site, on a current basis and make
available to Owner, Architect, and/or Owner’s Consultants upon request copies
of all Trade Contracts, Shop Drawings, Samples, operating and maintenance
manuals, Construction Documents and any related documents and any revisions
thereto.

 

27

 

4.5.9.3                                       Construction
Manager shall maintain and make available to Owner upon request progress photos
taken on a monthly basis according to a plan approved by Owner; and at Owner’s
request, upon Final Completion of the Work.

 

4.5.9.4                                       Construction
Manager shall also maintain a current set of As-Built Drawings for all Trades,
showing the Work as actually completed, in such form, content and detail and,
at Owner’s option, in such electronic medium, as Owner may specify.

 

4.5.10                  Job Progress
Report

 

Construction Manager shall submit to Owner each month
a Job Progress Report which shall provide the following information: (1) the
financial condition of the Work, including Trade Contract awards, Project
modifications, anticipated cost summary, Change Order summary and projected
cash needs; (2) status of the Work, including updated Project Schedules with
projected critical dates compared with original Milestone Dates, status of job
progress to date, current Work activity, projected Work activity for the
following month, job photos and status of materials required; and (3) status of
Shop Drawings, the Shop Drawing Submittal Schedule, Coordination Drawings, a
coordination drawing routing schedule, and coordination meeting minutes.

 

4.5.11                  Coordination
and Maintenance of Project Documentation

 

4.5.11.1                                 Construction
Manager shall assemble and review all required brochures, guarantees,
certificates of compliance and related agreements and instruments.

 

4.5.11.2                                 Construction
Manager shall assure that Trade Contractors, Suppliers and Vendors maintain
required insurance through the maintenance of current certificates of
insurance.

 

4.5.12                  Submittal
Schedule

 

Construction Manager shall submit to Owner a Submittal
Schedule, which shall be prepared in consultation with Architect, and which
shall be updated on monthly basis.  The
status of outstanding Submittals should be addressed by Construction Manager at
the weekly progress meetings and included in the meeting minutes.

 

4.5.13                  Submittal
Process

 

4.5.13.1                                 Construction
Manager shall obtain and review for constructability and conformity with the
Construction Documents, all Shop Drawings, Samples, catalog cuts and other
Submittals provided by Trade Contractors, and comment to Owner and Architect on
their form and any significant inconsistencies between the Submittals and the
Construction Documents.  Owner’s
reasonable CADD Standards shall apply to Trade Contractor Shop Drawings to the
extent reasonably possible based on the technical infrastructure of individual
Trade Contractors.  After Construction
Manager has conducted its review, Construction Manager shall promptly submit
the Shop Drawings and other Submittals to Architect for review and approval.  Construction Manager shall coordinate and
cooperate with Architect throughout the Submittal review process.  After return of the Shop Drawings and other
Submittals from Architect, the Construction Manager shall review Architect’s
comments thereon; evaluate and consult with Owner as to their impact on the
Project; and distribute the Shop Drawings and other Submittals to the
submitting Trade Contractors and all other affected parties.  Construction Manager shall diligently act to
discover and resolve any conflicts between Shop Drawings and other Submittals
submitted by Trade Contractors.

 

28

 

4.5.13.2                                 Construction
Manager shall oversee the preparation and ongoing development of Coordination
Drawings.  This process, in part, is
intended to recognize and resolve design conflicts in advance of fabrication
and installation of the various components of the Work.  Construction Manager agrees that it shall
cause the Trade Contractors to expeditiously and thoroughly prepare and submit
Coordination Drawings, so as to facilitate the identification and resolution of
conflicts, including errors in the Construction Documents.

 

4.5.14                  Coordination
of Purchase Orders

 

Construction Manager shall establish and coordinate
with Owner a system for processing, expediting and administering Purchase
Orders for the procurement of materials, supplies and equipment.  Construction Manager shall submit to Owner a
schedule of Purchase Orders. 
Construction Manager shall manage the procurement and delivery of
critical materials to the Project Site and coordinate deliveries with the
progress of the Work.

 

4.5.15                  Notification
of Delays and Non-Conforming Work

 

Construction manager shall notify Owner and Architect
of any delays, potential delays or non-conforming Work that may affect the
Project Schedule, and provide Construction Manager’s recommendations regarding
how to minimize the impact of such delays and/or non-conforming work.  Construction Manager shall recommend courses
of action to Owner when the requirements of a Trade Contract are not being
fulfilled, and the non-performing Trade Contractor fails or refuses to take
satisfactory remedial action.

 

4.5.16                  Permits

 

Construction Manager shall obtain all necessary
permits in conjunction with the Owner’s code consultant.

 

4.5.17                  Supervision
and Coordination of Trade Contractors

 

Construction Manager shall inspect, manage and
coordinate the work of all Trade Contractors; enforce the terms of the Trade
Contracts; enforce strict discipline and good order among all Trade
Contractors; cause Trade Contractors to leave the Work uncovered until such
time as said Work has been inspected and approved by Construction Manager
and/or Architect as required by the Contract Documents; and otherwise endeavor
to guard Owner against any Delays, increased costs and defects and deficiencies
in the Work.  In connection with the
foregoing, Construction Manager shall: (1) inspect the Work daily to ensure
that the Work as constructed complies with the Contract Documents and
Applicable Laws; (2) require any Trade Contractor to stop Work which
Construction Manager observes is not in compliance with the requirements of the
applicable Trade Contract, the Contract Documents, recognized trade standards
or the Applicable Laws; (3) reject and require to be corrected, those portions
of the Work which Construction Manager discovers do not conform to the
requirements of the applicable Trade Contract, the Contract Documents,
recognized trade standards or the Applicable Laws; (4) inspect all materials,
supplies and equipment delivered to the Site (or another storage location) or
installed pursuant to any Trade Contract in an effort to determine that the
same are in compliance with the requirements of the applicable Trade Contract,
the Contract Documents, recognized trade standards and the Applicable Laws; (5)
reject and require replacement of all non-conforming materials, equipment and
supplies; and (6) not employ in connection with the Work any person or Trade
Contractor unfit for, or unskilled in, the assigned task and, subject to
Owner’s prior approval, remove such unfit or unskilled employee or Trade
Contractor from the Project Site.

 

29

 

4.5.18                  Cutting and Patching

 

Construction Manager shall
arrange for all cutting, fitting or patching that may be required to complete
the Work or to make its several parts fit together in a manner consistent with
the Contract Documents.

 

4.5.19                  Informal Resolution of Trade Contractor
Disputes

 

Construction Manager shall
use its best efforts to resolve disputes between Trade Contractors relative to
the performance of their Work or the furnishing of materials, or equipment or
supplies in connection with the Work.

 

4.5.20                  Storage and Inspection of Materials and
Equipment

 

Construction Manager shall
arrange for the delivery, inspection, storage, protection and security of all
materials, systems equipment and supplies provided in connection with the Work
including, but not limited to, Pre-Purchased Items.

 

4.5.21                  Site Maintenance

 

Construction Manager shall
maintain the Project Site in a safe and orderly fashion and provide clean-up of
the Site on a daily basis.

 

4.5.22                  Site Security

 

Construction Manager shall provide security services in connection with
the Work as approved by Owner.

 

4.5.23                  Site Safety

 

4.5.23.1                                 Construction Manager shall enforce the
implementation of necessary safety, health and environmental protection
procedures (including, but not limited to, OSHA programs) during the
performance of the Work, which shall include, but not limited to the erection
and maintenance of Temporary Systems; the posting of danger signs and other
warnings against hazards; the conduct of inspections; and enforcing the
requirement that all Trade Contractors comply with Applicable Laws relating to
safety, health, equal opportunity and environmental protection in connection
with the Work.

 

4.5.23.2                                 Construction Manager shall comply with, and
shall require all Trade Contractors to comply with, the safety procedures and
requirements of Owner’s OCIP.

 

4.5.23.3                                 Construction Manager shall establish,
implement and observe all safety, health and environmental protection measures
during performance of the Work consistent with Applicable Laws; submit to Owner
for approval, and periodically update, as necessary, safety plans for the
Project showing the manner in which the aforesaid measures are to be
implemented; and designate a responsible person or persons from Construction
Manager’s organization or an independent person or persons from another firm or
organization, subject to Owner’s approval, who shall be a Construction
Manager’s certified Site Safety Manager and whose duties shall include the
prevention of accidents.  The
performance of such services by Construction Manager shall not relieve
Construction Manager or

 

30

 

any of the Trade Contractor firm of their
respective responsibilities for the safety of persons and property in
compliance with this Agreement and all Applicable Laws.

 

4.5.24                  Administration of Payment Process

 

4.5.24.1                                 Construction Manager shall prepare a
Schedule of Values for approval by Owner; prepare all Applications for
Payment in a form reasonably similar to AIA Forms G702 and G703; determine,
prior to the submission of each Application for Payment, whether and to what
extent the sums requested therein are due and payable; and certify the same to
Owner.

 

4.5.24.2                                 Construction Manager shall receive and review
Applications for Payment from Trade Contractors and Suppliers.  Construction Manager shall issue
Applications for Payment incorporating same to Owner for review and approval.

 

4.5.24.3                                 Construction Manager shall receive and review
Partial Waivers of Lien and Release forms submitted by Trade Contractors and
Suppliers in connection with Applications for Payments.

 

4.5.25                  Administration of Change Order Process

 

4.5.25.1                                 Construction Manager shall establish
procedures for processing Change Orders including, but not limited to, the
maintenance of a Change Order Log.

 

4.5.25.2                                 Construction Manager shall make
recommendations with respect to any  Changes
that Construction Manager may consider necessary or desirable in connection
with the Work.  No Changes shall be made
in connection with the Work without the prior written approval of Owner.  Construction Manager shall negotiate Change
Orders on behalf of Owner.

 

4.5.25.3                                 Construction Manager shall issue to Trade
Contractors: (1) Change Orders approved by Owner; (2) all Emergency Change
Orders; and (3) Field Directives.

 

4.5.25.4                                 Construction Manager shall with respect to
portions of the Work to be performed pursuant to a Change Order, an Emergency
Change Order, or a Field Directive, on a time and material, Unit-Cost or other
similar basis, provide for record keeping in connection therewith; maintain
accurate cost accounting records; and provide copies of all such accounting
records to Owner.

 

4.5.26                  Installation of FF&E

 

Construction Manager shall
coordinate with and afford the Separate Contractors and Vendors reasonable
opportunity to install or cause the installation of FF&E in the Project.

 

4.5.27                  Substantial Completion

 

4.5.27.1                                 Construction Manager shall work with Owner
and Architect to develop a schedule for Substantial Completion staged
occupancy and turnover for fitout of the Interiors Project in accordance with
the provisions of Section 4.5.27.6 Early Access.

 

4.5.27.2                                 Construction Manager shall assist Owner in
determining when Substantial Completion of the Work (or any discrete portion
thereof) has taken place; and prepare (in consultation with Architect and
Owner’s Consultants) Punchlists that identify incomplete or unsatisfactory
items of Work.  Punchlists shall be
limited to minor details that do not affect Owner’s

 

31

 

ability to use the Project or any discrete
portion thereof.  Construction Manager
shall supervise all Work necessary to complete the items set forth on the
Punchlists.  The failure to include any
element of the Work on the Punchlists shall not alter the responsibility of
Construction Manager and/or the Trade Contractors to complete the Work in
accordance with the Contract Documents. 
Upon satisfactory completion of all Punchlist Items, Construction
Manager shall provide written notice to Owner and Architect that the Work has
reached the stage of Final Completion and is ready for final inspection.

 

4.5.27.3                                 On or before the Substantial Completion Date,
Construction Manager shall clear the Project Site of all debris, construction
materials, rubbish, rubble, discarded equipment or spillage of solid or liquid
waste; shall remove all tools, construction equipment, machinery and surplus
materials; and shall maintain the Project free of such items until Final
Completion.  In addition, on or before
Final Completion, Construction Manager shall clean, the Project Site, as
provided in the Construction Documents. 
If the Work or the Project Site is damaged by Construction Manager or
any Trade Contractor, Construction Manager, without increase to the GMP, shall promptly
repair and restore the portion so damaged to its condition immediately prior to
such damage in a manner satisfactory to Owner and Architect.  If Construction Manager fails to undertake
said cleaning, removal and repairs, the Owner may, at Owner’s sole option,
avail itself of any of the remedies provided in this Agreement and, subject to
giving 72 hours’ prior written notice to Construction Manager, Owner may also
perform, or cause to be performed, the said cleaning, removal and repairs.  All additional expenses incurred by Owner in
connection therewith, at Owner’s option, shall be reimbursed to Owner either:
(1) by Owner withholding a corresponding amount from monies then due or next
becoming due from Owner to Construction Manager; or (2) by Construction Manager
paying such amounts to Owner on demand, after rendition of a bill or statement
therefor.

 

4.5.27.4                                 Prior to Substantial Completion of the Work,
Owner or Owner’s designees, including, but not limited to, Separate
Contractors, shall have the right to use all or any portion of the Project for
the installation of FF&E. 
Construction Manager shall coordinate with Owner’s furniture consultant,
Vendors and Trade Contractors regarding the delivery, installation and wiring
necessary for FF&E.

 

4.5.27.5                                 Construction Manager shall use good faith
efforts in making the premises available hereunder to Owner or Owner’s
designees.  Such use or occupancy by
Owner or Owner’s designees shall not: (1) constitute acceptance by Owner of any
element of the Work or of the space, systems, materials or equipment
incorporated in the Project; (2) be construed as a waiver of any right or claim
by Owner in connection with any portion of the Work; or (3) affect the
obligations of Construction Manager or any Trade Contractor for any Work which
is not in accordance with the Contract Documents.  Construction Manager shall continue performance of the Work in a
manner which shall not unreasonably interfere with said use, occupancy and
operation by Owner or Owner’s designees. 
Construction Manager agrees that it shall not interfere with, such use
or occupancy by Owner or Owner’s designees, and that it shall cooperate with
Owner and any designated occupants to facilitate early occupancy of the Project
or discrete portions thereof.

 

4.5.27.6.1                        Tenants including, but not limited to, the
Interiors Project Owner and the Commercial Office Owner, shall have the right
of access to any floor (or group of floors) of the Base Building that will be
occupied by such Tenant as part of such Tenant’s unit (or other space that may
be leased by such Tenant, or any of its affiliates, in such unit) on a floor by
floor (or group of floors) basis for the commencement of such Tenant’s interior
improvement work as of the date that the construction milestone defined as
“Open Access” with respect to any such floor (or group of floors) of the
Building that will be so occupied by such Tenant.  The determination of the floor or floors which will constitute
each block to be delivered to such Tenant (the “Open Access Floor(s)”) and the

 

32

 

scheduling therefore shall be made by the
Owner.  Construction Manager agrees that
the Tenants shall have access to the Open Access Floors at the earliest
feasible date.  The first Open Access
Floors to be delivered are called the “Initial Open Access Floor(s).”

 

4.5.27.6.2                        The term “Open Access” shall mean that the
Core and Shell work with respect to a block of Open Access Floor(s) has been
completed to the following extent (the date such work shall be completed as to
any block of Open Access Floor(s) is herein called a “Open Access Completion
Date”:

 

(1)  concrete has been poured and metal decking
installed through the floor above such Open Access Floor(s);

 

(2)  fireproofing has been completed to and
through such Open Access Floor(s);

 

(3)  the main sprinkler riser has been installed;

 

(4)  the main HVAC trunk duct risers have been
installed;

 

(5)  material and personnel hoists are serving
the Improvements through such Open Access Floor(s) and are available for use by
Tenant;

 

(6)  Base Building stairwells are erected to and
through such Open Access Floor(s).

 

All of the work set forth in
subsection 4.6.27.6.2(1) through (6) is herein referred to as the “Open
Access Work.”

 

4.5.27.6.3                        Delivery to the Tenants of their respective
Initial Open Access Floors and each subsequent block of Open Access Floor(s)
with the Open Access Work completed with respect thereto, in sequence from the
bottom up, in accordance with the schedule set forth in Exhibit C.

 

4.5.27.6.4                        On or before the Open Access Completion Date
as to the Initial Open Access Floors and each subsequent block of Open Access
Floor(s), all of the work necessary to provide the following to the Initial
Open Access Floors and the Open Access Floors shall be completed, and Construction
Manager shall cause such work to be completed expeditiously in accordance with
the Open Access Schedule;

 

(1)  temporary power will be operational;

(2)  temporary water will be operational;

(3)  a separate temporary loading dock and
laydown/staging area will be accessible.

 

4.5.28                  Initial Startup and Testing

 

Construction Manager shall
assist Owner, Owner’s Consultants and Owner’s operating and maintenance
personnel in the initial start up, testing and operation of the Work and all
systems comprising any portion of the Work in accordance with a Commissioning
Plan to be agreed upon by Owner and Construction Manager before the start of
the Work.

 

33

 

4.5.29                  Closeout

 

Prior to making Final
Payment under any Trade Contract, Construction Manager shall: (1) prepare a
Trade Contract status summary indicating the Trade Contract’s financial status,
together with a summary of all approved Change Orders and payments made to date
made under that Trade Contract; (2) secure and deliver to Owner all guarantees,
warranties, affidavits, general releases, final waivers of lien and releases,
certificates, consent of any surety to Final Payment, As-Built Drawings,
maintenance manuals, operating instructions, keys and other documents and items
required to be delivered under the Contract Documents, or requested by Owner,
in connection with the Work; (3) provide, for itself and all Trade Contractors,
all required Affirmative Action signoffs. 
All such documentation and items shall be in a form acceptable to Owner.

 

4.5.30                  Labor Relations

 

4.5.30.1                                 Construction Manager shall make
recommendations regarding, and render assistance necessary for, the development
and administration of an effective labor relations program for the avoidance of
labor disputes during the performance of the Work.  The Construction Manager shall assist in negotiating any
agreements with labor unions that will result in cost savings, and shall use
its best efforts to secure better agreements.

 

4.5.30.2                                 Construction Manager shall not, directly or
indirectly, engage any Trade Contractor, mechanic or laborer in connection with
the Work (even if such Trade Contractor, mechanic or laborer has been approved
by Owner), or use any materials in connection with the Work in a manner that
would disturb harmony with any Trade engaged in performing any other Work on
the Project or in the Building (including, without limitation, the creation of
any work slowdown, sabotage, strike, picket or jurisdictional dispute) or create
any actual or anticipated interference with the operation of the Building or
performance of the Work, Owner’s work force, construction in other space in the
Building or construction being performed by or on behalf of other tenants in
the Building.  Construction Manager
shall immediately stop the performance of any Work, or the use of any materials
in connection with such Work or use of any Trade Contractor, mechanic or
laborer if Owner notifies Construction Manager that continuing such Work or
employing such Trade Contractor, mechanic or laborer would so disturb harmony
with any Trade engaged in performing any other work in the Building or create
any actual interference with the operation of the Building, the performance of
Work on the Project, construction in other space in the Building or
construction being performed by or on behalf of other tenants in the
Building.  Construction Manager shall
cease the use of any such Trade Contractor, mechanic or laborer if Owner notifies
Construction Manager that such employment is creating actual interference as
described above.

 

4.5.31                  Trade Contractor Disputes

 

Construction Manager shall
actively participate in the resolution of Trade Contractor disputes.

 

4.5.32                  Governmental Consents, and Approvals and
Permits

 

4.5.32.1                                 Construction Manager shall secure and deliver
to Owner all governmental consents, approvals, licenses and certificates
customarily obtained by a construction manager performing services similar to
those being performed by Construction Manager hereunder, including, but not
limited to, assisting Owner in obtaining Temporary and Final Certificates of
Occupancy.  The making of Final Payment
by Owner to Construction Manager hereunder shall be conditional upon the delivery
by Construction Manager to Owner of the foregoing items, unless the

 

34

 

failure to obtain any of the items is due to
causes beyond the reasonable control of Construction Manager.

 

4.5.32.2                                 Construction Manager acknowledges that Owner
will obtain and pay for the building permit.

 

4.5.33                  Discounts, Rebates and Refunds

 

All cash discounts, rebates
and refunds obtained by Construction Manager shall accrue to Owner.  Construction Manager promptly shall inform
Owner of the availability of any cash discount available so as to afford Owner
the opportunity to obtain the same, if Owner so elects.  All trade discounts, rebates and refunds, if
any, and all returns from the sale of Surplus Materials and Equipment shall
accrue to Owner, and Construction Manager shall take such steps as are
necessary to ensure that Owner receives credit for all of the foregoing.

 

4.5.34                  Discharge of Liens

 

4.5.34.1                                 If, at any time, a lien of any kind is filed
against the Project by a Trade Contractor or anyone claiming through Construction
Manager or a Trade Contractor for Work performed or for materials, equipment or
supplies furnished in connection with the Work for which: (1) the Construction
Manager has previously been paid by the Owner, or (2) Owner has not made
payment because of a bona fide dispute between the parties, then Construction
Manager shall, within seven (7) days after notice from Owner, commence to cause
such lien to be cancelled and discharged of record by bonding or otherwise, and
thereafter diligently pursue such cancellation or discharge, without any
increase in the GMP.

 

4.5.34.2                                 If any lien required to be removed pursuant
to Section 4.3.32.1 hereof is not cancelled and discharged of record as
set forth in that Section, Owner shall have the right to take such action as
Owner shall deem appropriate (which shall include the right to cause discharge
of such lien of record by bonding or otherwise.  In such event, all costs and expenses incurred by Owner in
connection therewith (including but not limited to premiums for any bond
furnished and reasonable attorneys’ fees and disbursements), shall be paid by
Construction Manager to Owner on demand, or at the option of Owner, deducted
from any payment then due or thereafter becoming due from Owner to Construction
Manager in accordance with the terms of this Agreement.  In the event Owner elects to discharge such
lien by placing security with the Court, Owner will so notify Construction
Manager and Construction Manager will have 120 days to substitute its own
security.  If Construction Manager fails
to do so, Owner can satisfy the lien by payment and deduct all costs and
expenses from sums due to Construction Manager.

 

4.5.35                  Inspection and Testing

 

4.5.35.1                                 Notice of Inspection or Testing

 

If the Contract Documents,
Applicable Laws or Governmental Authorities having jurisdiction over the
Project require that any Work be inspected or tested, Construction Manager
shall give Owner and Architect timely notice of the readiness of the Work for
inspection or testing and the date fixed for such inspection or testing.  Construction Manager shall coordinate all
Controlled Inspections, and shall give Owner and Architect timely notice
thereof.

 

35

 

4.5.35.2                                 Special Inspections or Testing

 

4.5.35.2.1                        Whenever, in the opinion of Owner, it is
desirable to require special inspection or testing of the Work or any portion
thereof, Owner shall have authority to do so, regardless of whether the Work is
then fabricated, installed, covered or completed.  All costs incurred in connection with such special inspection or
testing shall be a Cost of the Work authorized by the issuance of a Change
Order, unless the test reveals a failure of the Work to conform to the Contract
Documents.  If the test indicates that
the Work fails to conform to the Contract Documents, Construction Manager shall
bear, without increase to the GMP, all costs of such special inspection or
testing, including, without limitation, Architect’s and additional services
made necessary thereby.  No inspection
performed or not performed by Owner shall be deemed a waiver of any of
Construction Manager’s obligations hereunder or be construed as an approval or
acceptance of the Work or any part thereof.

 

4.5.35.2.2                        In the event of a test failure of any portion
of the Work, Owner may require inspection or testing of any or all similar
items of the Work.  Construction Manager
shall bear, without increase to the GMP, all costs of such additional inspection
or testing, including, but not limited to, Architect’s additional services made
necessary thereby.

 

4.5.35.3                                 Covered and Concealed Work

 

If any Work is covered or
concealed contrary to the request of Owner or Architect, or requirements of the
Contract Documents, such Work, if required by Owner, shall be uncovered for
examination, inspection or testing without increase in the GMP.  If any such test results are below minimums
specified in the Contract Documents, Owner may order additional examination,
testing or inspection.  Such additional
examination, inspection or testing shall likewise not increase the GMP.  Should Owner or Architect have reason to
believe that defects exist in any Work which has already been covered or
concealed, although a request not to cover or conceal such Work had not previously
been made by Owner or Architect, such Work shall be promptly uncovered by
Construction Manager and subjected to such tests, inspection or examination as
may be deemed appropriate by Owner or Architect.  In such case, the provisions of Sections 4.5.35.2.2 shall control
with respect to the costs associated with such uncovering.

 

4.5.35.4                                 Correction of Rejected Work

 

Work rejected by Owner or
Architect for failure to conform to the Contract Documents shall immediately be
reconstructed, made good, replaced or corrected by Construction Manager,
(including adjacent portions of the Work destroyed or damaged by such removal
or replacement) without increase in the GMP. 
All rejected materials shall be removed from the Project Site within a
reasonable period of time.  Acceptance
of materials and workmanship by Owner shall not relieve Construction Manager
from its liability for and obligation to replace all Work which is not in full
compliance with the Contract Documents.

 

4.5.35.5                                 Owner’s Right to Accept Defective or
Non-Conforming Work

 

At Owner’s option, subject
to the concurrence of the Construction Manager, Owner may accept defective or
nonconforming Work or materials, instead of requiring their removal, correction
or replacement, and a Change Order shall be issued.  The amount of said Change Order shall reflect a

 

36

 

reduction in the GMP in an amount equal to
the aggregate cost of labor and materials which would have been incurred by
Construction Manager if Owner had required Construction Manager to repair or
replace such defective or nonconforming Work as required by the Contract
Documents.  Such adjustment shall be
effected whether or not Final Payment has been made.

 

4.5.36                Materials and Equipment

 

4.5.36.1                                 Transfer of Title and Responsibility

 

As the Work progresses,
title to each item of material or equipment shall vest in Owner upon payment
for such item by Owner.  Each such item
shall then become the sole property of Owner, subject to the right of Architect
to reject the same at any time prior to Final Completion for failure to conform
to the Contract Documents. 
Notwithstanding the foregoing, nothing contained herein shall be
construed to transfer the risk of loss from Construction Manager or any Trade Contractor
to Owner prior to incorporation of such materials or equipment into the Work,
regardless of whether such loss is the result of damage, theft, vandalism or
any other cause, or whether the same was caused by the negligent acts or
omissions of Construction Manager or any Trade Contractor, or their failure to
comply with their respective obligations under this Agreement or the Trade
Contracts.  Accordingly, Construction
Manager shall be responsible for arranging for insuring materials and equipment
until the same are incorporated in the Work. 
Owner shall be responsible for insuring materials and equipment from and
after the date the same are incorporated into the Work as set forth in
Article 14 hereof.  Notwithstanding
the foregoing, Owner shall make arrangements to insure the foregoing applies to
Pre-Purchased Items stored off-site, for which Owner has made payment.

 

4.5.36.2                                 Trade Contractor Warranties No Encumbrances

 

Construction Manager shall
warrant, and shall require each Trade Contractor to warrant, that: (1) title to
all materials and equipment incorporated in the Work or paid for by Owner,
including, without limitation, title to Pre-Purchased Items, shall pass to
Owner free and clear of all liens, claims, security interests and encumbrances
of every kind; and (2) that no materials or equipment covered by any
Application for Payment will have been acquired by any other person performing
Work at the Project Site or furnishing materials and equipment in connection
with the Work subject to an agreement under which an interest therein or an
encumbrance thereon shall have been retained by the seller or otherwise imposed
by seller or any other person.

 

4.5.36.3                                 Pre-Purchased Items

 

4.5.36.3.1                        Construction Manager shall be entitled to
arrange for the procurement of certain Purchased Items of specified materials
and equipment to be incorporated into the Work in advance of the time when such
items are scheduled to be incorporated into the Work, provided that Owner shall
have given its prior written consent thereto in each instance.  In such event, Construction Manager shall be
entitled to requisition for 100% of the cost of such Pre-Purchased Items prior
to installation.  Construction Manager,
upon submission of its Application for Payment, shall deliver to Owner a bill
of sale with respect to each Pre-Purchased Items evidencing unencumbered title
to the same in Owner’s name, together with any warranties, certificates of
insurance and other documents requested by Owner evidencing that such materials
and equipment are covered by insurance as specified by Owner.

 

4.5.36.3.2                        All Pre-Purchased Items shall be stored at
the Project Site or at such off-Project Site storage locations as shall have
been approved in writing in each

 

37

 

individual instance by Owner, and shall be
subject to inspection at any time by Owner or Owner’s designee.  Any  Pre-Purchased
Items stored in off-Site storage locations shall be segregated from materials
and equipment of others; shall be clearly labeled to evidence Owner’s ownership
interest therein; and shall otherwise be stored in such manner as directed by
Owner.  Insurance premiums, storage
costs and other reasonable expenses incurred in connection with the off-Site
storage of Pre-Purchased Items shall be included in the Costs of the Work.  The risk of loss or damage to such
Pre-Purchased Items shall remain with Construction Manager until the
incorporation of such Pre-Purchased Items into the Work.

 

4.5.36.3.3                        All Pre-Purchased Items obtained by
Construction Manager shall be subject to the condition that, if, upon
inspection of the same by Owner or if, upon incorporation of the same into the
Work, Owner determines that such Pre-Purchased Items, or any portion thereof,
are faulty or defective, then the Pre-Purchased Items shall be replaced,
without increase in the GMP, Construction Manager’s Fee or General Conditions
Costs, within thirty (30) days after receipt by Construction Manager of written
notice to such effect from Owner or Architect.

 

4.5.36.4                                 Owner-Furnished Items

 

Owner may elect to provide
certain Owner-Furnished Items that shall, at Owner’s option, be stored at the
Site or at an off-site location identified and arranged by Owner.  Owner shall have the right to assign the Purchase
Order for any Owner-Furnished Item to Construction Manager who may, in turn,
assign said Purchase Order to the appropriate Trade Contractor.  Construction Manager shall cooperate with
Owner in the installation of Owner-Furnished Items into the Work.

 

4.5.37                  Substitutions

 

4.5.37.1                                 Standards for Substitutions

 

4.5.37.1.1                        The materials and equipment of manufacturers
identified in the Construction Documents are intended to establish the standard
of quality and design required by Owner. 
Notwithstanding anything to the contrary contained in the Construction
Documents, materials and equipment of manufacturers other than those specified
may be used only if accepted by Owner as provided in this Section 4.5.37.

 

4.5.37.1.2                        Owner, in consultation with Architect, shall
be the judge of the equivalency of each proposed Substitution.  Architect shall make written recommendations
with regard to the acceptance or rejection of proposed Substitutions to Owner.  Owner shall then issue to Construction
Manager written approval or rejection of the proposed Substitution, and
Construction Manager shall inform the appropriate Trade Contractor of said
approval or rejection.  Owner, in its
sole discretion, may authorize rejection of a proposed Substitution,
notwithstanding the fact that Architect or may have judged it equivalent and
recommended acceptance of the same.  In
the event that a Substitution is necessary due to the unavailability of a
specified item, any rejection by the Owner under this Section shall be
accompanied by a recommendation by the Owner of a readily available
Substitution.

 

4.5.37.2                                 “Or Equal” Specifications

 

4.5.37.2.1                        When two or more materials or pieces of
equipment are specified in the Construction Documents for an item of Work, any
one thereof shall be deemed acceptable, and Construction Manager shall have the
choice as to which product to use.

 

38

 

4.5.37.2.2                        When only one material or piece of equipment
is specified in the Construction Documents for an item of Work and the term “or
equal” is used in connection therewith, Construction Manager may offer a
Substitution by submitting a  written
application to Architect, in sufficient time (taking into account the progress
of the Work, the period of delivery of the items concerned and adequate time
for Architect’s review), setting forth: (1) the proposed Substitution, together
with substantiating data, samples, brochures and other documentation supporting
the proposed Substitution, including, but not limited to, evidence that the
proposed Substitution is equal in quality and serviceability to the specified
item; will not entail changes in detail, schedule and construction of
related Work; conforms with the design of the Project and its artistic intent;
and will not result in an increase in the Costs of the Work; and (2) Changes in
other parts of the Work required by reason of the proposed Substitution, and
the cost consequences associated therewith. 
A copy of any such application shall be delivered to Owner simultaneously
with its delivery to Architect.

 

4.5.37.2.3                        When only one product is specified in the
Construction Documents for an item of Work and the term “or equal” is not used
in connection with such product, Owner, in its sole and absolute discretion,
may authorize the rejection of any Substitution proposed by Construction
Manager.  Notwithstanding the foregoing,
if such specified product shall become unavailable for a material period of
time, and Owner receives reasonably satisfactory proof from Construction Manager
that the same shall be unavailable for reasons other than the failure of
Construction Manager or a Trade Contractor to order such product in a timely
manner, consistent with the Contract Documents and the Project Schedule, then,
in such event, Owner shall consent to such Substitution, in which event any
change in costs incurred in connection with the use of such Substitution shall
be confirmed by a Change Order and included in the Costs of the Work hereunder.

 

4.5.37.3                                 Support Required for Substitutions

 

Construction Manager shall
support any request for a Substitution with sufficient evidence to permit
Architect to make a fair and equitable recommendation to Owner on the merits of
the proposal.  Any item by a manufacturer
other than those identified in the Construction Documents, or of brand name, or
model number or size or generic species other than those cited in the
Construction Documents, shall be considered a Substitution.

 

4.5.37.4                                 Acceptance of Proposed Substitutions

 

Acceptance by Owner of a
proposed Substitution shall not relieve Construction Manager from
responsibility for compliance with all of the requirements of the Contract
Documents.  In addition, there shall be
no increase in the Costs of the Work related to a Substitution, unless Construction
Manager has notified Owner as required herein that the cost of the Substitution
is an increase in the value of the substituted item, and Owner has approved
such increase the issuance of a Change Order. 
If Changes in other parts of the Work are required by reason of an
approved Substitution, the costs of any such Changes shall likewise be
confirmed by Change Order and included in the Costs of the Work.

 

4.5.37.5                                 No Time Extensions

 

Except in the instances
where a specified product is not commercially available, the Project
Schedule shall not be adjusted as a result of any circumstance relating to
a proposed Substitution.

 

39

 

4.5.38                  Cost Segregation

 

Construction Manager shall
be required to report costs per a “Schedule of Assets” list (“List”)
provided by the Owner or Owner’s consultants. 
Costs must be accurately associated with each and every item of the List
for assets that are included in the Construction Manager’s scope of work as
defined by the drawings, specifications, and/or contract agreement(s).  All change proposals shall include necessary
language to sufficiently describe the asset and the related work to be
performed thereunder.  A preliminary
List will be provided within a reasonable time period after execution of this
Agreement.  Owner may modify or add to
the List during the course of construction relative to the scope of work for
Construction Manager.  Construction
Manager shall update the List periodically through the course of construction.  A final and completed List will be provided
to Construction Manager within thirty (30) days of completion of Construction
Manager’s contract.  Construction
Manager is required to complete the final List within fifteen (15) days
following its receipt.

 

4.6                                 Warranties

 

4.6.1                        Materials and Equipment Warranties

 

Construction Manager
warrants and represents that all materials and equipment incorporated in the
Work shall be new and of good quality, free from improper workmanship and
defective materials and in strict conformance with the Contract Documents and
all Applicable Laws.  All Work not
conforming to these requirements, including Substitutions not properly
approved, may be considered defective, and must be corrected or replaced.  The Warranty on a piece of equipment
installed in the Work shall: (1) commence to run on the date that the piece of
equipment is first put into service under the Commissioning Plan; and (2) be
the manufacturer’s standard warranty for that piece of equipment.  Owner’s option to purchase extended warranty
coverage for materials and equipment shall be preserved in the applicable Bid
Documents and/or Purchase Order.

 

4.6.2                        Return and Repair Warranty

 

Construction Manager shall
guarantee (and shall require all Trade Contractors to guarantee) the Work for a
period of one (1) year after Substantial Completion, during which time the
appropriate Trade Contractor will return to the Site and replace or repair any
defective or non-conforming item of Work identified by Owner.  In the event Construction Manager achieves
Substantial Completion of a discrete building system, the warranties in
connection with that building system will commence to run on the earlier of the
date that Owner: (1) issues written approval and acceptance of such system; or
(2) commences the use of the system for its intended purpose.  Owner shall give such written notice to
Construction Manager promptly after discovery of an item of defective or
non-conforming Work.  Notwithstanding
the foregoing and in recognition that Construction Manager is required to
include guarantees of the type contained in Trade Contracts, in the event that
Owner shall agree in writing, in its sole discretion, to the inclusion in a
specific Trade Contract of a period of guaranty which has a duration of less
than one (1) year, then the obligation of Construction Manager under this
Section with respect to the Work of such Trade Contractor shall be
applicable only for the shorter period contained in the Trade Contract.

 

40

 

4.6.3                        No Limitation on Statute of Limitations

 

Nothing contained in this
Section 4.6  shall be
construed to establish a period of limitation with respect to any other
obligation that Construction Manager might have under the Contract Documents.  The establishment of the time periods noted
in Section 4.6.2, or such longer period of time as may be prescribed by
Applicable Laws or by the terms of any warranty required by the Contract
Documents, relates only to the specific obligation of the Construction Manager
and the appropriate Trade Contractor to correct the Work, and has no
relationship to the time within which the breach of the obligation of the
Construction Manager or any Trade Contractor to comply with the Contract
Documents may be sought to be enforced. 
Nor is the time within which proceedings may be commenced to establish
Construction Manager’s liability with respect to Construction Manager’s
obligations under this Agreement affected by the provisions of
Section 4.6.2.

 

4.7                                 Compliance with Affirmative Action
Requirements

 

Construction Manager agrees
to comply with (and to cause all Trade Contractors to comply with) the
Affirmative Action Requirements set forth in Exhibit
G.  Construction Manager
shall retain all Project records relating to the satisfaction of Affirmative
Action Requirements for a period of not less than three (3) years after Final
Completion of the Project.

 

41

 

ARTICLE 5

 

MANAGEMENT OF THE WORK

 

5.1                                 Key Employees

 

5.1.1                        Key Employees Identified

 

Construction Manager has
designated the individuals identified in Exhibit
M as Key Employees, who shall have primary responsibility for
management of the Project.

 

5.1.2                        No Reassignment or Removal of Key Employees

 

Key Employees may not be
replaced or reassigned by Construction Manager during the term of this
Agreement (including both Pre-Construction and Construction Phases) without the
prior written consent of Owner.  In the
event that a Key Employee dies, becomes disabled or otherwise leaves the employ
of Construction Manager, Construction Manager shall promptly propose a
substitute of comparable expertise and experience who shall likewise be subject
to Owner’s approval.  Construction Manager
shall immediately remove any Key Employee whom Owner, in its discretion,
determines is not performing in accordance with the best interests of the
Project.

 

5.1.3                        Time Commitments of Key Employees

 

Construction Manager agrees
that the Principal in Charge shall devote at least ten (10) percent of his time
to the Project, and shall be available to Owner on an as-needed basis.  The Project Executive shall be available to
Owner on an as-needed basis.  The Senior
Project Engineer and Senior Project Superintendent shall be assigned to the
Work on a full-time basis.  The Senior
Project Engineer shall be stationed at the Project Site until Final Completion
of the Work in order to facilitate performance and completion of the Work in
the most expeditious and economical manner consistent with the interests of
Owner.

 

5.2                                 Support Staff

 

In addition to the Key
Employees, Construction Manager shall staff the Project with appropriate
support personnel, who shall be assigned to the Project as agreed by Owner and
Construction Manager, and who may be stationed at the Project Site, in
Construction Manager’s home office or a branch office, or such other location
as may be approved by Owner.  Each
support person whom Construction Manager intends to include as part of General
Conditions Costs, and that individual’s salary or wage rate (and any increases
thereto) shall be subject to Owner’s prior written approval.  Owner shall have the opportunity to
interview all support personnel proposed by Construction Manager Construction
Manager shall remove any individual support person whose continued
participation is not, in the Owner’s determination, in the best interests of
the Project.

 

5.3                                 Authorized
Representatives

 

Construction Manager hereby
designates Andres Sosa, as the Construction Manager’s Authorized Representative,
together with any other person(s) who, with prior written notice to
Construction Manager, Owner may designate or appoint, to act in conjunction
with Robert Willis who

 

42

 

shall act as Owner’s Authorized Representatives.  Whenever this Agreement requires or permits
the approval or consent of a party, such approval or consent shall be deemed
given only if furnished by the respective party’s Authorized Representative in
writing.  Any such approval or consent
given by an Authorized Representative shall be binding on the respective party
unless and until the other party has received written notice of the designation
or appointment of a successor to the foregoing.

 

43

 

ARTICLE 6

 

PAYMENT

 

6.1                                 Phases

 

Each Application for Payment
shall be submitted with a Summary Application together with separate
Applications for each of the following Phases of Work:

(1)  New York Times;

(2)  FC Lion;

(3)  Retail; and

(4)  Auditorium.

Construction Manager shall comply with the
Cost Allocation Guidelines attached as Exhibit
R.

 

6.2                                 Payments

 

Owner shall make Progress
Payments to Construction Manager at monthly intervals in accordance with the
following procedures:

 

6.2.1                        On or before the twenty-fifth (25th) day of
the calendar month following commencement of the Work and on or before the
twenty-fifth (25th) day of each calendar month thereafter, Construction Manager
shall submit to Owner for review and certification, a “pencil-copy” Application
for Payment, based upon the Schedule of Values approved by Owner, setting
forth in detail: (1) Trade Contract Costs incurred by Construction Manager in
connection with the Work during the immediately preceding twenty-five (25) day
period, pro-rated through the end of the month (less Retainage as described in
Section 6.2.2); (2) the portion of Construction Manager’s Fee as set forth
in Exhibit S earned that month
based on the percentage of completion of the Work; (less Retainage as set forth
in Section 6.2.2); and (3) General Conditions Costs as set forth in Exhibit D.  Change Order Work may be included in monthly Applications for
Payment based on the percentage of completion of the Change Order Work.

 

6.2.2                        After review by Owner, Construction Manager
shall finalize the Application for Payment and submit it to Owner on the first
(1st) day of the following month.  Any
materials which are stored either on Site or off-Site (included, but not
limited to, Pre-Purchase Items), but which have not been incorporated into the
Work, shall be listed separately on each Application for Payment, and payment
therefor is subject to compliance with Article 4.  The Application should show: (1) a deduction
for Retainage equal to ten percent (10%) of Trade Contract Costs, but only
until the Work of each Trade Contractor is fifty percent (50%) completed as
determined by Owner and Architect, which amount shall be held by Owner until
Substantial Completion of the Work; and (2) a deduction for Retainage equal to
ten percent (10%) of Construction Manager’s Fee, which amount shall be withheld
until Final Completion.  No Retainage
shall be withheld on General Conditions Costs. 
All Applications for Payment must be accompanied by such documentation
(including Partial Waivers and Releases of Lien in the form set forth in Exhibit H for all payments through the
prior Application for Payment) from Construction Manager and Trade Contractors
as may be reasonably required by Owner. 
Owner may require additional evidence of Construction Manager’s right to
the payment claimed, and that title to equipment or materials not yet
incorporated into the Project is unencumbered including, but not limited to,
bills of sale, bills of lading, title documents, warehouse receipts and similar
documentation.

 

44

 

6.2.3                        Each Application for Payment shall constitute
an express representation by Construction Manager that:

 

6.2.3.1               the partial payment requested has been
incurred by Construction Manager on account of the Work or is justly due to
Trade Contractors;

 

6.2.3.2               the materials, equipment and supplies for
which such Application for Payment is being submitted have been installed or
incorporated in the Project or have been stored at the Project Site or at such
off-Project Site storage locations as have been approved in writing by Owner;

 

6.2.3.3               the materials, equipment and supplies covered
by prior payments are not subject to any security interests or similar
encumbrances;

 

6.2.3.4               no mechanic’s, laborer’s, vendor’s,
materialman’s or other liens have been filed, or have been threatened to be
filed, in connection with the Work or in connection with any of the materials,
equipment or supplies incorporated therein or purchased in connection
therewith, and in the event that Construction Manager cannot make such a
statement, state in full the reasons therefor;

 

6.2.3.5               no claims have been filed, or have been
threatened to be filed, by any Trade Contractor or anyone claiming through any
Trade Contractor in connection with the Project, or if such claim has been
filed, or threatened state in full the reasons therefor;

 

6.2.3.6               the Work which is the subject of such
Application for Payment has been performed in accordance with the Contract
Documents.

 

6.2.4                        Construction Manager shall carefully examine
all payment breakdowns and Applications for Payment submitted by Trade
Contractors in an effort to eliminate “front-end loading.” Construction Manager
shall under no circumstances request or allow payments to be made to any Trade
Contractor which are “front-end loaded,” and which do not accurately reflect
the true value of the Work performed or the materials, equipment or supplies
actually furnished.

 

6.2.5                        On or before the forty fifth (45th) day after
Owner’s receipt of the Application for Payment, Owner shall pay Construction
Manager an amount equal to the sum of: (1) Trade Contract Costs approved by
Owner (less Retainage as set forth in Section 6.2.2); (2) General
Conditions Costs; and (3) Construction Manager’s Fee (less Retainage as set
forth in Section 6.2.2).  There
shall be no Retainage on General Conditions Costs.  Construction Manager shall process and make payment to all Trade
Contractors whose Work is included in the Application for Payment as paid by
Owner within ten (10) Work Days after Construction Manager’s receipt of payment
from the Owner.  This provision is
strictly for the benefit of Owner in order that satisfactory morale and
relations with Trade Contractors be maintained, and shall not under any
circumstances confer any right upon any third party.  This provision shall be waivable by Owner, in writing, in Owner’s
absolute discretion.  Owner reserves the
right to make payment directly to Trade Contractors in the event that such
payments are not made by Construction Manager as provided for in this
Agreement.

 

6.2.6                        Within thirty (30) days following Substantial
Completion of the Work and submission of an Application for Payment,
Construction Manager shall be entitled to an amount equal to the balance
remaining unpaid to Construction Manager for Costs of the Work, together with
that portion of the Construction Manager’s Fee and General Conditions Costs
then due, less an amount equal to the sum two times the value of the Punchlist
prepared in accordance with Section 4.5.27.2.

 

45

 

Notwithstanding the foregoing, it is expressly understood and agreed
that if, at any time after Retainage with respect to a particular Trade
Contract is released, a lien is filed against the Project which relates to Work
performed or materials, equipment or supplies furnished by said Trade
Contractor, and Construction Manager has failed to cancel or discharge such
lien in accordance with Article 4, Owner, at its option, shall be entitled
to hold back from the sums then due to Construction Manager an amount equal to
all costs and expenses to be incurred by Owner in causing such lien to be
discharged of record, including, without limitation, attorneys’ fees and
disbursements;

 

6.2.7                        Within sixty (60) days following Final
Completion of the Work, Construction Manager shall submit a Final Application
for Payment which shall be accompanied by: (1) final Waiver of Lien and Release
forms for Construction Manager and all Trade Contractors; (2) consents of
sureties; (3) As-Built Drawings; (4) operating and maintenance manuals; (5)
keys; (6) requirement permits and certificates; (7) affidavits of Key Employees
as described in Section 2.4.3.2; and (8) all other documents and/or items
which Construction Manager is obligated by the Contract Documents to deliver at
Final Completion.  Upon receipt of said
documentation and items in a form acceptable to Owner, Owner shall pay to
Construction Manager an amount equal to the aggregate of the balance remaining
unpaid to Construction Manager on account of Costs of the Work, the
Construction Manager’s Fee, and the balance of any Retainage withheld under
Trade Contracts.  Acceptance by
Construction Manager of Final Payment following Final Completion of the Work
shall constitute a waiver of all Claims of which Construction Manager had
knowledge at the time of Final Payment, unless the same are expressly reserved
in writing and identified by Construction Manager as unsettled at the time of
Final Completion.  Such reserved Claims
shall remain valid only for a period of one (1) year.

 

6.2.8                        Notwithstanding anything in this Agreement to
the contrary, Owner, in its reasonable judgment, may withhold from any payment
due or to become due to Construction Manager any amount which Owner, in its
good faith opinion, deems sufficient to reimburse Owner for its actual or
potential expenditures for the account of Construction Manager, or to secure
Owner’s remedies in consequence of any actual or potential default or breach by
Construction Manager under this Agreement including, without limitation,
Owner’s opinion that the balance payable to Construction Manager under this
Agreement would be insufficient to complete the Work.  In connection with any of the foregoing, Owner may nullify, in whole
or in part, any previously approved Application for Payment upon reasonable
basis.  Owner may, in its sole
discretion, issue joint checks to Trade Contractors and/or Suppliers, although
nothing herein shall obligate Owner to do so.

 

6.3  Payment Does Not Constitute
Acceptance

 

No
payment by Owner of any Application for Payment shall constitute acceptance by
Owner of Work completed or of materials stored that are not in conformity with
the Contract Documents, and no such payment shall be construed as a waiver of
any right or claim by Owner in connection with such Work or stored material.

 

6.4  Incentive
Bonuses

 

[*]

 

 

 

 

 

46

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47

 

ARTICLE 7

 

GUARANTEED MAXIMUM PRICE

 

7.1  GMP

 

7.1.1                        A statement setting forth the price
components of Construction Manager’s GMP is attached hereto as Exhibit S. 
Construction Manager’s Qualifications and Assumptions are attached
hereto as Exhibit O.

 

7.1.2                        The GMP shall be comprised of:

 

7.1.2.1               Trade Contract Costs, as described in
Section 7.2.

 

7.1.2.2               General Conditions Costs, as described in
Section 7.3 and Exhibit D hereto.

 

7.1.2.3               Construction Contingency, as described in
Section 7.4;

 

7.1.2.4               Allowances, as set forth in Exhibit U;

 

7.1.2.5               Construction Manager’s Fee included as part
of Exhibit S.

 

7.2  Trade
Contract Costs

 

Trade
Contract Costs shall be based on the actual buyout of all Trades.  For those Trade Contracts that have not been
bought out at the time that the GMP is given, the GMP shall include an estimate
of Costs of the Work.  Construction
Manager has specifically identified any allowances or contingencies relating to
Trade Contract buyout.  Construction
Manager shall advise Owner of any differential between an estimated Trade
Contract price and the actual buyout of that Trade Contract.  The Construction Contingency may be adjusted
to reflect such differential.

 

7.3  General Conditions Costs

 

General
Conditions Costs set forth in Exhibit D.

 

7.4  Construction Contingency

 

7.4.1                        The Construction Contingency is the maximum
sum available, subject to Owner’s approval, to cover unanticipated costs which
would otherwise increase the Construction Manager’s costs as follows:

 

7.4.1.1               Unforeseen conditions and events not evident
to, or identified by, Owner or Construction Manager at the time of execution of
this Agreement or circumstances arising after the execution of this Agreement
such as:

 

7.4.1.1.1                              refinement of details of Architect’s design within
the scope of Work and standards of quality and quantities on which the GMP was
based;

 

48

 

7.4.1.1.2                              abnormal field condition or difficulties
resulting in additional costs, if such conditions or difficulties could not
have been anticipated based on a reasonable review of the Contract Documents;

 

7.4.1.1.3                              additional costs incurred as a result of a
default by a Trade Contractor in excess of Bond coverage;

 

7.4.1.1.4                              additional costs incurred as a result of
items omitted by Construction Manager in the formulation of the GMP;

 

7.4.1.1.5                              correction of non-conforming Work or defects
not due to negligence of Construction Manager or any Trade Contractor
(correction of non-conforming Work or defects resulting from Construction
Manager’s or Trade Contractor’s negligence are to be corrected by the
responsible party at its own cost);

 

7.4.1.1.6                              costs associated with Time Extensions (to the
extent permitted by Article 11);

 

7.4.1.1.7                              casualty losses and related expenses, not
compensated by insurance or otherwise, sustained by Construction Manager or any
Trade Contractor in connection with the Work, except to the extent such losses
or expenses are attributable to gross negligence or willful misconduct of
Construction Manager or any Trade Contractor, or result from the willful
violation by Construction Manager or any Trade Contractor of Applicable
Laws.  Such losses shall include
settlements made with the prior written consent and approval of Owner.  Reimbursement shall not be made for any
losses or expenses for which Construction Manager has or will be indemnified by
third parties or for which Construction Manager would have been compensated by
insurance, except for the failure of Construction Manager to procure and maintain
insurance in accordance with the requirements of this Agreement or the failure
of Construction Manager to comply with the requirements of any insurance
carriers providing coverage for the Project.

 

7.4.1.1.8                              costs to repair Work damaged by Owner or any
Separate Contractor.

 

7.4.1.1.9                              unanticipated costs associated with the
buyout of Trade Contracts.

 

7.4.2                        Use of the Construction Contingency shall be
reasonably approved in writing by Owner as provided herein.  No amounts may be charged to the Construction
Contingency except with prior written approval of Owner, and then only to the
extent that such amounts have been paid or are to be paid by Construction
Manager.  Construction Contingency funds
are further subject to the following restrictions:

 

7.4.2.1               No sums may be charged to Construction
Contingency for Work for which Construction Manager is entitled to an
Out-of-Scope Change Order hereunder.

 

7.4.2.2               No sums may be charged to the Construction
Contingency for costs that arise out of Construction Manager’s willful
misconduct, gross negligence or a material breach of sufficient magnitude to
constitute an Event of Default under this Agreement.

 

49

 

7.4.2.3               Construction Manager is not entitled to
payment of amounts which would otherwise be properly chargeable to the
Construction Contingency to the extent that: (1) such amounts are properly
chargeable to a Trade Contractor or other responsible person or entity; (2)
Construction Manager failed to notify Owner or its insurance carrier, if
applicable, of the event which results in the claim to the Construction
Contingency within ten (10) calendar days of such event; or (3) such amounts
exceed the Construction Contingency set forth in the GMP.

 

7.4.2.4               The amount of the Construction Contingency
shall be adjustable, and may be increased by Buy Saves, and/or decreased based
on Owner-approved charges as described in this Section.  There shall not be any line item
contingencies.

 

7.5  Construction Manager Acknowledgment
of Incomplete Design Documents

 

Construction
Manager acknowledges that the Design Documents to be reviewed by Construction
Manager in connection with preparation of the GMP may be incomplete and subject
to further development by Architect. 
Notwithstanding the foregoing, Construction Manager understands and
agrees that it will not be entitled to any increase in the GMP as a result of:

 

7.5.1                    final completion of the Construction Documents consistent with the
design intent as expressed in the Design Documents reviewed by Construction
Manager;

 

7.5.2                    any inconsistencies in or the lack of coordination of Construction
Documents consistent with industry standard practices of coordination;

 

7.5.3                    the fact that Costs of the Work may not be precisely defined prior to
final completion of the Construction Documents;

 

7.5.4                    an overrun in the buyout of any Trade Contract or a default in
performance by any Trade Contractor;

 

7.5.5                    the extension of Milestone Dates, Substantial Completion Date, or Final
Completion Date or any Delay in the performance of the Work for any reason
whatsoever, except as provided in Article 9;

 

7.5.6                    Changes in the Work, except for those for which Construction Manager is
entitled to a Change Order.

 

50

 

ARTICLE 8

 

COSTS OF THE WORK

 

8.1  Limitation on Costs of the Work

 

In
addition to the Construction Manager’s Fee, and subject to Owner’s receipt from
Construction Manager of properly prepared monthly projections and of such other
supporting documentation as Owner may reasonably require, Owner shall reimburse
Construction Manager for the Costs of the Work set forth in this
Article 8, to the extent such Costs of the Work are actually and
necessarily incurred by Construction Manager in the performance of the
Work.  Costs of the Work shall not
include any costs that arise out of the grass negligence, willful misconduct,
or breach of this Agreement by Construction Manager or by any Trade Contractor.

 

8.2  Trade
Contract Costs

 

Trade
Contract Costs include all costs paid by Construction Manager under Trade
Contracts approved by Owner for Work performed (including the cost of
Pre-Purchased Items procured by any Trade Contractor or by Construction Manager
and assigned to a Trade Contractor) in accordance with the terms of this
Agreement.

 

8.3  General
Conditions Costs

 

General
Conditions Costs as set forth in Exhibit D
shall consist of the following items:

 

8.3.1                        Wages paid for labor of personnel in the
direct employ of Construction Manager in the performance of construction
services at the Site incident to the Work under applicable collective
bargaining agreements, or under a salary, wage or hourly rate
schedule agreed upon by Owner. 
Agreed-upon salary, wage and/or hourly rate schedules may not be changed
by Construction Manager without the prior written consent of Owner (except for
adjustments for union employees where the adjustment is contractually mandated
by the applicable collective bargaining agreement).

 

8.3.2                        When approved in advance by Owner, reasonable
salaries paid by Construction Manager to its supervisory or administrative
personnel when stationed at the Site or at Construction Manager’s home office
or any branch office, based on salary schedules agreed to by Owner and
Construction Manager, and attached hereto as Exhibit
D.  No home office personnel,
other than those identified in Exhibit D,
may be charged to General Conditions Costs. 
No change in the approved salary schedules shall be made by the
Construction Manager without the Owner’s prior written approval.  Construction Manager’s supervisory or
administrative personnel who are engaged at shops or on the road in expediting
the production or transportation of materials or equipment in connection with
the performance of the Work shall be considered to be stationed at the Site,
and their salaries shall be paid for that documented portion of their time
spent on performance of the Work.  Said
employees of Construction Manager shall be paid on the basis of time cards and
certified payrolls to which the Owner shall have ready access.  If a salaried employee who is fully
chargeable to the Project spends any portion of his or her time working on
another project, then Owner shall be entitled to a credit, on a reasonable
hourly charge basis, for the time spent by said employee on such other
project.  Owner shall be entitled to
audit Construction Manager’s records relating to said employee in order to
determine the amount of an appropriate credit.

 

51

 

8.3.3                        Actual payroll taxes and contributions and
other assessments or taxes for unemployment compensation, old age benefits,
Worker’s Compensation and Employee Liability insurance, social security and
other standard employee benefits, based on a multiplier (to be agreed upon by
the parties) times the wages and salaries described in Sections 8.3.1 and
8.3.2.  Vacation and training costs for
a salaried employee shall be prorated based on the amount of time the employee
actually spends working on the Project. 
No reimbursement will be made on account of fidelity insurance premiums.

 

8.3.4                        Actual costs and expenses incurred in
connection with telephones installed at the Project Site, fax, messenger and
overnight delivery service, blueprinting for Shop Drawings, reproduction,
photographs and other similar petty cash items directly related to the
Work.  Construction Manager shall limit
such costs through use of the Project Websites as directed by Owner, and shall
utilize outside contractors and Vendors designated by Owner for services
including, but not limited to, messenger service, blue printing and
reproduction.

 

8.3.5                        Actual costs of hand tools not owned by the
workmen, less the reasonable salvage value obtainable on such items used, but
not totally consumed, in the performance of the Work, and costs of canvases and
tarpaulins used in the performance of the Work.  Construction Manager shall provide an inventory of such items
based on original Purchase Orders.  At
Owner’s option and at its direction, Construction Manager shall: (1) deliver
all or any portion of such hand tools, canvases and tarpaulins to Owner; (2)
use reasonable efforts to sell the same for the account of Owner; or (3)
discard the same in the manner set forth in Article 4 hereof;

 

8.3.6                        Actual costs of all temporary structures and
their maintenance, less the reasonable salvage value obtainable on such items
which are used, but not totally consumed, in the performance of the Work;
provided, however, that at Owner’s option and at its direction, Construction Manager
shall: (1) deliver all such temporary structures to Owner; (2) use reasonable
efforts to sell the same for the account of Owner; or (3) discard the same in
the manner set forth in Article 4.

 

8.3.7                        Net rental charges and maintenance expenses
for any Temporary system or structure necessary in connection with the
performance of the Work (such as, for example, hoists), including the
installation, erection, removal, transportation and delivery costs thereof.

 

8.3.8                        Net rental charges of all machinery and
equipment (exclusive of hand tools) used at the Project Site in connection with
the performance of the Work, together with costs incurred in the installation
thereof, minor repairs and replacements thereto and the dismantling, removal,
transportation and delivery of the same. 
Any Trade Contract and/or Construction Manager Pre-Purchased Item in
excess of $10,000 is subject to Owner’s prior written approval.

 

8.3.9                        Travel, to the extent Construction Manager
receives prior written approval from Owner, to: (1) meetings in connection with
the Project; (2) Trade Contractor’s offices; (3) yards; or (4) fabrication
plants.  All domestic and international
travel shall be economy or coach class at the lowest available fare, whether
refundable or not.  Travel to the
Project Site and to the New York City offices of Owner, Construction Manager,
Architect and/or Interior Architect shall not be reimbursable as a General
Conditions Cost.

 

8.3.10                  Royalties (if such royalties shall have been
approved in writing by Owner); costs for the use of patented materials or
processes (if the use of the same has been specified by Architect and/or
approved in writing by Owner); and license fees necessary for the performance
of the

 

52

 

Work (excluding Work-related
required licenses for the Construction Manager and its employees, agents and
Trade Contractors).

 

8.3.11                  Federal, State and local sales, use, excise,
personal property and other similar taxes, if any, which may be required to be paid
by Construction Manager in connection with the Work, except taxes applicable,
directly or indirectly, to the Construction Manager’s Fee.  Construction Manager shall be responsible
for obtaining necessary tax exemption certificates for qualified costs.  All sales and use taxes shall be submitted
to Owner for reimbursement as incurred. 
No back billing of sales and use taxes will be accepted by Owner.

 

8.3.12                  Cost of premiums for any bond furnished in
connection with, and for the discharge of, any lien.

 

8.3.13                  Costs of insurance and Payment and
Performance Bonds required pursuant to Article 14.

 

8.3.14                  Costs of specialty consultants (approved in
advance by Owner).

 

8.3.15                  Costs included in Exhibit D.

 

8.4  Back-up Documentation

 

Construction
Manager shall allow Owner to review and copy Project-related accounting records
including, but not limited to, records relating to personnel salaries and
wages, and personnel-related expenses.

 

8.5  Control of Costs of the Work

 

Construction Manager shall use its best efforts to
minimize Costs of the Work incurred, consistent with the intent and purposes of
this Agreement, sound business practice and the instructions from Owner.  Owner reserves the right to audit Costs of
the Work in accordance with this Agreement, and any adjustments which are
yielded by an audit shall be paid to Owner by Construction Manager or, at
Owner’s option, deducted from payments due to Construction Manager.

 

53

 

ARTICLE 9

 

NON-REIMBURSABLE
COSTS

 

9.1  Non-Reimbursable
Costs

 

Owner shall not reimburse Construction Manager for any
of the following costs, all of which shall be borne by Construction Manager at
its sole expense:

 

9.1.1                        Salaries or other compensation of any
principals and branch office heads of Construction Manager.

 

9.1.2                        Salaries of non-line staff personnel
including, but not limited to, legal, billing/collections (except any
accounting personnel based at the Project Site, financial, and corporate
insurance (except OCIP-related personnel)).

 

9.1.3                        Operating Expenses of Construction Manager’s
home and branch offices, including overhead and administrative expenses.

 

9.1.4                        Any part of Construction Manager’s capital
expenses, including interest on capital employed in connection with the Work.

 

9.1.5                        Insurance-related costs.

 

9.1.5.1               costs not reimbursed by insurance, arising:
(1) out of the acts or omissions of Construction Manager (including acts or
omissions of any Trade Contractor), or the failure of Construction Manager to
perform its obligations under this Agreement, or (2) from the violation by
Construction Manager (or any Trade Contractor) of any Applicable Law;

 

9.1.5.2               casualty losses and related expenses
sustained by Construction Manager (or by any Trade Contractor) in connection with
tools, equipment, supplies and other personal effects owned or rented by
Construction Manager (or by the Trade Contractor).

 

9.1.5.3               any other costs which would have been insured
but for the failure of Construction Manager (or any Trade Contractor) to carry
the insurance required to be carried hereunder, or the failure of Construction
Manager (or any Trade Contractor) to comply with the requirements of any
insurance carriers providing insurance coverage for the Project, as set forth
in Article 14.

 

9.1.6                        Losses, costs, and expenses (including
attorneys’ fees and disbursements) incurred by Construction Manager in
connection with, or a result of, the occurrence of any event expressly provided
for under the terms of this Agreement wherein Construction Manager agrees to
indemnify and hold harmless Owner against such losses, costs and expenses.

 

9.1.7                        Costs of the Work that have been Backcharged
against or deducted from the compensation of a Trade Contractor for any reason.

 

9.1.8                        Costs resulting from the performance by
Construction Manager or of any Trade Contractor of general conditions-type
costs, other than or in addition to those types of costs expressly identified
in Article 8 as being reimbursable by Owner.

 

54

 

9.1.9                        Costs incurred by reason of Construction
Manager’s failure to comply with its obligations under this Agreement,
including parking or any other fines assessed by New York City or the State of
New York.

 

9.1.10                  New York State and New York City sales and
use taxes on any portion of the Work which is subject to exemption, as such
exemption is identified to Construction Manager through means of a certificate
of capital improvement or certificate of other exemption.  Construction Manager is responsible for
obtaining applicable capital improvement and/or tax exemption certificates.

 

9.1.11                  Cost of insurance on tools and equipment
owned by workmen.

 

9.1.12                  Costs of any item or expense which this
Agreement expressly provides are to be paid or borne by Construction Manager at
its sole cost and expense.

 

9.1.13                  Overtime charges, unless approved in advance
by Owner.

 

9.1.14                  Vertical transportation costs (i.e., hoists,
cranes, etc.) that are the responsibility of others.

 

55

 

ARTICLE 10

 

CHANGES
IN THE WORK

 

10.1                           Change Orders

 

10.1.1                  Owner, without invalidating this Agreement,
may at any time direct Changes in the Work consisting of additions, deletions
or other revisions.  All such required
Changes in the Work shall be requested in a written PCO submitted to
Construction Manager, and shall be authorized by Owner, and executed in the
manner set forth in the following Sections:

 

10.1.2                  Construction Manager agrees to exercise its
best efforts so that, within fifteen (15) days after the issuance of the PCO,
Construction Manager shall furnish to Owner a signed Change Order Proposal, in
a form satisfactory to Owner, setting forth in detail, with suitable breakdowns
by trades and work classifications, and using the Unit Price and/or other
costing method specified by Owner, Construction Manager’s estimate of: (1) the
cost or savings of the Change reflected in the PCO, which cost shall be at the
best price obtainable for, and shall reflect the most economical manner of affecting,
such Change; and (2) the Changes in the Project Schedule (including the
Substantial Completion Date and/or the Final Completion Date) which would
result from implementation of Construction Manager’s Change Order Proposal.  Construction Manager shall not be entitled
to any increase in Construction Manager’s Fee or General Conditions Costs in
connection with the first ten million ($10,000,000) dollars in aggregate value
of Change Orders.  To the extent Change Orders
have resulted in an increase in the GMP in excess of ten million ($10,000,000)
dollars, then Construction Manager shall be entitled to an increase of eight
(8%) percent of the Cost of the Work as total compensation for Construction
Manager’s Fee and General Conditions Costs.

 

10.1.3                  If Owner approves Construction Manager’s
Change Order Proposal, Owner shall issue to Construction Manager a written
Change Order signed by Owner, and the Substantial Completion Date and the Final
Completion Date, the GMP and the Contract Documents, as the case may be, shall
be adjusted, if required, in accordance with the terms of such Change
Order.  All other terms and conditions
of this Agreement shall remain in full force and effect.

 

10.1.4                  A Change Order shall be effective only when
signed by Owner and Construction Manager.

 

10.1.5                  Construction Manager shall issue copies of
all Change Orders to the appropriate Trade Contractors.

 

10.1.6                  Construction Manager shall bill promptly for
Change Orders based on a consolidation of the Trades involved in implementing the
Change Order.

 

10.2                           Field Directive

 

Owner,
in its sole discretion, can direct Construction Manager to perform work upon
issuance of a Field Directive.  If
Construction Manager and Owner disagree on the value of Work to be performed
under a Field Directive, or on whether such Work is part of Construction
Manager’s Work under this Agreement, Construction Manager must so notify Owner
in writing within fifteen (15) business days of receipt of the Field Directive
and may seek legal recourse if the dispute is not resolved within 120 days
thereafter, provided, however, that the Construction Manager shall continue

 

56

 

performance of the Work in
question pending resolution of the parties’ dispute.  Failure of Construction Manager to so notify Owner shall be
deemed a waiver by Construction Manager of any increase in the GMP,
Construction Manager’s Fee or General Conditions Costs and a waiver of any
claim for a Time Extension.

 

10.3                           Emergency
Change Order

 

Notwithstanding
anything to the contrary set forth herein, Construction Manager and Architect
shall each have the authority to issue Emergency Change Orders without the
prior written approval of Owner. 
Construction Manager shall: (1) notify Owner that an Emergency Change
Order has been issued within twenty-four (24) hours after the same has been
issued, which notice shall set forth the reason giving rise to the issuance of
the same; and (2) promptly furnish Owner with copies of all such Emergency
Change Orders.  Valid Emergency Change
orders shall be confirmed by Owner by a duly issued Change Order.

 

10.4                           Full
Payment for Change Orders

 

When
paid by Owner to Construction Manager, the compensation specified in a Change
Order shall constitute full payment for the additional Work covered thereby,
including any delay/disruption cost or expense occasioned by reason of such
Change.

 

10.5                           Backcharges

 

Construction
Manager shall develop a procedure for the prompt processing of Backcharges
among the Trade Contractors, which process shall be implemented by means of
deductive Change Orders.  Construction
Manager shall track all Backcharges, and shall provide Owner with a monthly
status report.

 

10.6                           Change
Order-Related Time Extensions

 

Each
Change Order shall specify whether Construction Manager is entitled to a
related Time Extension.  Construction
Manager shall not be entitled to a Time Extension in connection with any Change
Order unless the Time Extension is expressly stated therein.

 

57

 

ARTICLE 11

 

SCHEDULE OF THE WORK AND OCCUPANCY

 

11.1                           Project
Schedule

 

Construction
Manager shall promptly and diligently perform, or caused to be performed, the
Work in strict accordance with the Project Schedule approved by Owner and
the Milestones set forth in the Project Schedule.  The Work shall be: (1) Substantially Completed on or before the
Substantial Completion Date as set forth on the Project Schedule; and (2)
Finally Completed on or before the Final Completion Date as set forth in the
Project Schedule.

 

11.2                           CPM Schedule

 

Within ninety (90) days of the award of this
Agreement, Construction Manager shall submit a detailed Project Schedule in CPM
format, which includes the Milestones set forth in Section 6.4, and which will indicate a start date for the
Work approved by Owner.  The Project
Schedule shall be subject to review and approval by Owner.  Upon approval, the Project Schedule shall be
attached hereto as Exhibit C, and
shall serve as the baseline schedule for the remainder of the Project.

 

11.3                           Updates to
CPM Schedule

 

Construction
Manager agrees to coordinate all revisions to the Project Schedule with
Owner’s scheduling consultant and to participate in update meetings on a
monthly basis, or more frequently as required.

 

11.4                           Time of the
Essence

 

Construction
Manager further acknowledges that the timely performance of its obligations in
accordance with the Project Schedule is of the essence of this
Agreement.  This “time of the essence”
requirement shall apply to all dates, time limits and time requirements set
forth in this Agreement and in the Project Schedule.

 

11.5                           Requirements for Substantial Completion

 

The
Work (or a designated portion thereof) shall be deemed Substantially Completed
on the date when all of the following events or conditions shall have occurred:

 

11.5.1                  Owner may use and occupy the Project or, if
requested by Owner, portions thereof without interference for all of its
intended purposes under this Agreement;

 

11.5.2                  only Punchlist items, if any, remain
incomplete, provided said Punchlist items, in Owner’s judgment, do not
interfere with Owner’s use and occupancy;

 

11.5.3                  Architect shall have issued a Certificate of
Substantial Completion; and

 

11.5.4                  Issuance of a Temporary Certificate of
Occupancy.

 

58

 

11.6                           Requirements
for Final Completion

 

The
Work shall be deemed Finally Completed on the date when Owner has received
evidence satisfactory to Owner indicating that:

 

11.6.1                  all Work (including all items set forth on
the Punchlist), has been fully and satisfactorily completed in a good and
workmanlike manner; in conformance with the Contract Documents; to Owner’s
satisfaction; and in full compliance with all Applicable Laws and requirements
of Governmental Authorities having jurisdiction over the Project, including
required sign-offs for the Project.  If
the Work does not comply with Applicable Laws because the Construction
Documents do not so comply, and Construction Manager had no knowledge of such
non-compliance, nothing herein shall be deemed to shift liability for such
non-compliance from Architect to Construction Manager.

 

11.6.2                  all final certificates of approval relating
to the Work including, without limitation, all necessary certificates of the
Board of Fire Underwriters or any successor thereto and the permanent
certificate of occupancy, shall have been issued and delivered to the Owner.

 

11.6.3                  all required receipts, general releases,
final waivers and releases of lien (in the form set forth in Exhibit H), affidavits (including, but not
limited to executed copies of the Key Employee Affidavits set forth in Exhibit L), guarantees, warranties,
consents of sureties, As-Built Drawings and any other documents required under
this Agreement or the Trade Contracts shall have been issued and delivered to
Owner.

 

11.6.4                  All required signoffs including, but not
limited to, those relating to: (1) Affirmative Action Requirements; (2) sales
taxes; and (3) OCIP requirements.

 

11.7                           Time Extensions

 

11.7.1                  Construction Manager hereby acknowledges that
the Project will be tightly coordinated from a scheduling perspective, and
agrees to manage the Work in a manner consistent with tight coordination and
the requirements for timely performance set forth herein.

 

11.7.2                  Subject to other provisions of the Contract
Documents and to the extent permitted by this Section, Construction Manager
shall be entitled to an extension of the Substantial Completion and Final
Completion Dates established by the Project Schedule only for Excusable Delays
and Owner-Caused Delays: (1) which directly impact activities on the Critical
Path of the Schedule; (2) which result from one or more of the causes set forth
below; and (3) (i) were beyond the control of Construction Manager; and (ii) to
the extent not caused by or contributed to, in whole or in part, by the fault,
error, omission, or negligence of Construction Manager, Trade Contractors, or
anyone directly or indirectly employed by them for whom they are responsible:

 

11.7.2.1         Labor strikes (including strikes affecting transportation) unless
precluded by any Project labor agreement, that do, in fact, directly affect the
progress of the Work; provided, however, that Time Extension in connection with
an individual labor strike shall not exceed the number of Days of said strike,
together with a reasonable adjustment for demobilization and
remobilization.  In any event, labor
grievances, under existing agreements, representative matters, informational
picketing and other labor matters shall not constitute a basis for a Time
Extension (Excusable Delay).

 

59

 

11.7.2.2         Acts of the public enemy, war, civil unrest, terrorism, sabotage, acts
of the State, Federal or local governments in their sovereign capacity; provided,
however, that in no event shall Construction Manager be entitled to a Time
Extension with respect to any acts of the State, Federal or local governments
in enforcing any Applicable Laws relating to Construction Manager’s performance
of the Work.  Construction Manager may,
however, be entitled to a Time Extension if the enforcement of any Applicable
Laws causes a Delay as a result of errors or omissions in the Construction
Documents and not a result of Construction Manager’s failure to comply with any
of the terms of this Agreement (Excusable Delay).

 

11.7.23            Acts of the Interiors Construction Manager
and/or Interiors Trade Contractors beyond those which might be reasonably
anticipated based on the tight coordination described in Section 11.7.1
(Owner-Caused Delay).

 

11.7.2.4         Changes ordered in the Work, provided that Changes Orders are properly
authorized and approved under the provisions of Article 7 (Owner-Caused
Delay).

 

11.7.2.5         Any negligence or breach by Owner or Architect, or any act of the Owner
specifically authorizing or approving the Delay in writing (Owner-Caused
Delay).

 

11.7.2.6         Acts of God, such as tornado, fire, hurricane, blizzard, earthquake,
typhoon, or flood, that damage completed Work or to stored materials and
equipment (but only to the extent that such materials and/or equipment was
properly stored by Construction Manager) (Excusable Delay).

 

11.7.2.7         Acts or failure to act of Owner, Architect and their respective agents,
employees and Consultants which cause a Delay in the Work (Owner-Caused Delay).

 

11.7.2.8         Acts of Separate Contractors performing Work on the Project (beyond
those that might be reasonably expected based on the tight coordination
described in Section 11.7.1) (Owner-Caused Delay).

 

Any
and all changes in the Substantial Completion and/or Final Completion Dates
shall be effected by Change Order as provided in Article 10.

 

11.7.3                  In the event that Construction Manager
requests a Time Extension, Construction Manager shall furnish such
justification and supporting evidence as Owner may deem reasonably necessary
for a determination whether Construction Manager is entitled to a Time
Extension under the provisions of this Agreement.  If Owner finds that Construction Manager is entitled to a Time
Extension, Owner’s determination as to the total number of Days of the Time
Extension shall be based upon the approved Project Schedule and on all
relevant data.  The Construction Manager
acknowledges and agrees that delays in activities which, do not affect the
critical path of the Project Schedule or the Substantial Completion or
Final Completion Dates will not be the basis for a Time Extension.  If the Owner determines that the
Construction Manager is entitled to a Time Extension, an appropriate Change
Order will be issued in accordance with Article 10.

 

11.7.4                  All notices of claims for Time Extensions
shall be made in writing to the Owner within seven (7) Days of discovery by
Construction Manager of the Delay, and the circumstances and activities leading
to such claim shall be indicated in Construction Manager’s Daily Report for the
Day(s) affected.  In the absence of such
notice, all such claims for a Time Extension shall be deemed to have been
waived by Construction Manager.  In
making a claim for a Time

 

60

 

Extension as a result of a
Delay, the Construction Manager shall provide an estimate of the probable
effect of such Delay.  Within twenty-one
(21) Days after the completion of the circumstances or activity that caused the
Delay, the Construction Manager shall finalize its claim for a Time Extension
related to such Delay, and shall submit such final claim in writing to the
Owner.

 

11.7.5                  In no case shall a Time Extension be granted
because of any Construction Manager-Caused Delay.

 

11.8                           Compensation
for Delay

 

11.8.1                  The Time Extension specifically provided for
in Section 11.7 of this Agreement shall be Construction Manager’s sole and
exclusive remedy for Excusable Delays. 
Construction Manager shall not be entitled to any lost profits,
consequential damages or other damages in connection with Excusable
Delays.  Construction Manager hereby
expressly agrees to waive its right to recover any damages for Excusable
Delays.  Construction Manager may be
entitled to access the Contingency in order to recover additional, documented
General Conditions Costs up to a maximum amount reasonably demonstrated by
Construction Manager and agreed to by Owner in writing for Excusable Delay to
the extent such costs are not otherwise compensable under this Agreement.

 

11.8.2                  In addition to the Time Extension provided
for in Section 11.7, Construction Manager shall be entitled to recover
additional, documented General Conditions Costs up to a maximum amount
reasonably demonstrated by Construction Manager and agreed to by Owner in
writing for Owner-Caused Delays which continue after a sixty (60) cumulative
day “grace period.” Construction Manager shall not be entitled to any other
damages in connection with Owner-Caused Delays.  Construction Manager shall submit a written Claim for such costs
within twenty-one (21) Days after cessation of the Owner-Caused Delay, and such
costs shall be processed by Change Order. 
Construction Manager may be entitled to access the Contingency in order
to recover additional, documented General Conditions Costs up to a maximum
amount reasonably demonstrated by Construction Manager and agreed to by Owner
in writing for costs arising during the “grace period” of the Owner-Caused
Delay to the extent such costs are not otherwise compensable under this
Agreement.

 

11.8.3                  Construction Manager shall not be entitled to
either a Time Extension or additional compensation in connection with
Construction Manager-Caused Delays.

 

11.9                           Acceleration
of the Work

 

Construction
Manager shall notify Owner promptly if the Work, or any portion thereof, will
not be completed within the time provided in the Project Schedule for any
reason including, but not limited to, an Excusable Delay or an Owner-Caused
Delay as described in Section 11.7. 
If Construction Manager so notifies Owner, or if, in the opinion of
Owner reasonably exercised, Construction Manager falls behind in the Project
Schedule for any cause within the reasonable control of Construction
Manager, Construction Manager shall take appropriate action to regain the
Project Schedule, and shall, if requested by Owner, submit a Recovery Plan to
demonstrate the manner in which the lost time may be regained.  Such actions on the part of Construction
Manager shall not result in an increase in the GMP.

 

11.10                     Modifications
to Project Schedule

 

Construction
Manager shall make no modifications to the Project Schedule without first
obtaining Owner’s prior approval thereof. 
Revisions/updates to the approved Project Schedule shall

 

61

 

address issues such as the
following: (1) all major components of the Project and the Work, including
Architect’s preparation of Design Documents; (2) critical design details; (3)
matters relating to Trade Contractors and Trade Contract awards; (4) the Work
of Separate Contractors; (5) Interiors Project coordination; and (6) Owner’s
responsibilities.  All revisions/updates
to the Project Schedule shall be subject to Owner’s written approval.

 

62

 

ARTICLE 12

 

SEPARATE CONTRACTORS

 

12.1                           Owner’s Right to Engage Separate Contractors

 

Owner
reserves the right to directly engage Separate Contractors to perform work on
the Project.  These Separate Contractors
may perform additional work relating to the Project, but beyond the Work
covered by this Agreement. 
Alternatively, Separate Contractors may be engaged by Owner to perform
work covered by this Agreement which is not, in the opinion of Owner, being
performed by Construction Manager in a manner consistent with the Project’s
cost, quality and scheduling objectives. 
The Owner’s agreements with Separate Contractors may include terms,
covenants, conditions and warranties different from those in any Trade Contract
or the Contract Documents.

 

12.2                           Cooperation and Coordination with Separate Contractors

 

Construction
Manager shall, without additional compensation, cooperate and coordinate the
Work with the work of such Separate Contractors.  Construction Manager shall integrate the schedules of individual
Separate Contractors into the overall Project Schedule as reasonable and
appropriate.  Construction Manager shall
cooperate with the Separate Contractors in providing such access to the Project
Site and to the Work including, but not limited to utilization of storage
space, staging areas, hoists and elevators, as the Separate Contractors may
reasonably request.  Construction
Manager shall furnish to such Separate Contractors any services which
Construction Manager furnishes to Trade Contractors including, but not limited
to, use of hoists, storage and staging facilities.  Any additional costs incurred by Construction Manager in
implementing its obligations under this Section shall be reimbursed by
Change Order which the Owner agrees to issue.

 

12.3                           Separate Contractor-Related Suspensions

 

Construction
Manager understands that portions of the work of Separate Contractors may have
to be performed either before, simultaneously with or after the Work, and that
the Work may have to be suspended temporarily if, in Owner’s judgment, such
suspension is necessary for the timely and efficient completion of the
Project.  Accordingly, Construction
Manager agrees that, upon request by Owner, Construction Manager shall temporarily
suspend any affected Work activity during the period which, in Owner’s
reasonable judgment, Construction Manager’s Work would unreasonably interfere
with the Work of a Separate Contractor. 
If Owner requests that Construction Manager temporarily suspend any
Work, and if and to the extent that there are delays in the performance of the
Work as a result thereof and Construction Manager demonstrates that the Work
has actually been delayed thereby, then, the period of time during which the
Work was suspended shall be recognized as an Excusable Delay, and the
Construction Manager shall be granted an appropriate Time Extension.

 

12.4                           Damage to Work

 

If
Construction Manager causes damage to the property of Separate Contractors or
to other work or property on the Project Site, Construction Manager shall
promptly remedy such damage as provided in this Agreement.  If any Separate Contractor causes damage to
the Work, and Construction Manager is required to remedy such damage, Owner
will issue a Change Order for the cost thereof, and will further grant a Time
Extension or, alternatively, Owner may direct and compensate Construction
Manager for Acceleration, if the delayed activity is on the Critical Path of
the Project Schedule.

 

63

 

ARTICLE 13

 

ACCOUNTING RECORDS

 

13.1                           Project
Accounting Records

 

Construction
Manager shall maintain full, detailed and separate accounting books and records
to: (1) monitor delivery to the Project Site of all materials, equipment and
supplies used in connection with the Work or incorporated in the Project; (2)
check all labor performing Work; (3) provide a basis for proper financial
management of the Work in accordance with a system to be approved by Owner.

 

13.2                           Maintenance of Project Accounting Books and Records

 

Construction
Manager shall maintain Project accounting books and records on a current basis,
and shall institute such accounting procedures as may be reasonably requested
by Owner including, but not limited to, procedures relating to any sales tax
exemptions or other tax rebates, credits, exemptions or benefits available to
Owner in connection with the Work.

 

13.3                           Audits

 

13.3.1                  Owner or Owner’s designated representative
shall have the right to conduct interim audits of Construction Manager’s
Project accounting books and records, in Owner’s discretion, to confirm the
Costs of the Work being charged by Construction Manager.

 

13.3.2                  Owner or Owner’s designated representative
shall conduct a final audit of Construction Manager’s accounting books and
records at Project completion.  Final
audit results acceptable to Owner shall be a condition of Final Payment to
Construction Manager.

 

13.4                           Preservation
of Project Records

 

Construction
Manager shall preserve all Project accounting books and records for a period of
one (1) year after Final Completion of the Work and, if requested by Owner, no
later than thirty (30) days prior to the expiration of said one (1) year
period, deliver to Owner, at Owner’s expense, copies of all or any portion of
such Project accounting books and records.

 

64

 

ARTICLE 14

 

BONDS AND INSURANCE

 

14.1                           Bond
Requirements

 

14.1.1                  Bonds

 

Owner
shall be entitled to require Construction Manager, on a selective basis, to
cause individual Trade Contractors to furnish their bond ratings, and, in
Owner’s discretion, to also furnish separate Payment and Performance Bonds
naming Owner, any assignee of Owner, and Construction Manager as obligees.  Owner shall have the right to approve the
form of Bonds provided by Trade Contractors provided by Construction Manager.

 

14.1.2                  Reimbursement

 

The
cost of Bonds shall be a Trade Contract Cost.

 

14.2                           Insurance
Requirements

 

14.2.1                  It is Owner’s intent to provide insurance
coverage for the Project under an OCIP. 
If the OCIP is in place, the provisions set forth below, together with
the requirements of the OCIP Manual attached as Exhibit J, shall apply:

 

14.2.2                  Owner’s Controlled Insurance Program (OCIP)

 

14.2.2.1         In accordance with the Owner Controlled Insurance Program (“OCIP”) being
implemented by the Owner on this Project, the Owner has purchased and will
provide to Construction Manager, its Trade Contractors, and Lower Tier
Contractors insurance as set forth below, for claims which may arise out of, or
result from, work performed by them under this Contract, for which they may be
legally liable.  All bidders are
required to submit their bid(s) with their insurance included for this Project
The winning bidder(s) and all Lower Tier Contractors will be required to
identify their costs to provide Workers’ Compensation, General Liability and
Excess Liability for this Project.  The
OCIP enrollment forms (outlined in this Construction Manager’s Manual) must be
completed and returned within 10 business days by Construction Manager, all Trade
Contractors and Lower Tier Contractors after they have been awarded a
contract.  Please note that each Trade
Contractor must also include a copy of its Workers’ Compensation Experience
Modification Worksheet, along with a copy of the Policy Declarations Page(s)
from their Workers’ Compensation, General Liability and Excess Liability
policies.  The contract award will then
be reduced by the costs identified by the winning bidder(s) and this total will
be identified as a withhold amount.  At
the conclusion of the contract, an audit will be performed and this amount will
be adjusted based upon actual payrolls incurred on the project site and work
performed including change orders.  Each
enrolled Trade Contractor (any tier) will provide documentation as follows:
Declarations or information page, Rating page(s), Verification of Experience
Modification for Workers’ Compensation and a minimum of 3 years Loss History
for each Trade Contractor (any tier) that participate in self-insured, large
deductible or retrospective rated insurance programs.  If a Trade Contractor is participating in a retained loss program
of this type(s), an insurance credit will be developed using the contractors
actual loss history during the requested time period and program fixed costs (e.g.
Excess Insurance premiums, Claims Administration charges and Claim Development
factors, etc.).  Loss History
calculations will

 

65

 

be based upon Trade Contractor’s experience outside of this program provided
by Owner.  The final adjustment will be
addressed with a Change Order at the conclusion of the Project.  All insurance credits will be adjusted to
reflect any change in Trade Contractor’s (any tier) insurance costs (higher or
lower) that occur throughout their involvement in this project.  In the event that a Trade Contractor
overstates its insurance estimate, the Trade Contractor will be credited
accordingly.  The amount and type of
coverage to be provided by the Owner under its OCIP program is as follows:

 

14.2.2.2         Statutory Workers’ Compensation and Employer’s Liability with limits of
$1,000,000 Bodily Injury by Accident, $1,000,000 Bodily Injury by Disease and
$1,000,000 policy limit by disease. 
Workers’ Compensation insurance covers all Construction Manager, Trade
Contractor and Lower Tier Contractor employees whose regular duties include
performing work at the Project Site.

 

14.2.2.3         Commercial General Liability Insurance (excludes Automobile
Liability).  This policy includes
Completed Operations Coverage for a period of 10 years after acceptance of the
work by Owner with a limit of liability of $2,000,000 each
occurrence/$5,000,000 general aggregate for Bodily Injury/Property Damage.  No Automobile Liability insurance will be
included.  This insurance applies to the
operations of all insured parties at the Project site, including any work site
set up by Owner for use by an insured party exclusively for the storage of
material or equipment, or for fabrication of material to be used at the Project
site.  The limits of liability apply
collectively to all insured parties under the policy.

 

14.2.2.4  Excess Insurance. Excess liability insurance
is provided, insuring the Owner, Construction Manager, Trade Contractors and
Lower Tier Contractors working on the Project. 
This insurance will cover only operations at the Project site and will
provide excess coverage over the limits of coverage described in 1. and 2.
above.  No Automobile Liability
insurance will be included.  Coverage
(excess of $2,000,000 per occurrence / $5,000,000 aggregate) will apply
collectively to all insured parties on all covered projects with a single set
of limits not less than $100,000,000 each Occurrence/Aggregate excess of the
primary.

 

14.2.2.5         Property insurance, as described in Section 14.2.2.13.

 

14.2.2.6         The insurance provided for in Sections 14.2.2.2 through 14.2.2.5,
written on an occurrence basis, shall be maintained without interruption from
the date of commencement of the Work until date of final payment, and for a
minimum period of ten (10) years after final payment for completed operations
coverage.  In the event that insurance
coverages as provided by Owner and as described herein are canceled, lapsed or
otherwise become unavailable, the Owner has the option to procure and provide
alternate insurance to the Contractors. 
As an alternative, the Owner shall have the right to require the
Contractor and all tiers of Subcontractors to provide insurance coverage, with
reimbursement being made to the Contractor for the actual cost thereof by
Change Order.

 

14.2.2.7         Each Trade Contractor participating in the OCIP will be issued an
individual Worker’s Compensation policy. 
Certificates of Insurance will be issued for the coverages of Commercial
General Liability and Excess Liability that will evidence the coverages
furnished by Owner.  These shall be
filed with the Trade Contractor prior to commencement of the Work.  Both the Worker’s Compensation Policy and
the Commercial General Liability and Excess Liability certificates shall contain
a provision that coverage as afforded under the policies will not be canceled
or allowed to expire until at least 30 days prior written notice has been given
to Trade Contractor.

 

66

 

14.2.2.8         Construction Manager’s Insurance

 

The
Construction Manager, Trade Contractors and Lower Tier Contractors shall
provide, at their own expense, the following insurance:

 

14.2.2.8.1                        Comprehensive Business/Automobile liability
insurance.  The Construction Manager, Trade
Contractors and Lower Tier Contractors working on the Project (and any material
dealers, suppliers, and vendors who enter the Project site) shall, at their own
expense, carry automobile liability insurance covering all owned, non-owned,
and hired vehicles used in connection with the Work.  The Construction Manager shall include this requirement in all of
its subcontracts and purchase orders. 
The limits of liability for this insurance shall be at least $5,000,000
per occurrence - bodily injury and property damage combined including uninsured
and underinsured motorist coverage.

 

14.2.2.8.2                        Workers’ Compensation and Commercial General
Liability Insurance.  The Construction
Manager shall carry and maintain at least the following insurance coverages in
connection with operations away from the Project site:

 

14.2.2.8.3                        Workers’ Compensation – Statutory Limits

 

14.2.2.8.4                        Employer’s Liability - $2,000,000 (per bodily
injury/disease and aggregate.)

 

14.2.2.8.5                        Commercial General Liability Insurance with
limits of at least $10,000,000 combined single limit bodily injury and property
damage, and including protection for contractual liability, products, completed
operations, work performed by independent contractors, and broad form property
damage coverage.  Owner reserves the
right to require alternative limits (higher or lower) to individual Trade
Contractors (any tier) at their discretion.

 

14.2.2.8.6                        Hazardous Material Liability Insurance
covering bodily injury and/or property damage of limits not less than $2,000,000,
if the work involves abatement, removal, replacement, repair, enclosure,
encapsulation and/or disposal of any hazardous material or substance.  This coverage must remain in force for both
on-site and off-site exposures.

 

14.2.2.8.7                        The Construction Manager shall maintain
Consultant’s Professional Liability (Errors and Omissions) and Contractor’s
Pollution Legal Liability in the limit of $75,000,000.  Professional Liability provides coverage
against claims resulting from any act, error or omission in the rendering of
Professional Services by the Construction Manager.  Contractor’s Pollution Legal Liability provides coverage against
claims for pollution conditions arising out of the performance of Professional
Services and contracting operations rendered by the Construction Manager.

 

14.2.2.9         The Construction Manager shall maintain and require all Trade
Contractors and Lower Tier Contractors (and Suppliers, Vendors and Project
participants) not covered under the Owner’s OCIP to maintain appropriate levels
of the insurance as identified herein.

 

67

 

14.2.2.10   A Certificate of Insurance evidencing the Construction Manager-provided
insurance under this Section shall, prior to commencement of any Work at
the Project site, be furnished to Owner’s insurance agency at the following
address:

 

Gallagher
Pipino, Inc.

c/o
Construction Insurance Partners, LLC

308
North 21st Street

St.
Louis, Missouri 63103

(800)
316-4031

(314)
342-7170 fax

Contact:
Cindie Allscheid,        Ext. 743

 

With copy to:

 

The
New York Times Company

229
West 43rd Street

New
York, New York 10036

Attention:
General Counsel

 

14.2.2.11   Certificates of Insurance provided under these provisions shall provide
for a 30-day advance written notice of cancellation, lapse or policy change to
Construction Insurance Partners at the address indicated above.  The Construction Manager shall also require
the Trade Contractors and all Lower Tier Contractors to furnish similar
Certificates of Insurance, copies of which shall be filed with the above
Construction Insurance Partners representative.  Failure of Construction Manager or any Trade Contractor or other
party to file such Certificates of Insurance shall not relieve such party of
its responsibility to carry and maintain such insurance.

 

14.2.2.12   The Owner-Controlled Insurance Program as previously outlined is
intended to afford broad coverage and relatively high limits of liability, but
may not provide all the insurance needed by Trade Contractor.  Any insurance for higher limits or other
coverages that a Trade Contractor may be required by law to carry or may need
for its protection shall be at the Trade Contractor’s expense.  Any policy of insurance covering
Construction Manager or any Trade Contractor or Lower Tier Contractor owned or
leased machinery, watercraft, vehicles, tools, or equipment against physical
loss or damage shall provide for a Waiver of Subrogation as to any claims
against any insured parties under the Owner Controlled Insurance Program.

 

14.2.2.13   Property Insurance

 

14.2.2.13.1                  Owner shall purchase and maintain property
insurance in the amount of the
initial contract sum, as well as subsequent modifications thereto for the
entire Work at the site on a replacement cost basis.  Such property insurance shall be maintained unless otherwise
provided in the Contract Documents, until final payment has been made or until
no person or entity other than the Owner has an insurable interest in the
property.  This insurance shall include
Owner, Construction Manager, Trade Contractors and Lower Tier Contractors
performing the Work as named Insureds.

 

14.2.2.13.2                  The property insurance shall be on an All
Risk policy form basis and insure against the perils of fire and extended
coverage, and physical loss or damage including, without duplication of
coverage, theft, vandalism, malicious mischief, collapse, temporary buildings
and debris removal, including demolition occasioned by enforcement of any
applicable legal

 

68

 

requirements.  This property
insurance shall also include transit coverages for materials to be incorporated
into the project, as well as temporary offsite storage locations.  Sublimits may apply with respect to transit
and offsite coverages.  Such insurance
shall include loss of use coverage.  The
property insurance will not provide coverage against loss by theft or
disappearance of any materials (unless the materials are to be incorporated
into the Project), tools, or equipment of Construction Manager, any Trade
Contractor or Lower Tier Contractor, or any other person furnishing labor or
materials for the Project.  Construction
Manager shall pay the first $10,000 of each deductible.  The remaining portion of each deductible and
any deductible in excess of the cumulative total shall be paid by the Owner.

 

14.2.2.13.3                  Boiler & Machinery Insurance.  To the extent not previously provided for
herein, Owner shall purchase and maintain boiler and machinery insurance which
shall specifically cover such insured objects during installation until final
acceptance by Owner.  This insurance
shall include the interests of the Owner, Construction Manager, all Trade
Contractors and any Lower Tier Contractor for the Work, and Owner and
Construction Manager shall be listed as named insureds.

 

14.2.2.13.4                  A loss insured under Owner’s property
insurance shall be adjusted by Owner as fiduciary and made payable to Owner as
fiduciary for the insureds subject to any applicable mortgagee clause.  Construction Manager shall pay Trade
Contractors their just shares of insurance receipts received by Construction
Manager, and by appropriate written agreements shall require Trade Contractors
to make payments to Lower Tier Contractors in similar manner.

 

14.2.2.13.5                  Partial occupancy or use shall not commence
until the insurance company or companies providing property insurance have
consented to such partial occupancy or use by endorsement or otherwise.  Owner and Construction Manager will take reasonable
steps to obtain consent of the insurance company or companies and shall take no
action with respect to partial occupancy or use that would cause cancellation,
lapse or a reduction of insurance.

 

14.2.2.14
General Provisions

 

14.2.2.14.1                  Other Insurance.  If Construction Manager requests in writing that insurance risks
other than those described herein or insurance for special hazards be included,
Owner shall, if possible, obtain such insurance and the cost to Owner shall be
reimbursed by Construction Manager.

 

14.2.2.14.2                  Waivers of Subrogation.  Owner and Construction Manager hereby waive
all rights against each other and any of their Trade Contractors, Lower Tier
Contractors, agents, consultants and employees, each of the other, as to claims
and damages covered by insurance obtained by Owner under its OCIP program and
property insurance, except the parties do not waive such rights as they have
proceeds of such insurance held by Owner as a fiduciary.  The OCIP program and property insurance
obtained by Owner shall provide such waivers of subrogation by endorsement or
otherwise.  A waiver of subrogation
shall be effective as to a person or entity even though that person or entity
would otherwise have a duty of indemnification, contractual or otherwise, did
not pay the insurance premium directly or indirectly, and whether or not the
person or entity had an insurable interest in the property damage.

 

14.2.2.14.3                  Insurance provided by Owner in favor of the
Construction Manager and the Trade Contractors in its OCIP program shall not
extend to Suppliers of Construction Manager or Trade Contractors not performing
work at the project site.

 

69

 

14.2.2.14.4                  Construction Manager and its Trade
Contractors and Lower Tier Contractors warrant that no cost for insurance is,
or shall be, included in any cost or fee charged to Owner on the Project.

 

14.2.2.14.5                  Construction Manager and its Trade Contractors
and Lower Tier Contractors agree to comply with policy conditions of the
insurance policies provided by Owner hereunder, and to comply with any claims
handling procedures, payroll reporting procedures, loss prevention program, or
other similar programs related to the Owner’s Controlled Insurance Program,
including, without limitation, filing any claims in a timely fashion in
accordance with the requirements set forth in such insurance policies.

 

14.2.2.14.6                  Construction Manager and its Trade
Contractors and Lower Tier Contractors expressly agree to procure and provide
Workers’ Compensation, General Liability and Automobile Liability coverage at
their own expense respecting operations not conducted at the project site.  These coverages shall include a waiver of
subrogation in favor of the Owner and their employees, agents, consultants and
contractors.

 

14.2.2.14.7                  To the extent any Trade Contractor is, for
whatever reason, not covered as an insured under the Owner Controlled Insurance
Program, the Construction Manager shall require that Trade Contractor to
provide applicable Workers’ Compensation, General Liability, and Automobile
Liability insurance at their own expense in a form and amount acceptable to
Owner.  Such coverages shall include the
Owner as an additional insured and shall provide appropriate waivers of
subrogation with the following limits:

 

.1                                       Workers’ Compensation – Statutory Limits

 

.2                                       Employer’s Liability - $3,000,000 (per bodily
injury/disease and aggregate)

 

.3                                       Commercial General Liability Insurance with
limits of at least $10,000,000 combined single limit bodily injury and property
damage, and including protection for contractual liability, products, completed
operations, work performed by independent contractors, and broad form property damage
coverage.

 

.4                                       Auto Liability - $5,000,000 Combined Single
Limit

 

.5                                       Owner reserves the right to require
alternative limits (higher or lower) to individual Trade Contractors (any tier)
at their discretion.

 

70

 

ARTICLE 15

 

HAZARDOUS MATERIALS

 

15.1                           General
Requirements

 

15.1.1                  Construction
Manager shall comply with, and shall ensure compliance by all Trade
Contractors, with Applicable Laws relating to Hazardous Materials.

 

15.1.2                  Construction
Manager shall obtain and comply with, and ensure that all Trade Contractors
obtain and comply with, any and all approvals, registrations or permits
required by Applicable Laws relating to Hazardous Materials.

 

15.2                           Hazardous
Materials Brought to Site or Generated by Construction Manager and/or Trade Contractors.

 

15.2.1                  Construction Manager shall keep the Project
Site free of Hazardous Materials brought to the Site and/or generated in
connection with the Work.  Without
limiting the foregoing, Construction Manager shall not cause or permit the
Project Site to be used to generate, manufacture, refine, transport, treat,
store, handle, dispose, transfer, produce or process Hazardous Materials,
except in compliance with Applicable Laws. 
Similarly, Construction Manager shall not cause or permit, as a result
of any intentional or unintentional act or omission on the part of Construction
Manager or any Trade Contractor, a release of Hazardous Materials onto the
Project Site or onto any other property.

 

15.2.2                  Construction Manager shall indemnify, hold
harmless and defend the Indemnitees from and against any claims, demands,
penalties, fines, liabilities, settlements, damages, costs, or expenses
(including reasonable attorneys fees) of whatever kind or nature, known or unknown,
contingent or otherwise, arising out of, or in any way related to: (1) the
presence, disposal, release, or threatened release of any Hazardous Materials
which are on, from or affecting the soil, water, vegetation, buildings,
personal property, persons, animals, or otherwise; (2) any bodily injury,
personal injury (including wrongful death) or property damage (real or
personal) arising out of or related to such Hazardous Materials; (3) any
lawsuit brought or threatened, settlement reached, or government order relating
to such Hazardous Materials; and/or (4) any violation of laws, orders,
regulations, requirements, or demands of Governmental Authorities, or any
policies or requirements of the Indemnitees, which are based upon or in any way
related to such Hazardous Materials brought to the Site and/or generated by
Construction Manager and/or any Trade Contractor, including, without
limitation, attorney and consultant fees, investigation and laboratory fees,
court costs, and litigation expenses. 
The provisions of this Section 15.2.2 shall be in addition to any
and all other obligations and liabilities that Construction Manager may have to
the Owner under Applicable Laws, and shall survive Final Completion of the
Work.

 

15.3                           Hazardous
Materials Identified in
Contract Documents

 

15.3.1                  With
regard to Hazardous Materials existing at the Site, which are identified in the
Contract Documents and for which Construction Manager is responsible as part of
the Work, Construction Manager shall conduct and complete all investigations,
studies, sampling, and testing, and all remediation, removal, and related
actions necessary to clean up and remove all Hazardous Materials, on, from, or
affecting the Project Site in accordance with all Applicable Laws to the

 

71

 

satisfaction
of the Owner, and in accordance with the orders and directives of all
Governmental Authorities.

 

15.3.2                  Construction Manager shall indemnify, hold
harmless and defend the Indemnitees from and against any claims, demands,
penalties, fines, liabilities, settlements, damages, costs, or expenses
(including reasonable attorneys fees) of whatever kind or nature, known or
unknown, contingent or otherwise, arising out of, or in any way relating to
negligence or willful misconduct of Construction Manager, any Trade Contractor,
and their respective agents and employees in the investigation, study,
sampling, testing, remediation, removal and related actions in connection with
Hazardous Materials identified in the Contract Documents and included within
Construction Manager’s scope of Work. 
The provisions of this Section 15.3.2 shall be in addition to any
and all other obligations and liabilities that Construction Manager may have to
Owner under Applicable Laws, and shall survive Final Completion of the Work.

 

15.4                           Unidentified
Hazardous Materials

 

15.4.1                  If a Hazardous Material is encountered on the
Site by Construction Manager that is not identified in the Contract Documents,
Construction Manager shall, upon recognizing the condition, immediately stop
Work in the affected area and report the condition to Owner in writing.

 

15.4.2                  Owner shall obtain the services of a licensed
laboratory to verify the presence or absence of Hazardous Materials reported by
Construction Manager and, in the event such Hazardous Material is found to be
present, to verify that it has been rendered harmless.  When the Hazardous Material has been
rendered harmless, Work in the affected area shall resume upon written
agreement between Owner and Construction Manager.  The Project Schedule shall be extended appropriately and the
GMP shall be increased by Change Order in the amount of the Construction
Manager’s reasonable additional costs of shut-down, delay and start-up.

 

15.4.3                  To the fullest extent permitted by law, Owner
shall indemnify, hold harmless and defend Construction Manager, Trade
Contractors, and their respective agents and employees from and against claims,
damages, losses and expenses (including reasonable attorneys fees) arising out of
or resulting from Hazardous Materials at the Site that are not identified in
the Contract Documents, if, in fact, the Hazardous Material presents the risk
of bodily injury or death, and has not been rendered harmless; provided that
such claim, damage, loss or expense is attributable to bodily injury, sickness,
disease or death, or to injury to or destruction of tangible property, and
except to the extent that such damage, loss or expense is not due to the gross
negligence or willful misconduct of a party seeking indemnity under this
Section.

 

72

 

ARTICLE 16

 

TERMINATION AND SUSPENSION

 

16.1                           Termination
for Default

 

16.1.1                  The following shall constitute Events of
Default under the terms of this Agreement:

 

16.1.1.1         Construction Manager shall fail to diligently prosecute the Work, or
default performing any material obligation under this Agreement, and after
receipt of written notice of such default from Owner, Construction Manager
shall fail, within three (3) days, to cure such default or commence a cure for
such default satisfactory to Owner, and diligently prosecute such cure; or

 

16.1.1.2         Any Key Employee identified in Exhibit
M, or his successor designated in writing, shall cease to be in
Construction Manager’s employ, and Construction Manager shall fail within a
reasonable time to provide a substitute acceptable to Owner, in Owner’s
reasonable discretion, which shall include Owner’s subjective assessment as to
Owner’s ability to develop a successful working relationship with such
individual; or

 

16.1.1.3         Construction Manager becomes a party to any insolvency proceeding in a
capacity as a debtor, and, in the case of any involuntary proceeding only, such
proceeding is not stayed or discharged within thirty (30) days after the
commencement of same.  The term
“insolvency proceeding” as used herein shall include: (1) the filing of a
petition for relief under Chapter 11 of Title 11 of the United States Code by
Construction Manager of any petition or action looking to, or seeking any
reorganization, arrangement, composition, readjustment, liquidation,
dissolution or similar relief under any other present or future Federal or
State statute, law or regulation; (2) the appointment, with or without the
consent of Construction Manager, of any trustee, custodian, receiver or
liquidator of Construction Manager or of any of its property or assets; or (3)
Construction Manager’s making an assignment for the benefit of creditors.  In such an event, to the extent permitted by
Applicable Law, Owner may serve written notice upon Construction Manager
terminating this Agreement on date specified by Owner in said notice.

 

16.1.1.4         Breach by Construction Manager of the ethical obligations set forth in
Section 2.4.

 

16.1.2                  Upon the occurrence of an Event of Default,
Owner may, at Owner’s option, exercised upon three (3) days written notice to
Construction Manager, terminate the engagement of Construction Manager.  In such an event, Construction Manager shall
be entitled to payment of an amount equal to:

 

16.1.2.1         the aggregate of: (1) the actual unpaid Costs of the Work incurred by
Construction Manager in its proper performance of the Work up to the date of
termination, plus (2) the fair market value of such tools (less, if Owner
elects to return the tools to Construction Manager, the salvage value thereof),
less (3) an amount equal to the additional costs and expenses (including
attorneys’ fees and disbursements) incurred by Owner over those which would
have been incurred by Owner in connection with the Project had Construction
Manager not defaulted hereunder, including, without limitation, the additional
expense of engaging another construction manager/general

 

73

 

contractor,
as well as additional compensation for services of Architect and any Owner’s
Consultant made necessary by the Event of Default.

 

16.1.2.2         Construction Manager shall be entitled to the payment described in
Section 16.1.2.1 only after Final Completion of the Work by a replacement
construction manager/general contractor. 
Owner shall have the right to set-off against the aforesaid payment any
amounts then due and payable by Construction Manager to Owner hereunder, or
which may accrue as damages owing by Construction Manager to Owner under the
terms of this Agreement.

 

16.1.3                  Upon the happening of any of the Events of
Default, Owner shall have the right, in addition to all other rights and
remedies, to complete or cause the Work to be completed, by such means, and in
such manner, by agreement or otherwise, as Owner deems advisable, subject,
however, to the terms and conditions of the Payment and Performance Bonds
required of Trade Contractors hereunder.

 

16.1.4                  If it shall be determined that a termination
under this Section 16.1 was wrongful or unjustified, such termination
shall then be deemed to be a Termination for the Convenience of Owner under
Section 16.2, and the sole right, remedy and recourse of Construction
Manager against Owner shall be governed and determined by Section 16.2;

 

16.1.5                  In the event of the happening of any of the
Events of Default, subject to the orders and powers of any involved Bankruptcy
Court, Construction Manager shall not interfere, directly or indirectly, with
Owner’s right and efforts to complete the Work by others or with any of the
Trade Contractors.

 

16.2                           Termination
for Convenience

 

16.2.1                  Owner, at any time and for any reason
whatsoever in Owner’s sole discretion, may terminate this Agreement for Owner’s
convenience.  Construction Manager acknowledges
that this Agreement must be approved by the Board of New York Times member of
the Owner.  In the event that the Board
fails to approve this Agreement, then the Agreement shall be considered
terminated for Owner’s convenience.  Any
Termination for Convenience shall be effected by delivering to Construction
Manager a notice of Termination for Convenience specifying the date upon which
the Termination for Convenience shall become effective and identifying any
specific portion of the Work to be completed by Construction Manager prior to
such effective date.  Upon receipt of a
notice of Termination for Convenience by the Owner, Construction Manager shall:

 

16.2.1.1         stop all Work under this Agreement on the date, and to the extent,
specified in the notice of Termination for Convenience.

 

16.2.1.2         enter into no further Trade Contracts except as may be necessary for
completion of such portion of the Work specified in the notice.

 

16.2.1.3         unless directed otherwise by Owner, terminate all Trade Contracts entered
into by Construction Manager to the extent that said Trade Contracts relate to
portions of the Work to be performed subsequent to the effective date of the
Termination for Convenience.

 

16.2.1.4         at Owner’s option, assign to Owner or such other entity or entities as
Owner may direct, in the manner, at the times, and to the extent directed by
Owner, all of the right, title and interest of Construction Manager in any or
all Trade Contracts, in which case, Owner or such other

 

74

 

entity
or entities, shall accept all of Construction Manager’s obligations arising
under such Trade Contracts after the date of such assignment.  Construction Manager shall have included in
each Trade Contract a provision specifically contemplating and validating any
such assignment, and the Trade Contractor shall continue to perform its
services under the Trade Contract without interruption.

 

16.2.1.5         to the extent required by Owner and subject to the prior written
approval of Owner, settle all outstanding liabilities and all claims arising
out of any termination of Trade Contracts. 
In the event of a Termination for Convenience, no Trade Contractor shall
be entitled to recover anticipated profits on Work unperformed or materials or
equipment not incorporated or installed in the Project, nor shall any Trade
Contractor be reimbursed for losses arising out of matters covered by
insurance.  Instead, Trade Contractor’s
recovery shall be limited to the reasonable and actual out-of-pocket costs and
expenses incurred by such Trade Contractor for Work satisfactorily performed or
materials, supplies and equipment procured, fabricated, incorporated or
installed in the Project prior to the effective date of the Termination for
Convenience.

 

16.2.1.6         if applicable, transfer title to Owner, to the extent not already
vested in Owner, and deliver in the manner, at the times, and to the extent, if
any, directed by Owner: (1) fabricated or unfabricated parts, Work in progress,
completed Work, supplies and other materials and equipment produced as a part
of, or acquired in connection with the performance of, the Work terminated by
such notice of Termination; and (2) copies of the Contract Documents and other
Drawings, sketches, Specifications, Shop Drawings, information and other
relevant documentation directly related to the performance of the Work.

 

16.2.1.7         use its best efforts to sell, in the manner, at the times, to the
extent, and at the price or prices directed or authorized by Owner, any
property of the types referred to in Section 16.2.1.6; provided, however,
that Construction Manager: (1) shall not be required to extend credit to any
purchaser; and (2) may acquire any such property under the conditions
prescribed and at a price or prices approved by Owner.  The proceeds of any such transfer or
disposition shall be applied to reduce any payments to be made by Owner to
Construction Manager under this Agreement, or shall otherwise be credited
against the Costs of the Work, or paid in such other manner as Owner may
direct.

 

16.2.1.8         complete performance of such part of the Work as shall have been
specified in the notice of Termination to be completed on or before the
effective date of such Termination.

 

16.2.1.9         prior to the effective date of such Termination for Convenience, take
such actions as may be necessary, or as Owner may reasonably direct, for the
protection and preservation of the property related to the Work and the Project
which is in the possession of Construction Manager and in which Owner has or
may acquire an interest.

 

16.2.2                  In the event of a Termination for Convenience
pursuant to this Section 16.2, Construction Manager shall be paid by Owner
for: (1) unpaid Costs of the Work incurred by Construction Manager in
performance of the Work up to the effective date of the Termination for
Convenience; (2) reasonable, documented demobilization costs; and (3) that
portion of the Construction Manager’s Fee attributable thereto; less (4)
any sums properly deductible by Owner under the terms of this Agreement.

 

16.2.3                  Construction Manager agrees that the pendency
or existence of any dispute between Construction Manager and Owner, Architect
or any Owner’s Consultant shall in no manner whatsoever affect or interfere
with the discharge of Construction Manager’s obligations hereunder.

 

75

 

16.3                           Suspension

 

Owner may, at any time and
for any reason, direct Construction Manager to suspend the Work, or any portion
thereof, for a period of time.  A notice
of Suspension issued by Owner shall be in writing and shall specify the period
during which the Work is to be suspended. 
Construction Manager shall resume the Work upon the date specified in
such notice, or upon such other date as Owner may thereafter specify in
writing.

 

16.4                           Termination of Owner by Construction Manager

 

16.4.1                  If: (1) without good cause, Owner shall fail
for a period of fifteen (15) days after the due date to make payment on the
undisputed portion of any approved Application for Payment; or (2) if the Work
shall have been suspended (i) by Owner for a period in excess of one hundred
and twenty consecutive (120) days; or (ii) for a period in excess of one
hundred and eighty (180) days under an order of any court or other public
authority having jurisdiction over the Work or the Project or as a result of an
act of government, such as a declaration of national emergency making materials
unavailable through no act or fault of Construction Manager, then Construction
Manager immediately shall serve Owner with written notice thereof.

 

16.4.2                  If Owner shall fail: (1) to cause all such
undisputed portions of such Application for Payment to be paid within fifteen
(15) days after such notice; or (2) if the delay described in
Section 16.4.1(2) shall continue more than fifteen (15) days after receipt
of such notice, then this Agreement may be terminated by Construction Manager
by written notice to Owner setting forth the date of termination, which date
shall not be sooner than seven (7) days after the date of the second
notice.  If, within said seven (7) day
period, the matter giving rise to Construction Manager’s right to terminate
this Agreement shall not have been cured or discontinued, this Agreement shall
be deemed Terminated for Convenience and Construction Manager shall be
compensated in the manner and to the extent set forth in Section 16.2
hereof.

 

76

 

ARTICLE 17

 

DISPUTE RESOLUTION

 

17.1                           Litigation

 

In
the event that a Claim, dispute or controversy between the parties cannot be
resolved through negotiation, the parties shall have recourse to litigation in
a court of competent jurisdiction located in the State of New York, New York
County.  No action or proceeding shall
lie or be maintained by Construction Manager against Owner, Architect or
consultants upon any claim arising out of or based upon this Agreement, the
Contract Documents or by reason of any act or omission or any requirements
relating to the giving of notices or information, unless such action or
proceeding shall be commenced within one (1) year after Substantial Completion
of the Work or, if this Agreement is earlier terminated, within one (1) year
following the date of such earlier termination.  This Section 17.1 shall not be deemed or construed to modify
any other provision hereof relating to waivers of claims by Construction
Manager.  Construction Manager shall
cause each Trade Contract to contain like provisions to this Section 17.1.

 

17.2                          Continuation of Work

 

Notwithstanding
any Claim between Owner and Construction Manager or any claim or controversy
between Construction Manager and any Trade Contractor, or any claim or
controversy between or among such Trade Contractors, it shall be the
responsibility of Construction Manager to continue to prosecute all of the Work
and perform all of its services diligently in a good and workmanlike manner in
conformity with this Agreement. 
Construction Manager and its Trade Contractors shall have no right to
cease performance hereunder or to permit the prosecution of the Project to be
delayed.  Owner shall, subject to its
right to withhold amounts pursuant to this Agreement, continue to pay
Construction Manager for Costs of the Work incurred in accordance with this Agreement.

 

17.3                           Prevailing
Party at Trial

 

In
connection with any trial or other legal proceeding between the parties
relating to or arising under this Agreement, whether sounding in tort or
contract, the Fees-and-Costs of the Prevailing Party at Trial will be paid or
reimbursed by the other party, regardless of and without awaiting the outcome
of any appeal of any judgment rendered in such trial.  This Section shall not be admissible or introduced by any
Person in any legal proceeding for any purpose whatsoever, except in a
subsequent legal proceeding for purpose of enforcing this Section.

 

77

 

ARTICLE 18

 

MISCELLANEOUS PROVISIONS

 

18.1                           Practice
of Architecture
and/or Engineering

 

Construction
Manager is not being engaged by Owner as a licensed architect and
engineer.  Therefore, nothing contained
in this Agreement, including, but not limited to, the obligation on the part of
the Construction Manager to review the Design Documents for various purposes,
shall be deemed to require or authorize Construction Manager to perform, or
assume any liability for, any acts which would be deemed the practice of
architecture or engineering in connection with the design of the Project.

 

18.2                           Effectiveness
of Agreement

 

This Agreement, when executed by the parties, shall be
effective as of the date first stated above in this Agreement.  All understandings and agreements heretofore
had among Construction Manager and Owner with respect to the Project are merged
into, or superseded by, this Agreement. 
This Agreement fully and completely expresses the agreement of the
parties with respect to the Work and the Project, and it may not be modified or
amended except by written agreement executed by each of the parties
hereto.  Construction Manager
understands and agrees that no representations of any kind whatsoever have been
made to Construction Manager other than as appear in this Agreement, that it
has not relied on any such representations and that no claim that it has so
relied on may be made at any time and for any purpose.

 

18.3                           Survival
of Obligations

 

Except
as specifically provided for herein, all obligations of Construction Manager
survive the completion of the Work or termination of this Agreement.

 

18.4                           Assignment

 

18.4.1                  Assignment by Construction Manager

 

Construction Manager may not assign this
Agreement or the performance of all or any of its obligations hereunder without
the prior written consent of Owner, which consent may be given or withheld in
Owner’s sole and exclusive discretion. 
The provisions of this Section 18.4 may not be waived or otherwise modified except by a
written instrument signed by Owner.

 

18.4.2                  Assignment by Owner

 

18.4.2.1         This Agreement shall be freely assignable by Owner, without the consent
of Construction Manager to any Lender, or to any Permitted Assignee, provided
that such Lender or Permitted Assignee agrees to assume Owner’s obligations and
liabilities hereunder.

 

18.4.2.2         In all other cases, Owner’s assignment of this Agreement is subject to
the prior approval of Construction Manager, which approval shall not be
unreasonably withheld or delayed.  If
Owner shall assign this Agreement as set forth above, Construction Manager
agrees that it shall deal with such Permitted Assignee or other approved
assignee in the place and stead of Owner,

 

78

 

and that it shall perform
all of its obligations under this Agreement, and complete the Work in the
manner required by this Agreement.  In
such event, such Permitted Assignee or other approved assignee may, among other
things, use the Contract Documents without payment of any additional fees or
charges, and may enforce the obligations of Construction Manager hereunder with
the same force and effect as if the Permitted Assignee or other approved assignee
assumes the obligations and liabilities of Owner.  Upon such assignment and assumption by the Permitted Assignee or
either approved assignee, Owner shall be released from all of its payment and
other obligations and liabilities hereunder arising from Work to be performed
subsequent to the assignment. 
Construction Manager shall certify, in the form reasonably required by
any such Permitted Assignee or other approved assignee, that the undertakings
contained herein as to the obligations in favor of such Permitted Assignee or
other approved assignee shall run in favor of such Permitted Assignee or other
approved assignee.

 

18.5                           Confidentiality

 

18.5.1                  Confidential Information

 

18.5.1.1         As a result of Construction Manager’s participation in the Project, Construction
Manager will have access and contribute to information and materials of a
highly sensitive nature, including Confidential Information.  Construction Manager hereby warrants that
Construction Manager and its employees and agents shall not (without in each
instance obtaining the Owner’s prior written consent) disclose, make commercial
or other use of, or give or sell to any person, firm, or corporation, any
Confidential Information received directly or indirectly from Owner or acquired
or developed in the course of the performance of this Agreement unless: (1)
required to do so pursuant to Applicable Law (and then only after Construction
Manager has given Owner prompt written notice of the legal compulsion and, at
Owner’s expense, provided by Owner with cooperation in any attempt Owner may
make to gain a protective order acceptable to Owner); or (2) it is rightfully
in the possession of Construction Manager from a source other than Owner prior
to the time of disclosure of the information to Construction Manager under this
Agreement; or (3) it was in the public domain prior to the time of Construction
Manager’s receipt; or (4) it became part of the public domain prior to the time
of Construction Manager’s receipt by any means other than an authorized act or
omission on the part of Construction Manager; or (5) it is supplied to
Construction Manager after the time of Construction Manager’s receipt by a
third party who is under no obligation to the Owner to maintain such
information in confidence; or (6) it was independently developed by
Construction Manager prior to the time of receipt.

 

18.5.1.2         Construction Manager’s confidentiality and non-disclosure obligations
shall survive the expiration or earlier termination of this Agreement as
follows: (1) in the case of information or material that constitute a Trade
Secret under Applicable Laws, for so long as such information and materials
remain a Trade Secret; and (2) in the case of other Confidential Information,
for a period of ten (10) years following the expiration or earlier termination
of this Agreement.  All Confidential
Information, regardless of form, shall be the property of Owner and shall be
returned to Owner upon its request, or in any event, at the expiration or
earlier termination of this Agreement.

 

18.5.2                  Trade Secrets, Trademarks and Trade Names

 

18.5.2.1         Construction Manager acknowledges that Owner will provide Construction
Manager with access to certain information which may qualify as a Trade Secret
under Applicable Law, and the Construction Manager agrees that for all such
Trade Secrets that come into its

 

79

 

possession, custody or
control: (1) such Trade Secrets shall remain the sole property of Owner, and
Construction Manager shall have no interest in said Trade Secrets; (2)
Construction Manager shall maintain the secrecy of the Trade Secrets for so
long as they remain Trade Secrets under Applicable Law; and (3)  immediately upon the expiration or
earlier termination of this Agreement, Construction Manager shall deliver to
the Owner all Trade Secret documentation and any and all copies thereof,
regardless of form or content.

 

18.5.2.2         Without Owner’s prior written approval, the Construction Manager shall
have no right to use any Trademark or Trade Name of Owner or of Owner’s
Affiliated Entities.  Further,
Construction Manager shall not refer to this Agreement or the Work or services
performed hereunder or to any Confidential Information, directly or indirectly,
in connection with any production, promotion or publication, and the Owner
reserves the right in its sole discretion to release such information, time its
release, and approve its form and content.

 

18.5.2.3         Construction Manager may publish any information (other than Trade
Secrets and Confidential Information, which shall not be published) resulting
from or relating to its services or the Work, only after obtaining the Owner’s
prior written approval, which Owner may grant or withhold in its sole
discretion.  The Owner’s approval, if
granted, may be conditioned upon changes in the text or reasonable delay in
publication to protect Trade Secrets or Confidential Information and other
interests of the Owner.

 

18.5.3                  Press Releases and Other Project Promotion

 

18.5.3.1         The Owner shall control all promotion in connection with the Project
including, but not limited to, the issuance of press releases and the
preparation and distribution of promotional materials.  Construction Manager may not publish any
information regarding the Project or Construction Manager’s participation in
the Project including, but not limited to, Confidential Information as
described in Section 18.5.2, without the prior written approval of Owner.

 

18.5.3.2         No signs advertising the Work to be performed by Construction Manager
or any Trade Contractor or identifying any person, firm or entity concerned
with the Work to be performed by Construction Manager or any Trade Contractor
shall be allowed at the Project Site or elsewhere unless approved in writing by
Owner in advance, which approval shall be within Owner’s sole and exclusive
discretion.

 

18.6                          Trust Account

 

18.6.1                  Construction Manager agrees to open an
interest-bearing demand deposit Trust Account with a commercial banking
institution located in New York City, satisfactory to Owner, for the deposit of
all advances, disbursements or other payments or refunds, in connection with
any Application for Payment, required to be made by Owner to Construction
Manager on account of Trade Contract Costs pursuant to the terms of this Agreement.  All interest on the Trust Account shall
belong to Owner.  Construction Manager
shall reconcile the Trust Account within three (3) weeks after receipt of each
bank statement, and shall provide Owner with copies of each such bank statement
and reconciliation upon request. 
Construction Manager agrees that such demand deposit account shall be a
trust fund; that such account shall remain a separate bank account; and that no
monies deposited into said account will be commingled by Construction Manager with
any other funds of Construction Manager or others.  Payments on account of: (1) Construction Manager’s Fee; (2)
General Conditions Costs; and (3) other Costs of the Work set forth in this
Agreement, to the extent such other Costs of the Work are incurred directly by
Construction Manager, need not be maintained in the Trust Account.  All

 

80

 

payments to Construction
Manager or Trade Contractors shall be paid directly out of the Trust Account
and may not be transferred to any other account.  Construction Manager further agrees that, upon reasonable notice
from Owner at any time, it will authorize such commercial banking institution
to permit Owner to review and inspect all records maintained with respect to
the Trust Account.  Such requests may be
repeated by Owner at any time in Owner’s absolute discretion.

 

18.7                           Notices

 

Every
notice, demand, request, consent, approval or other communication which either
party hereto is required or desires to give or make to the other party hereto
shall, notwithstanding any other provisions of this Agreement, be effective
only if given in writing and delivered by hand and receipted for, or by
registered or certified mail, postage-prepaid, return receipt requested, or by
overnight mail as follows:

 

18.7.1                  If to Construction Manager, addressed to:

 

AMEC
Construction Management, Inc.

1633
Broadway

New
York, NY 10019-6708

Attn:
John Babieracki

 

and;

 

18.7.2                  If to Owner, addressed to:

 

The
New York Times Building, LLC

c/o Forest City Ratner Companies

One MetroTech Center North

Brooklyn, NY 11201

Attn: Robert Sanna

 

And
to:

 

The
New York Times Building, LLC

c/o The New York Times Company

229 West 43rd Street

New York, NY 10036

Attn: David Thurm

 

With
a copy to:

 

The
New York Times Building, LLC

c/o Forest City Ratner Companies

One MetroTech Center North

Brooklyn, NY 11201

Attn: David Berliner, Esq.

 

81

 

And
to:

 

The
New York Times Building, LLC

c/o The New York Times Company

229 West 43rd Street

New York, NY 10036

Attn: General Counsel

 

or to such other address or
addresses as Owner and Construction Manager shall from time to time designate
by notice given and delivered as aforesaid.

 

18.8                           Construction
of Language

 

The
language in this Agreement shall be construed according to its customary
meaning within the building industry in the New York City metropolitan area,
except where a specific definition is provided herein.  Whenever used, the singular number shall
include the plural, and the plural the singular, and the use of any gender
shall be applicable to all genders.

 

18.9                           Captions and Titles

 

Captions
and titles of the different Articles and Sections of this Agreement are solely
for the purpose of aiding and assisting in the location of different material
in this Agreement and are not to be considered under any circumstances as
parts, provisions or interpretations of this Agreement.

 

18.10                     No Waiver

 

18.10.1            The failure of either party to insist upon
the strict performance of any provisions of this Agreement, the failure of
either party to exercise any right, option or remedy hereby reserved, or the
existence of any course of performance hereunder shall not be construed as a
waiver of any provision hereof or of any such right, option or remedy available
to either party or as a waiver for the future of any such provision, right,
option or remedy or as a waiver of a subsequent breach thereof.

 

18.10.2            The consent or approval by Owner of any act
by Construction Manager requiring Owner’s consent or approval shall not be
construed to waive or render unnecessary the requirement for Owner’s consent or
approval of any subsequent similar act by Construction Manager.  The payment by Owner of any amount due
hereunder with knowledge of a breach of any provision of this Agreement shall
not be deemed a waiver of such breach. 
No provision of this Agreement affecting or relating to Owner shall be
deemed to have been waived unless such waiver shall be in writing signed by
Owner.

 

18.10.3            The consent or approval by Construction
Manager of any act by Owner requiring Construction Manager’s consent or
approval shall not be construed to waive or render unnecessary the requirement
for Construction Manager’s consent or approval of any subsequent similar act by
Owner.  No provision of this Agreement
affecting or relating to Construction Manager shall be deemed to have been
waived unless such waiver shall be in writing signed by Construction Manager.

 

82

 

18.11                     Indemnification

 

18.11.1            To the fullest extent permitted by law,
Construction Manager shall indemnify, hold harmless and defend the Indemnitees
from and against all losses, claims, costs, damages, and expenses (including,
without limitation, attorneys’ fees and disbursements), arising out of or in
connection with: (1) any personal injury, sickness, disease or death or damage
or injury to, loss of or destruction of property (including tools, equipment,
plant and the buildings at the Project Site, but excluding the Work itself, and
excluding costs to the extent such costs are covered by Owner’s Property
insurance) including the loss of use resulting therefrom, sustained or
purported to have been sustained as a result of the performance of the Work;
(2) any fines or penalties incurred by reason of Construction Manager’s
violation of Applicable Laws; and (3) any infringement of patents covering
products or processes provided such processes or products have not been
specified or mandated by the Owner or Architect, to the extent such loss,
claim, cost, damage or expense is caused in whole or in part by any act or
omission of Construction Manager, the Trade Contractors, or anyone for whose
acts Construction Manager or its Trade Contractors may be liable.  Such obligation shall arise regardless of
any claimed liability on the part of an Indemnitee.  Such obligation shall not be construed to negate, abridge or
otherwise reduce any other right or obligation that would otherwise exist as to
any Indemnitee.

 

18.11.2            In any and all claims against any Indemnitee
by any employee of Construction Manager, or of its Trade Contractors or anyone
directly or indirectly employed by either Construction Manager or its Trade
Contractors or anyone for whose acts either Construction Manager or its Trade
Contractors may be liable, the indemnification obligation under
Section 18.11.1 shall not be limited in any way by any limitation on the
amount or type of damages, compensation or benefits payable by or for Construction Manager under workers’ or
workmen’s compensation acts, disability acts or other employee benefit acts.

 

18.11.3            Should a Trade Contractor bring suit against
the Construction Manager and/or Owner, the Construction Manager, without
prejudice to any other rights to receive reimbursement under its GMP, shall, to
the extent the Owner neither caused nor contributed to  the commencement of such suit by improper
or inappropriate conduct, defend such suit on behalf of Owner, with the cost
thereof also reimbursable as a Cost of the Work, or if the Construction Manager
does not defend the Owner, the Owner may reduce the GMP by the reasonable cost
of such defense and, if the balance of the GMP is insufficient, the
Construction Manager shall reimburse Owner for such costs of defense.

 

18.11.4            To the fullest extent permitted by law, Owner
shall indemnify, hold harmless and defend the Construction Manager, the Trade
Contractors, Lower Tier Contractors and their respective agents and employees
from and against all losses, claims, costs, damages, and expenses (including,
without limitation, attorneys’ fees and disbursements), arising out of or in
connection with: (1) any personal injury, sickness, disease or death or damage
or injury to, loss of or destruction of property (including tools and equipment,
but excluding the Work itself) to the extent caused, in whole or in part, by
any act or omission of Owner, Separate Contractors or anyone for whose acts
Owner or any Separate Contractor may be liable.  Such obligation shall arise regardless of any claimed liability
on the part of Construction Manager or any Trade Contractor.  Such obligation shall not be construed to
negate, abridge or otherwise reduce any other right or obligation which would
otherwise exist as to Construction Manager or any Trade Contractor.

 

83

 

18.12                     Severability

 

If
any provision of the Contract Documents is invalid or unenforceable as against
any person, party or under certain circumstances, the remainder of the Contract
Documents and the applicability of such provision to other persons, parties or
circumstances shall not be affected thereby. 
Each provision of the underlying Contract Documents shall, except as
otherwise herein provided, be valid and enforced to the fullest extent permitted
by law.

 

18.13                     Architect
and Owner Consultants

 

All
references in this Agreement to Architect or Owner Consultants shall be deemed
to mean any person or entity designated from time to time by Owner to serve in
such capacity.

 

18.14                     Rights and Remedies

 

The
duties and obligations imposed by the Contract Documents and the rights and
remedies available thereunder shall be in addition to, and not in limitation
of, any of the duties, obligations, rights and remedies otherwise imposed or
available at law or in equity.

 

18.15                     Governing Law and Consent to Jurisdiction

 

18.15.1            This Agreement shall be governed by the laws
of the State of New York, both as to interpretation and performance.  Owner and Construction Manager hereby
irrevocably consent to the jurisdiction of the Courts of the State of New York,
County of New York, for all purposes in connection with any action or
proceeding which arises from or relates to this Agreement.

 

18.15.2            Nothing in the Contract Documents or any
Trade Contract shall be construed to permit deviation from the governing law
specified in this Section 18.15.

 

18.16                     Interpretations in Writing

 

18.16.1 Any and all interpretations of Contract Documents must be in
writing to be valid.

 

18.16.2 This provision is not intended to prohibit or deny normal
discussion, recommendations, explanations, suggestions, approvals, rejections,
and similar activity in pursuit of the Work at the Project on an oral basis,
such as at job conferences at the Project Site.  In such instances, the written minutes, correspondence, Shop
Drawing records, and other written data shall govern over personal claims
regarding oral statements made contrary to the written data.

 

18.17                     Independent Contractor

 

It
is expressly understood and agreed by the parties hereto that Construction
Manager, in performing its obligations under this Agreement, shall be deemed an
independent contractor.  Nothing
contained in this Agreement shall be construed to mean that Construction
Manager and Owner are joint venturers or partners.

 

84

 

18.18                     Limited Recourse

 

The
obligations of Owner do not constitute personal obligations of any natural
persons who comprise the trustees, officers, shareholders, employees or agents
of Owner.  All persons dealing with
Owner shall look solely to the assets of Owner for satisfaction of any
liability of Owner and will not seek recourse against any natural persons who
comprise such trustees, officers, shareholders, employees or agents or any of
them or any of their personal assets for such satisfaction.  However, this clause shall not protect such
persons from willful misconduct or acts committed in violation of any duty of
corporate loyalty.

 

18.19                     Waiver of Delay Damages

 

The
Owner and the Construction Manager agree to waive the following specific
damages in connection with delay:

 

.1                                       damages incurred by the Owner for rental
expenses, for losses of use, income, profit, business and reputation, and for
loss of management or employee productivity or of the services of such persons,
although Construction Manager acknowledges that the Owner is not waiving
damages for financing or other interest costs; and

 

.2                                       damages incurred by the Construction Manager
for principal office expenses including the compensation of personnel stationed
there, for losses of financing, business and reputation, and for loss of
profit.

 

18.20                     Limitation of Damages

 

In
connection with damages suffered by Owner as a result of delay, Construction
Manager shall be liable to Owner for all damages arising hereunder subject to
the limitation of the greater of: (i) the amount of proceeds recovered under
any applicable insurance policy; or (ii) two times the amount of Construction
Manager’s Fee under this Agreement. 
Construction Manager acknowledges that the limitation in
Section 18.20 (ii) is in no way intended to limit the amount recoverable
under any insurance policies. 
Construction Manager further acknowledges that there shall be no
limitation on damages which are not the result of delay.

 

85

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

 

	
  The New York Times Building, LLC

  	
  AMEC Construction Management, Inc.

  
	
  By:

  	
  FC Lion LLC

  	
   

  	
   

  
	
   

  	
  By:

  	
  FC 41st
  Street Associates, LLC

  	
   

  	
   

  
	
   

  	
  By:

  	
  RRG 8 South, Inc.

  	
  By:

  	
  /s/ Lasse Petterson

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Lasse Petterson

  
	
   

  	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ David Berliner

  	
   

  	
   

  
	
  Name:

  	
  David Berliner

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Secretary

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  NYT Real Estate Company LLC

  	
   

  	
   

  
	
   

  	
  By:

  	
  The New York Times Company

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ David A. Thurm

  	
   

  	
   

  
	
  Name:

  	
  David A. Thurm

  	
   

  	
   

  
	
  Title:

  	
  Manager

  	
   

  	
   

  
						

 

In connection only with the following obligation:

Upon the effectiveness of the condominium declaration, the obligations
of Owner under this Construction Management Agreement will be assumed by the
following entities.  The obligations of
these entities will be allocated pursuant to the terms of the condominium
declaration.

 

	
  FC Lion LLC

  	
   

  
	
   

  	
  By:

  	
  FC 41st Street Associates, LLC

  	
   

  
	
   

  	
  By:

  	
  RRG 8 South, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ David Berliner

  	
   

  
	
  Name:

  	
  David Berliner

  	
   

  
	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  NYT Real Estate Company
  LLC

  	
   

  
	
   

  	
  By:

  	
  The New York Times Company

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ David A. Thurm

  	
   

  
	
  Name:

  	
  David A. Thurm

  	
   

  
	
  Title:

  	
  Manager

  	
   

  

 

86

 

LIST OF EXHIBITS

 

	
  EXHIBIT A

  	
  Project Description

  
	
   

  	
   

  
	
  EXHIBIT B

  	
  Trade Contract Form

  
	
   

  	
   

  
	
  EXHIBIT C

  	
  Preliminary Schedule

  
	
   

  	
   

  
	
  EXHIBIT D

  	
  General Conditions Items

  
	
   

  	
   

  
	
  EXHIBIT E

  	
  Not Used

  
	
   

  	
   

  
	
  EXHIBIT F

  	
  Preliminary List of
  Drawings and Specifications

  
	
   

  	
   

  
	
  EXHIBIT G

  	
  Affirmative Action
  Requirements

  
	
   

  	
   

  
	
  EXHIBIT H

  	
  Waiver of Lien and Release
  Forms

  
	
   

  	
   

  
	
  EXHIBIT I

  	
  Consultants

  
	
   

  	
   

  
	
  EXHIBIT J

  	
  OCIP Manual

  
	
   

  	
   

  
	
  EXHIBIT K

  	
  Project Website Guidelines

  
	
   

  	
   

  
	
  EXHIBIT L

  	
  Key Employee Affidavit

  
	
   

  	
   

  
	
  EXHIBIT M

  	
  Key Employees

  
	
   

  	
   

  
	
  EXHIBIT N

  	
  Not Used

  
	
   

  	
   

  
	
  EXHIBIT O

  	
  Qualifications and
  Assumptions

  
	
   

  	
   

  
	
  EXHIBIT P

  	
  Not Used

  
	
   

  	
   

  
	
  EXHIBIT Q

  	
  Early Access Guidelines
  and Turnover Protocol

  
	
   

  	
   

  
	
  EXHIBIT R

  	
  Cost Allocation Guidelines

  
	
   

  	
   

  
	
  EXHIBIT S

  	
  Guaranteed Maximum Price

  
	
   

  	
   

  
	
  EXHIBIT T

  	
  Hoisting and Logistics
  Plan

  
	
   

  	
   

  
	
  EXHIBIT U

  	
  Allowances

  
	
   

  	
   

  
	
  EXHIBIT V

  	
  Guarantee

  

 

 

 

EXHIBIT A

Project Description

 

The
project site is located in New York City on the east side of 8th Avenue between
40th and 41st Streets.  As part of the
Times Square Redevelopment Project, 42nd Street Development Project, Inc. has
entered into a ground lease agreement with The New York Times Building LLC.
42nd Street Development Project, Inc is a subsidiary of the New York State
Urban Development Corporation dba Empire State Development Corporation
(“ESDC.”) The New York Times Building LLC, the project Owner, is a joint
venture between subsidiaries of The New York Times Company (NYTC) and Forest
City Ratner Companies (FCRC.) Forest City Ratner Companies also serves as the
Developer for the project.  Renzo Piano
Building Workshop and Fox and Fowle Architects make up the architectural team.

 

As a general overview of the project, the ground floor
is made up of a common lobby, loading dock facilities, and The Times Center,
which is an auditorium.  The Times
Center finishes and equipment are not part of the Core and Shell scope of
work.  Floors 2 through 27 will be
occupied by NYTC.  The 28th Floor is
common mechanical space with some space that is capable of being occuipied,
allocated to both NYTC and FCRC.  Floors
29 through 50 are FCRC space that will be leased to Tenants.  The 51st Floor is common mechanical space
with some unprogrammed space allocated to both NYTC and FCRC.  The cellar is primarily Common Mechanical
but also includes The Times Center function area, mailroom and storage areas,
and occupiable space allocated to both NYTC and FCRC.

 

 

 

EXHIBIT B

Trade Contract Form

 

 

 

SUBCONSF

 

 

	
  PROJECT #:

  	
   

  	
   

  
	
   

  
	
  TRADE CODE #:

  	
   

  	
   

  
	
   

  
	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
  SUBCONTRACT

  
					

 

 

	
  GENERAL CONTRACTOR:

  	
   

  	
  AMEC
  CONSTRUCTION MANAGEMENT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1633 Broadway, 24th
  Floor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  New York, New York 10019

  

 

1

 

INDEX

 

	
  ARTICLE 1.

  	
   

  	
  Subcontractor’s
  Work

  	
   

  
	
  ARTICLE 2.

  	
   

  	
  Payments

  	
   

  
	
  ARTICLE 3.

  	
   

  	
  Subcontractor’s
  Investigation and Representations

  	
   

  
	
  ARTICLE 4.

  	
   

  	
  Subcontractor’s Liability

  	
   

  
	
  ARTICLE 5.

  	
   

  	
  Indemnification

  	
   

  
	
  ARTICLE 6.

  	
   

  	
  Subcontractor’s Insurance

  	
   

  
	
  ARTICLE 7.

  	
   

  	
  Performance Bond and Labor
  and Material Payment Bond

  	
   

  
	
  ARTICLE 8.

  	
   

  	
  Time of
  Performance

  	
   

  
	
  ARTICLE 9.

  	
   

  	
  Changes

  	
   

  
	
  ARTICLE 10.

  	
   

  	
  Subcontractor’s
  Failure to Perform

  	
   

  
	
  ARTICLE 11.

  	
   

  	
  Settlement
  of Disputes

  	
   

  
	
  ARTICLE 12.

  	
   

  	
  Warranty

  	
   

  
	
  ARTICLE 13.

  	
   

  	
  Liens

  	
   

  
	
  ARTICLE 14.

  	
   

  	
  Inspection and Acceptance

  	
   

  
	
  ARTICLE 15.

  	
   

  	
  Termination for Convenience

  	
   

  
	
  ARTICLE 16.

  	
   

  	
  Approvals

  	
   

  
	
  ARTICLE 17.

  	
   

  	
  Clean-up

  	
   

  
	
  ARTICLE 18.

  	
   

  	
  Assignment

  	
   

  
	
  ARTICLE 19.

  	
   

  	
  Patents
  and Royalties

  	
   

  
	
  ARTICLE 20.

  	
   

  	
  Taxes and
  Permits

  	
   

  
	
  ARTICLE 21.

  	
   

  	
  Laws, Regulations and
  Ordinances

  	
   

  
	
  ARTICLE 22.

  	
   

  	
  Labor

  	
   

  
	
  ARTICLE 23.

  	
   

  	
  Equal
  Opportunity

  	
   

  
	
  ARTICLE 24.

  	
   

  	
  Notices

  	
   

  
	
  ARTICLE 25.

  	
   

  	
  Severability
  and Waiver

  	
   

  
	
  ARTICLE 26.

  	
   

  	
  Advertising

  	
   

  
	
  ARTICLE 27.

  	
   

  	
  Anti-Bribery
  and Corruption Provisions

  	
   

  
	
  ARTICLE 28.

  	
   

  	
  Complete
  Agreement

  	
   

  
	
   

  	
   

  	
  Signature
  Page

  	
   

  

 

2

 

SUBCONTRACT AGREEMENT

 

THIS SUBCONTRACT AGREEMENT (hereinafter
“Subcontract”), made this        day of
            ,
20   , by and between AMEC CONSTRUCTION MANAGEMENT INC.,
(hereinafter “Contractor”) and                                                                                                                                                                      
of                                                
(hereinafter “Subcontractor”).

 

WITNESSETH:

 

WHEREAS, Contractor and
                                                                                                        
(hereinafter
“Owner”) have entered into a contract dated
                       
for the construction of                                                                                 

 

 

(hereinafter
“Project”), according to the documents listed in Exhibit I attached hereto
(hereinafter “Contract Documents” in which Contractor is referred to as the
“Construction Manager”); and

 

WHEREAS, Contractor desires
to subcontract certain work specified in the Contract Documents, and
Subcontractor desires to perform said work at the prices and upon the terms and
conditions hereinafter expressed;

 

NOW, THEREFORE, in consideration
of the mutual agreements herein expressed, the parties do contract as follows:

 

1.                                       Subcontractor’s Work

 

a.                                       Subcontractor shall
perform all work and shall furnish all supervision, labor, materials, plant,
hoisting, scaffolding, tools, equipment, supplies and all other things
necessary for the construction and completion of the work described in
Schedules A and B to Exhibit II and work incidental thereto (hereinafter
“Work”) in strict accordance and full compliance with the terms of this
Subcontract and to the satisfaction of Contractor and Owner.  The Subcontractor’s Work is not limited by
any titles on drawings or headings in the specifications, it being the
intention of the parties that all items and services customarily performed with
the Work described in Schedules A and B of Exhibit II shall be performed by
Subcontractor, including any and all items and services consistent with,
contemplated by and reasonably inferable from the Subcontract and Contract
Documents as necessary to provide a complete and fully functioning scope of
Work, whether or not such items and services are specifically mentioned
therein, unless specifically excluded from Schedules A and B of Exhibit
II.  Subcontract hereby represents that
it has fully reviewed the requirements of this Subcontract (including without
limitation all plans and specifications and all requirements of the Contract
Documents) in preparation for execution of this Subcontract.  Therefore, any error, ambiguity,
inconsistency or omission in the Subcontract and/or Contract Documents of which
the Subcontractor had, or should have had, knowledge (taking into consideration
the intent of the scope of Work provided in Schedules A and B of Exhibit II and
the Contract Documents and that which is necessary to produce a full, complete
and functional scope of Work) shall not be the basis for any increase in the
amount payable under this Subcontract or time required to perform the
Work.  Should any errors, ambiguities,
inconsistencies or omissions appear in the Subcontract and/or Contract
Documents of which Subcontractor did not have, or should not have had,
knowledge before execution of this Subcontract, it shall be the duty of the
Subcontractor to notify Contractor of same in writing in accordance with the
notice requirements contained herein. 
Upon receipt of such notice, Contractor shall instruct Subcontractor as
to the measures to be taken and Subcontractor shall comply therewith.

 

b.                                      With respect to the
Work covered by this Subcontract, Subcontractor shall, in accordance with the
attached copy of the Contract Documents, have all rights toward the Contractor
that Contractor has toward the Owner and Subcontractor shall assume all
obligations, risks and responsibilities towards Contractor that Contractor has
assumed towards Owner.  All of the terms
of the attached copy of the Contract Documents, whether administrative or

 

3

 

substantive
in nature, are hereby incorporated by reference as additional terms and
conditions of this Subcontract governing Subcontractor’s rights and obligations
hereunder.  In addition to other rights
and remedies set forth in this subcontract, Contractor shall, in accordance
with the attached copy of the Contract Documents, have all rights and remedies
against Subcontractor that Owner has against Contractor.  Subcontractor shall have the right to
enforce its rights and remedies and to defend against claims against it by the
Owner as provided in Article 11 herein. 
It is intended that the Contract Documents and this Subcontract
Agreement supplement each other, and in the event of any inconsistency between
the terms and conditions of the attached copy of the Contract Documents and
this Subcontract Agreement, the more restrictive provisions as applied to the
Subcontractor shall prevail and govern irrespective of whether such provisions
are interpreted to be administrative or substantive in nature.

 

2.                                       Payment

 

a.                                       Contractor shall
pay Subcontractor for performance of the Work subject to additions and
deductions by change order, the total sum of
                                                                                                                                                                                                                                                                     
Dollars ($
                                           )
(“Subcontract Price”).  Schedule C
to Exhibit II lists the Unit Price Schedule, where applicable and
Schedule D to Exhibit II lists the Alternate Price Schedule, where applicable.

 

b.                                      Partial payments
shall be due Subcontractor in the amount of 90% of the Work in place, and for
which payment has been made to Contractor by Owner.  If the Contract Documents allow Contractor partial payments for
stored materials, partial payments shall also be due Subcontractor in the
amount of 90% of stored materials for which payment has been made to Contractor
by Owner.  Subcontractor shall submit a
breakdown of the total Subcontract price. 
In the event Contractor disapproves said breakdown, Contractor shall
establish a reasonable breakdown which shall serve as the basis for partial
payments.

 

c.                                       Partial payments
shall be due on or about the 10th day following receipt of payment from Owner
by Contractor.  No partial payment made
under this Subcontract shall be considered an acceptance of the Work in whole
or in part.  All material and Work
covered by partial payments shall become the property of Contractor, or, if the
Contract Documents so provide, the property of Owner; however, this provision
shall not relieve Subcontractor from the sole responsibility and liability for
all Work and materials upon which payments have been made until final
acceptance thereof by Owner.

 

d.                                      If the
Subcontractor is making satisfactory progress with the Work (in the
Contractor’s reasonable opinion), is not in default under this Subcontract or
under any other Contract Document, is in compliance with all the documentation
requirements of this Subcontract and the Contract Documents and if (but only to
the extent that) the Contractor, as a condition precedent to Subcontractor’s
right to receive such payment, has received payment from the Owner for such
Work, the Contractor will, subject to other provisions of this Subcontract,
make monthly payments to the Subcontractor as set forth above in subparagraphs
(b) and (c) of this Article 2. 
Subcontractor agrees to look solely to such funds received by Contractor
from Owner for payments to Subcontractor hereunder.  Subcontractor further agrees that delay in payment or non-payment
by the Owner does not create any separate obligation of Contractor to pay
regardless of the extent of the delay. 
Final payment shall be made after Subcontractor’s Work has been accepted
by Owner, satisfactory proof of payment of all amounts owed by Subcontractor in
connection with this Subcontract has been provided, the Subcontractor’s Work is
complete, all waivers and releases required by the Contract Documents have been
submitted by the Contractor and Contractor has been paid in full for the Subcontractor’s
Work.  Contractor may withhold amounts
otherwise due under this Subcontract or any other contractual arrangement
between the parties to cover any costs or liability Contractor has incurred or
may incur for which Subcontractor may be responsible.

 

e.                                       After the first
partial payment hereunder, Contractor shall have the right to withhold any
subsequent partial payments until Subcontractor submits evidence satisfactory
to Contractor that all previous amounts owed in connection with performance of
this Subcontract have been paid. 
Notwithstanding anything to the contrary in this Subcontract or the
existence of any performance of labor and material payment bond, the Contractor
is hereby empowered but not required at any time to withhold from the
Subcontractor an amount or amounts equal in the opinion of the Contractor to
the amounts necessary to complete the entire Work, or any part thereof, and to
pay and fully discharge any claims or liens arising out of the Work performed
under this Subcontract that may arise and be unpaid for which, if established,
the Contractor or the Owner may become liable. 
Without limitation of any other rights or remedies of Contractor, the
amount of all such payments of the Subcontractor’s obligations by the
Contractor shall be deducted from the Subcontract Price then unpaid.  If any such obligations, claims or liens
exceed the amount of the Subcontract Price then unpaid or arise after
Contractor has paid or otherwise satisfied the full Subcontract Price in
accordance with and

 

4

 

subject to the terms and conditions hereof,
the Subcontractor, immediately upon demand, shall pay to the Contractor all
monies that the Contractor may have paid to discharge such obligations, liens
or claims with respect to the Project. 
Nothing herein is intended to limit or preclude the rights of the
Contractor under other terms of this Subcontract to backcharges, set-offs or
other claims against the Subcontractor in regard to the matters addressed in
this Clause or otherwise.  Subcontractor
and Contractor agree that ten dollars ($10) of the amount Contractor pays
Subcontractor pursuant to this Subcontract is consideration for the acceptance
and agreement by Subcontractor to the payment terms set forth in this
Subcontract.  Retention shall be paid to
the Subcontractor in accordance with the Contract Documents, less in any event
any amounts the Contractor has applied to cure any default by Subcontractor
under the Contract Documents.

 

f.                                         Final payment shall be made after
Subcontractor’s Work has been accepted by Owner, satisfactory proof of payment
of all amounts owed by Subcontractor in connection with this Subcontract has
been provided, the Subcontractor’s Work is complete and Contractor has been
paid in full for the Subcontractor’s Work.

 

3.                                       Subcontractor’s
Investigations and
Representations

 

Subcontractor represents that
it is fully qualified to perform the Work of this Subcontract, and acknowledges
that, prior to the execution of this Subcontract, it has (a) by its own
independent investigation ascertained (i) the Work required by this
Subcontract, (ii) the conditions involved in performing the Work, and (iii) the
obligations of this Subcontract and the Contract Documents; and (b) verified
all information furnished by Contractor or others satisfying itself as to the
correctness and accuracy of that information. 
Any failure by Subcontractor to independently investigate and become
fully informed will not relieve Subcontractor from its responsibilities
hereunder.

 

4.                                       Subcontractor’s
Liability

 

a.                                       To the fullest extent permitted by law,
Subcontractor hereby assumes the entire responsibility and liability for all
Work, supervision, labor and materials provided hereunder, whether or not
erected in place, and for all plant, scaffolding, tools, equipment, supplies
and other things provided by Subcontractor until final acceptance of the Work
by Owner.  In the event of any loss,
damage or destruction thereof from any cause, Subcontractor shall be liable
therefor and shall repair, rebuild and make good said loss, damage or
destruction at Subcontractor’s cost.

 

b.                                      Subcontractor shall be liable to Contractor
for all costs and/or damages Contractor incurs as a result of Subcontractor’s
failure to perform this Subcontract in accordance with its terms.  Subcontractor’s failure to perform shall
include the failure of its suppliers and/or subcontractors of any tier to
perform.

 

c.                                       Subcontractor’s assumption of liability is
independent from, and not limited in any manner by, the Subcontractor’s
insurance coverage obtained pursuant to Article 6, or otherwise.

 

5.                                       Indemnification

 

To the extent permitted by
law, Subcontractor shall indemnify, defend, save and hold the Owner, the
Contractor, the Contractor’s Sureties, the Architect (excluding with respect to
the Architect, claims arising out of (i) the preparation or approval of maps,
drawings, opinions, reports, surveys, Change Orders, designs or specifications,
or (ii) the giving of or the failure to give direction or instructions by the
Architect, his agent or employees, provided such giving or failure to give is
the primary cause of the injury or damage) and their respective partners,
parents, affiliates, agents, officers, employees and anyone else acting for or
on behalf of any of them (herein collectively called “Indemnitees”) harmless
from and against all liability, damage, loss, claims, demands and actions of
any nature whatsoever which arise out of or are connected with, or are claimed
to arise out of or be connected with the performance of Work by the
Subcontractor, or any act or omission of Subcontractor.  As used in this Paragraph 5, the term
“Subcontractor” shall include its lower tier subcontractors.

 

Without limiting the
generality of the foregoing, such defense and indemnity includes all liability,
damages, loss, claims, demands and actions on account of personal injury, death
or property loss to any Indemnitee, any of Indemnitees’ employees, agents,
contractors or Subcontractors, licensees or invitees, or other contractor or
Subcontractor, their employees, agents, Subcontractors, licensees or invitees
or to any other persons, whether based upon, or claimed to be based upon,
statutory (including, without limiting the generality of the foregoing, workers
compensation), contractual, tort or other liability of any Indemnitee,
contractor, Subcontractor or any other persons.  In addition, the liability, damages, loss, claims, demands and
actions indemnified against shall include all liability, damage, loss, claims,
demands and actions for trademark, copyright or patent infringement, for unfair
competition or infringement of any other so-called “intangible” property rights
which arise out of any failure of Subcontractor to discharge its duties.

 

In the event more than one
Subcontractor is connected with an accident or occurrence covered by this
indemnification, then all of such Subcontractors shall be jointly and severally
responsible to the Indemnitees for

 

5

 

indemnification and the ultimate
responsibility among such indemnifying Subcontractors for the loss and expense
of any such indemnification shall be settled by separate proceedings and
without jeopardy to any Indemnitee.  The
provisions of the indemnity provided for herein shall not be construed to
indemnify any Indemnitee for its sole negligence if not permitted by law or to
eliminate or reduce any other indemnification or right which Owner, Contractor
or Architect has by law or the Contract Documents

 

Subcontractor expressly understands
and agrees that any performance bond or insurance protection required by this
Subcontract or as otherwise provided by Subcontractor shall in no way limit the
responsibility to indemnify, defend, save and hold the Indemnitees harmless as
herein provided.

 

The foregoing
indemnification agreement by Subcontractor shall be included in each of its
sub-subcontracts and shall be in favor of the Indemnitees and Subcontractor.

 

The Subcontractor shall bear
any expense, whether incurred or paid, of any Indemnitee because of any claim
or other matter indemnified against hereunder, including reasonable attorneys’
fees and court costs arising from the in the defense of any such claim.  If any such claim has not been settled or
discharged when the Work is finished, final settlement between the Contractor
and the Subcontractor and final payment of the Subcontract Price and the
acceptance of the Work shall be deferred until any such claim is paid or
settled or the Subcontractor provides a bond, acceptable to the Contractor, in
its sole discretion, to satisfy such claim. 
At the request of any Indemnitee, the Subcontractor, at its own expense,
shall assume the defense, on behalf of such Indemnitee, of any such claim;
provided, however, that any attorney employed in such defense must be
satisfactory to such Indemnitee. 
Subcontractor acknowledges and agrees that ten dollars ($10.00) of
Subcontractor’s compensation pursuant to this Subcontract has been paid by
Contractor in consideration of Subcontractor agreeing to these defense,
indemnity and hold harmless obligations.

 

6.                                       Subcontractor’s
Insurance

 

(i)                                     Prior to commencing the Work, Subcontractor
shall procure and thereafter maintain at its own expense until final acceptance
of the Work, insurance coverage as described in the “Insurance Schedule”
attached to this subcontract as Schedule E to Exhibit II.

 

(ii)                                  In the event Owner elects to utilize an
owner-controlled insurance program, such program shall be implemented in
accordance with the guidelines of The Owner Controlled Insurance Program
(“OCIP”) attached hereto as Exhibit III. 
In such event, Contractor shall be entitled to a credit for the cost of
insurance coverages included in the Subcontract Price that are procured through
the OCIP.  Subcontractor shall still be
obligated to provide all insurance coverages not included under the OCIP which
are required by Schedule E to Exhibit II as part of the Subcontract Price.

 

7.                                       Performance
Bond and Labor and
Material Payment Bond

 

The Subcontractor shall
furnish at Subcontractor’s expense a Performance Bond and a Payment Bond, each
in the full amount of this Subcontract. 
The bond forms shall be in accordance with Schedules F, G and H of
Exhibit II and shall be subject to Owner’s and Contractor’s approval for
adequacy of protection and the satisfactory character of the surety.  The surety shall have an A.M. Best rating of
B+, VII or better.  The failure of the
Subcontractor to furnish required bonds within ten (10) days after having been
given notice by Contractor shall constitute a material failure to perform this
Subcontract giving rise to a termination for default pursuant to
Article 10 herein.

 

8.                                       Time of
Performance

 

a.                                       Subcontractor will proceed with the Work in a
prompt and diligent manner, in accordance with Contractor’s schedule as
reasonably amended from time to time. 
TIME IS OF THE ESSENCE. 
Subcontractor shall be entitled to additional compensation for
compliance with schedule amendments only to the extent, if any, that the
Contract Documents entitle Contractor to reimbursement in connection with same.

 

b.                                      If requested by Contractor, Subcontractor
shall submit a detailed schedule for performance of the Subcontract in a
form acceptable to Contractor which shall comply with all scheduling
requirements of the Contract Documents and with Article 8.a above.  Contractor may, at its sole discretion,
direct Subcontractor to make reasonable modifications and revisions in said
schedule.

 

c.                                       Subcontractor will coordinate its Work with
the work of Contractor, other subcontractors and Owner’s other builders, if
any, so that no delays or interferences occur in the completion of any part or
all of the Project.

 

d.                                      Should the Subcontractor be delayed, impacted
or disrupted in the performance of this Subcontract, it shall be entitled to an
extension of time only for delays caused by any acts or causes which would
entitle the

 

6

 

Contractor to an extension of time under the
Contract Documents and for delays caused solely by the Contractor but
Subcontractor shall not be entitled to any increase in the Subcontract Price or
to damages or additional compensation as a consequence of such delays, impacts
or disruptions, regardless of whether such delays or disruptions are
unreasonable or unforeseeable, unless the Owner is liable and pays for such
delays, impacts or disruptions.  The
Contractor will pay the Subcontractor the amount allowed and paid by the Owner
for the Subcontractor’s delay, impact or disruption.  Within three (3) days after the commencement of any delay, impact
or disruption in the performance of its Work hereunder, the Subcontractor shall
notify the Contractor in writing stating full details of the cause of the
alleged delay, impact or disruption.  In
any event, the Subcontractor shall notify the Contractor of any delays, impacts
or disruptions for which the Owner is responsible, in sufficient time so that
its claim may be timely processed against the Owner administratively.  Failure to provide timely notice of delays
for which the Owner is responsible in accordance with the Contract Documents
shall result in a waiver of any such claim by Subcontractor to the extent
Contractor is prejudiced thereby. 
Notwithstanding the foregoing, in the event Subcontractor is entitled to
an extension of time hereunder, Contractor reserves the right, exercised in its
sole discretion, to order acceleration and/or compression of the
schedule applicable to the Work covered by this Subcontract and to
compensate Subcontractor for the costs associated therewith in lieu of granting
an extension of time.

 

9.                                       Changes

 

a.                                       Contractor may, at any time, unilaterally or
by agreement with Subcontractor, and without notice to the sureties, make
changes in the Work covered by this Subcontract.  Any unilateral order or agreement under this Article 9.a
shall be in writing.  Subcontractor
shall perform the Work as changed without delay.

 

b.                                      Subcontractor shall submit in writing any
claims for adjustment in the price, schedule or other provisions of the
Subcontract claimed by Subcontractor for changes directed by Contractor or as a
result of deficiencies or discrepancies in the Contract Documents, to
Contractor in time to allow Contractor to comply with the applicable provisions
of the Contract Documents.  Failure to
submit timely notice of such claims in accordance with the requirements of the
Contract Documents shall result in a waiver of any such claim by Subcontractor
to the extent Contractor is prejudiced thereby.  Contractor shall process said claims in the manner provided by
and according to the provisions of the Contract Documents so as to protect the
interest of Subcontractor and others including Contractor.  Subcontract adjustments shall be made only
to the extent that Contractor is entitled to relief from or must grant relief
to Owner.  Furthermore, each Subcontract
adjustment shall be equal only to Subcontractor’s allocable share of any
adjustment in Contractor’s contract with Owner.  Subcontractor’s allocable share shall be determined by
Contractor, after allowance of Contractor’s normal overhead, profit and other
interest in any recovery by making a reasonable apportionment, if applicable,
between Subcontractor, Contractor and other subcontractors or persons with
interest in the adjustment.  This
paragraph will also cover other equitable adjustments or other relief allowed
by the Contract Documents.

 

c.                                       For changes ordered by Contractor independent
of Contract Documents, Subcontractor shall be entitled to an equitable
adjustment in the Subcontract Price.

 

10.                                 Subcontractor’s
Failure to Perform

 

a.                                       If, in the opinion of Contractor,
Subcontractor shall at any time (1) refuse or fail to provide sufficient
properly skilled workmen or materials of the proper quality, (2) fail in any
respect to prosecute the Work according to the current schedule, (3) cause, by
any action or omission, the stoppage, or delay of or interference with the work
of Contractor or of any other builder or subcontractor, (4) fail to comply with
all provisions of this Subcontract or the Contract Documents, (5) be adjudged a
bankrupt, or make a general assignment for the benefit of its creditors, (6)
have a receiver appointed, (7) become insolvent or a debtor in reorganization
proceedings or (8) fail to make payments to its lower-tier subcontractors or
suppliers, then, after serving three (3) days’ written notice, unless the
condition specified in such notice shall have been eliminated within such three
(3) days, the Contractor may at its option without voiding the other provisions
of the Subcontract and without notice to the sureties, (i) take such steps as
are necessary to overcome the condition, in which case the Subcontractor shall
be liable to Contractor for the cost thereof, (ii) terminate the Subcontract
for default, or (iii) seek specific performance of Subcontractor’s obligations
hereunder, it being agreed by Subcontractor that specific performance may be
necessary to avoid irreparable harm to Contractor and/or Owner.  In the event of termination for default,
Contractor may, at its option, (1) enter on the premises and take possession,
for the purpose of completing the Work, of all materials and equipment of
Subcontractor, (2) require Subcontractor to assign to Contractor any or all of
its subcontract or purchase orders involving the project, or (3) complete the
Work either by itself or through others, by whatever method Contractor may deem
expedient.  In case of termination for
default, Subcontractor shall not be entitled to receive any further payment until
the Work shall be fully completed and accepted by Owner.  At such time, if the unpaid balance of the
Subcontract Price to be paid shall exceed the expense incurred by Contractor,
such excess shall be paid by Contractor to Subcontractor.  However, if such amount incurred by
Contractor shall exceed such unpaid balance, then,

 

7

 

Subcontractor shall pay Contractor the
difference within five (5) business days following demand by Contractor.  Subcontractor shall pay all reasonable costs
of collection, if any.

 

b.                                      If Contractor wrongfully exercises any option
under 10.a. (i) (ii) or (iii) above, Contractor shall be liable to
Subcontractor for the reasonable value of Work performed by Subcontractor prior
to Contractor’s wrongful action plus the direct costs incurred by Subcontractor
as a result of Contractor’s wrongful action plus, in the case of a wrongful
termination for default, reasonable close-out costs, less prior payments made,
upon Contractor’s receipt of payment for same from Owner.  The Subcontractor’s remedy under this
Article 10.b, shall be exclusive. 
Nothing herein shall bar withholdings by Contractor permitted by other
provisions of this Subcontract.

 

11.                                 Settlement
of Disputes

 

a.                                       In case of any dispute between Contractor and
Subcontractor, due to any action of Owner or involving the Contract Documents,
Subcontractor agrees to be bound to Contractor to the same extent that
Contractor is bound to Owner, by the terms of the Contract Documents and by any
and all preliminary and final decisions or determinations made thereunder by
the party, board or court so authorized in the Contract Documents or by law
whether or not Subcontractor is a party to such proceedings.  In case of such dispute, Subcontractor will
comply with all provisions of the Contract Documents allowing a reasonable time
for Contractor to analyze and forward to Owner any required communications or
documentation.  Contractor will, at its
option, (1) present to Owner in Contractor’s name, or (2) authorize
Subcontractor to present to Owner, in Contractor’s name, all of Subcontractor’s
claims and answer Owner’s claims involving Subcontractor’s Work, whenever
Contractor is permitted to do so by the terms of the Contract Documents.  If such dispute is prosecuted or defended by
Contractor, Subcontractor agrees to furnish all documents, statements,
witnesses, and other information required and to pay or reimburse Contractor
for all costs incurred in connection therewith.  The Subcontract Price shall be adjusted by Subcontractor’s
allocable share determined in accordance with Article 11 hereof.  The use of the dispute resolution procedure
in this paragraph 11.a. is a condition precedent to the use of any other
dispute resolution procedure authorized and allowed by this Subcontract in case
of disputes between Contractor and Subcontractor due to any action of Owner or
involving the Contract Documents.

 

b.                                      With respect to any controversy between
Contractor and Subcontractor not involving Owner or the Contract Documents,
Contractor shall issue a decision that shall be followed by Subcontractor.  If the Subcontractor is correct as to the
controversy, Subcontractor shall be entitled to an equitable adjustment in the
Subcontract Price as its sole remedy. 
Notification of any such claim for equitable adjustment must be asserted
in writing within ten (10) days of Subcontractor’s knowledge of the claim.

 

c.                                       Failure by Subcontractor to submit requests or
claims for additional compensation or time for performance in accordance with
the provisions of this Subcontract or the Contract Documents shall constitute a
waiver of such claims or requests by Subcontractor and shall be deemed adequate
grounds for rejection of same by Contractor. 
Notwithstanding the preceding sentence, failure to submit such requests
and claims in relation to claims for which the Owner is ultimately responsible
shall constitute a waiver only to the extent the Contractor is prejudiced
thereby.

 

d.                                      Any dispute arising out of or relating to this
Subcontract (i) not due to any action of the Owner or not involving the
Contract Documents or (ii) decided by Owner and there remains a dispute between
Contractor and Subcontractor, shall be resolved by a court of competent
jurisdiction in the state and county in which the project is located or some
other location designated by Contractor unless Contractor elects to refer the
matter to arbitration in which case the dispute shall be decided by arbitration
in accordance with the then current Construction Industry Rules of the American
Arbitration Association (“AAA”). 
Provided, however, the arbitration shall not be under the administration
of the AAA but by one (1) independent and impartial arbitrator mutually
selected by the parties.  The
arbitration shall be governed by the United States Arbitration Act, 9 U.S.C.
Section 1-16, and judgment upon the award rendered by the arbitrator may
be entered by any court having jurisdiction thereof.  The place of arbitration shall be New York City.  The arbitrator is not empowered to award
damages in excess of compensatory damages and each party hereby irrevocably
waives any right to recover such damages with respect to any dispute resolved
by arbitration.

 

12.                                 Warranty

 

Subcontractor warrants its
Work hereunder to Contractor on the same terms and for the same period as
Contractor warrants the Work to Owner under the Contract Documents.  With respect to Subcontractor’s Work,
Subcontractor shall perform all warranty obligations and responsibilities
assumed by Contractor under the Contract Documents.

 

8

 

13.                                 Liens

 

a.                                       In the event that liens are filed by anyone
in relation to the labor and/or material being furnished by Subcontractor,
Subcontractor agrees to have the same discharged (by posting a bond with the
appropriate authorities or otherwise) within five (5) days of notice.  In the event such lien is not so discharged,
such circumstances shall be deemed a failure to perform the Work on the part of
the Subcontractor subject to the conditions and terms set forth in Article 10
above.

 

b.                                      Prior to final payment, Subcontractor shall
provide to Contractor a release of its liens and claims and of all liens and
claims of all persons furnishing labor and/or materials for the performance of
this Subcontract as well as satisfactory evidence that there are no other liens
or claims whatsoever outstanding against the Work.

 

c.                                       If required by Contractor, Subcontractor
shall furnish releases of liens with respect to all prior payments, as part of
each request for partial payment other than the initial request.

 

14.                                 Inspection
and Acceptance

 

Subcontractor shall provide
appropriate facilities at all reasonable times for inspection by Contractor or
Owner of the Work and materials provided under this Subcontract, whether at the
Project site or at any place where such Work or materials may be in
preparation, manufacture, storage or installation.  Subcontractor shall promptly replace or correct any Work or
materials which Contractor or Owner shall reject as failing to conform to the
requirements of this Subcontract.  The
Work shall be accepted according to the terms of the Contract Documents.  However, unless otherwise agreed in writing,
entrance and use by Owner or Contractor shall not constitute acceptance of the
Work.

 

15.                                 Termination
for Convenience

 

Contractor shall have the
right to terminate this Subcontract for convenience by providing Subcontractor
with a written notice of termination to be effective upon receipt by
Subcontractor.  If the Subcontract is
terminated for convenience because there is a termination of Contractor’s
contract with Owner, the Subcontractor shall be paid the amount representing
costs that are due from the Owner for its Work as provided in the Contract
Documents after payment therefore by the Owner to Contractor.  If Contractor terminates this Subcontract for
convenience and the Contractor’s contract with Owner has not been terminated,
Subcontractor shall be paid for all Work completed through the date of
termination plus reasonable termination and closeout costs less any amounts
which the Contractor is entitled to withhold pursuant to the terms of this
Subcontract.

 

16.                                 Approvals

 

a.                                       Subcontractor shall deliver to Contractor
copies of shop drawings, cuts, samples and material lists required by and in
accordance with the requirements of the Contractor and the Contract Documents
within sufficient time so as not to delay performance of the Project or within
sufficient time for Contractor to submit the same within the time stated in the
Contract Documents, whichever is earlier. 
Any deviation from the Contract Documents shall be clearly identified on
shop drawings.  Notwithstanding any
general approval granted by Contractor or Owner, all such submissions and the
Work performed in accordance therewith shall be in accordance with the Contract
Documents.

 

b.                                      Contractor’s review of Subcontractor’s shop
drawings, cuts, samples and material lists is only for the convenience of the
Owner in following the Work and shall not relieve the Subcontractor from
responsibility for any deviations from the requirements of the Contract
Documents.

 

c.                                       Subcontractor warrants and agrees that it can
and will obtain all requisite approvals from Owner as to its eligibility to
serve as a subcontractor and the approvals of all materials and performance of
the Work as required by the Contract Documents.

 

17.                                 Clean-Up

 

Subcontractor shall clean up
its Work and remove all debris resulting from its Work in a manner that will
not impede either the progress of the Project or of other trades.  If the Subcontractor fails to comply with
this Article within 24 hours after receipt of notice of noncompliance from
the Contractor, the Contractor may perform such necessary clean-up and deduct
the cost from any amounts due to the Subcontractor.

 

9

 

18.                                 Assignment

 

Subcontractor shall not
sub-subcontract the Work of this Subcontract and shall not assign or transfer
this Subcontract, or funds due hereunder, without the prior written consent of
Contractor and Subcontractor’s surety. 
Contractor shall not unreasonably withhold its consent to the assignment
of funds due hereunder.

 

19.                                 Patents
and Royalties

 

Except as otherwise provided
by the Contract Documents, Subcontractor shall pay all royalties and license
fees which may be due on the inclusion of any patented materials in the
Work.  Subcontractor shall defend all
suits or claims for infringement of any patent rights that may be brought
against Contractor or Owner arising out of the Work, and shall indemnify
Contractor and Owner for all loss, including all costs and expenses, on account
thereof.

 

20.                                 Taxes and
Permits

 

Except as otherwise provided
by the Contract Documents, Subcontractor agrees to pay and comply with and hold
Contractor harmless against the payment of all contributions, taxes or premiums
which may be payable by it under Federal, state or local laws arising out of
the performance of this Subcontract and all sales, use or other taxes of
whatever nature levied or assessed against Owner, Contractor, or Subcontractor
arising out of this Subcontract including any interest or penalties.  Subcontractor shall obtain and pay for all
permits, licenses, fees and certificates of inspection necessary for the
prosecution and completion of its Work and shall arrange for all necessary
inspections and approvals by public officials.

 

21.                                 Laws, Regulations
and Ordinances

 

a.                                       This Subcontract shall be governed by the
laws of the State of New York.

 

b.                                      Omitted.

 

c.                                       Subcontractor agrees to be bound by, and, at
its own cost, comply with all Federal, state and local laws, codes, ordinances
and regulations applicable to this Subcontract and the performance of the Work
hereunder including the Occupational Safety and Health Act of 1970.  Subcontractor shall be duly licensed to
operate under the law of the applicable jurisdictions.  Subcontractor shall be liable to Contractor
and Owner for all loss, cost and expense attributable to any acts of commission
or omission by Subcontractor, its employees and/or agents resulting from
failure to comply including, but not limited to, any fines, penalties or
corrective measures.

 

22.                                 Labor

 

a.                                       Subcontractor and its lower-tier
subcontractors shall not employ anyone in Subcontract Work whose employment may
be objected to by Contractor or Owner.

 

b.                                      Should any workers performing Work covered by
this Subcontract engage in a strike or other work stoppage or cease to work due
to picketing or a labor dispute of any kind, said circumstances shall be deemed
a failure to perform the Work on the part of the Subcontractor subject to the
conditions and terms set forth in Article 10 above.

 

23.                                 Equal
Opportunity

 

a.                                       In connection with the performance of Work
under this Subcontract, Subcontractor agrees not to discriminate against any
employee or applicant for employment because of race, religion, sex, handicap,
color or national origin.  The aforesaid
provision shall include, but not be limited to, the following: employment,
upgrading, demotion or transfer, recruitment or advertising, layoff or
termination, rates of pay or other forms of compensation and selection for
training (including apprenticeship). 
Subcontractor agrees to post hereafter, in plain view for employees and
applicants for employment to review, notices prepared by Subcontractor (and
approved by the government when required) setting forth the provision of this
Article 23.

 

b.                                      Subcontractor shall permit access to its
books, records and accounts by representatives of Contractor or Owner for
purposes of investigation to ascertain compliance with the provisions of this
Article 23.

 

c.                                       Subcontractor shall comply with
Schedule J to Exhibit II of this Subcontract.  In the event of Subcontractor’s non-compliance with the
provisions of such Schedule J, this Subcontract may be terminated for default.

 

10

 

d.                                      Subcontractor shall include the provisions of
this Article 23 in every lower-tier subcontract and purchase order.  The requirements of this Article 23
shall be in addition to any equal opportunity provisions of the Contract
Documents.

 

24.                                 Notices

 

All notices shall be
addressed to the parties at the addresses set out herein and shall be
considered as delivered when postmarked if dispatched by registered mail or
when received in all other cases.

 

25.                                 Severability and Waiver

 

The partial or complete
invalidity of any one or more provisions of this Subcontract shall not affect
the validity or continuing force and effect of any other provision.  The failure of either party to insist on any
one or more instances upon the performance of any of the terms, covenants or
conditions of this Subcontract or to exercise any right herein shall not be
construed as a waiver or relinquishment of such term, covenant, condition or
right as respects further performance.

 

26.                                 Advertising

 

Neither Subcontractor, its
subcontractors, suppliers or employees shall take photographs of the Work on
site or publish or display advertising matter of any description relating to
the Project without first obtaining the written consent of Contractor and the
Owner.

 

27.                                 Anti-Bribery
Provisions

 

Subcontractor undertakes to
protect the standards of business practice of the Contractor at all times and
to act in such a way as to uphold the Contractor’s good name and reputation and
not to do or attempt to do any act or thing which is intended and/or which in
fact causes any damage to or brings discredit upon the Contractor.  In particular, the Subcontractor will not:

 

(a)                                  Offer, give or agree to give to any director,
officer, employee or agent of the Contractor or Owner any gift or consideration
of any kind as an inducement or reward for either (i) taking or electing not to
take any action in relation to this Subcontract or any other contract with the
Contractor or the Owner or (ii) demonstrating or electing not to demonstrate
either favorable or unfavorable behavior towards any person in relation to the
Subcontract or any other contract with the Contractor or the Owner.

 

(b)                                 Induce or attempt to induce any officer,
servant or agent of any private or public body to depart from his duties to his
employer or be involved with any such arrangement.

 

Any violation of this
Article 27 shall constitute a material failure to perform by Subcontractor
giving rise to a termination for default pursuant to Article 10 herein.

 

28.                                 Complete Agreement

 

This Subcontract contains the
entire agreement between the parties hereto with respect to the matters covered
herein.  No other agreements,
representations, warranties or other matters, oral or written, shall be deemed
to bind the parties hereto.

 

11

 

IN WITNESS WHEREOF, the parties, by their duly authorized representatives, have hereunto
executed this Subcontract, on the day and year above written.

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Subcontractor)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Witness

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AMEC
  CONSTRUCTION MANAGEMENT, INC.

  
	
   

  	
   

  	
  (Contractor)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Witness

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  	
   

  

 

12

 

EXHIBIT
I

 

 

CONTRACT
DOCUMENTS

 

Attached is a redacted copy of the Agreement between AMEC and THE NEW
YORK TIMES BUILDING, LLC dated [INSERT] with all applicable exhibits.

 

13

 

EXHIBIT II

 

LIST OF SCHEDULES

 

	
  1.

  	
   

  	
  Schedule A.

  	
   

  	
  List of applicable
  drawings and documents

  
	
  2.

  	
   

  	
  Schedule B.

  	
   

  	
  Further description and
  definition of Work

  
	
  3.

  	
   

  	
  Schedule C.

  	
   

  	
  Unit Price Schedule

  
	
  4.

  	
   

  	
  Schedule D.

  	
   

  	
  Alternate Price Schedule

  
	
  5.

  	
   

  	
  Schedule E.

  	
   

  	
  Insurance Rider Contract

  
	
  6.

  	
   

  	
  Schedule F.

  	
   

  	
  Payment Bond form

  
	
  7.

  	
   

  	
  Schedule G.

  	
   

  	
  Performance Bond form

  
	
  8.

  	
   

  	
  Schedule H.

  	
   

  	
  Multiple Obligee Rider

  
	
  9.

  	
   

  	
  Schedule J.

  	
   

  	
  Workforce Equal
  Employment/Affirmative Action and Minority & Women Owned Business
  Enterprise Subcontractor Requirements

  
	
  10.

  	
   

  	
  Schedule L.

  	
   

  	
  Safety Schedule

  
	
  11.

  	
   

  	
  Schedule M.

  	
   

  	
  Logistics Plan

  
	
  12.

  	
   

  	
  Schedule N.

  	
   

  	
  ESDC DVO Requirements

  

 

14

 

EXHIBIT III

 

OWNER CONTOLLED INSURANCE PROGRAM

“OCIP”

 

15

 

EXHIBIT C

Preliminary Schedule

AMEC Schedule, NYT 13

 

 

 

[GRAPHIC]

 

 

EXHIBIT D

General Conditions Items

 

The General Conditions shall be in the Lump
Sum of $[*] payable as follows:

 

Month 1: $274,325 for work completed through
November, 2003

Months 2-5: Actual general conditions costs
incurred by Construction Manager

 

From Month 6 until Final Completion, the
General Conditions shall be distributed in equal monthly payments based on the
number of months remaining until the scheduled Final Completion.  The amount of such payment will fluctuate if
the Final Completion Date is adjusted.

 

General
Conditions Cost Categories include but are not limited to:

 

1.       All non-union staff direct personnel
expense (salaries) broken down by position.

2.       All non-union staff fringes and benefits
costs broken down by position.

3.                     Watchman service.

4.                     On-site temporary offices/trailers.

5.                     On-site temporary office furniture and
equipment.

6.                     Temporary fence and gate.

7.       Temporary toilets and maintenance,
temporary water, temporary electric, temporary environment and maintenance.

8.                     General cleaning direct personnel cost

9.                     General cleaning fringe benefit and union
costs.

10.     Final cleaning, including curtain wall and
storefront.

11.     Interior window washing.

12.     Small tools.

13.     Blueprinting and general reproduction
costs.

14.               Licensed surveying costs.

15.               Project signs including both legal and code
required signage and appropriate signage to identify the Project, to be
developed by and/or approved by Owner.

16.               Glass breakage.

17.               Permits and Violations.

18.               Telephone.

19.               Petty Cash.

20.               Travel Expenses (Material expediting,
mock-ups, etc.)

21.      Progress photographs.

22.               Hoist installation and removal.

23.      Operation of the hoist.

24.     Teamster shop steward.

25.     Master mechanic.

26.     Coordination of controlled inspections
(Controlled Inspection testing shall be contracted directly by Owner.)

27.     Extermination.

28.     Rubbish removal.

29.     Winter protection.

30.     Article 19 NYC site safety protection
and OSHA protection.

31.     Miscellaneous stationery.

32.     Postage, overnight mail, etc.

 

 

 

 

33.
Messenger service.

34.
All sidewalk bridge and overhead protection requirements.

35.
All horizontal and vertical safety netting.

36.
Installation and dismantling of all required common trade scaffolding, equipment,
hoists, cranes, etc. which shall be available for use by all trades and Owner’s
contractors as may be required.

 

 

 

EXHIBIT E

Not Used

 

 

 

EXHIBIT F

Preliminary List of Drawings and Specifications

 

 

 

DRAWING
LIST

 

	
  DRAWING NO.

  	
   

  	
  TITLE

  	
   

  	
  DATE

  	
   

  	
  REMARKS

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARCHITECTURAL
  DRAWINGS

  
	
   

  
	
  A-0000

  	
   

  	
  Drawings Index

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-0001

  	
   

  	
  Room Finish Schedule,
  Abbreviations, Symbols and Materials

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-0002

  	
   

  	
  Partitions &
  Drywall Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-0003

  	
   

  	
  Door & Misc.
  Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-0004

  	
   

  	
  Hoistway Door Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-0005-A

  	
   

  	
  Sidewalk Paving Plan
  Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-0005-B

  	
   

  	
  Sidewalk Paving Plan
  Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-0006-A

  	
   

  	
  Sidewalk Bollard Plan
  Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-0006-B

  	
   

  	
  Sidewalk Bollard Plan
  Partial B

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-0007

  	
   

  	
  Sidewalk Bridge Plan
  & Elevation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-1000

  	
   

  	
  Key Floor Plan (Cellar
  thru 5th Floor)

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-100C1-A

  	
   

  	
  Cellar Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-100C1-B

  	
   

  	
  Cellar Plan Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-100C1-C

  	
   

  	
  Cellar & Ground
  Floor Mezzanine Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1001-A

  	
   

  	
  Ground Floor Plan
  Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1001-B

  	
   

  	
  Ground Floor Plan
  Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1002-A

  	
   

  	
  2nd Floor Plan Partial
  A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1002-B

  	
   

  	
  2nd Floor Plan Partial
  B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-1003-A

  	
   

  	
  3rd Floor Plan Partial
  A

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-1003-B

  	
   

  	
  3rd Floor Plan Partial
  B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-1004-A

  	
   

  	
  4th Floor Plan Partial
  A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1004-B

  	
   

  	
  4th Floor Plan Partial
  B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1005-A

  	
   

  	
  5th
  Floor Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1005-B

  	
   

  	
  5th
  Floor Roof Partial Plan B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1005-B-ALT
  24

  	
   

  	
  5th
  Floor Roof Partial Plan B Alternate #24

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-1005-B
  ALT- B1

  	
   

  	
  5th Floor Roof Plan
  Partial B – 14'-0" Unit Alternate

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  A-1005-C

  	
   

  	
  Partial Plans at East
  Podium Roof

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1005-D

  	
   

  	
  Partial Plan at Podium
  Bulkhead Roof

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1006

  	
   

  	
  6th and 7th Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1008

  	
   

  	
  8th-11th & 13th
  Typical Low Rise Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1012

  	
   

  	
  12th Floor Plan -
  Office/Data Center

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1014

  	
   

  	
  14th Floor Cafeteria
  Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1015

  	
   

  	
  15th Floor Conference
  Room Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-1016

  	
   

  	
  16th Floor EMR Plan and
  17th Floor Partial Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1018

  	
   

  	
  18th Floor Thru 27th
  Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1028

  	
   

  	
  28th Floor Mechanical
  Room Plan (Cross Over & Run By)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1029

  	
   

  	
  29th
  Floor Mid Low EMR Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1030

  	
   

  	
  30th
  thru 38th Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1041

  	
   

  	
  39th
  Thru 50th Floor Plan &  Partial
  Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1051

  	
   

  	
  51st
  Floor Plan, E.M.R. Mezz. & Stair Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1052

  	
   

  	
  52nd
  Floor Main Roof Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  

 

1

 

	
  A-1052-ALT 24

  	
   

  	
  52nd
  Floor Main Roof Plan Alternate #24

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-1053

  	
   

  	
  Bulkhead
  Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-1054

  	
   

  	
  E.M.R.
  Plan & Façade Maintenance Platform Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-200C1

  	
   

  	
  Cellar
  Core Plan & Elevator Pit Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2001

  	
   

  	
  Ground
  Floor Core Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2002

  	
   

  	
  2nd
  Floor Core Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2003

  	
   

  	
  3rd
  Floor Core Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2004

  	
   

  	
  Typical
  Low Rise Core Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2005

  	
   

  	
  Typical
  Mid-Low Rise Core Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2006

  	
   

  	
  Typical
  Mid-High Rise Core Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2007

  	
   

  	
  Typical
  High Rise Core Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2008

  	
   

  	
  Typical
  Podium East Core Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2014

  	
   

  	
  14th
  Floor Cafeteria Core Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2015

  	
   

  	
  15th
  Floor Conference Room Core Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-2016

  	
   

  	
  16th
  Floor Core Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2101

  	
   

  	
  Building
  Core Sections and Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2101-A

  	
   

  	
  Building
  Core Sections and Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2101-B

  	
   

  	
  Building
  Core Sections and Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2102

  	
   

  	
  Miscellaneous
  Sections & Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2103

  	
   

  	
  Sections
  @ Typical Low Rise Core

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2104

  	
   

  	
  Sections
  @ Typical Low Rise Core

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-2105

  	
   

  	
  Sections
  @ Typical Low Rise Core

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-2106

  	
   

  	
  Sections
  @ Typical High Rise Core

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-2107

  	
   

  	
  Sections
  @ Typical High Rise Core

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-2108

  	
   

  	
  Sections @ Typical High
  Rise Core

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-2109

  	
   

  	
  Section @ 17 &
  29 Elevator Machine Rooms

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2110

  	
   

  	
  Section @
  40 & 51 Elevator Machine Rooms

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2111

  	
   

  	
  Section @
  Rooftop Elevator Machine Rooms

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2112

  	
   

  	
  Section @
  Podium Elevators

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-2201

  	
   

  	
  Stair
  Sections & Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2202

  	
   

  	
  Stair
  Sections

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2203

  	
   

  	
  Convenience
  Stair Sections

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-2301

  	
   

  	
  Enlarged
  Plans @ Loading Dock

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2302

  	
   

  	
  Partial
  Sections @ Loading Dock

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2303

  	
   

  	
  Enlarged
  Elevations @ Loading Dock

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2401

  	
   

  	
  Partial
  Reflected Ceiling Plans @ Cellar, 1st & 2nd Flrs.

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-2402

  	
   

  	
  Partial
  Reflected Ceiling Plans @ Tower Cores

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-2403

  	
   

  	
  Partial
  Reflected Ceiling Plan @ Cellar

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-2501

  	
   

  	
  Toilet
  Rm. RCPS, Elevations and Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2502

  	
   

  	
  Toilet
  Rm. RCPS, Elevations and Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2503

  	
   

  	
  Toilet
  Rm. RCPS, Elevations and Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2504

  	
   

  	
  Toilet
  Rm. RCPS, Elevations and Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2505

  	
   

  	
  Toilet
  Rm. RCPS, Elevations and Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2506

  	
   

  	
  Cellar
  Toilet Rom. RCPS, Elevations and Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2601

  	
   

  	
  Elevator
  Cab

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-2611

  	
   

  	
  Elevator
  Cab Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-3001

  	
   

  	
  South
  Building Elevation @ 40th St.

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  

 

2

 

	
  A-3002

  	
   

  	
  West Building Elevation @ 8th Ave.

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-3003

  	
   

  	
  North Building Elevation @ 41st St.

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-3004

  	
   

  	
  East Building Elevation

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-3101

  	
   

  	
  Partial South Elevation at Tower Base

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-3102

  	
   

  	
  Partial South Elevation at Podium (40th Street)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-3103

  	
   

  	
  Partial West Elevation at Tower Base

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-3104

  	
   

  	
  Partial North Elevation at Tower Base

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-3105

  	
   

  	
  Partial North Elevation at Podium (41st Street)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-3106

  	
   

  	
  Partial East Elevation @ Lot Line

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-3107

  	
   

  	
  Partial East Elevation @ Tower Base

  	
   

  	
  4/11/03

  	
   

  	
  98% GMP

  
	
  A-3111

  	
   

  	
  Partial South Elevations at 13th -17th & 27th -
  30th Floors

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-3112

  	
   

  	
  Partial West Elevation at Typical & Mechanical
  Floors

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-3113

  	
   

  	
  Partial North Elevations at 13th - 17th & 27th -
  30th Floors

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-3114

  	
   

  	
  Partial East Elevations at 13th -17th & 27th -
  30th Floors

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-3121

  	
   

  	
  Partial South/Partial North Elevations at Top of
  Tower

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-3122

  	
   

  	
  Partial West/Partial East Elevation at Top of Tower

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-3201

  	
   

  	
  Partial South Elevations at Tower Base without
  Screen

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-3202

  	
   

  	
  Partial South Elevations at Podium

  	
   

  	
  829/03

  	
   

  	
  Addendum #16

  
	
  A-3203

  	
   

  	
  Partial Elevations at Podium Loading Docks

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-3204

  	
   

  	
  Partial West Elevations at Tower Base without
  Screens

  	
   

  	
  829/03

  	
   

  	
  Addendum #16

  
	
  A-3205

  	
   

  	
  Partial North Elevations at Tower Base

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-3206

  	
   

  	
  Partial North Elevations at Podium without Screens

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-3211

  	
   

  	
  Partial South Elevations at 13th - 17th & 27th -
  30th Floors without Screens

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-3213

  	
   

  	
  Partial North Elevation at 13th - 17th Flrs. &
  27th - 30th Flrs.

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-3214

  	
   

  	
  Parital East Elevations at 13th - 17th & 27th -
  30th Floors Without Screens

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-3215

  	
   

  	
  Partial West Elevations at 13 thru 17 Without
  Screens

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-3221

  	
   

  	
  Partial North & South Elevation @ Top of Tower
  w/o Screen

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-3222

  	
   

  	
  Partial West Elevation @ Top of Tower w/o Screen

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-3231

  	
   

  	
  Elevations @ Interior Court

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-3232

  	
   

  	
  Elevations @ Interior Court

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-3301

  	
   

  	
  Enlarged Elevations @ Podium East Bulkhead

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-3303

  	
   

  	
  Elevations @ Main Roof of Elevator Machine Rooms

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-4001

  	
   

  	
  East-West Building Section

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-4002

  	
   

  	
  North/South Building Sections

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-4106

  	
   

  	
  Partial E-W Section @ Top of Tower

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-4107

  	
   

  	
  Partial W-S Section @ Top of Tower

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-4108

  	
   

  	
  Rooftop Structure Elevations

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-4201

  	
   

  	
  Typical Floor Sections

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-4202

  	
   

  	
  28th Floor Sections

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-4203

  	
   

  	
  Cafeteria & Conference Room Sections

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-4204

  	
   

  	
  Cafeteria & Conference Room Sections

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-4205

  	
   

  	
  Cafeteria & Conference Room Sections

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-4601

  	
   

  	
  Roof Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-4701

  	
   

  	
  Podium Roof A.H.U.

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-4701 ALT B1

  	
   

  	
  Podium Roof AHU 14’-0” Width Alternate

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
									

 

3

 

	
  A-4801

  	
   

  	
  Mast Plans, Sections
  & Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-5001

  	
   

  	
  Façade Typology Diagram

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5002

  	
   

  	
  Façade Typology

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5003

  	
   

  	
  Façade Typology

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5004

  	
   

  	
  Spandrel Panel Typology

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5101

  	
   

  	
  Details Façade Type 1:
  Tower Sections

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5102

  	
   

  	
  Details Façade Type 1:
  Lower Tower Sections

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-5103

  	
   

  	
  Details Façade Type 1:
  Podium Façade Section

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5104

  	
   

  	
  Details Façade Type 1:
  Podium/Tower Façade Sections

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5105

  	
   

  	
  Details Façade @
  Cafeteria 14th Floor

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5106

  	
   

  	
  Details Façade @
  Cafeteria 14th Floor & Kitchen

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5107

  	
   

  	
  Details Façade Type 1:
  Roof Screens

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5108

  	
   

  	
  Details Façade Type 1:
  Mechanical Floors Sections

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5114

  	
   

  	
  Roof Screen Plan
  Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5115

  	
   

  	
  South Roof Screen
  Axonometric

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5116

  	
   

  	
  West Roof Screen
  Axonometric

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5117

  	
   

  	
  Recess Corner Roof
  Screen Axonometric

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5120

  	
   

  	
  Details Façade Type 1:
  Tower Wing Wall

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-5120-ALT-4

  	
   

  	
  Details Façade Type 1:
  ALT 4

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-5121

  	
   

  	
  Details Façade Type 1:
  15' Podium Wing Wall

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-5122

  	
   

  	
  Details Façade Type 1:
  7'-6" Podium Wing Wall

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-5123

  	
   

  	
  Details Façade Type 1:
  Podium Section

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5124

  	
   

  	
  Podium Terrace Sections

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5125

  	
   

  	
  Podium Loading Dock
  Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5126

  	
   

  	
  Podium Loading Dock
  Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5131

  	
   

  	
  Main Roof Parapet
  Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5132

  	
   

  	
  Base Details of Col’s
  at 75'-0" Roof Screen

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5133

  	
   

  	
  Base Details of Col’s
  at 55'-0" & 27'-6" Roof Screens

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5150

  	
   

  	
  Details Façade Type 1:
  50% Ceramic Façade w/ Glass

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5151

  	
   

  	
  Details Façade Type 1:
  Curtain Wall Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5152

  	
   

  	
  Tower Corner Mullion
  Detail Plans

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5152-ALT-8

  	
   

  	
  Tower Corner Mullion Detail
  Plans

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5153

  	
   

  	
  Window Washing Track
  Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5201

  	
   

  	
  Details Façade Type 2:
  Recessed Façade Sections

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5202

  	
   

  	
  Details Façade Type 2:
  Convenience Stair Elevation

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-5203

  	
   

  	
  Details Façade Type 2:
  Convenience Stair Section

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5301

  	
   

  	
  Details Façade Type 3:
  Garden Court Façade

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5350

  	
   

  	
  Details Façade Type 3:
  Glass Curtain Wall

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5351

  	
   

  	
  Details Façade Type 3:
  Glass Curtain Wall

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5401

  	
   

  	
  Plans & Wall
  Section @ Stairs C & D Enclosure

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5451

  	
   

  	
  Details @ Podium Stairs
  C & D

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5501

  	
   

  	
  Storefront Façade:
  Tower, 8th Avenue

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5502

  	
   

  	
  Storefront Façade:
  Podium 40th/41st Streets

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5503

  	
   

  	
  Storefront Façade:
  Tower, 40th/41st Streets

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5504

  	
   

  	
  Storefront Façade:
  Section Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5521

  	
   

  	
  Storefront Façade:
  Vestibule Entrance, 40th/41st Streets

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5522

  	
   

  	
  Storefront Façade:
  Vestibule Entrance, 8th Avenue

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  

 

4

 

	
  A-5523

  	
   

  	
  Storefront
  Façade: Retail Entrances, Tower

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5524

  	
   

  	
  Storefront
  Façade: Times Center Entrance

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5550

  	
   

  	
  Storefront
  Façade: Mullion Typology

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5551

  	
   

  	
  Storefront
  Façade: Mullion Plan/Section Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5553

  	
   

  	
  Storefront
  Façade: Interior & Auditorium Façade Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5556

  	
   

  	
  Storefront
  Façade: Section Details at Soffit

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5557

  	
   

  	
  Storefront
  Façade: Vestibule Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5559

  	
   

  	
  Storefront
  Façade: Typical Door Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5561

  	
   

  	
  Storefront
  Façade: Signage & Window Display Signs

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5562

  	
   

  	
  Storefront
  Façade: Awning Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5601

  	
   

  	
  Details
  Façade Type 6: Skylights with Metal Grille

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-5651

  	
   

  	
  Details
  Façade Type 6: Skylights with Metal Grille

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-5702

  	
   

  	
  Glass
  Canopy: 40th/41st Street

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5703

  	
   

  	
  Glass
  Canopy: 8th Avenue

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5710

  	
   

  	
  Glass
  Canopy: Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5801

  	
   

  	
  Section Detail
  @ 8th Ave. & Podium Soffit

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5802

  	
   

  	
  Beam
  Penetration Details on 2nd - 5th Floors @ South Elev.

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5803

  	
   

  	
  Details
  @ Façade Penetrations @ Wing Wall

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5804

  	
   

  	
  Details
  @ Façade Penetrations @ Corner

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5805

  	
   

  	
  Details
  @ Façade Penetrations @ Corner

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5806

  	
   

  	
  Façade
  Penetration Details @ Mechanical Floor

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-5807

  	
   

  	
  Façade
  Penetration Details @ East Podium Tower

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-5901

  	
   

  	
  Details
  @ Cogen & Bulkhead Roof

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5902

  	
   

  	
  Sections
  & Details @ Main Roof
  Bulkheads

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-6001

  	
   

  	
  Lobby
  Finishes Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-6101-A

  	
   

  	
  Lobby
  Reflected Ceiling Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-6101-B

  	
   

  	
  First
  Floor Reflected Ceiling Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-6201

  	
   

  	
  Lobby
  Interior Elevations

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-6201-ALT-25

  	
   

  	
  Lobby
  Interior Elevations Alternate

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-6301

  	
   

  	
  Lobby
  Wall Sections

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-6401

  	
   

  	
  Lobby
  Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-6402

  	
   

  	
  Column
  Base Details at Grade

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-6410

  	
   

  	
  Ground
  Floor Plan Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-6502

  	
   

  	
  Details
  @ Wood Floor Grill

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-6601

  	
   

  	
  Details
  @ Lobby Ceiling

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-6701

  	
   

  	
  Lobby
  Stair & Handrails

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-6702

  	
   

  	
  Lobby
  Handicap Lift

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  A-6704

  	
   

  	
  Lobby
  Glass Partition

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-6705

  	
   

  	
  Lobby/Times
  Center Glass Partition

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-6706

  	
   

  	
  Garden
  Court Bridge Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-6751

  	
   

  	
  Lobby
  Handrails Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-6801

  	
   

  	
  Master
  Security Lobby Desk Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-6811

  	
   

  	
  Master
  Security Lobby Desk Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-7201

  	
   

  	
  Birdwire
  Partial Plans and Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-7301

  	
   

  	
  Exterior
  Lighting Adjacent Building

  	
   

  	
  8/12/03

  	
   

  	
  Addendum #15

  
	
  A-8004

  	
   

  	
  Ground
  Floor Reflected Ceiling Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-8006

  	
   

  	
  Ground
  Floor/Cellar Finish Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  

 

5

 

	
  A-8102

  	
   

  	
  Ground Floor/Cellar
  Lobby Sections

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-8201

  	
   

  	
  Ground Floor Lobby
  Interior Elevations

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-8202

  	
   

  	
  Ground Floor &
  Cellar Interior Elevations

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-900C1-A

  	
   

  	
  Cellar Floor Edge of
  Slab Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-900C1-B

  	
   

  	
  Cellar Floor Edge of
  Slab Plan Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-900C1-C

  	
   

  	
  Cellar Mezzanine Edge
  of Slab Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9001-A

  	
   

  	
  Ground Floor Edge of
  Slab Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9001-B

  	
   

  	
  Ground Floor Edge of
  Slab Plan Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9002-A

  	
   

  	
  2nd Floor Edge of Slab
  Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9002-B

  	
   

  	
  2nd Floor Edge of Slab
  Plan Partial B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-9003-A

  	
   

  	
  3rd Floor Edge of Slab
  Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9003-B

  	
   

  	
  3rd Floor Edge of Slab
  Plan Partial B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-9004-A

  	
   

  	
  4th Floor Edge of Slab
  Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9004-B

  	
   

  	
  4th Floor Edge of Slab
  Plan Partial B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-9005-A

  	
   

  	
  5th Floor Edge of Slab
  Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9005-B

  	
   

  	
  5th Floor Edge of Slab
  Roof Partial Plan B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-9005-C

  	
   

  	
  Edge of Slab Partial
  Plan at Podium Bulkhead Roof

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  A-9008

  	
   

  	
  6th-11th & 13th
  Floor Edge of Slab Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9012

  	
   

  	
  12th Floor Office/Data
  Center Edge of Slab Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9014

  	
   

  	
  14th Floor Cafeteria
  Edge of Slab Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9015

  	
   

  	
  15th Floor Conference
  Room Edge of Slab Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9016

  	
   

  	
  16th Floor and Partial
  17th Floor Edge of Slab Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9018

  	
   

  	
  18th Floor Thru 27th
  Floor Edge of Slab Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9028

  	
   

  	
  28th Floor Edge of Slab
  Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9029

  	
   

  	
  29th Floor Mid Low EMR
  Edge of Slab Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9030

  	
   

  	
  30th thru 38th Floor
  Edge of Slab Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9041

  	
   

  	
  41st Thru 50th Floor
  Edge of Slab Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9051

  	
   

  	
  51st Floor &
  Partial 51st Flr. EMR Mezz. & EOS Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-9052

  	
   

  	
  52nd Floor Main Roof
  Edge of Slab Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CONED
  VAULTS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CE-1

  	
   

  	
  Transformer
  Vault Under Sidewalk Plans

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  CE-2

  	
   

  	
  Transformer
  Vault Sections and Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  CE-3

  	
   

  	
  Transformer
  Vault Layout Sections & Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FAÇADE
  MAINTENANCE DRAWINGS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FM-0001

  	
   

  	
  Façade Maintenance
  System Equipment Layout

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  FM-0002

  	
   

  	
  Façade Maintenance
  System Sections and Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  FM-0003

  	
   

  	
  Façade Maintenance
  System Sections and Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  FM-0004

  	
   

  	
  Façade Maintenance
  System Garden Area

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  FM-0005

  	
   

  	
  Façade
  Maintenance System 8th Ave Recess

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  VERTICAL
  TRANSPORTATION DRAWINGS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EL-0001

  	
   

  	
  Elevator
  Plan View

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  

 

6

 

 

	
  EL-0002

  	
   

  	
  Elevator Pit Plans

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  EL-0003

  	
   

  	
  Machine Rooms

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  EL-0004

  	
   

  	
  Elevator Elevations

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LANDSCAPE DRAWINGS

  	
   

  	
   

  	
   

  	
   

  
	
  L-1001

  	
   

  	
  Ground Floor Grading
  and Subsurface Drainage Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  L-1002

  	
   

  	
  Ground Floor Planting
  Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  L-1003

  	
   

  	
  Irrigation Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  L-4001

  	
   

  	
  Ground Floor Planting
  Section

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  L-5001

  	
   

  	
  Drainage Planting
  Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  L-5002

  	
   

  	
  Irrigation Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  SITE SURVEY

  	
   

  	
   

  	
   

  	
   

  
	
  C1

  	
   

  	
  Site Survey

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  C2

  	
   

  	
  Site Survey

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  C3

  	
   

  	
  Site Survey

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  SUPPORT OF EXCAVATION

  	
   

  	
   

  	
   

  	
   

  
	
  SOE-1

  	
   

  	
  Support of Excavation
  Plan

  	
   

  	
  8/29/03 

  	
   

  	
  Addendum #16

  
	
  SOE-2

  	
   

  	
  Support of Excavation
  Section

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SOE-3

  	
   

  	
  Support of Excavation
  Details and Notes

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SOE-4

  	
   

  	
  Support of Excavation
  NYTC Notes

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  D-1

  	
   

  	
  Temporary Berm During
  Demolition Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  D-2

  	
   

  	
  Temporary Berm During
  Demolition Section

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  D-3

  	
   

  	
  Temporary Berm During
  Demolition NYTC Notes

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  STRUCTURAL DRAWINGS

  	
   

  	
   

  	
   

  	
   

  
	
  S-0001

  	
   

  	
  General Notes

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-0002

  	
   

  	
  Paint Location Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-0003

  	
   

  	
  Paint Location Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-0004

  	
   

  	
  Building Deflections
  Under Max Lateral Forces

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-0005

  	
   

  	
  Building Vertical
  Deflections

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-100F-A

  	
   

  	
  Foundation Plan Partial
  A

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-100F-B

  	
   

  	
  Foundation Plan Partial
  B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-100C1-A

  	
   

  	
  Cellar Slab Plan
  Partial A

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-100C1-B

  	
   

  	
  Cellar Slab Plan
  Partial B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-100C1-C

  	
   

  	
  Mechanical Mezzanine
  Framing Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1001-A

  	
   

  	
  Ground Floor Framing
  Plan Partial A

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1001-B

  	
   

  	
  Ground Floor Framing
  Plan Partial B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1002-A

  	
   

  	
  2nd Floor Framing Plan
  Partial A

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1002-B

  	
   

  	
  2nd Floor Framing Plan
  Partial B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1003-A

  	
   

  	
  3rd Floor Framing Plan
  Partial A

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1003-B

  	
   

  	
  3rd Floor Framing Plan
  Partial B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  

 

7

 

	
  S-1004-A

  	
   

  	
  4th Floor Framing Plan
  Partial A

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1004-B

  	
   

  	
  4th Floor Framing Plan
  Partial B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1005-A

  	
   

  	
  5th Floor Framing Plan
  Partial A

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1005-B

  	
   

  	
  5th Floor Framing Plan
  Partial B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1005-C

  	
   

  	
  East Podium Cogen
  Framing Plans

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-1006

  	
   

  	
  6th-11th, & 13th
  Typical Tower Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1012

  	
   

  	
  12th Floor Data Center

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1014

  	
   

  	
  14th Floor Cafeteria
  Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1015

  	
   

  	
  15th Floor Conference
  Room Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1016

  	
   

  	
  16th Floor Framing Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1017

  	
   

  	
  17th Floor EMR Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-101B

  	
   

  	
  18th Floor thru 27th
  Floor Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1028A

  	
   

  	
  28th Floor Mechanical
  Room Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum 412

  
	
  S-1028B

  	
   

  	
  28th Floor Plan Upper
  Level

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-1029

  	
   

  	
  29th Floor Mid Low EMR
  Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1030

  	
   

  	
  30th Thru 39th Floor
  Plan & 40th Floor Partial Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1041

  	
   

  	
  41st Thru 50th Floor
  Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1051A

  	
   

  	
  51st Floor Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1051B

  	
   

  	
  51st Floor Plan Upper
  Level

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-1052

  	
   

  	
  52nd Floor Main Roof
  Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-1053

  	
   

  	
  53rd Floor Bulkhead
  Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-1054

  	
   

  	
  54th Floor Roof Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-2000

  	
   

  	
  Splice Table

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-2001

  	
   

  	
  Typical Footing and
  Rock Anchor Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-2002

  	
   

  	
  Typical Wall and Grade
  Beam Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-2003

  	
   

  	
  Typical Slab on Grade
  Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-2004

  	
   

  	
  Column Encasement
  Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-2005

  	
   

  	
  Foundation Elevations 1

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-2008

  	
   

  	
  Foundation Elevations 2

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-2008

  	
   

  	
  Typical Elv. Pit
  Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-2009

  	
   

  	
  Foundation Sections and
  Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-2010

  	
   

  	
  Foundation and Ground
  Floor Sections and Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-2011

  	
   

  	
  Foundation and Ground
  Floor Sections and Details 2

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-2012

  	
   

  	
  Foundation and Ground
  Floor Sections and Details 3

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-2013

  	
   

  	
  Ground Floor Sections
  and Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-2101

  	
   

  	
  Con Edison Vault Part
  Plans and Sections

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-2102

  	
   

  	
  Con Edison Vault
  Removable Precast Roof Slab

  	
   

  	
  .4/1/03

  	
   

  	
  96% GMP

  
	
  S-2200

  	
   

  	
  TA Notes

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-2201

  	
   

  	
  Subway & Building
  Foundation Sections

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-2400

  	
   

  	
  Typical Masonry Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-3000

  	
   

  	
  Erection Guidelines

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-3001

  	
   

  	
  Typical Slab on Metal
  Deck Details

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  S-3002

  	
   

  	
  Typical Steel Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-3003

  	
   

  	
  Typical Steel Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-3005

  	
   

  	
  Intermediate Rail
  Support Part Plans and Elev. Div. Beams

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  S-3101

  	
   

  	
  General Podium Sections
  and Details

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  S-3102

  	
   

  	
  General Podium Sections
  and Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
											

 

 

8

 

 

	
  S-3104

  	
   

  	
  General Podium Sections
  and Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-3110

  	
   

  	
  Stairs A, A1 - B, B1
  Cellar - 2nd Floor

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-3111

  	
   

  	
  Stairs A, A1 - B, B1
  Details Cellar - 2nd Floor

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-3112

  	
   

  	
  Stairs A1 and B1
  Framing Plans

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  S-3120

  	
   

  	
  Convenience Stair Part
  Plan and Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-3130

  	
   

  	
  Garden Sections and
  Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-3201

  	
   

  	
  General Tower Sections
  and Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-3202

  	
   

  	
  Sections and Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-3203

  	
   

  	
  Sections and Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-3204

  	
   

  	
  Ground Floor Sections
  and Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-3205

  	
   

  	
  Sections and Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-3220

  	
   

  	
  Erection Truss Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-3221

  	
   

  	
  Erection Truss Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-4001

  	
   

  	
  Interior Podium Column
  Schedule

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-4002

  	
   

  	
  Interior Tower Column
  Schedule

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-4002 ALT 20

  	
   

  	
  Interior Tower Column
  Schedule

  	
   

  	
  7/17/03

  	
   

  	
  Addendum #13

  
	
  S-4003

  	
   

  	
  Interior Column and
  Base Plate Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-4004

  	
   

  	
  Interior Column Splice
  Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-4005

  	
   

  	
  Interior Column Splice
  Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-5000

  	
   

  	
  Exterior Steel General
  Notes

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-5001

  	
   

  	
  Exterior Podium Column
  Schedule

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-5002

  	
   

  	
  Exterior Tower Column
  Schedule and Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-5002 ALT 20

  	
   

  	
  Exterior Tower Column
  Schedule and Details

  	
   

  	
  7/17/03

  	
   

  	
  Addendum #13

  
	
  S-5003

  	
   

  	
  Exterior Column Splice
  Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-5010

  	
   

  	
  Part Plan at Southwest
  Corner

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-5011

  	
   

  	
  Cantilever Beam
  Elevation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-5012

  	
   

  	
  Wing Beam Elevations

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-5013

  	
   

  	
  “X” Brace Elevations
  and Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-5014

  	
   

  	
  Podium Wing Beam
  Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-5015

  	
   

  	
  Steel Beam Sections and
  Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-5016

  	
   

  	
  Exposed Steel Beam
  Details

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  S-5020

  	
   

  	
  Exposed Outrigger
  Connection Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-5021

  	
   

  	
  Exposed Outrigger
  Connection Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-5101

  	
   

  	
  West Canopy Framing
  Sections and Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-5102

  	
   

  	
  North/South Canopy
  Framing Sections and Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-5140

  	
   

  	
  8th Avenue Skirt
  Sections and Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-5240

  	
   

  	
  75'-0" Roof Garden
  Screen Elevation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-5241

  	
   

  	
  55'-0" Roof Garden
  Screen Elevation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-5242

  	
   

  	
  27'-6" Roof Garden
  Screen Elevation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-5243

  	
   

  	
  Roof Garden Screen
  Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-5244

  	
   

  	
  75" Roof Garden
  Screen Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-5245

  	
   

  	
  55" Roof Garden
  Screen Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-6000

  	
   

  	
  Typical Bracing
  Connection Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-6001

  	
   

  	
  East-West Braced Frame
  Elevations On Grid 3

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-6001 ALT 20

  	
   

  	
  East-West Braced Frame
  Elevations On Grid 3

  	
   

  	
  7/17/03

  	
   

  	
  Addendum #13

  
	
  S-6002

  	
   

  	
  East-West Braced Frame
  Elevations On Grid 4

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-6002 ALT 20

  	
   

  	
  East-West Braced Frame Elevations
  On Grid 4

  	
   

  	
  7/17/03

  	
   

  	
  Addendum #13

  

 

9

 

	
  S-6003

  	
   

  	
  East-West Braced Frame Elevations On Grid 6

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-6003 ALT 20

  	
   

  	
  East-West Braced Frame Elevations On Grid 6

  	
   

  	
  7/17/03

  	
   

  	
  Addendum #13

  
	
  S-6004

  	
   

  	
  East-West Braced Frame
  Elevations On Grid 2 & 7

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-6004 ALT 20

  	
   

  	
  East-West Braced Frame
  Elevations On Grid 2 & 7

  	
   

  	
  7/17/03

  	
   

  	
  Addendum #13

  
	
  S-6005

  	
   

  	
  North-South Braced
  Frame Elevations On Grid B

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-6005 ALT 20

  	
   

  	
  North-South Braced
  Frame Elevations On Grid B

  	
   

  	
  7/17/03

  	
   

  	
  Addendum #13

  
	
  S-6006

  	
   

  	
  North-South Braced
  Frame Elevations On Grid C.2

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-6006 ALT 20

  	
   

  	
  North-South Braced
  Frame Elevations On Grid C.2

  	
   

  	
  7/17/03

  	
   

  	
  Addendum #13

  
	
  S-6007

  	
   

  	
  North-South Braced
  Frame Elevations On Grid D

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-6007 ALT 20

  	
   

  	
  North-South Braced
  Frame Elevations On Grid D

  	
   

  	
  7/17/03

  	
   

  	
  Addendum #13

  
	
  S-6008

  	
   

  	
  Braced Frame Details at
  Floor 51

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-6009

  	
   

  	
  Outrigger Elevations On
  Grids 5, A and E

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-6009 ALT 20

  	
   

  	
  Outrigger Elevations On
  Grids 5, A and E

  	
   

  	
  7/17/03

  	
   

  	
  Addendum #13

  
	
  S-6010

  	
   

  	
  Braced Frame Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-6011

  	
   

  	
  Braced Frame Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-6012

  	
   

  	
  Braced Frame Details

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  S-6013

  	
   

  	
  Braced Frame Details
  Line C.2

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-6020

  	
   

  	
  Braced Frame - Line B
  Connection Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-6021

  	
   

  	
  Braced Frame - Line C
  Connection Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-6022

  	
   

  	
  Braced Frame Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-6023

  	
   

  	
  Outrigger Connection
  Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-6024

  	
   

  	
  Braced Frame Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-6026

  	
   

  	
  Interior Outrigger
  Connection Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  S-7010

  	
   

  	
  Mast Framing Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-7011

  	
   

  	
  Mast Framing Details

  	
   

  	
  4/1803

  	
   

  	
  Addendum #7

  
	
  S-7012

  	
   

  	
  Mast Elevation

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  S-7013

  	
   

  	
  Mast Details

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  SUBWAY ENTRANCE

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title
  Sheet

  	
   

  	
  8/2903

  	
   

  	
  Addendum #16

  
	
  G-1

  	
   

  	
  General Notes

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  G-2

  	
   

  	
  Insurance Clauses and
  Abbreviations

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  A-1

  	
   

  	
  Proposed Stair Plan
  & Reflected Ceiling Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-2

  	
   

  	
  Proposed Stair
  Elevations - 1

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-3

  	
   

  	
  Proposed Stair
  Elevations - 2 & Signage

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-4

  	
   

  	
  Architectural Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  A-5

  	
   

  	
  Architectural Details -
  2

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  C-1

  	
   

  	
  Demolition Plans

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  C-2

  	
   

  	
  Demolition Sections

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  C-2A

  	
   

  	
  Excavation and Bracing
  - Plan and Sections

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  C-3

  	
   

  	
  Proposed Street /
  Mezzanine Plans

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  C-4

  	
   

  	
  Proposed Section

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  C-5

  	
   

  	
  Proposed Sections - 2

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  C-6

  	
   

  	
  Miscellaneous Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  D-1

  	
   

  	
  Station Drainage

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  U-1

  	
   

  	
  Existing / Proposed
  Utility Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  U-2

  	
   

  	
  Proposed Sewer Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  

 

10

 

	
  E-1

  	
   

  	
  Proposed
  Lighting Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-2

  	
   

  	
  One-Line
  Diagram for Rolling Grille Controls and Panel Schedules

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECURITY

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SE-LEG

  	
   

  	
  Security
  Device Legend and Drawing List

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-DET-A

  	
   

  	
  Security
  Device Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-DET-B

  	
   

  	
  Security
  Device Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-10C1-A

  	
   

  	
  Cellar
  Floor Security Device Plan (Partial A)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-10C1-B

  	
   

  	
  Cellar
  Floor Security Device Plan (Partial B)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1001-A

  	
   

  	
  Ground
  Floor Security Device Plan (Partial A)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1001-B

  	
   

  	
  Ground
  Floor Security Device Plan (Partial B)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1002-A

  	
   

  	
  Second
  Floor Security Device Plan (Partial A)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1002-B

  	
   

  	
  Second
  Floor Security Device Plan (Partial B)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1003-A

  	
   

  	
  Third
  Floor Security Device Plan (Partial A)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #18

  
	
  SE-1003-B

  	
   

  	
  Third
  Floor Security Device Plan (Partial B)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1004-A

  	
   

  	
  Fourth
  Floor Security Device Plan (Partial A)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1004-B

  	
   

  	
  Fourth
  Floor Security Device Plan (Partial B)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1005-A

  	
   

  	
  Fifth
  Floor Security Device Plan (Partial A)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1005-B

  	
   

  	
  Fifth
  Floor Security Device Plan (Partial B)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1005-C

  	
   

  	
  East
  Podium Roof Security Device Plan (Partial)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1006

  	
   

  	
  6th
  - 7th Floor Security Device Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1008

  	
   

  	
  8th
  - 11th, 13th Floor Security Device Plan (Typical Low Rise)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1012

  	
   

  	
  12th
  Floor Security Device Plan (Office/Data Center)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1014

  	
   

  	
  14th
  Floor Cafeteria Security Device Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1015

  	
   

  	
  15th
  Floor Conference Room Security Device Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1016

  	
   

  	
  16th
  Floor EMR & 17th Floor Partial Security Device Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1018

  	
   

  	
  18th
  - 27th Floor Security Device Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1028

  	
   

  	
  28th
  Floor Mechanical Room Security Device Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1029

  	
   

  	
  29th
  Floor Security Device Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1030

  	
   

  	
  30th
  - 40th Floor Security Device Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1041

  	
   

  	
  41st
  - 50th Floor Security Device Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1051

  	
   

  	
  51st
  Floor Security Device Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  SE-1052

  	
   

  	
  52nd
  Floor Main Roof Security Device Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HVAC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  M-0000

  	
   

  	
  HVAC
  Drawing List

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-0001

  	
   

  	
  HVAC
  Symbols and Abbreviations

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M10C1-A-SUB

  	
   

  	
  Sub-Cellar
  Floor Plan Partial A

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M10C1-B-SUB

  	
   

  	
  Sub-Cellar
  Floor Plan Partial B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  M-10C1-A

  	
   

  	
  Cellar
  Floor Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-10C1-B

  	
   

  	
  Cellar
  Floor Plan Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-10C1-C

  	
   

  	
  Cellar
  Floor Plan Mezzanine

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  M-1001-A

  	
   

  	
  Ground
  Floor Plan Partial A

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-1001-B

  	
   

  	
  Ground
  Floor Plan Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  

 

11

 

	
  M-1002-A

  	
   

  	
  2nd Floor Plan Partial
  A

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-1002-B

  	
   

  	
  2nd Floor Plan Partial
  B

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-1003-A

  	
   

  	
  3rd Floor Plan Partial
  A

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-1003-B

  	
   

  	
  3rd Floor Plan Partial
  B

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-1004-A

  	
   

  	
  4th Floor Plan Partial
  A

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-1004-B

  	
   

  	
  4th Floor Plan Partial
  B

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-1005-A

  	
   

  	
  5th Floor Plan Partial
  A

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-1005-B

  	
   

  	
  5th Floor Plan Partial
  B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-1005M-B

  	
   

  	
  5th Floor Mezzanine
  Plan

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-1006

  	
   

  	
  6th and 7th Floor Plan

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-1008

  	
   

  	
  8th - 11th & 13th
  Floor Plan

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-1012

  	
   

  	
  12th Floor Plan -
  Office/Data Center

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-1014

  	
   

  	
  14th Floor Cafeteria
  Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-1015

  	
   

  	
  15th Floor Conference
  Room Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-1016

  	
   

  	
  16th
  Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-1017

  	
   

  	
  17th Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-1018

  	
   

  	
  18th - 27th Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-1028

  	
   

  	
  28th Floor Mechanical
  Room Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-1029

  	
   

  	
  29th Floor Mid Low EMR
  Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-1030

  	
   

  	
  30th - 38th Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-1039

  	
   

  	
  39th Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-1040

  	
   

  	
  40th Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-1041

  	
   

  	
  41st - 50th Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-1051

  	
   

  	
  51st Floor MER Plan
  (Lower)

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-1051M

  	
   

  	
  51st Floor MER Plan
  (Upper)

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-1052

  	
   

  	
  52nd Floor Main Roof
  Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-1053

  	
   

  	
  Roof Bulkhead Level

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-1054

  	
   

  	
  Roof EMR Level

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-3000

  	
   

  	
  HVAC Building Sections
  No. 1

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-3001

  	
   

  	
  HVAC
  Building Sections No. 2

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-3002

  	
   

  	
  HVAC
  Building Sections No. 3

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-3003

  	
   

  	
  HVAC
  Building Sections No. 4

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-3004

  	
   

  	
  HVAC
  Building Sections No. 5

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-3005

  	
   

  	
  HVAC
  Building Sections No. 6

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-3006

  	
   

  	
  HVAC
  Building Sections No. 7

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-3007

  	
   

  	
  HVAC
  Building Sections No. 8

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-4000

  	
   

  	
  Cellar Floor Part Plan
  No. 1

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-4001

  	
   

  	
  Cellar Floor Part Plan
  No. 2

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-4002

  	
   

  	
  Cellar Floor Part Plan
  No. 3

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  M-4003

  	
   

  	
  Cellar Floor Part Plan
  No. 4

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-4004

  	
   

  	
  Cellar Floor Part Plan
  No. 5

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  M-4005

  	
   

  	
  Cellar Floor Part Plan
  No. 6

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-4006

  	
   

  	
  Cellar Floor Part Plan
  Mezzanine

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  M-4007

  	
   

  	
  5th Floor Part Plan No.
  1

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-4008

  	
   

  	
  5th Floor Part Plan No.
  2

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-5000

  	
   

  	
  HVAC Water Riser
  Diagram No. 1

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-5001

  	
   

  	
  HVAC Water Riser
  Diagram No. 2

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  

 

12

 

	
  M-5002

  	
   

  	
  HVAC
  Water Riser Diagram No. 3

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-5003

  	
   

  	
  HVAC
  Steam and Hot Water Riser Diagram No. 1

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-5004

  	
   

  	
  HVAC
  Steam and Hot Water Riser Diagram No. 2

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-5005

  	
   

  	
  HVAC
  Steam and Hot Water Riser Diagram No. 3

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-5006

  	
   

  	
  HVAC
  Air Riser Diagram No. 1

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  M-5007

  	
   

  	
  HVAC
  Air Riser Diagram No. 2

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-5008

  	
   

  	
  HVAC
  Air Riser Diagram No. 3

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-5009

  	
   

  	
  HVAC
  Air Riser Diagram No. 4

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-5010

  	
   

  	
  HVAC
  Cogen Flow Diagram

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-5011

  	
   

  	
  HVAC
  Fuel Oil Floor Diagram

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-6000

  	
   

  	
  HVAC
  Schedules Sheet No. 1.

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  M-6001

  	
   

  	
  HVAC
  Schedules Sheet No. 2

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  M-6002

  	
   

  	
  HVAC
  Schedules Sheet No. 3

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  M-6003

  	
   

  	
  HVAC
  Schedules Sheet No. 4

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  M-6004

  	
   

  	
  HVAC
  Schedules Sheet No. 5

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  M-7000

  	
   

  	
  HVAC
  Details Sheet No. 1

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-7001

  	
   

  	
  HVAC
  Details Sheet No. 2

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-7002

  	
   

  	
  HVAC
  Details Sheet No. 3

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-7003

  	
   

  	
  HVAC
  Details Sheet No. 4

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-7004

  	
   

  	
  HVAC
  Details Sheet No. 5

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-7005

  	
   

  	
  HVAC
  Details Sheet No. 6

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  M-7006

  	
   

  	
  HVAC
  Details Sheet No. 7

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-7007

  	
   

  	
  HVAC
  Details Sheet No. 8

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-7007
  ALT-B1

  	
   

  	
  HVAC
  Details Sheet No. 8

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  M-7008

  	
   

  	
  HVAC
  Details Sheet No. 9

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-8000

  	
   

  	
  HVAC
  Control Diagram No. 1

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-8001

  	
   

  	
  HVAC
  Control Diagram No. 2

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-8002

  	
   

  	
  HVAC
  Control Diagram No. 3

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-8003

  	
   

  	
  HVAC
  Control Diagram No. 4

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-8004

  	
   

  	
  HVAC
  Control Diagram No. 5

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  M-8005

  	
   

  	
  HVAC
  Control Diagram No. 6

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-8006

  	
   

  	
  HVAC
  Control Diagram No. 7

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-8007

  	
   

  	
  HVAC
  Control Diagram No. 8

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  M-8008

  	
   

  	
  HVAC
  Control Diagram No. 9

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-8009

  	
   

  	
  HVAC
  Control Diagram No. 10

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-8010

  	
   

  	
  HVAC
  Control Diagram No. 11

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-8011

  	
   

  	
  HVAC
  Control Diagram No. 12

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  M-8012

  	
   

  	
  HVAC
  Control Diagram No. 13

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ELECTRICAL

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  E-0000

  	
   

  	
  Electrical
  Drawing List

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-0001

  	
   

  	
  Symbol
  List & Abbreviations

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-10C1U-A

  	
   

  	
  Cellar
  Floor Plan Partial A - Underground

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  E-10C1U-B

  	
   

  	
  Cellar
  Floor Plan Partial B - Underground

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  E-100C1-A

  	
   

  	
  Cellar
  Floor Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  

 

13

 

	
  E-100C1-B

  	
   

  	
  Cellar Floor Plan
  Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1001-A

  	
   

  	
  Ground Floor Plan
  Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1001-B

  	
   

  	
  Ground Floor Plan
  Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1002-A

  	
   

  	
  2nd Floor Plan Partial
  A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1002-B

  	
   

  	
  2nd Floor Plan Partial
  B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  E-1003-A

  	
   

  	
  3rd Floor Plan Partial
  A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1003-B

  	
   

  	
  3rd Floor Plan Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1004-A

  	
   

  	
  4th Floor Plan Partial
  A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1004-B

  	
   

  	
  4th Floor Plan Partial
  B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1005-A

  	
   

  	
  5th Floor Plan Partial
  A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1005-B

  	
   

  	
  5th Floor Plan Partial
  B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1005-C

  	
   

  	
  5th Floor Plan C Roof

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1006

  	
   

  	
  6th & 7th Floor
  Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1008

  	
   

  	
  8th - 11th & 13th
  Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1012

  	
   

  	
  12th Floor Plan Data
  Center

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1014

  	
   

  	
  14th Floor Cafeteria
  Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1015

  	
   

  	
  15th Floor Conf. Rm.
  Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1016

  	
   

  	
  16th Floor Plan - 17th
  Floor Part Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1018

  	
   

  	
  18th thru 27th Floor
  Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1028

  	
   

  	
  28th Floor Mech. Rm. Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1029

  	
   

  	
  29th Floor Mid Low EMR
  Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1030

  	
   

  	
  30th thru 40th Floor
  Plan & Partial Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1041

  	
   

  	
  41st thru 50th Floor
  Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1051

  	
   

  	
  51st Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-1052

  	
   

  	
  52nd Floor Main Roof

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  E-1053

  	
   

  	
  Bulkhead Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  E-1054

  	
   

  	
  1st and 2nd Platform
  Plans

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  E-4000

  	
   

  	
  Electric Closets Part
  Plans

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  E-5000

  	
   

  	
  One Line Riser Diagram
  No. 1

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-5001

  	
   

  	
  One Line Riser Diagram
  No. 2

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  E-5002

  	
   

  	
  One Line Riser Diagram
  No. 3

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  E-5003

  	
   

  	
  Stair A & B Riser
  Diagram

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-5004

  	
   

  	
  Switchboard One Line
  Diagram

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-5005

  	
   

  	
  Distribution Board One
  Line Diagram

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-5006

  	
   

  	
  Cogen Distribution

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-5007

  	
   

  	
  Alternate Emergency
  Switchboard One Line Diagram

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-6000

  	
   

  	
  Electrical Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-6001

  	
   

  	
  Electrical Conduit
  Riser Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  E-7000

  	
   

  	
  Panel Schedules

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-7001

  	
   

  	
  Miscellaneous Schedules

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-7002

  	
   

  	
  Miscellaneous Schedules

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-7003

  	
   

  	
  Miscellaneous Schedules

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-7004

  	
   

  	
  Switchboard Schedules

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  E-7301

  	
   

  	
  Part Floor Plan and
  Site Plan

  	
   

  	
  8/12/03

  	
   

  	
  Addendum #15

  
	
  E-7302

  	
   

  	
  One Line Diagram,
  Details and Panel Schedules

  	
   

  	
  8/12/03

  	
   

  	
  Addendum #15

  

 

14

 

	
  PLUMBING

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  P-0000

  	
   

  	
  Plumbing
  Drawing List

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-0001

  	
   

  	
  Plumbing
  Symbol List

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-10CU-A

  	
   

  	
  Underground
  Floor Plan A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-10CU-B

  	
   

  	
  Underground
  Floor Plan B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-10C1-A

  	
   

  	
  Cellar
  Floor Plan A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-10C1-B

  	
   

  	
  Cellar
  Floor Plan B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-10C1-C

  	
   

  	
  Cellar
  Mezzanine Floor Plan Partial C

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-1001A

  	
   

  	
  1st
  Floor Plan A

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1001B

  	
   

  	
  1st
  Floor Plan B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-1002A

  	
   

  	
  2nd
  Floor Plan A

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1002B

  	
   

  	
  2nd
  Floor Plan B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-1003A

  	
   

  	
  3rd
  Floor Plan A

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1003B

  	
   

  	
  3rd
  Floor Plan B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-1004A

  	
   

  	
  4th
  Floor Plan A

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1004B

  	
   

  	
  4th
  Floor Plan B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-1005A

  	
   

  	
  5th
  Floor Plan A

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1005B

  	
   

  	
  5th
  Floor Plan B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-1006

  	
   

  	
  6th
  and 7th Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1008

  	
   

  	
  8th
  - 10th Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1011

  	
   

  	
  11th
  Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1012

  	
   

  	
  12th
  Floor Plan/Data Center

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1013

  	
   

  	
  13th
  Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1014

  	
   

  	
  14th
  Floor Cafeteria Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1015

  	
   

  	
  15th
  Floor Conf. Room Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1016

  	
   

  	
  16th
  Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1017

  	
   

  	
  17th
  Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1018

  	
   

  	
  18th
  thru 27th Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1028

  	
   

  	
  28th
  Floor MER Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1029

  	
   

  	
  29th
  Floor EMR Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1030

  	
   

  	
  30th
  thru 38th Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1039

  	
   

  	
  39th
  Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1040

  	
   

  	
  40th
  Floor

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1041

  	
   

  	
  41st
  thru 50th Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1051

  	
   

  	
  51st
  Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1051M

  	
   

  	
  51st
  Floor Plan Mezzanine

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1052

  	
   

  	
  52nd
  Floor - Roof Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1053

  	
   

  	
  53rd
  Floor Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1054

  	
   

  	
  Roof
  EMR Level

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-1055

  	
   

  	
  Façade
  Maintenance Platform Plan

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-4000

  	
   

  	
  Plumbing
  Cellar Part Plans & Details

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-4001

  	
   

  	
  Plumbing
  Part Plans

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-4002

  	
   

  	
  Plumbing
  Part Plans

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-5000

  	
   

  	
  Plumbing
  Sanitary Riser Diagram #1

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-5000A

  	
   

  	
  Plumbing
  Sanitary Riser Diagram #2

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-5001

  	
   

  	
  Plumbing
  Sanitary Riser Diagram #2

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  

 

15

 

	
  P-5002

  	
   

  	
  Plumbing Sanitary Riser
  Diagram #3

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-5003

  	
   

  	
  Plumbing Storm Riser
  Diagram #1

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-5004

  	
   

  	
  Plumbing Storm Riser
  Diagram #2

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-5005

  	
   

  	
  Plumbing Storm Riser
  Diagram #3

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  P-5006

  	
   

  	
  Plumbing Gas Riser
  Diagram #1

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-5007

  	
   

  	
  Plumbing Gas Riser
  Diagram #2

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  P-5008

  	
   

  	
  Plumbing Gas Riser
  Diagram #3

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  P-5009

  	
   

  	
  Plumbing Domestic Water
  Riser Diagram #1

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  P-5010

  	
   

  	
  Plumbing Domestic Water
  Riser Diagram #2

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-5011

  	
   

  	
  Plumbing Domestic Water
  Riser Diagram #3

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  P-6000

  	
   

  	
  Plumbing Details #1

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  P-6001

  	
   

  	
  Plumbing Details and
  Schedules Sheet No. 2

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  P-6002

  	
   

  	
  Plumbing Details #3

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FIRE
  PROTECTION

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  F-0000

  	
   

  	
  Fire
  Protection Drawing List

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  F-0001

  	
   

  	
  Fire
  Protection Symbol List

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-10C1-A

  	
   

  	
  Cellar
  Floor Plan A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  F-10C1-B

  	
   

  	
  Cellar
  Floor Plan B

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  F-1001A

  	
   

  	
  1st
  Floor Plan A

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1001B

  	
   

  	
  1st
  Floor Plan B

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1002A

  	
   

  	
  2nd
  Floor Plan A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  F-1002B

  	
   

  	
  2nd
  Floor Plan B

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1003A

  	
   

  	
  3rd
  Floor Plan A

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1003B

  	
   

  	
  3rd
  Floor Plan B

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1004A

  	
   

  	
  4th
  Floor Plan A

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1004B

  	
   

  	
  4th
  Floor Plan B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  F-1005A

  	
   

  	
  5th
  Floor Plan A

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1005B

  	
   

  	
  5th
  Floor Plan B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  F-1006

  	
   

  	
  6th
  and 7th Floor Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1008

  	
   

  	
  8th - 11th, and 13th
  Floor Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1012

  	
   

  	
  12th Floor Plan/Data
  Center

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1014

  	
   

  	
  14th Floor Cafeteria
  Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1015

  	
   

  	
  15th Floor Conf. Room
  Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  F-1016

  	
   

  	
  16th Floor Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1017

  	
   

  	
  17th
  Floor Plan

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  F-1018

  	
   

  	
  18TH
  THRU 27TH Floor Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1028

  	
   

  	
  28th
  Floor MER Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1029

  	
   

  	
  29th
  Floor EMR Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1030

  	
   

  	
  30th
  thru 38th Floor Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1039

  	
   

  	
  39th
  Floor Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1040

  	
   

  	
  40th
  Floor Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1041

  	
   

  	
  41st
  thru 50th Floor Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1051

  	
   

  	
  51st
  Floor Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1051M

  	
   

  	
  51st Floor Plan
  Mezzanine

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  

 

16

 

	
  F-1052

  	
   

  	
  52nd Floor - Roof Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1053

  	
   

  	
  Roof
  Bulkhead Level

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-1054

  	
   

  	
  1st
  and 2nd Platform Plans

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  F-4000

  	
   

  	
  Fire
  Protection Part Plans

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  F-5000

  	
   

  	
  Fire
  Protection Riser Diagram #1

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  F-5001

  	
   

  	
  Fire
  Protection Riser Diagram #2

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  F-5002

  	
   

  	
  Fire
  Protection Riser Diagram #3

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  F-6000

  	
   

  	
  Fire
  Protection Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FIRE
  ALARM

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EF-0000

  	
   

  	
  Fire
  Alarm/Security Drawing List

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-0001

  	
   

  	
  Fire
  Alarm/Security Symbol List & Abbreviations

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-10C1-A

  	
   

  	
  Fire
  Alarm/Security Cellar Floor Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-10C1-B

  	
   

  	
  Fire
  Alarm/Security Cellar Floor Plan Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1001-A

  	
   

  	
  Fire
  Alarm/Security Ground Floor Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1001-B

  	
   

  	
  Fire
  Alarm/Security Ground Floor Plan Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1002-A

  	
   

  	
  Fire
  Alarm/Security 2nd Floor Plan Partial A

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  EF-1002-B

  	
   

  	
  Fire
  Alarm/Security 2nd Floor Plan Partial B

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  EF-1003-A

  	
   

  	
  Fire
  Alarm/Security 3rd Floor Plan Partial A

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  EF-1003-B

  	
   

  	
  Fire
  Alarm/Security 3rd Floor Plan Partial B

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  EF-1004-A

  	
   

  	
  Fire
  Alarm/Security 4th Floor Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1004-B

  	
   

  	
  Fire
  Alarm/Security 4th Floor Plan Partial B

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1005-A

  	
   

  	
  Fire
  Alarm/Security 5th Floor Plan Partial A

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1005-B

  	
   

  	
  Fire
  Alarm/Security 5th Floor Plan Partial B

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  EF-1005-C

  	
   

  	
  Fire
  Alarm/Security 5th Floor Plan C Roof

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  EF-1006

  	
   

  	
  Fire
  Alarm/Security 6th & 7th Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1008

  	
   

  	
  Fire
  Alarm/Security 8th - 11th & 13th Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1012

  	
   

  	
  Fire
  Alarm/Security 12th Floor Plan Data Center

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1014

  	
   

  	
  Fire
  Alarm/Security 14th Floor Cafeteria Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1015

  	
   

  	
  Fire
  Alarm/Security 15th Floor Conf. Rm. Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1016

  	
   

  	
  Fire
  Alarm/Security 16th Floor Plan - 17th Floor Part Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1018

  	
   

  	
  Fire
  Alarm/Security 18th Thru 27th Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1028

  	
   

  	
  Fire
  Alarm/Security 28th Floor Mech. Rm. Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1029

  	
   

  	
  Fire
  Alarm/Security 29th Floor Mid Low EMR Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1030

  	
   

  	
  Fire
  Alarm/Security 30th thru 40th Floor Plan & Partial Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1041

  	
   

  	
  Fire
  Alarm/Security 41st thru 50th Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1051

  	
   

  	
  Fire
  Alarm/Security 51st Floor Plan

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1052

  	
   

  	
  Fire
  Alarm/Security 52nd Floor Main Roof

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-1053

  	
   

  	
  Fire
  Alarm Bulkhead Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  EF-1054

  	
   

  	
  Fire
  Alarm 1st and 2nd Platform Plans

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  EF-5000

  	
   

  	
  Fire
  Alarm Riser Diagram No. 1

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  EF-5001

  	
   

  	
  Fire
  Alarm Riser Diagram No. 2

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  EF-5002

  	
   

  	
  Fire
  Alarm Riser Diagram No. 3

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  EF-7000

  	
   

  	
  Fire
  Alarm Details and Schedules

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  EF-7001

  	
   

  	
  Fire
  Alarm Details and Schedules

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  EF-7002

  	
   

  	
  Security
  Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  

 

17

 

	
  TELECOM

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  T-0000

  	
   

  	
  Telecommunications
  Drawings List

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  T-0001

  	
   

  	
  Telecommunications
  Legend & Symbols List

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  T-100C1-A

  	
   

  	
  Telecommunications
  Cellar Level Plan - Partial A

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  T-100C1-B

  	
   

  	
  Telecommunications
  Cellar Level Plan - Partial B

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  T-1001

  	
   

  	
  Telecommunications
  Ground Floor Plan

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  T-1002-A

  	
   

  	
  Telecommunications 2nd
  Floor Plan - Partial A

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  T-1002-B

  	
   

  	
  Telecommunications 2nd
  Floor Plan - Partial B

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  T-1004-A

  	
   

  	
  Telecommunications 3rd
  & 4th Floor Plan - Partial A (Typical Podium)

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  T-1004-B

  	
   

  	
  Telecommunications 3rd
  & 4th Floor Plan - Partial B (Typical Podium)

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  T-1005

  	
   

  	
  Telecommunications 5th
  to 7th Floor Plan (Typical NY Times)

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  T-1008

  	
   

  	
  Telecommunications 8th
  to 27th Floor Plan (Typical NY Times)

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  T-1028

  	
   

  	
  Telecommunications 28th
  Floor Plan

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  T-1029

  	
   

  	
  Telecommunications 29th
  to 50th Floor Plan (Typical Tenant)

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  T-1051

  	
   

  	
  Telecommunications 51st
  Floor Plan (Radio Room Level)

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  T-4000

  	
   

  	
  Telecommunications
  Closet Floor Penetration Details

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  T-5000

  	
   

  	
  Telecommunications
  Pathway Riser Diagram (NY Times Only)

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  T-5001

  	
   

  	
  Telecommunications
  Pathway Riser Diagram (FCRC Only)

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  T-5002

  	
   

  	
  Telecommunications
  Grounding Riser Diagram (NY Times Only)

  (Dwg Issued for Coordination Only)

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  T-5003

  	
   

  	
  Telecommunications
  Grounding Riser Diagram (FCRC Only)

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARCHITECTURAL
  SKETCHES

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ITB-SK-001

  	
   

  	
  Paint Location Plans

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-002

  	
   

  	
  Intumescent Details of
  Beam Penetration at Column 2:B

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-003

  	
   

  	
  Steel
  Painting/lntumescent Diagram

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  STRUCTURAL
  SKETCHES

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ITB-SK-S-002

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-003

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-004

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-005

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-006

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-007

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-008

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-009

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-010

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-011

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-012

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-013

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-014

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-015

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  ITB-SK-S-016

  	
   

  	
  Structural Sketch

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  

 

18

 

	
  SPECIFICATIONS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION
  1 - GENERAL REQUIREMENTS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  01020

  	
   

  	
  Allowances

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  01040

  	
   

  	
  Coordination

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01100

  	
   

  	
  Alternates

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  01202

  	
   

  	
  Progress Meetings

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01300

  	
   

  	
  Submittals

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01320

  	
   

  	
  Constitution Progress
  Documentation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01321

  	
   

  	
  Survey of Existing
  Conditions

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01400

  	
   

  	
  Quality Requirements

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01410

  	
   

  	
  Testing and Inspection

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  01420

  	
   

  	
  References

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01500

  	
   

  	
  Construction Facilities
  and Temporary Controls

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01570

  	
   

  	
  Traffic Regulation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01600

  	
   

  	
  Materials and Equipment

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01630

  	
   

  	
  Mock-Ups

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  01700

  	
   

  	
  Execution Requirements

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01730

  	
   

  	
  Operating and
  Maintenance Data

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01731

  	
   

  	
  Cutting and Patching

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01770

  	
   

  	
  Closeout Procedures

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  01810

  	
   

  	
  Commissioning of
  Mechanical, Electrical, Plumbing and Fire Protection

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 2- SITE WORK

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  02260

  	
   

  	
  Shoring and
  Underpinning

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  02315

  	
   

  	
  Excavation and
  Backfilling

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  02320

  	
   

  	
  Rock Anchors

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  02515

  	
   

  	
  Concrete Walks and
  Curbs

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  02620

  	
   

  	
  Landscape Drainage

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  02740

  	
   

  	
  Bituminous Pavement

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  02900

  	
   

  	
  Planting

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  02950

  	
   

  	
  Irrigation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 3- CONCRETE

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  03100

  	
   

  	
  Concrete Formwork

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  03200

  	
   

  	
  Concrete Reinforcement

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  03300

  	
   

  	
  Cast-In-Place Concrete

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  

 

19

 

	
  03350

  	
   

  	
  Cement Leveling
  Compound

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION
  4 - MASONRY

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  04200

  	
   

  	
  Unit Masonry

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 5 - METALS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  05120

  	
   

  	
  Structural Steel

  	
   

  	
  6/18/03

  	
   

  	
  Addendum #11

  
	
  05121

  	
   

  	
  Architectural
  Structural Steel

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  05150

  	
   

  	
  High Strength Rods

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  05300

  	
   

  	
  Metal Decking

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  05400

  	
   

  	
  Cold Formed Metal
  Framing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  05500

  	
   

  	
  Miscellaneous
  Metals

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  05510

  	
   

  	
  Steel
  Stairs

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  05700

  	
   

  	
  Ornamental
  Metals

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  05800

  	
   

  	
  Expansion
  Joint Cover Assemblies

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION
  6 - WOOD AND PLASTICS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  06100

  	
   

  	
  Carpentry

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  06400

  	
   

  	
  Architectural
  Woodwork

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION
  7 - THERMAL AND MOISTURE PROTECTION

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  07110

  	
   

  	
  Liquid
  Membrane Waterproofing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  07120

  	
   

  	
  Fluid
  Membrane Horizontal Waterproofing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  07130

  	
   

  	
  Sheet
  Membrane Waterproofing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  07140

  	
   

  	
  Split Slab Membrane
  Waterproofing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  07161

  	
   

  	
  Capillary Waterproofing

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  07200

  	
   

  	
  Building Insulation

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  07240

  	
   

  	
  Exterior Insulation
  Finish System

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  07241

  	
   

  	
  Exterior Finish System

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  07250

  	
   

  	
  Sprayed Fire Resistive
  Materials

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  07254

  	
   

  	
  Intumescent
  Fireproofing

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  07255

  	
   

  	
  Intumescent Dry Wrap
  Fireproofing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  07256

  	
   

  	
  Mineral Board
  Fireproofing

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  07270

  	
   

  	
  Firestops and
  Smokeseals

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  07420

  	
   

  	
  Vertical and Horizontal
  Wall Panels

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  07552

  	
   

  	
  Fluid Applied Protected
  Membrane Roofing

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  

 

20

 

	
  07600

  	
   

  	
  Sheet Metal Work

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  07700

  	
   

  	
  Roof Specialties and
  Accessories

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  07900

  	
   

  	
  Joint Sealers

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  07910

  	
   

  	
  Miscellaneous Joint
  Fillers

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION
  8 - DOORS AND WINDOWS 

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  08100

  	
   

  	
  Steel Doors and Frames

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  08120

  	
   

  	
  Impact Doors

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  08130

  	
   

  	
  Sound Control Doors

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  08305

  	
   

  	
  Access Doors

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  08330

  	
   

  	
  Insulated Roll Up Doors

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  08332

  	
   

  	
  Horizontal Coiling Fire
  Shutters

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  08333

  	
   

  	
  Roll Up Counter Fire
  Shutters

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  08334

  	
   

  	
  Roll Up Fire Shutters

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  08411

  	
   

  	
  Aluminum and Steel
  Framed Storefronts

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  08450

  	
   

  	
  Balanced Doors

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  08550

  	
   

  	
  Horizontal Sliding Fire
  Rated Windows

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  08630

  	
   

  	
  Skylights and Canopies

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  08700

  	
   

  	
  Finish Hardware

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  08710

  	
   

  	
  Door Schedule

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  08800

  	
   

  	
  Miscellaneous Glass and
  Glazing

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  08900

  	
   

  	
  Glazed Curtain Wall and
  Ceramic Tube Sunshade Revised

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION
  9 - FINISHES

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  09216

  	
   

  	
  Veneer Plastering

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  09250

  	
   

  	
  Gypsum Drywall

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  09290

  	
   

  	
  Glass Reinforced Gypsum
  Fabrications

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  09310

  	
   

  	
  Tile
  Work

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  09510

  	
   

  	
  Acoustic Panel Ceilings

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  09560

  	
   

  	
  Wood Strip Flooring

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  09660

  	
   

  	
  Resilient
  Tile Flooring

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  09665

  	
   

  	
  Resilient
  Sheet Flooring

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  09681

  	
   

  	
  Carpet
  (Glue Down)

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  09721

  	
   

  	
  Interior Elastomeric
  Waterproof Walking Surface

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  09815

  	
   

  	
  High Performance
  Coatings

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  09900

  	
   

  	
  Painting and Finishing

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  09960

  	
   

  	
  Wallcovering

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  

 

21

 

	
  DIVISION
  10 - SPECIALTIES

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10160

  	
   

  	
  Floor Mounted Toilet
  Partitions

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  10200

  	
   

  	
  Aluminum Louvers

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  10260

  	
   

  	
  Plastic Wall Guards

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  10290

  	
   

  	
  Bird Deterrent System

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  10400

  	
   

  	
  Signage

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  10500

  	
   

  	
  Lockers

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  10522

  	
   

  	
  Fire Extinguishers and
  Cabinets

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  10530

  	
   

  	
  Fabric Awning

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  10605

  	
   

  	
  Wire Mesh Partitions

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  10800

  	
   

  	
  Toilet Accessories

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 11 - EQUIPMENT

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11010

  	
   

  	
  Façade Maintenance
  System

  	
   

  	
  7/31/03

  	
   

  	
  Addendum #14

  
	
  11160

  	
   

  	
  Loading Dock Equipment

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION
  12 - FURNISHINGS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12480

  	
   

  	
  Foot Mats and Frames

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  12700

  	
   

  	
  Security Desks

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 13 - SECURITY
  SYSTEMS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  13700

  	
   

  	
  Security Systems

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 14 - CONVEYING
  SYSTEMS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  14100

  	
   

  	
  General Vertical
  Transportation

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  14200

  	
   

  	
  Electric Traction
  Elevators

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  14270

  	
   

  	
  Elevator Cabs

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  14400

  	
   

  	
  Hydraulic Elevators

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  14420

  	
   

  	
  Wheelchair Lifts

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  14900

  	
   

  	
  Elevator Maintenance

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 15 - MECHANICAL

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FIRE PROTECTION

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

22

 

	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15300

  	
   

  	
  Separation of Work Between Trades

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15301

  	
   

  	
  Fire Protection Special Conditions

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  15302

  	
   

  	
  Scope of Work

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15303

  	
   

  	
  Unit Prices

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15304

  	
   

  	
  Access Doors in General Construction

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15306

  	
   

  	
  Fire Protection Firestopping

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15308

  	
   

  	
  Fire Protection Basic Materials and Methods

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15310

  	
   

  	
  Piping and Fitting Materials

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15311

  	
   

  	
  Hangers, Supports, Anchors and Guides

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15312

  	
   

  	
  Valves

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15316

  	
   

  	
  Wet Pipe Sprinkler Systems

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15317

  	
   

  	
  Dry Pipe Sprinkler Systems

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15320

  	
   

  	
  Standpipe and Hose Systems

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15328

  	
   

  	
  Insulation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15340

  	
   

  	
  Pumps

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15350

  	
   

  	
  Electric Heat Tracing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  PLUMBING

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15400

  	
   

  	
  Separation of Work Between Trades

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15401

  	
   

  	
  Plumbing Special Conditions

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  15402

  	
   

  	
  Scope of Work

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15403

  	
   

  	
  Unit Prices

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15404

  	
   

  	
  Access Doors in General Construction

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15405

  	
   

  	
  Plumbing Firestopping

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15406

  	
   

  	
  Testing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15408

  	
   

  	
  Plumbing Basic Materials and Methods

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15410

  	
   

  	
  Piping and Fitting Materials

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  15411

  	
   

  	
  Hangers, Supports, Anchors and Guides

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15412

  	
   

  	
  Valves

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  15413

  	
   

  	
  Disinfecting of Water Supply System

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15414

  	
   

  	
  Backflow Prevention

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15415

  	
   

  	
  Plumbing Fixtures and Trim

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  15416

  	
   

  	
  Domestic Water Heaters

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  15417

  	
   

  	
  Domestic Water System

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  15419

  	
   

  	
  Sanitary and Storm Drainage Systems

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15421

  	
   

  	
  Tanks

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  15424

  	
   

  	
  Water Meters

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15425

  	
   

  	
  Vibration Isolation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15428

  	
   

  	
  Insulation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15429

  	
   

  	
  Natural Gas System

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  15440

  	
   

  	
  Pumps

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
  15450

  	
   

  	
  Electric Heat Tracing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  

 

23

 

	
  HVAC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15500

  	
   

  	
  Separation of Work Between Trades

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  15501

  	
   

  	
  HVAC Special Conditions

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  15502

  	
   

  	
  Scope of Work

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15503

  	
   

  	
  Unit Prices

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15504

  	
   

  	
  Access Doors in General Construction

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15505

  	
   

  	
  Systems Identification

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15506

  	
   

  	
  Firestopping

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15507

  	
   

  	
  Instruments

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15509

  	
   

  	
  Piping and Accessories

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15512

  	
   

  	
  Hangers, Anchors and Supports

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15513

  	
   

  	
  Valves

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15514

  	
   

  	
  Expansion Compensators

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15515

  	
   

  	
  Pipe Cleaning and Chemical Water Treatment

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15516

  	
   

  	
  Testing, Adjusting and Balancing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15525

  	
   

  	
  Steam Specialties

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15526

  	
   

  	
  Water Specialties

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15530

  	
   

  	
  Sheet Metal

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15531

  	
   

  	
  Dampers

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  15540

  	
   

  	
  Pumps

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  15590

  	
   

  	
  Fuel Handling Systems

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  15680

  	
   

  	
  Refrigeration Machines (Water Cooled)

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  15681

  	
   

  	
  Refrigeration Machines (Air Cooled)

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  15710

  	
   

  	
  Cooling Towers

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  15711

  	
   

  	
  Water Filters and Cleaners

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15755

  	
   

  	
  Heat Exchangers

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15781

  	
   

  	
  Air Cooled Air Conditioning Units

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15783

  	
   

  	
  Computer Room Air Conditioning Units

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  15790

  	
   

  	
  Coils

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15810

  	
   

  	
  Steam Humidifiers

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15830

  	
   

  	
  Space Heating Units

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15831

  	
   

  	
  Fan Coil Units

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15855

  	
   

  	
  Factory Assembled Air Handling Units

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  15860

  	
   

  	
  Fans

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15885

  	
   

  	
  Air Filters and Cleaners

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  15920

  	
   

  	
  Acoustics

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15925

  	
   

  	
  Vibration Isolation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15928

  	
   

  	
  Insulation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15930

  	
   

  	
  Air Terminal Units

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15940

  	
   

  	
  Air Outlets and Inlets

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15945

  	
   

  	
  Electric Motors

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15946

  	
   

  	
  Electric Motor Controllers

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15947

  	
   

  	
  Variable Frequency Controllers

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  15950

  	
   

  	
  Electric Heat Tracing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  

 

24

 

	
  DIVISION 16 - ELECTRICAL

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16000

  	
   

  	
  Separation of Work Between Trades

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16001

  	
   

  	
  Electrical Special Conditions

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16002

  	
   

  	
  Scope of Work

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16003

  	
   

  	
  Unit Prices

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16004

  	
   

  	
  Access Doors in General Construction

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16005

  	
   

  	
  Systems Identification

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16006

  	
   

  	
  Testing, Adjusting and Balancing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16007

  	
   

  	
  Temporary Lighting and Power

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16010

  	
   

  	
  Equipment Connections and Coordination

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16011

  	
   

  	
  Alternative Proposals

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  16030

  	
   

  	
  Vibration Isolation and Seismic Restraints

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16110

  	
   

  	
  Raceways and Boxes

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16115

  	
   

  	
  Bus Duct

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16120

  	
   

  	
  600 Volt Wire and Cable

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16130

  	
   

  	
  Wiring Devices

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16132

  	
   

  	
  Poke-Through Floor Outlets

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16140

  	
   

  	
  Installation of Individual Motor Controllers

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16145

  	
   

  	
  Relays and Remote Control Switches

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16150

  	
   

  	
  Disconnect Switches

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16160

  	
   

  	
  Fuses (600 V and Less)

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16170

  	
   

  	
  Panelboards

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16190

  	
   

  	
  Ceiling, Floor and Wall Electrical Penetration Fire
  Seals

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16210

  	
   

  	
  Engine Generator(s) and Accessories

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  16215

  	
   

  	
  Natural Gas Fire Engine Generator(s) and Accessories

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16220

  	
   

  	
  Automatic Transfer Switches

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16230

  	
   

  	
  Automatic Paralleling/Synchronizing Switchgear

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16290

  	
   

  	
  Automatic Metering System Specification

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16420

  	
   

  	
  Switchboards

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16430

  	
   

  	
  Dry Type Transformers

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16450

  	
   

  	
  Grounding System

  	
   

  	
  5/30/03

  	
   

  	
  Addendum #10

  
	
  16460

  	
   

  	
  Lightning Protection System

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16500

  	
   

  	
  Luminaires & Accessories

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16510

  	
   

  	
  Architectural Lighting

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
  16530

  	
   

  	
  Individual Dimmer Switches

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  16720

  	
   

  	
  Fire Alarm-Life System

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  16751

  	
   

  	
  Telecommunications Pathways

  	
   

  	
  5/2/03

  	
   

  	
  Addendum #9

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 17 - BUILDING MANAGEMENT AND CONTROL SYSTEM

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  17000

  	
   

  	
  Request for Proposal

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  17100

  	
   

  	
  Special Conditions

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  

 

25

 

	
  17101

  	
   

  	
  Unit Prices

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  17102

  	
   

  	
  Identification

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  17103

  	
   

  	
  Testing, Acceptance and Start-Up

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  17104

  	
   

  	
  Central Computer Console Hardware

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  17105

  	
   

  	
  Field Hardware and Materials

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  17106

  	
   

  	
  Signal Transmission

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  17107

  	
   

  	
  Central Computer Console Software

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  17108

  	
   

  	
  Installation

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  17109

  	
   

  	
  Sequence of Controls

  	
   

  	
  8/29/03

  	
   

  	
  Addendum #16

  
	
  17110

  	
   

  	
  Metering and Submetering

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  17111

  	
   

  	
  Chiller Plant Optimization Alternate

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUBWAY STAIR RELOCATION TECHNICAL
  SPECIFICATIONS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 01 - GENERAL

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1A

  	
   

  	
  Brief Description of the Work

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  1B

  	
   

  	
  General Clauses

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  1C

  	
   

  	
  Contractor’s Liability and Insurance

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  1D

  	
   

  	
  Drawings

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  1E

  	
   

  	
  Manner of Prosecution of Work

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  1F

  	
   

  	
  Maintenance and Protection of Traffic and Work Site

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 02 - SITE WORK

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2A

  	
   

  	
  Excavation

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  2B

  	
   

  	
  Controlled, Uncontrolled Fills and Backfills

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  2D

  	
   

  	
  Surface, Subsurface and Overhead Structures

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  2J

  	
   

  	
  Surfaces Restored

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  2L

  	
   

  	
  Asphaltic Concrete Pavement

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  2P

  	
   

  	
  Removals, Relocations and Repairs

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 03 - CONCRETE

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3A

  	
   

  	
  Concrete

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  3B

  	
   

  	
  Concrete Reinforcement

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  3C

  	
   

  	
  Grout

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 04 - MASONRY

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4A

  	
   

  	
  Masonry Mortar

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  4B

  	
   

  	
  Unit Masonry, General

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  
	
  4D

  	
   

  	
  Concrete Masonry Units

  	
   

  	
  4/1/03

  	
   

  	
  98%
  GMP

  

 

26

 

	
  4E

  	
   

  	
  Masonry Accessories

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  4G

  	
   

  	
  Masonry Restoration

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 05 - METALS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5A

  	
   

  	
  Structural Steel

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  5B

  	
   

  	
  Miscellaneous Metals

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  5C

  	
   

  	
  Metal Fabrications

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 06 -WOOD AND PLASTICS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6B

  	
   

  	
  Tight Board Fence

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  6C

  	
   

  	
  Carpentry

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  6F

  	
   

  	
  Wood Barriers

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 07 - THERMAL AND MOISTURE PROTECTION

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7A

  	
   

  	
  Membrane Waterproofing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  7R

  	
   

  	
  Joint Sealers

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 08 - DOORS AND WINDOWS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8G

  	
   

  	
  Railings and Gates

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  8H

  	
   

  	
  Stainless Steel Roll-Up Grilles

  	
   

  	
  7/3/03

  	
   

  	
  Addendum #12

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 09 - FINISHES

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9A

  	
   

  	
  Painting

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  9C

  	
   

  	
  Ceramic Tile

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  9CC

  	
   

  	
  Tile Repair

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  9HH

  	
   

  	
  Granite Floor Tile

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 10 - SPECIALTIES

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10E

  	
   

  	
  Signs

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIVISION 15 - MECHANICAL

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15B

  	
   

  	
  Drainage Work

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  

 

27

 

	
  DIVISION 16 - ELECTRICAL

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16B

  	
   

  	
  Basic Electrical
  Requirements

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16BB

  	
   

  	
  Lighting Fixtures

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16C

  	
   

  	
  Wire and Cable

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16D

  	
   

  	
  Conduit, Boxes and
  Fittings

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
  16K

  	
   

  	
  Testing

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DOCUMENTS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  RWDI Final Report: Cladding
  Wind Loads Study

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MRCE Final Subsurface
  Investigation

  	
   

  	
  4/1/03

  	
   

  	
  98% GMP

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pentagram Base Building
  Graphics Package

  	
   

  	
  8/29/03

  	
   

  	
  Addendum 16

  

 

28

 

EXHIBIT G

Affirmative
Action Requirements

 

 

42nd St.
DEVELOPMENT PROJECT, INC. AND EMPIRE STATE DEVELOPMENT

NON-DISCRIMINATION
AND AFFIRMATIVE ACTION CONSTRUCTION CONTRACT PROVISIONS

 

I.              Policy

 

It is the policy of the State of New York, Empire
State Development (“ESD”) and 42nd St. Development Project, Inc., (“42DP”) to
comply with all federal, State and local law, policy, orders, rules and
regulations which prohibit unlawful discrimination because of race, creed,
color, national origin, sex, sexual orientation, age, disability or marital
status, and to take affirmative action to ensure that Minority and Women-owned
Business Enterprises (M/WBEs), Minority Group Members and women share in the
economic opportunities generated by ESD’s and/or its subsidiaries’
participation in projects or initiatives, and/or the use of ESD/42DP funds.

 

1)             The Contracting Party
represents that its equal employment opportunity policy statement incorporates,
at a minimum, the policies and practices set forth below:

 

(a)           Contracting Party shall
(i) not discriminate against employees or applicants for employment because of
race, creed, color, national origin, sex, sexual orientation, age, disability
or marital status, (ii) undertake or continue existing programs of affirmative
action to insure that Minority Group Members and women are afforded equal
employment opportunities without discrimination, and (iii) make and document
its conscientious and active efforts to employ and utilize Minority Group
Members and women in its workforce on Contracts.  Such action shall be taken with reference to, but not limited to,
recruitment, employment, job assignment, promotion, upgrading, demotion,
transfer, layoff or termination, rates of pay or other forms of compensation,
and selection for training or retraining, including apprenticeship and
on-the-job training.

 

(b)           At the request of the
AAO, the Contracting Party shall request each employment agency, labor union,
or authorized representative of workers with whom it has a collective
bargaining or other agreement or understanding, to furnish a written statement
that such employment agency, labor union, or representative does not unlawfully
discriminate, and that such union or representative will affirmatively
cooperate in the implementation of the Contracting Party’s obligations herein.

 

(2)           Commencing not more
than 30 days after the later of (i) execution of the Contract, or (ii) start of
construction, the Contracting Party shall submit to the AAO a Monthly
Employment Utilization Report (Schedule A-1) of the workforce actually utilized
on the Contract, itemized by ethnic background, gender, and Federal
Occupational Categories or other appropriate categories specified by the AAO.

 

(3)           The Contracting Party
shall also include with the first Monthly Employment Utilization Report and as
part of the documentation required for final payment, such data describing: a)
the total number of company employees at commencement of the project, b) the
total number of company employees at the completion of the project and c) any
net increases in the number of employees in the company.  Net increases in employment shall be further
classified by ethnicity, gender and occupational code.

 

The Contracting Party shall include, or cause to be included, the
provisions of clauses (1) through (3) in every Contract or purchase order that
it enters into in order to fulfill its obligations under the Contract, in such
a manner that such provisions will be binding upon each and every Contracting
Party with respect to any Contract or Subcontract.

 

II.            Goals for Minority and
Women-Owned Business Enterprise Participation (Core and Shell)

 

(a)           Contracting Party is
required to use its “Best Efforts” to achieve an overall M/WBE participation
goal of 18.0% of the total dollar value of the Contract, as it pertains
solely to the hard costs of Tenant’s construction of the core and shell of the
new building, and shall exclude so called “soft costs” including, but not
limited to, architect, engineering, legal, design and other fees to
professionals and consultants, application and permit fees, cost of surveys,
inspections, furnishings and decorative items not being affixed into the new
building.

 

1

 

(b)           The goal for M/WBE participation in the performance of the work is
expressed as a percentage of the
contract price.  The term “hard costs”
as used in this Section II (a) and Section III (a), shall be deemed to exclude
architectural, engineering and other such design consulting costs.

 

(c)           The total dollar value of the work performed by M/WBEs will be
determined as: (i) the dollar value of the work subcontracted to M/WBEs; (ii)
where the Contracting Party is a joint venture, association, partnership or
other similar entity including one or more M/WBEs – the contract price multiplied
by the percentage of the entity’s profits/losses which are to accrue to the
M/WBE(s) under the Contracting Party’s agreement; or (iii) where the M/WBE is
the Contracting Party – the contract price.

 

(d)           The Contracting Party shall include, or cause to be included, the
provisions of clauses (a) through (c) in every Contract or purchase order that
it enters into in order to fulfill its obligations under the Contract, in such
a manner that such provisions will be binding upon each and every Contracting Party
with respect to any Contract or Subcontract.

 

III.           Goals for Minority and
Female Workforce Participation (Core and Shell)

 

(a)           The Contracting Party is required to use its
“Best Efforts” to achieve the overall goal of 20 %  minority and female workforce (M/FWF)
participation in the work performed pursuant to Contracts entered into in
connection with the Lease as it pertains to the hard costs of Tenant’s
construction of the core and shell of the new building.

 

(b)           The M/FWF participation goals are expressed as a percentage equal to
the person hours of training and employment of minority or female workers, as
the case may be, used by any Contracting Party, divided by the total person
hours of training and employment of all workers (including supervisory personnel).

 

(c)           The required participation for minority and female employment and
training must be substantially uniform throughout the performance of the work.

 

(d)           The Contracting Party shall not participate in the transfer of minority
or female employees or trainees from employer-to-employer or from
project-to-project for the sole purpose of meeting the Contracting Party’s
obligations herein.

 

(e)           In striving to achieve the goals for M/FWF participation, Contracting
Party shall use its “Best Efforts” to identify and employ qualified minority
and female supervisory personnel and journey persons.

 

(f)            The non-working hours of trainees or
apprentices may not be considered in meeting the goals for M/FWF participation
contained herein unless:  (i) such
trainees or apprentices are employed by Contracting Party during the training
period; (ii) the Contracting Party has made a commitment to employ the trainees
or apprentices at the completion of their training, subject to the availability
of employment opportunities; and (iii) the trainees are trained pursuant to an
approved training program.

 

(g)           The Contracting Party shall include, or cause to be included, the
provisions of clauses (a) through (f) in every Contract or purchase order that
it enters into in order to fulfill its obligations under the Contract, in such
a manner that such provisions will be binding upon each and every Contracting
Party with respect to any Contract or Subcontract.

 

IV.          Goals for Minority and
Women-Owned Business Enterprise Participation (Leasehold Improvements)

 

(a)           Contracting Party is required to use its best efforts to achieve the
following M/WBE participation goals with respect to the Tenant’s or subtenant’s
construction of leasehold improvements within the building:

 

2

 

(1)           Seven and one half
percent (7.5%) of the total dollar value of the Contract as it pertains
solely to the hard costs in connection with the leasehold improvements to leasehold space measuring 500,000
or more square feet;

 

(2)           Five percent (5.0%)
of the total dollar value of the Contract as it pertains solely to the hard
costs in connection with the leasehold improvements to leasehold space totaling
more than three floors or leasehold space measuring 100,000 or more
square feet, but not exceeding 500,000 square feet.

 

(b)           To the extent that any
subtenant shall undertake the construction of leasehold improvements within the
building for three floors or less or leasehold space not exceeding 100,000
square feet, then such subtenant shall represent that it shall not discriminate
against employees or applicants for employment because of race, creed, color,
national origin, sex, sexual orientation, age, disability or marital status and
be in compliance with all applicable federal, State and local law, policy,
orders, rules and regulations which prohibit unlawful discrimination.

 

V.            Goals for Minority and
Female Workforce Participation (Leasehold Improvements)

 

(a)           The Contracting Party
is required to use its “Best Efforts” to achieve the following M/FWF
participation goals in the work performed pursuant to contracts entered into in
connection with the leasehold improvements:

 

1)             Fifteen percent
(15%) minority and female workforce participation in the work performed
pursuant to contracts entered into in connection with a subtenant’s leasing of 500,000
or more square feet of floor space;

 

(2)           Ten percent (10%)
minority and female workforce participation in the work performed pursuant to
contracts entered into in connection with a subtenant’s leasing of more than
three floors or 100,000 or more square feet, but not more than 500,000  square feet of floor space.

 

(b)           To the extent that any
subtenant shall undertake the construction of leasehold improvements within the
building for three floors or less or leasehold space not exceeding 100,000
square feet, then such subtenant shall represent that it shall not discriminate
against employees or applicants for employment because of race, creed, color,
national origin, sex, sexual orientation, age, disability or marital status and
be in compliance with all applicable federal, State and local law, policy,
orders, rules and regulations which prohibit unlawful discrimination.

 

VI.           Equal Employment
Opportunity - Operation of the New Building

 

(a)           Tenant agrees that it
will neither commit nor knowingly permit discrimination by reason of race,
creed, color, national origin, sex, sexual orientation, age, disability, or
marital status in the sale, transfer or assignment of its interest under this
Lease or in the subletting, use or occupancy of the Premises or any part
thereof.

 

(b)           Tenant agrees that with
regard to the maintenance, management and operation of the building, it shall
be bound by, to the extent it operates the building and, in any event, shall
cause any person or entity Tenant employs to operate the building with respect
to the maintenance, management and operation thereof, to be bound by the
provisions of paragraph (a) above.

 

VII.         Reporting Requirements

 

The Contracting Party will permit access to its relevant books, records and accounts, with
respect to the Contract, by the AAO solely for
purposes of investigation to ascertain compliance with the provisions
herein.  Not later than three business
days after a request, the Contracting Party shall periodically file, or cause
to be filed, reports, substantially in the format attached hereto as Schedule
A-l and A-2 (MBE/WBE Compliance Report to be filed monthly), with the AAO
detailing compliance with the provisions of these non-discrimination and
affirmative action clauses.  Accuracy of
the information contained in the reporting documentation shall be certified to
as to the actual knowledge of an owner or officer of the Contracting Party.

 

3

 

VIII.        Non-Compliance and Sanctions

 

In the event that any Contracting Party violates any of the provisions
herein, the ESD and/or 42DP may require that the following sanctions and
remedies for non-compliance be imposed:

 

(a)           Within twenty (20) days after the end of each calendar month, the AAO
will review the Monthly Employment Utilization Report and the MBE/WBE
Compliance Report filed with the AAO to assess compliance with the established
program.  If the Contracting Party has
failed to file the required monthly reports and/or if in the reasonable
judgment of the AAO, an analysis of the reports reveals apparent
underutilization, the AAO may elect to notify (which notification shall be in
writing) the Contracting Party in writing (the “First Notice”), which notice
shall describe the nature and extent of the apparent underutilization.

 

(b)           If the AAO’s review and analysis of the Contracting Party’s reports
filed in the month next following the month in which the Contracting Party
received the First Notice reveals that there continues to be apparent
underutilization, then the AAO may notify the Contracting Party in writing (the
“Second Notice”) which notice shall describe the nature and extent of the
continuing apparent underutilization and will arrange a conference (allowing
three days advance notice to the Contracting Party) which the Contracting Party
must attend, at which the AAO will identify in consultation with Tenant,
specific reasonable and practicable corrective measures from among those
available to demonstrate Best Efforts which the Contracting Party will
undertake.

 

(c)           If the AAO’s review and analysis of the Contracting Party’s reports
filed in the month next following the month in which the Contracting Party
received the Second Notice reveals continuing apparent underutilization and if
the Contracting Party has not already undertaken the specific corrective
measures agreed upon to demonstrate its Best Efforts, the AAO may notify the
Contracting Party in writing (the “Final Notice”), which notice shall describe
the nature and extent of the continuing apparent underutilization.  Upon receipt of the Final Notice, the
Contracting Party shall be required to comply with the following sanctions and
remedies for compliance:

 

(1)           The Contracting Party shall attend a hearing with the AAO.

 

(2)           After any such hearing, and a determination by the AAO that the
Contracting Party has failed to comply with any of these provisions, and the
passage of time in which to remedy such failure has transpired, and as the sole
remedy for non-compliance, the AAO, in his/her sole discretion, may assess
liquidated damages against the Contracting Party for failure to demonstrate its
best efforts in complying with the affirmative action program.  Liquidated damages may be assessed in an amount
equal to the dollar value of Contracts that would have been realized by M/WBEs
if the goals had been achieved.

 

(3)           If such an award is assessed against any Contracting Party, the amount
of such assessment may be withheld from any monies due to the Contracting Party
by the ESD and/or 42DP or, may be paid to the ESD and/or 42DP by the
Contracting Party that has been found to fail to comply with the affirmative
action program provided, however, that nonpayment of any such assessment by any
Contracting Party shall be subject to the right and time to cure of a
recognized mortgagee pursuant to subsection 11.3(b) of this Lease.  Any liquidated damages collected hereunder
shall be paid into one or more M/WBE technical assistance funds administered by
the ESD and/or 42DP.

 

(d)           Such sanctions that may be imposed and remedies invoked hereunder,
shall be considered independent of, or in addition to, sanctions and remedies
otherwise provided by law.

 

(e)           In no event shall ESD and/or 42DP terminate the Lease or any Contract,
or order the cessation of work under any Contract, due to any Contracting
Party’s failure to comply with the provisions of this affirmative action
program.

 

(f)            In no event shall any Recognized Mortgage (or  its designee or other successor-in-interest)
which acquires Tenant’s interest in the Lease by foreclosure (or deed-in-lieu
of foreclosure) of its Recognized

 

4

 

Mortgage be liable for any damages accruing prior to
the time of such acquisition of Tenant’s interest in the Lease.

 

5

 

42nd St.
DEVELOPMENT PROJECT, INC. AND EMPIRE STATE DEVELOPMENT

NON-DISCRIMINATION
AND AFFIRMATIVE ACTION DEFINITIONS

 

Affirmative Action

 

Shall mean the actions to be undertaken by the Contracting Party in
connection with work performed under the Lease, to ensure non-discrimination
and Minority/Women-owned Business Enterprise and minority/female workforce
participation, as set forth in Sections II, III, IV, and V herein, and
developed by ESD and/or its subsidiaries.

 

With regard to the obligations imposed on the Tenant to comply and to
cause its Contractors to comply with the provisions set forth herein, shall
mean the taking by the Tenant of reasonable and practicable affirmative steps
to ensure compliance on its own part and on the part of its Contractors and
subtenants including the imposition of reasonable sanctions, where required
under the provisions of the Lease.

 

Affirmative
Action Officer (“AAO”)

 

Shall mean ESD’s Affirmative Action Officer or his/her designee,
managing the affirmative action program for ESD and/or its subsidiaries.

 

Contract

 

Shall mean a written agreement or purchase order instrument, or
amendment thereto, executed by or on behalf or a Contracting Party, providing
for a total expenditure in excess of $10,000 for labor, services, supplies,
equipment, materials or any combination of the foregoing regarding the
implementation of the project. 
Notwithstanding the foregoing definition, it is understood and agreed by
ESD and the Tenant that achievement of the percentage goals set forth in
Sections II, III, IV and V shall be based upon an assessment of the overall
project upon completion.

 

Contracting Party

 

Shall mean (i) the Tenant, or parties with whom the Tenant has executed
a contract, to perform services, including construction work, resulting from
the lease, (ii) any party which undertakes to construct leasehold improvements
within the building, but not including improvements to leasehold space measuring
less than 100,000 square feet and (iii) any contractor, subcontractor,
consultant, subconsultant or vendor supplying goods or services, pursuant to a
contract or purchase order in excess of $1,500, in connection with work
performed under the Lease.  Notwithstanding
the foregoing definition, it is  understood
and agreed by ESD and the Tenant that achievement of the percentage goals set
forth in Sections II, III, IV and V shall be based upon an assessment of the
overall project upon completion.

 

Subcontract

 

Shall mean an agreement providing for a total expenditure in excess of
$1,500 between a Contracting Party and any individual or business enterprise,
for goods or services rendered in connection with construction work performed
under the Lease.  Notwithstanding the
foregoing definition, it is understood and agreed by ESD and the Tenant that
achievement of the percentage goals set forth in Sections II, III, IV and V
shall be based upon an assessment of the overall project upon completion.

 

Minority Business Enterprise (“MBE”)

 

Shall mean a business enterprise, including a sole proprietorship,
partnership or corporation that is: (i) at least fifty-one percent (51%) owned
by one or more Minority Group Members; (ii) an enterprise in which such
minority ownership is real, substantial and continuing; (iii) an enterprise in
which such minority ownership has and exercises the authority to control and
operate, independently, the day-to-day business decisions of the enterprise;
(iv) an enterprise authorized to do business in the State of New York and is
independently owned and operated; and (v) an enterprise certified by New York
State as a minority business.

 

6

 

Minority Group Member

 

Shall mean a United States citizen or permanent resident alien who is
and can demonstrate membership in one of the following groups: (i) Black
persons having origins in any of the Black African racial groups; (ii) Hispanic
persons of Mexican, Puerto Rican, Dominican, Cuban, Central or South American
descent of either Indian or Hispanic origin, regardless of race; (iii) Asian
and Pacific Islander persons having origins in any of the Far East countries,
South East Asia, the Indian subcontinent or the Pacific Islands; and (iv)
Native American or Alaskan native persons having origins in any of the original
peoples of North America.

 

Women-owned Business Enterprise
(“WBE”)

 

Shall mean a business enterprise, including a sole proprietorship,
partnership or corporation that is: (i) at least fifty-one percent (51%) owned
by one or more citizens or permanent resident aliens who are women; (ii) an
enterprise in which the ownership interest of such women is real, substantial
and continuing; (iii) an enterprise in which such women ownership has and exercises the authority to control
and operate, independently, the day-to-day business decisions of the
enterprise; (iv) an enterprise authorized to do business in the State of New
York and is independently owned and operated; and (v) an enterprise certified
by New York State as woman-owned.

 

7

 

42nd St.
DEVELOPMENT PROJECT, INC. AND EMPIRE STATE DEVELOPMENT

NON-DISCRIMINATION AND AFFIRMATIVE ACTION DEFINITIONS

 

Best Efforts - Minority and Women-owned Business Enterprise
Participation

 

Although Best efforts shall not be limited to the efforts specified
herein, the compliance with the following list shall be prima facie evidence
that Best Efforts are being made.  The
role of M/WBE firms are not restricted to that of a subcontractor/subconsultant.  Where applicable, M/WBE firms should be
considered for roles as prime contractors.

 

(a)           Dividing the contract
work into smaller portions in such a manner as to permit subcontracting to the
extent that it is economically and technically feasible to do so;

 

(b)           Actively and affirmatively soliciting bids from qualified M/WBEs,
including circulation of solicitations to minority and women’s trade
associations.  Each Contracting Party
shall maintain records detailing the efforts made to provide for meaningful
M/WBE participation in the work.  Such
record keeping must include the names and addresses of all M/WBEs contacted
and, if an M/WBE is the low bidder and is not selected for such work or portion
thereof, the reasons for such decision;

 

(c)           Making plans and specifications for prospective work available to
M/WBEs in sufficient time for review;

 

(d)           Utilizing the services and cooperating with those organizations
providing technical assistance to the Contracting Party in connection with
potential M/WBE participation on the Contract;

 

(e)           Utilizing the resources of the AAO to identify New York State certified
M/WBE firms for the purpose of soliciting bids and subcontracts; and

 

(f)            Encouraging the formation of joint ventures,
associations, partnerships, or other similar entities , where appropriate, to
ensure that the Contracting Party will meet its obligations herein.

 

(g)           The Contracting Party
shall remit payment in a timely fashion.

 

Best
Efforts - Minority Group Member and Female Workforce Participation

 

Although Best efforts shall
not be limited to the efforts specified herein, the compliance with the
following list shall be prima facie evidence that Best Efforts are being made
to provide for meaningful Minority Group Member and female workforce
participation.

 

(a)           Ensure and maintain a working environment free of harassment,
intimidation, and coercion at the premises. 
The Contracting Party shall specifically ensure that all foremen,
superintendents, and other on-site supervisory personnel are aware of and carry
out the obligation to maintain such a working environment, with specific
attention to Minority Group Member or female individuals working at the
premises;

 

(b)           State in all solicitations or advertisement for employees that all
qualified applicants will receive consideration for employment without regard
to race, creed, color, national origin, sex, sexual orientation, age disability
or marital status;

 

(c)           Send to each labor union or representative of workers with which a
collective bargaining agreement or understanding is in place, a notice advising
the said labor union or workers’ representative of commitments under this
Section, and post copies of the notice in conspicuous places available to
employees and applicants for employment;

 

(d)           Establish and maintain a current list of Minority Group Member and
female recruitment sources and community organizations, and provide written
notification to them when employment opportunities are available.  Maintain a record of the organizations’
responses;

 

8

 

(e)           Maintain a current file of the name, address and telephone number of
each Minority Group Member and female applicant and any referrals from a union,
recruitment source or community organization, and of the action taken with
respect to each individual.  If such
individual was sent to the union hiring hall for referral and was not referred
back by the union or, if referred, was not employed, this shall be documented
in writing in the file with the reasons therefore, along with whatever
additional actions the Contracting Party may have taken;

 

(f)            Disseminate the Contracting Party’s equal
employment opportunity policy by providing notice of the policy to unions and
training programs and requesting their cooperation in meeting its Equal
Employment Opportunity obligations, by including it in any policy manual and
collective bargaining agreement, by publicizing it in the company newspaper, annual report, and other similar items,
by specific review of the policy with all management personnel and with all
Minority Group Member and female employees at least once a year, and by posting
the company Equal Employment Opportunity policy on bulletin boards accessible
to all employees at each location where work is performed under this Contract;

 

(g)           Disseminate the Contracting Party’s Equal Employment Opportunity policy
externally by including it in any advertising in the news media, specifically
including Minority Group Member and female news media, and providing written
notification to and discussing the Equal Employment Opportunity policy with any
contractor with whom the Contracting Party does or anticipates doing business;
and,

 

(h)           Ensure that all facilities and company activities are non-segregated
except that separate or single-user toilets and necessary changing facilities
shall be provided to assure privacy between the sexes.

 

9

 

420P/EMPIRE
STATE DEVELOPMENT

MONTHLY
EMPLOYMENT UTILIZATION REPORT

(See reverse side for instructions)

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  COMPANY NAME:

  	
   

  	
   

  	
   

  	
  PROJECT NAME:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  CONTRACTOR START DATE: 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ADDRESS:

  	
   

  	
   

  	
   

  	
  PROJECT LOCATION:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  ESTIMATED COMPLETION DATE:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  COMPANY EMPLOYMENT DATA

  	
   

  
	
  TELEPHONE NUMBER:

  	
   

  	
   

  	
   

  	
  COUNTY:

  	
   

  	
   

  	
   

  	
  ZIP:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  PERCENT OF JOB COMPLETED (for reporting period)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  A.

  	
   

  	
  B.

  	
   

  	
  C. NET
  INCREASE (Applies only to change, if any, to Company's employee makeup at the
  end of project)

  	
   

  
	
  FEDERAL ID NO.:

  	
   

  	
   

  	
   

  	
  REPORTING PERIOD: 
  Month

  	
   

  	
   

  	
   

  	
  Year

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  CONTRACT NO.:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  TOTAL COMPANY EMPLOYEES   (at the beginning of project)

  	
   

  	
  TOTAL COMPANY EMPLOYEES (at the end
  of project)

  	
   

  	
  TOTAL MALE

  	
   

  	
  TOTAL FEMALE

  	
   

  
	
  CHECK IF NOT-FOR-PROFIT:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  CONTRACT AMOUNT:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  C1

  Employees

  	
   

  	
  

  C2

  OCCUPATIONAL CODE/NUMBER OF EMPLOYEES

  	
   

  	
  C3

  Employees

  	
   

  	
  C4

  OCCUPATIONAL CODE/NUMBER OF EMPLOYEES

  	
   

  
	
   

  	
   

  	
  

  1.WORKER HOURS OF EMPLOYMENT

  	
   

  	
  

  2.NUMBER OF WORKERS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1a.ALL WORKER HOURS

  	
   

  	
  1b.BLACK (Not of Hispanic Origin)

  	
   

  	
  1c.HISPANIC

  	
   

  	
  1d.ASIANor PACIFIC ISLANDER

  	
   

  	
  

  1e.NATIVE AMERICAN/ ALASKAN NATIVE

  	
   

  	
  2a.ALL

  	
   

  	
  2b.MINORITY

  	
   

  	
  3.CONSTRUCTION TRADES

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CLASSIFICATION

  	
   

  	
  MALE

  	
   

  	
  FEMALE

  	
   

  	
  TOTAL

  	
   

  	
  MALE

  	
   

  	
  FEMALE

  	
   

  	
  MALE

  	
   

  	
  FEMALE

  	
   

  	
  MALE

  	
   

  	
  FEMALE

  	
   

  	
  MALE

  	
   

  	
  FEMALE

  	
   

  	
  MALE

  	
   

  	
  FEMALE

  	
   

  	
  MALE

  	
   

  	
  FEMALE

  	
   

  	
   

  	
   

  	
  Total White

  	
   

  	
   

  	
   

  	
  Total White

  	
   

  	
   

  	
   

  
	
  

  Supervisory

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Journey Worker

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total Black

  	
   

  	
   

  	
   

  	
  Total Black

  	
   

  	
   

  	
   

  
	
  Apprentice

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Trainee

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subtotal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Journey Worker

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total Hispanic

  	
   

  	
   

  	
   

  	
  Total Hispanic

  	
   

  	
   

  	
   

  
	
  Apprentice

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Trainee

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subtotal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Journey Worker

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total Asian

  	
   

  	
   

  	
   

  	
  Total Asian

  	
   

  	
   

  	
   

  
	
  Apprentice

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Trainee

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Subtotal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL
      SUPERVISORS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL JOURNEY     WORKERS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total Native American

  	
   

  	
   

  	
   

  	
  Total Native American

  	
   

  	
   

  	
   

  
	
  TOTAL     APPRENTICES

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL TRAINEES

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GRAND TOTAL

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  CERTIFICATION: I,

  	
   

  	
  (Print Name), the

  	
   

  	
  (Title), do certify that (i) I have read 

  
	
  this Monthly Employment Utilization Report and (ii)
  to the best of my knowledge, information and belief the information contained
  herein is complete and accurate.

  

 

	
  SIGNATURE

  	
   

  	
   

  	
  DATE

  	
   

  	
   

  	
   

  

 

 

10

 

MONTHLY
EMPLOYMENT UTILIZATION REPORT

Instructions
for Completion

 

The Monthly Employment Utilization Report (“MEUR”) is to be completed
by each subject contractor (both Prime and Sub) and signed by a responsible
official of the company.  The reports
are to be filed by the 5th day of each month during the term of the project,
and they shall include the total work-hours for each employee classification in
each trade in the covered area for the monthly reporting period.  The prime contractor is responsible for
submitting its subcontractors report, along with its own.  Additional copies of this form may be
obtained from Empire State Development (“ESD”).

 

Minority:  Includes Blacks, Hispanics, Native Americans,
Alaskan Natives, and Asian and Pacific Islanders, both men and women.

 

	
  1.

  	
  Worker Hours of Employment (a-e)

  	
   

  	
   

  
	
   

  	
  a) All Worker Hours:

  	
   

  	
  The total number of male hours, the total number of
  female hours, and the total of both male and female hours worked under each
  classification.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  b) through e) Minority Worker
  Hours

  	
   

  	
  The total number of male hours and the total number
  of female hours worked by each specified group of minority worker in each
  classification.

  
	
  2.

  	
  Number of Workers (a-b):

  	
   

  	
   

  
	
   

  	
  a) All Workers

  	
   

  	
  Total number of males and total number of females
  working in each classification of each trade in the contractor’s aggregate
  workforce during reporting period.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  b) Minority Workers

  	
   

  	
  Total number of male minorities and total number of
  female minorities working in each classification, in each trade in the
  contractor’s aggregate workforce during reporting period.

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  Construction Trade:

  	
   

  	
  Only those construction crafts which contractor
  employs in the covered area.

  
	
   

  	
   

  	
   

  	
  Construction Trades include:    Field
  Office Staff (Professionals and Office/Clerical), Laborers, Equipment
  Operators, Surveyors, Truck Drivers, Iron Workers, Carpenters, Cement Masons,
  Painters, Electricians, Plumbers and Other.

  

 

Note: ESD may demand payroll records to substantiate work hours listed
on the Monthly Employment Utilization Report, if discrepancies should arise.

 

COMPANY
EMPLOYMENT DATA (Sections A through C):

 

The Contractor shall also include with the first MEUR report and as
part of the documentation required for final payment, such data describing: a)
the total number of company employees at commencement of the project, b) the
total number of company employees at the completion of the project and c) any
net increases in the number of employees in the company.  Net increases in employment shall be further
classified by ethnicity, gender and Occupational Code; and shall be
attributable to the contractor’s participation in an ESD and/or 42DPproject or
Initiative.

 

	
  A.

  	
  Total Company Employees:

  	
   

  	
  Total number of company employees in N.Y.S. offices,
  upon commencement of project.

  
	
   

  	
   

  	
   

  	
   

  
	
  B.

  	
  Total Company Employees:

  	
   

  	
  Total number of company employees in N.Y.S. offices,
  upon completion of project.

  
	
   

  	
   

  	
   

  	
   

  
	
  C.

  	
  Net Increase (C1 through C4):

  	
   

  	
  Provide information identifying any net increase in
  the number of employees in the company upon project completion.  Classify any new employee by gender,
  ethnicity and occupation.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Male

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1.  Employees

  	
   

  	
  Classify any new male employee by ethnic background.

  
	
   

  	
   

  	
  2.  Occupational Codes

  	
   

  	
  Identify occupation by using the Codes provided below and indicate number
  of employees in each category.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Female

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.  Employees

  	
   

  	
  Classify any new female employee by ethnic
  background.

  
	
   

  	
   

  	
  4.  Occupational Codes

  	
   

  	
  Identify occupation by using the Codes provided below and indicate number
  of employees in each category.

  

 

	
  OCCUPATIONAL CODES

  	
   

  
	
   

  	
  Officials/Administrators

  	
   

  	
  100

  	
   

  
	
   

  	
  Professionals

  	
   

  	
  110

  	
   

  
	
   

  	
  Technicians

  	
   

  	
  120

  	
   

  
	
   

  	
  Sales Workers

  	
   

  	
  130

  	
   

  
	
   

  	
  Office & Clerical

  	
   

  	
  140

  	
   

  
	
   

  	
  Craft Workers

  	
   

  	
  150

  	
   

  
	
   

  	
  Operatives

  	
   

  	
  160

  	
   

  
	
   

  	
  Laborers

  	
   

  	
  170

  	
   

  
	
   

  	
  Service Workers

  	
   

  	
  180

  	
   

  

 

	
  FORWARD TO:

  	
   

  	
   

  
	
   

  	
  Empire State Development

  
	
   

  	
  Laverne Poole 
  -  Affirmative Action Unit

  
	
   

  	
  633 Third Avenue

  
	
   

  	
  New York, NY 10017

  	
   

  	
  Office: (212) 803-3228

  	
  FAX: (212) 803-3223

  

 

11

 

 

SCHEDULE
A-2

 

MBE/WBE COMPLIANCE REPORT

CONSTRUCTION

 

	
  PROJECT SPONSOR/DEVELOPER:

  	
   

  	
   

  	
   

  	
  ESD AA REPRESENTATIVE:

  	
   

  	
  LAVERNE POOLE

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ADDRESS:

  	
   

  	
   

  	
   

  	
  PROJECT NAME:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  PROJECT START DATE:

  	
   

  	
   

  	
   

  	
  PERCENT COMPLETE:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ACTUAL COMPLETION:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TELEPHONE:

  	
   

  	
   

  	
   

  	
  Attach M/WBE contract documentation, i.e. executed
  contracts, signed purchase orders or canceled checks. This report should be
  completed by an officer of the 
  reporting company, and forwarded to the ESD AA Representative with the
  appropriate  documentation.

  
	
   

  	
   

  	
   

  	
   

  
	
  CONTACT PERSON:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TOTAL NUMBER OF SUBCONTRACTORS:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL DOLLAR AMOUNTS OF SUBCONTRACTS:

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  PRIME CONTRACTOR

  (Name, Address, Contact Person and Phone)

  	
   

  	
  TYPE OF
  CONTRACT (Trade/Service)

  	
   

  	
  CONTRACT
  AMOUNT

  	
   

  	
  M/WBE
  SUBCONTRACT DATE

  	
   

  	
  MBE/WBE
  SUBCONTRACTOR (Name, Address, Contact Person and Phone)

  	
   

  	
  SCOPE OF
  SERVICES

  	
   

  	
  AMOUNT
  CONTRACTED TO MBE/WBE

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

CERTIFICATION:

 

	
  I,

  	
   

  	
  (Print Name), the

  	
   

  	
  (Title), do certify
  that (i) I have read this Compliance 

  
	
  Report and (ii) to the
  best of my knowledge, information and belief the information contained herein
  is complete and accurate.

  

 

	
  SIGNATURE

  	
   

  	
  DATE

  	
   

  	
   

  

 

Forward to:

Empire State
Development

Affirmative Action
Unit — Laverne Poole

633 Third Avenue

New York, NY
10017-6754   Office: (212) 803-3224          Fax: (212) 803-3223

 

12

 

CLE
EMPLOYER PARTICIPATION

 

The Contractor and Subcontractor will each employ the fourth person to
work on this project for their respective company, through the Community Labor
Exchange Program.  In addition, each
fourth person employed thereafter, will be hired through the Community Labor
Exchange.  (Every 4th job slot will be
filled by an employee hired from the CLE).

 

In the event of temporary jobs for specific tasks, of intense labor,
for short term duration, the employer will hire at no less than the same
proportions from the Community
Labor Exchange Program as defined in the previous paragraph.  Termination of such employees will be based
on industry accepted practices of “last hired, first fired” basis, applied to
all temporary employees without preference. 
Contractors and Subcontractors who employ smaller numbers, will
negotiate the hiring of Community Labor Exchange workers on an individual basis
with the intent of achieving the best results possible.

 

LOCAL
EMPLOYMENT

 

DEGA will set up meetings with the residents community resource or
trade organizations to
address the compiling of lists of qualified skilled local residents for
employment.  The list compiled will be
used by the Construction Manager to fill its own work crew, if any, on the job
with qualified, local, skilled persons.

 

AGENCY
AND COMMUNITY REFERRALS

 

Referrals by the community agencies must be made to the CM’s on site
office.  The CM’s EEO/AA representative
will immediately have the referred person fill out an application and will add the name to the
log indicating the name, address, union affiliation where applicable, and
referral.  The person’s name will be
added to the list of other walk-ins and will be referred to the appropriate
trade when work begins.  The On Site
Manager or designated superintendent will maintain a log on all referrals,
hires, etc. and will share said information with DEGA personnel.  DEGA will disseminate on site an information
sheet on how walk-ins to the job, seeking work, can apply for training
certification.

 

CONTRACTORS PRESENT WORKFORCE

 

To ensure that opportunities are afforded to local applicants and other
walk ins, wherever possible the contractor/subcontractor will be required to
submit a pre-award workforce list with the name address, social security,
ethnic background, or the workforce which she/he is bringing on to the site
from its existing workforce and how many jobs will afford new opportunities for
employment of local or walk-ins or referrals from other community sources.

 

 

FOLLOW-UP ON REFERRALS

 

Upon request DEGA may follow-up on referrals made by community sources,
or officials or it may opt to respond to these matters through its EEO staff or
other designated person.

 

Contractors will accept referrals for walk-in, unskilled laborers,
trainees, journey persons, etc. 
Wherever possible, referral sources will be asked to send the person to
the trailer.  Once the application is
completed, the information on persons referred will be submitted to the
contractor/subcontractor related to their trade or job function, for employment
consideration.

 

WALK-INS

 

All walk-ins will report to the on site office where they will receive
an application.

 

Walk-In Procedures

 

Walk-ins must be directed to the CM’s on site office regardless of the
position they are seeking.  The person
making the referral to the trailer must point out that an application must be
filled out and they must be interviewed before they can come on the worksite.

 

All referrals to the on site office must be documented in a log which
indicates the date, name of the applicant, address, telephone, position applied
for, who referred them to the position applied for, whether they belong to a
union, etc. whether person was referred, back to the contractor.

 

Protected Information

 

Under law no one may be asked their ethnic background or other
protected information.  Therefore, all
information relative to ethnicity and sex (Black, Hispanic, Asian etc.) and
gender ( M, F) required in the application and many required logs or forms on
the site which must be filled in based on what the person who is filling out
the application, log, or report has observed.

 

The law does not allow contractors to request the ethnic background and
sex of the applicants.  It does however,
allow the person interviewing or filling out the information based on their personal
observation to jot down the information in order to comply with Civil Rights,
Equal Employment and Affirmative Action reporting regarding the
workforce at the project.

 

The person who is filling out the information at the trailer will
complete the bottom part of the application and keep that stub for inclusion in
reports.  The top part of the
application will be made accessible without the ethnic or sex information to
the contractor who will employ the person.

 

 

All letters sent out for the above named referral sources must be
maintained ready for inspection.  Upon
reasonable notice by authorized representatives the contractor/subcontractor is
to produce the records.

 

Walk-Ins/Referral Records:

 

The contractor/subcontractor must also maintain a current file names,
addresses and telephone numbers of each minority and female off-the-street
applicant and source, or community organization and the actions taken with
respect to each individual.  If such
individual was sent to the union hiring hall for referral and was not referred
back to the contractor by the union or if, referred was not employed by the
contractor, this shall be documented in the file with the reasons, along with
actions the contractor may have taken.

 

Current Applicant File

 

The Contractor must also maintain a current file of names, addresses
and telephone numbers of each minority and female off-the-street applicant
source, or community organization and the actions taken with respect to each
individual.  If such individual was sent
to the union hiring hall for referral and was not referred back to the
contractor by the union or if, the person referred, was not employed by the
contractor, shall be documented in the file with the reasons, along with other
actions the contractor may have taken.

 

Union Caused Impediments

 

The contractor must provide immediate written notification to DEGA when
the union or unions with which the contractor has collective bargaining
agreements fails to return thereferral to the contractor of a minority group
person or woman sent by the contractor, or when the contractor has other
information that the union referral process impeded the contractor’s efforts to
meet its obligations.  The contractor must
have copies of letters to unions, responses from unions, minutes of meetings,
etc. relating to the claim that the union is impeding the contractor’s efforts
to comply.  In addition, the contractor
must have copies of letters sent to DEGA to verify its claim that the union is
impeding the contractor’s efforts to comply.

 

Neither the provisions of any collective bargaining agreement, nor the
failure by a union with whom the Contractor has a collective bargaining
agreement, to refer either minorities or women shall excuse the contractor’s
obligations under these specifications, Executive Order 12246, or the
regulations promulgated pursuant thereto

 

 

EXHIBIT H

Waiver
of Lien and Release Forms

 

 

MECHANICS
LIEN WAIVER

 

	
  Contractor:

  	
   

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
  Trade:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Project:

  	
  New York Times

  	
   

  	
   

  	
  Contract Price:

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
  Net Extras and Deductions:

  	
  $

  	
   

  	
   

  
	
  Construction Manager:

  	
   

  	
  Adjusted Contract Price:

  	
  $

  	
   

  	
   

  
	
  AMEC Construction
  Management, Inc.

  	
   

  	
  Amount Previously Paid:

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
  Balance Due:

  	
  $

  	
   

  	
   

  
	
  Owner:

  	
  The New York Times
  Building, LLC

  	
   

  	
   

  	
   

  	
   

  
											

 

THE UNDERSIGNED
(1) acknowledges receipt of the amount set forth above as payments received to
date, (2) to the extent of such payments, waives and releases any claim which
it may now or hereafter have upon the land and improvements described above in
the project description, (3) that the amount of payments received to the date
of this waiver represents the current amount due in accordance with our
contract and work completed, and (4) warrants that it has not and will not
assign any claims for payment or right to perfect a lien against such land and
improvements and warrants that it has the right to execute this waiver and
release.

 

THE UNDERSIGNED further warrants that (1) all workmen employed by it or
its subcontractors upon this Project have been fully paid to the date hereof,
(2) all materialmen from whom the undersigned or its subcontractors have
purchased materials used in the Project have been paid for materials delivered
on or prior to the date hereof, (3) none of such workmen and materialmen has
any claim or demand or right of lien against the land and improvements
described above, and (4) stipulates that he is an authorized officer with full
power to execute this waiver of lien.

 

THE UNDERSIGNED
agrees that the owner of the Project,                                             ,
and any other lender and
any title insurer may rely upon this waiver.

 

WITNESS the
signature and seal of the undersigned as of this      day
of                    ,
200  .

 

 

	
   

  	
   

  	
   

  
	
  STATE OF

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  COUNTY OF

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
  Sworn to before me this

  	
   

  	
   

  
	
   

  	
  day of

  	
   

  	
  , 200

  	
   

  	
  .

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Notary Public

  	
   

  	
   

  
													

 

 

FINAL
WAIVER OF CLAIMS AND LIENS AND RELEASE OF RIGHTS

 

	
  Contractor:

  	
   

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
  Trade:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Project:

  	
  New York Times

  	
   

  	
   

  	
  Contract Price:

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
  Net Extras and Deductions:

  	
  $

  	
   

  	
   

  
	
  Construction Manager:  AMEC Construction

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Management,
  Inc.

  	
   

  	
  Adjusted Contract Price:

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
  Amount Previously Paid:

  	
  $

  	
   

  	
   

  
	
  Owner:

  	
  The New York Times
  Building, LLC

  	
   

  	
  Balance Due - Final
  Payment:

  	
  $

  	
   

  	
   

  
													

 

The undersigned hereby acknowledges that the above Balance Due when
paid represents payment in full for all labor, materials, etc., furnished by
the below named Contractor or Supplier in connection with its work on the above
project in accordance with the Contract made by it with                           .

 

In consideration
of the amounts and sums previously received, and the payment of $               ,
being the full and Final amount due, the below named Contractor or Supplier
does hereby waive and release the Owner and Construction Manager from any and
all claims and liens and rights of liens upon the premises described above, and
upon improvements now or hereafter thereon, and upon the monies or other
considerations due or to become due from Owner or Construction Manager or from
any other person, firm or corporation, said claims, liens and rights of liens
being on account of labor, services, materials, fixtures or apparatus
heretofore furnished by the below named Contractor or Supplier to the Project.

 

The undersigned further represents and warrants that he/she is duly
authorized and empowered to sign and execute this waiver on his/her own behalf
and on behalf of the company or business for which he/she is signing; that it
has properly performed all work and furnished all materials of the specified
quality per plans and specifications and in a good and workmanlike manner,
fully and completely; that is has paid for all the labor, materials, equipment
and services that it has used or supplied, that it has no other outstanding and
unpaid applications, invoices, retentions, holdbacks, expenses employed in the
prosecution of work, charge backs or unbilled work or materials against Owner
or Construction Manager as of the date of the aforementioned last and final
payment application and that any materials which have been supplied or
incorporated into the above premises were either taken from its fully-paid or
open stock or were fully paid for and supplied on the last and final payment
application or invoice.

 

The undersigned further agrees to defend, indemnify and hold harmless
Owner and Construction Manager for any losses or expenses (including without
limitation reasonable attorney’s fees) should any such claim, lien or right of
lien be asserted by the below named Contractor or Supplier or by any of its or
their laborers, materialmen or subcontractors.

 

In addition, for and in consideration of the amounts and sums received,
the below named Contractor or Supplier hereby waives, releases and relinquishes
any and all claims, rights or causes of action in equity or law whatsoever arising
out of through or under the above mentioned Contract and the performance of
work pursuant thereto.

 

The below named Contractor or Supplier further guarantees that all
portions of the work furnished and installed are in accordance with the
Contract and that the terms of the Contract with respect to this guarantee will
remain in effect for the period specified in said Contract.

 

 

	
  Sworn
  before me this

       day of                ,
  200  .

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
  Notary Public

  	
   

  	
  Title:

  

 

 

 

EXHIBIT I

Consultants

 

	
  Consultant

  	
   

  	
  Discipline

  
	
  RPBW / Fox & Fowle

  	
   

  	
  Architect

  
	
  Thornton
  Tomasetti

  	
   

  	
  Structural Engineer

  
	
  Flack &
  Kurtz

  	
   

  	
  MEP  Engineer

  
	
  Jenkins &
  Huntington

  	
   

  	
  Elevator Consultant

  
	
  Skertzo

  	
   

  	
  Projection Consultant

  
	
  SP Technologies

  	
   

  	
  Mast Consultant

  
	
  Vollmer 

  	
   

  	
  Subway Consultant

  
	
  Amec

  	
   

  	
  Preconstruction Manager

  
	
  OVI

  	
   

  	
  Lighting Consultant

  
	
  RWDI

  	
   

  	
  Wind Tunnel

  
	
  CSTB

  	
   

  	
  Wind Tunnel

  
	
  Lovell & Belcher

  	
   

  	
  Surveying

  
	
  AKRF

  	
   

  	
  Environmental Engineer

  
	
  Mueser Rutledge

  	
   

  	
  Geotechnical Engineer

  
	
   

  	
   

  	
   

  
	
  Cerami

  	
   

  	
  Acoustic Engineer

  
	
  Heitmann

  	
   

  	
  Curtain Wall Consultant

  
	
  Entech

  	
   

  	
  Façade Maintenance Consultant

  
	
  Kroll Schiff

  	
   

  	
  Security Consultant

  
	
  HW White

  	
   

  	
  Landscape Arch

  
	
  Ekistics

  	
   

  	
  Garden Microclimate

  
	
  Jack Green Associates

  	
   

  	
  Curtain Wall Consultant

  
	
  Jaffe Holden

  	
   

  	
  Acoustic Engineer - SPU

  
	
  Fisher Dachs

  	
   

  	
  Theater Design - SPU

  
	
  Kling Lindquist

  	
   

  	
  MEP Peer Review

  
	
  Wiss Janney Elstner

  	
   

  	
  Ceramic Tube Testing

  
	
  Howard Shapiro

  	
   

  	
  Derrick Design

  
	
  Electric Research & Mgmt

  	
   

  	
  EMF Study

  
	
  Pentagram

  	
   

  	
  Graphics

  

 

 

EXHIBIT J

OCIP
Manual

 

 

DRAFT COPY

 

 

EXHIBIT
“J”

 

 

The New York Times Headquarters Project

(FCRC/NYT)

 

OWNER CONTROLLED INSURANCE PROGRAM

(OCIP)

 

 

CONTRACTOR’S MANUAL

 

 

March
16, 2001

(Revised
September 22, 2003)

 

 

PREARED
BY:

 

	
  Gallagher
  Pipino, Inc.

  	
   

  	
  Construction
  Insurance Partners, LLC

  
	
  7600
  Market Street

  	
   

  	
  308 North
  21st Street

  
	
  Youngstown,
  Ohio 44513–3849

  	
   

  	
  St.
  Louis, Missouri 63103

  

 

 

IMPORTANT: This Contractor’s Manual is an outline of the
coverages proposed by the insurers, based on the information provided by The
New York Times Headquarters Project (FCRC/NYT).  It does not include all the terms, coverages, exclusions,
limitations, and conditions of the actual insurance contract language.  The policies themselves must be read for those
details.  Policy forms for your
reference will be made available upon request

 

 

[DRAFT]

 

FCRC–
OCIP

 

CONTRACTOR
INSURANCE MANUAL

 

TABLE
OF CONTENTS

 

	
   

  	
   

  	
  PAGE

  
	
  I.

  	
  INTRODUCTION

  	
  2

  
	
   

  	
   

  	
   

  
	
  II.

  	
  OCIP–TRADE
  CONTRACT ARTICLE 5-EXHIBIT C REPLACEMENT CONTRACT

  LANGUAGE

  	
  3

  
	
   

  	
   

  	
   

  
	
  III.

  	
  OCIP
  INSURANCE COVERAGE SUMMARIES

  	
  9

  
	
   

  	
   

  	
   

  
	
  IV.

  	
  COVERAGES NOT
  INCLUDED IN THE OCIP

  	
  16

  
	
   

  	
   

  	
   

  
	
  V.

  	
  ENROLLMENT
  PROCEDURES

  	
  17

  
	
   

  	
   

  	
   

  
	
   

  	
  •

  	
  REQUEST FOR INSURANCE
  (RFI) FORM

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  •

  	
  SUPPLEMENTAL
  BID INFORMATION – FORM 1/FORM 1A

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  •

  	
  CERTIFICATE
  OF INSURANCE REQUIREMENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  VI.

  	
  PAYROLL
  REPORTING

  	
  22

  
	
   

  	
   

  	
   

  
	
  VII.

  	
  CLAIM
  REPORTING

  	
  24

  

 

1

 

[DRAFT]

 

	
  VIII.

  	
  CONTRACTOR SAFETY
  REQUIREMENTS

  	
  26

  

 

 

I.              INTRODUCTION

 

Owner has implemented an
Owner Controlled Insurance Program (OCIP) for the construction of this project.  Certain insurance coverages are being
provided for the term of your contract. 
This manual details the coverages provided under the OCIP, the steps
necessary to enroll, and the procedures in the event of a claim.

 

To enroll in the program,
the application in this manual must be completely filled out and returned to
Construction Insurance Partners along the required certificate of insurance
within 10 business days after notification of winning bid by the Owner or
General Contractor.

 

Since your subcontractors
will also be covered by the OCIP while performing work at the project site, it
is mandatory that you provide a
list of all subcontractors to the General Contractor.  Once identified, your subcontractors will receive a copy of this
manual.

 

Should you have any
questions regarding the OCIP, please contact:

 

	
  Construction
  Insurance Partners, LLC

  
	
  308 North 21st
  Street

  	
   

  	
   

  
	
  St. Louis, Missouri
  63103

  
	
  (800) 316-4031

  	
   

  	
   

  
	
  (314) 342-7170 fax

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Contacts:

  	
   

  	
   

  
	
  John J. Campbell,

  	
   

  	
  Ext. 754

  
	
  Terry Schlick,

  	
   

  	
  Ext. 742

  
	
  Larry Jackson,

  	
   

  	
  Ext. 750

  
	
  Brian Billhartz,

  	
   

  	
  Ext. 745

  
	
  Cindie Allscheid

  	
   

  	
  Ext. 743

  
	
  Debby Wilson,

  	
   

  	
  Ext. 749

  
					

 

Owner and the General
Contractor are committed to safety on the job site, and require all contractors
to share in this commitment.

 

2

 

[DRAFT]

 

II.            OCIP – “Exhibit
C”-Replacement Contract Language

 

Unless specifically
noted, the provisions set forth below in this insurance exhibit replace the
requirements contemplated by Forest City Enterprises, Inc. (Owner) standard
form agreement.  Nothing in these
provisions modifies the indemnification requirements in your agreement.  The following Article 5, Exhibit C will constitute the
insurance provisions of the Contract Documents for this Project:

 

ARTICLE 5
– Insurance

 

5.1                          Owner’s
Controlled Insurance Program

 

5.1.1                In accordance with the Owner Controlled
Insurance Program (“OCIP”) being implemented by the Owner on this Project, the
Owner has purchased and will provide to the Contractor, its Subcontractors, and
all tiers of Sub-subcontractors insurance as set forth below, for claims which
may arise out of, or result from work performed by them under this Contract,
for which they may be legally liable. 
All bidders are required to submit their bid(s) with their insurance
costs INCLUDED for this
Project.  The winning bidder(s) and all
tiers of their subcontractors will be required to identify their cost(s) to
provide Workers’ Compensation, General Liability and Excess Liability for this
Project.  The OCIP enrollment forms
(outlined in this Contractors Manual) must be completed and returned within 10
business days by the Contractor, its Subcontractor and Sub-subcontractors after
they have been awarded a contract. 
Please note that each party must also include a copy of their Workers’
Compensation Experience Modification Worksheet, along with a copy of the Policy
Declarations Page(s) from their Workers’ Compensation General Liability
and Excess Liability policies.  The
contract award will then be reduced by the costs identified by the winning
bidder(s) and this total will be identified as a withhold amount.  At the conclusion of the contract, an audit
will be performed and this withheld amount will be adjusted based upon actual
payrolls incurred on the project site and work performed including change
orders.  Each enrolled Contractor (any
tier) will provide documentation as follows: Declarations or information page,
Rating page(s), Verification of Experience Modification for Workers’
Compensation and a Minimum of 3 years Loss History for Contractors (any tier)
that participate in self-insured, large deductible or retrospective rated
insurance programs.  If a Contractor is
participating in a retained loss program of this type(s), an insurance credit
will be developed using the contactors actual loss history during the requested
time period and program fixed costs (e.g. Excess Insurance premiums, Claims
Administration charges and Claim Development factors, etc.).  Loss History calculations will be based upon
a Contractor’s experience outside of this program provided by the Owner.  The final adjustment will be addressed with
a change order at the conclusion of the Project.  All insurance credits will be adjusted to reflect any change in
the Contractor’s (any tier) insurance costs (higher or lower) that occur
throughout their involvement in this project. 
In the event that a contractor overstates their insurance estimate, the
Contractor will be credited accordingly.

 

The Owner reserves the right to elect the alternative of not
implementing the Owner Controlled Insurance Program at any time.

 

3

 

[DRAFT]

 

.2             Claims under Workers’
Compensation and other similar laws which are applicable to the work to be
performed at the Project site.

 

.3             Claims for damages
because of bodily injury, occupational disease or sickness, or death of the
Contractor’s employees.

 

.4             Claims for damages
because of bodily injury, sickness, or death of any person other than the
Contractor’s employees.

 

.5             Claims for damages
which are sustained by any person as a result of the following offenses: false
arrest, libel, slander, invasion of privacy discrimination, and other personal
injuries, excluding claims for employment practice liability.

 

.6             Claims for damages,
other than to the Work itself because of injury to or destruction of tangible
property including loss of use resulting there from.

 

5.1.2                The amount and type of coverage to be
provided by the Owner under its OCIP program for the types of claims set forth
in Subparagraph 5.1.1 above is as follows:

 

.1             Statutory Workers’
Compensation and Employer’s Liability with limits of $1,000,000 Bodily Injury
by Accident, $1,000,000 Bodily Injury by Disease and $1,000,000 Policy Limit by
Disease.  Workers’ Compensation
insurance covers all Contractor, Subcontractor, and Sub-subcontractor employees
whose regular duties include performing work at the Project Site.

 

.2             Commercial General
Liability Insurance (excludes Automobile Liability).  This policy includes Completed Operations Coverage for a period
of 5 years after acceptance of the work by Owner with a limit of liability of
$2,000,000 each occurrence/$5,000,000 general aggregate for Bodily
Injury/Property Damage.  No Automobile
Liability insurance will be included and shall be provided for by the
appropriate contractor (of any tier). 
This insurance applies to the operations of all insured parties at the
Project site, including any work site set up by the Owner for use by an insured
party exclusively for the storage of material or equipment, or for fabrication
of material to be used at the Project site. 
The limits of liability apply collectively to all insured parties under
the policy.

 

.3             Excess
Insurance.  Excess liability insurance
is provided, insuring the Owner, Contractor, Subcontractors, and all tiers of
Sub-subcontractors working on the Project. 
This insurance will cover only operations at the Project site and will
provide excess coverage over the limits of coverage described in .1 and .2
above.  No Automobile Liability insurance will be included.  Coverage (excess of $2,000,000 per
occurrence / $5,000,000 aggregate) will apply collectively to all insured
parties on all covered projects with a single set of limits not less than
$100,000,000 each Occurrence/Aggregate excess of the primary.

 

.4             Builder’s Risk
Insurance, as provided for in more detail in Paragraph 5.3 below and as
outlined in the Contract for General Contracting Services document.

 

5.1.3                The insurance provided for in
Subparagraph 5.1.2, written on an occurrence basis, shall be maintained without
interruption from the date of commencement of the Work until

 

4

 

[DRAFT]

 

date of final payment,
and for a minimum period of five years after final payment for completed
operations coverage.  In the event that
insurance coverages as provided by the Owner and as described in Subparagraph
5.1.2 are canceled, lapsed or otherwise become unavailable, the Owner has the
option to procure and provide alternate insurance to the Contractors.  As an alternative, the Owner shall have the
right to require the Contractor and all tiers of Subcontractors to provide
insurance coverage, with reimbursement being made to the Contractor for the
actual cost thereof by Change Order (but without any markup for overhead and
profit).

 

5.1.4                        Each
Contractor participating in the OCIP will be issued an individual Worker’s
Compensation policy.  Certificates of
Insurance will be issued for the coverages of Commercial General Liability and
Excess Liability that will evidence the coverages furnished by the Owner.  These shall be filed with the Contractor
prior to commencement of the Work.  Both
the Worker’s Compensation Policy and the Commercial General Liability and
Excess Liability certificates shall contain a provision that coverage as
afforded under the policies will not be canceled or allowed to expire until at
least 30 days prior written notice has been given to the Contractor.

 

5.2                          Contractor’s Insurance

 

5.2.1                        The Contractor, Subcontractors,
and Sub-subcontractors shall provide, at their own expense, the
following insurance:

 

.1             Comprehensive
Business/Automobile liability Insurance. 
The Contractor, Subcontractors and all tiers of Sub-subcontractors
working on the Project (and any material dealers, suppliers, and vendors who
enter the Project site) shall, at their own expense, carry automobile liability
insurance covering all owned, non-owned, and hired vehicles used in connection
with the Work.  The Contractor shall
include this requirement in all of its subcontracts and purchase orders.  The limits of liability for this insurance
shall be at least $1,000,000 per occurrence - bodily injury and property damage
combined including uninsured and underinsured motorist coverage.

 

.2             Workers’ Compensation
and Commercial General Liability Insurance. 
The Contractor shall carry and maintain at least the following insurance
coverages in connection with operations away from the Project site as outlined:

 

.1             Workers’ Compensation
– Statutory Limits

 

.2             Employer’s Liability
- $1,000,000 (per bodily injury/disease and aggregate)

 

.3             Commercial General
Liability Insurance with limits of at least $10,000,000 combined single limit
bodily injury and property damage, and including protection for contractual liability,
products, completed operations, work performed by independent contractors, and
broad form property damage coverage. 
The Owner reserves the right to require alternative limits (higher or
lower) to individual Contractors (any tier) at their discretion.

 

.4             Hazardous Material
Liability Insurance covering bodily injury and/or property damage of limits not
less than $2,000,000, if the work involves

 

5

 

[DRAFT]

 

abatement, removal,
replacement, repair, enclosure, encapsulation and/or disposal of any hazardous
material or substance.  The Owner
reserves the right to require alternative limits (higher or lower) to
individual Contractors (any tier) at their discretion.  This
coverage must remain in force for both on-site and off-site exposures.

 

5.2.2                        The Contractor shall require
all Subcontractors and all tiers of Sub-subcontractors (and material dealers,
suppliers, vendors and Project participants not covered under the Owner’s OCIP)
to maintain appropriate levels of the insurance as identified in
Article 5.2.1 of this Exhibit C.

 

5.2.3                        A Certificate of Insurance
evidencing the Contractor provided insurance under this Paragraph 5.2 shall,
prior to commencement of any Work at the Project site, be furnished to the
Owner’s insurance agency at the following address:

 

Construction Insurance
Partners, LLC

308 North 21st
Street Suite 650

St. Louis, Missouri 63103

(800) 316-4031

(314) 342-7170 fax

Contact:  Cindie
allscheid       Ext. 743

 

And

 

Owner and General Contractor

 

5.2.4                        Certificates of Insurance
provided under the provisions in Article 5-Exhibit C and Subparagraph
5.2.3 shall provide for a 10-day advance written notice of cancellation, lapse
or policy change to Construction Insurance Partners at the address indicated
above.  The Contractor shall also
require their Subcontractors and all tiers of Sub-subcontractors to furnish
similar Certificates of Insurance, copies of which shall be filed with the
above Construction Insurance Partners representative.  Failure of any Contractor or Subcontractor or other party to file
such Certificates of Insurance shall not relieve such party of its
responsibility to carry and maintain such insurance.

 

5.2.5                        The Owner-Controlled Insurance
Program as previously outlined is intended to afford broad coverage and
relatively high limits of liability, but may not provide all the insurance
needed by a Contractor.  Any insurance
for higher limits or other coverages that the Contractor may be required by law
to carry or may need for its protection shall be at the Contractor’s
expense.  Any policy of insurance
covering any Contractor’s, Subcontractor’s or Sub-subcontractor’s owned or
leased machinery, watercraft, vehicles, tools, or equipment against physical
loss or damage shall provide for a Waiver of Subrogation as to any claims
against any insured parties under the Owner Controlled Insurance Program.

 

5.3                          Builder’s
Risk Insurance

 

5.3.1                        The Owner shall purchase and
maintain Builder’s Risk insurance in the amount of the initial contract sum, as
well as subsequent modifications thereto for the entire Work at the site on a
replacement cost basis as outlined in Article 5-Exhibit C Paragraph
1.15.  Such Builder’s Risk insurance
shall be maintained unless otherwise provided in the

 

6

 

[DRAFT]

 

Contract Documents, until
final payment has been made as provided in Paragraph
1.15 of Exhibit C or until no person or entity other than the Owner
has an insurable interest in the property. 
This insurance shall include the Owner, the Contractor, the
Subcontractors, and Sub-subcontractors performing the Work as named Insureds.

 

.2             Builder’s Risk
insurance shall be on an All Risk policy form basis and insure against the
perils of fire and extended coverage, and physical loss or damage including,
without duplication of coverage, theft, vandalism, malicious mischief, collapse
of false work, temporary buildings and debris removal, including demolition
occasioned by enforcement of any applicable legal requirements.  This Builder’s Risk insurance shall also
include transit coverages for materials to be incorporated into the project, as
well as temporary offsite storage locations. 
Sublimits may apply with respect to transit and offsite coverages.  Such insurance shall include loss of use
coverage.  The Builder’s Risk insurance
will not provide coverage against loss by theft or disappearance of any
materials (unless the materials are to be incorporated into the Project),
tools, or equipment of the Contractor, any Subcontractor any Sub-subcontractor,
or any other person furnishing labor or materials for the Project.

 

.3             Boiler &
Machinery Insurance.  To the extent not
previously provided for herein, the Owner shall purchase and maintain boiler
and machinery insurance which shall specifically cover such insured objects
during installation until final acceptance by the Owner.  This insurance shall include the interests
of the Owner, Contractor, Subcontractors, and Sub-Subcontractors for the Work,
and the Owner and Contractor shall be listed as named insureds.

 

5.4                          General
Provisions

 

5.4.1                        Other Insurance.  If the Contractor requests in writing that
insurance risks other than those described herein or insurance for special
hazards be included, the Owner shall, if possible, obtain such insurance and
the cost to Owner shall be reimbursed by the Contractor.

 

5.4.2                        Waivers of Subrogation.  The Owner and Contractor hereby waive all
rights against each other and any of their Subcontractors, Sub-subcontractors,
agents, consultants and employees, each of the other; as to claims and damages
covered by insurance obtained by the Owner under its OCIP program, except the
parties do not waive such rights as they have with respect to proceeds of such
insurance held by the Owner as a fiduciary. 
The Owner or Contractor as appropriate shall require of the separate
Contractors and the Subcontractors, Sub-subcontractors, agents and employees of
any of them, by appropriate written agreements, similar waivers, each in favor
of other parties enumerated herein.  The
OCIP program obtained by the Owner shall provide such waivers of subrogation by
endorsement or otherwise.  A waiver of
subrogation shall be effective as to a person or entity even though that person
or entity would otherwise have a duty of indemnification, contractual or
otherwise, did not pay the insurance premium directly or indirectly, and
whether or not the person or entity had an insurable interest in the property
damage.

 

5.4.3                        A loss insured under the
Owner’s Builder’s Risk insurance shall be adjusted by the Owner as fiduciary
and made payable to the Owner as fiduciary for the insureds subject to any
applicable morgagee clause and of Subparagraph 5.4.10.  The Contractor shall pay Subcontractors
their just shares of insurance receipts received by the Contractor, and

 

7

 

[DRAFT]

 

by appropriate written
agreements shall require Subcontractors to make payments to their
Sub-subcontractors in similar manner.

 

5.4.4                        Occupancy prior to completion
shall not affect the coverage under the Builder’s Risk insurance.

 

5.4.5                        Insurance provided by Owner in
favor of the Contractor and Subcontractors in its OCIP program, as described in
this Article 5 shall not extend to vendors or suppliers of the Contractors
or Subcontractor not performing work at the project site.

 

5.4.6                        The Contractor and their
Subcontractors and all tiers of Sub-subcontractors warrant that no cost for
insurance is, or shall be, included in any cost or fee charged to the Owner on
the Project, other than those costs which are reimbursable pursuant to the
Contract for General Contracting Services document and Paragraph 5.2 of this
document.

 

5.4.7                        Contractor, Subcontractors and
Sub-subcontractors agree to comply with policy conditions of the insurance
policies provided by the Owner under this Exhibit C, and to comply with any
claims handling procedures, payroll reporting procedures, loss prevention
program, or other similar programs related to the Owner’s Controlled Insurance
Program, including, without limitation, filing any claims in a timely fashion
in accordance with the requirements set forth in such insurance policies.

 

5.4.8                        Contractor and their
Subcontractors and Sub-subcontractors expressly agree to procure and provide
Workers’ Compensation, General Liability and Automobile Liability coverage at their
own expense respecting operations not conducted at the project site.

 

5.4.9                        To the extent any Subcontractor
is, for whatever reason, not covered as an insured under the Owner Controlled
Insurance Program, the Contractor shall require that Subcontractor to provide
applicable Workers’ Compensation, General Liability, and Automobile Liability
Insurance at their own expense in a form and amount acceptable to Owner.  Such coverages shall include the Owner as an
additional insured and shall provide appropriate waiver of subrogation with the
following limits:

 

.1             Workers’
Compensation – Statutory Limits

 

.2             Employer’s
Liability - $1,000,000 (per bodily injury/disease and aggregate)

 

.3             Commercial
General Liability Insurance with limits of no less than $1,000,000 per
occurrence/$2,000,000 general aggregate for Bodily Injury/Property Damage,
including protection for contractual liability, products, completed operations,
work performed by independent contractors, and broad form property damage
coverage.

 

.4             Auto
Liability - $1,000,000 Combined Single Limit

 

.5             The
Owner reserves the right to require alternative limits (higher or lower) to
individual Contractors (any tier) at their discretion.

 

8

 

[DRAFT]

 

5.4.10                      The indemnification provisions as
outlined in the Contract for General Contracting Services document shall remain
in force for all applicable coverages unless specifically not required and identified
under the OCIP program provisions.

 

9

 

[DRAFT]

 

III.           COVERAGE SUMMARY

 

This
section outlines the coverages provided for you by the OCIP.  Owner makes no warranty or representation
that the OCIP coverages constitute an insurance portfolio, which adequately
addresses all the risks faced by the contractor.  The Owner grants permission should you desire to supplement
coverages provided by the OCIP at your expense.

 

The coverages outlined in
the following pages are a summary of what is provided by the OCIP.  The policies are the governing documents to
refer to for actual terms and conditions.

 

10

 

[DRAFT]

 

WORKERS’ COMPENSATION AND EMPLOYER’S LIABILITY

 

	
  Insurance
  Carrier:

  	
   

  	
  St. Paul Mercury
  Insurance Company

  
	
   

  	
   

  	
   

  
	
  Policy
  Term:

  	
   

  	
  Date of Contract until
  project completion

  
	
   

  	
   

  	
   

  
	
  *Named
  Insured:

  	
   

  	
  The Owner (any tier of
  contractor, subcontractor and sub-subcontractors thereof, or other entity or
  person while performing work at the Owner project and for whom the Owner has
  agreed by contract to provide an Owner Controlled Insurance Program.

  
	
   

  	
   

  	
   

  
	
  Interest:

  	
   

  	
  Covering only
  operations related to the Owner’s Project.

  
	
   

  	
   

  	
   

  
	
  Limits
  of Liability:

  	
   

  	
  Workers’ Compensation

  
	
   

  	
   

  	
  Statutory Benefits -
  Applicable States

  
	
   

  	
   

  	
   

  
	
  Employers
  Liability:

  	
   

  	
  Bodily Injury by
  Accident

  	
  $1,000,000 Each
  Accident

  
	
   

  	
   

  	
  Bodily Injury by
  Disease

  	
  $1,000,000 Each
  Employee

  
	
   

  	
   

  	
  Bodily Injury by
  Disease

  	
  $1,000,000 Policy Limit

  

 

*      There will be a separate
policy issued to each contractor or subcontractor as individual Named
Insured.  You will receive your policy
after all the necessary forms have been completed.

 

	
  NOTE:

  	
   

  	
  This policy applies
  only to operations related to the project conducted at the location designated
  below and operations necessary or incidental thereto:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Forest
  City Ratner Companies and The New York Times

  New York Times Headquarters Project

  	 

	
   

  	
   

  	
   

  
	
  Endorsements:

  	
   

  	
  NCCI or St. Paul
  endorsement forms as follows:

  
	
   

  	
   

  	
  Designated Workplace
  Exclusion Endorsement

  
	
   

  	
   

  	
  Assignment of Consent
  Endorsement

  
	
   

  	
   

  	
  Maritime Coverage
  Endorsement

  
	
   

  	
   

  	
  Waiver of Our Right to
  Recover from Others Endorsement

  
	
   

  	
   

  	
  Federal Employers
  Liability Act endorsement $1,000,000 each

  
	
   

  	
   

  	
  Occurrence / Aggregate
  Endorsement

  
	
   

  	
   

  	
  Named Insured

  
	
   

  	
   

  	
  Cancellation
  Provision-60 days notice non-payment of premium or failure to comply with
  reasonable engineering recommendations

  
	
   

  	
   

  	
  Alternate Employers
  Endorsement

  
	
   

  	
   

  	
  U.S. Longshoremen &
  Harbor Workers Act endorsement

  
	
   

  	
   

  	
  Experience modification
  endorsement

  
	
   

  	
   

  	
  Pending Rate Change
  endorsement

  
	
   

  	
   

  	
  Deductible
  Reimbursement endorsement

  
	
   

  	
   

  	
  Voluntary Compensation
  endorsement $1,000,000 limit

  
	
   

  	
   

  	
  Repatriation
  endorsement

  

 

11

 

[DRAFT]

 

Fraud and
Misrepresentation Endorsement

 

12

[DRAFT]

 

COMMERCIAL
GENERAL LIABILITY

 

	
  Insurance
  Carrier:

  	
  St. Paul Mercury
  Insurance Company

  
	
   

  	
   

  
	
   

  	
   

  
	
  Policy
  Term:

  	
  From start of project
  until project completion plus 10 years completed operations.

  
	
   

  	
   

  
	
  Named
  Insured:

  	
  (1)

  	
  Owner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  And

  
	
   

  	
   

  	
   

  
	
   

  	
  (2)

  	
  All tiers of
  contractors, subcontractors and sub-subcontractors who work on the project
  and for whom the Owner has agreed by contract to provide coverage under the
  Owner Controlled Insurance Program.

  
	
   

  	
   

  
	
  Interest:

  	
  This policy applies
  only to operations related to the project conducted at the location
  designated below and operations necessary or incidental thereto:

  
	
   

  	
   

  
	
   

  	
  Forest
  City Ratner Companies and The New York Times

  New York Times Headquarters Project

  
	
   

  	
   

  
	
   

  	
   

  
	
  Limits
  of Liability:

  	
  Primary:

  
	
   

  	
  $5,000,000 General Aggregate,
  per project

  
	
   

  	
  $5,000,000
  Products/Completed Operations Aggregate, per project

  
	
   

  	
  $2,000,000 Personal
  Injury and Advertising Injury

  
	
   

  	
  $2,000,000 Each
  Occurrence

  
	
   

  	
  $1,000,000 Fire Damage
  (any one fire)

  
	
   

  	
  $   100,000
  Medical Payments (each accident)

  
	
   

  	
  LIMITS
  SHOWN ARE ANNUALLY REINSTATED except for

  Completed Operations

  

 

13

 

[DRAFT]

 

	
  Endorsements:

  	
  St. Paul using form
  47500 or by endorsement as follows:

  
	
   

  	
  Products and Completed
  Operations Ext. (1 set of limits) – 10 years

  
	
   

  	
  Named Insured

  
	
   

  	
  Additional Protected
  Persons

  
	
   

  	
  Contractor’s Fraud and
  Misrepresentation Endorsement

  
	
   

  	
  Notice of Accident
  Endorsement

  
	
   

  	
  Notice of
  Accident-Workers Compensation First Reported Endorsement

  
	
   

  	
  Sole Agent

  
	
   

  	
  Waiver of Rights of
  Recovery from Others Endorsement

  
	
   

  	
  Other Insurance

  
	
   

  	
  Described Premises or
  Projects Limitation Endorsement

  
	
   

  	
  Amend Occurrence to
  include Reasonable Force

  
	
   

  	
  Cancellation Provision-60 days notice non-payment of premium or
  failure to comply with reasonable engineering recommendations

  
	
   

  	
  Assignment Consent
  Endorsement

  
	
   

  	
  Additional Definitions
  Endorsement

  
	
   

  	
  Inclusion of Alcoholic
  Beverage coverage

  
	
   

  	
  Waiver of Subrogation /
  Property Damage Endorsement

  
	
   

  	
  Contractors Personal
  Injury Endorsement

  
	
   

  	
  Damage to Your Products
  or Completed Work Endorsement

  
	
   

  	
  Contractual Liability

  
	
   

  	
  Worldwide Coverage

  
	
   

  	
  Fellow Employee Bodily
  Injury Endorsement All Employees

  
	
   

  	
  In Rem Endorsement

  
	
   

  	
  Non-owned Watercraft
  & Aircraft Exception

  
	
   

  	
  Incidental Medical
  Malpractice Endorsement

  
	
   

  	
  Composite Rate
  Endorsement

  
	
   

  	
  Deductible Endorsement

  
	
   

  	
  Architect, Engineer or
  Surveyor Professional Services Exclusion

  
	
   

  	
  Exclusion Lead

  
	
   

  	
  Exclusion Asbestos
  (remediation work)

  
	
   

  	
  Nuclear Energy
  Liability Exclusion

  
	
   

  	
  State mandatory
  Endorsements

  
	
   

  	
  Stop Gap Liability
  Endorsement

  
	
   

  	
  Limited Sudden &
  Accidental Pollution Liability $1 MM/$2 MM Sub-limit

  
	
   

  	
  Waiver of Rights of
  Recovery Endorsement

  
	
   

  	
  Fraud and
  Misrepresentation Endorsement

  
	
   

  	
  Notice of an Event
  Endorsement

  
	
   

  	
  Notice of an Accident
  Endorsement

  
	
   

  	
  Contractors
  Professional Services Exclusion Endorsement

  

 

14

 

[DRAFT]

 

EXCESS
LIABILITY

 

 

	
  Insurance
  Carrier(s):

  	
  TBD– Layer 1 ($50 MM Excess of Primary)

  
	
   

  	
  TBD – Layer 2 ($50 MM
  Excess of $50 MM Excess of Primary)

  
	
   

  	
   

  
	
  Policy
  Term:

  	
  From date bound until
  project completion

  
	
   

  	
   

  
	
  Named
  Insured:

  	
  Owner and all tiers of
  enrolled contractors and subcontractors

  
	
   

  	
   

  
	
  Interest:

  	
  Coverage in respect of
  the Insured’s operations, solely with respect to the construction of the
  specified the Owner projects.

  
	
   

  	
   

  
	
  Limits
  of Liability per Project:

  
	
   

  	
   

  
	
   

  	
  $100,000,000 x
  $2,000,000/$2,000,000/$5,000,000

  
	
   

  	
  REINSTATED ANNUALLY
  except for Completed Operations

  
	
   

  	
   

  
	
  Conditions:

  	
  Terms and conditions
  per policy on file with the Owner. 
  Policy period is construction term plus an additional sixty (60)
  months of completed operations coverage

  

 

15

 

[DRAFT]

 

BUILDER’S
RISK INSURANCE

 

 

Owner has arranged the
Builder’s Risk insurance for the project’s entire construction phase.  The coverage protects all involved parties
including the Owner and all contractors and subcontractors.  This insurance does not protect certain property of
contractors used at the construction site, including contractors’ tools and
equipment (including office trailers, tool sheds and any other temporary
structures) not intended to become a permanent part of the project.  The following are details of the coverage:

 

 

	
  Insurers:

  	
  TBD Property Program

  
	
   

  	
   

  
	
  Named
  Insured:

  	
  Owner and contractors
  of every tier.

  
	
   

  	
   

  
	
  Coverage
  Form:

  	
   

  
	
  (Perils)

  	
  “All Risks” of direct
  physical loss of or damage to insured property subject to policy terms,
  conditions, and exclusions.

  
	
   

  	
   

  
	
  Contact:

  	
  Gallagher
  Pipino, Inc.

  
	
   

  	
  7600
  Market Street

  
	
   

  	
  Youngstown,
  Ohio 44513–3849

  
	
   

  	
  Telephone:  800-726-8177

  
	
   

  	
  Fax:  330-726-1891

  

 

16

 

[DRAFT]

 

IV.                                COVERAGES
NOT INCLUDED IN THE OCIP

 

1.                                      Automobile
Insurance

 

The OCIP does not include Automobile Liability,
uninsured and underinsured motorist coverage and Physical Damage Insurance for
licensed vehicles.  All subcontractors
are required to provide certificate of insurance showing auto liability
coverage limit of $1,000,000 with Owner and General Contractor named as
additional insureds.  The Owner reserves
the right to require alternative limits (higher or lower) to any individual
Contractor (any tier) at their discretion.

 

2.                                      Off-Site
Workers’ Compensation

 

The OCIP only covers
work-related injuries occurring at the work site.  It does not
cover Workers’ Compensation risks associated with your other jobs or
activities.  All subcontractors are
required to provide a certificate of insurance showing statutory Workers’
Compensation limits and Employer’s Liability limit in the amount of
$1,000,000.  The Owner reserves the
right to require alternative limits (higher or lower) to any individual
Contractor (any tier) at their discretion.

 

3.                                      Off-Site
General Liability

 

The OCIP only covers
third-party liability claims arising from activities at the work site.  It does not cover liability risks associated
with your other jobs or activities.  All
subcontractors are required to provide certificate of insurance showing
$10,000,000 combined single limit and showing The New York Times Headquarters
Project (FCRC/NYT) and the General Contractor as additional insureds.  This limit can be provided through a
combination of Primary and Excess policy limits.  The Owner reserves the right to require alternative limits
(higher or lower) to any individual Contractor (any tier) at their discretion.

 

4.                                      Tools,
Equipment and Machinery

 

The OCIP does not cover loss of, or damage to, your
tools and equipment at the job site. 
Nor does it cover your employee’s tools or equipment.  Other property such as scaffolds, machinery,
crane, earth-moving equipment, consumables, office trailers, tool sheds and any
other temporary structures not intended to become a permanent part of the
project is not covered under this OCIP.

 

17

[DRAFT]

 

V.                                    ENROLLMENT
PROCEDURES

 

•                  NOTICE OF SUBCONTRACT AWARD: This form
must be completed by any contractor that has sub-contractors. They must advise
Construction Insurance Partners, LLC of name, address, contact name, telephone
number and fax number of all contractors that will be working on-site on this
project.

 

•                  REQUEST FOR INSURANCE (RFI): THIS FORM
MUST BE RETURNED TO Construction Insurance Partners, LLC by the Contractor prior to the Contractor going onto the job-site.
This form is necessary to provide coverage for the Contractor on the project.
If the Contractor is uncertain as to the estimated on-site date, leave this
part of the form blank and call Construction Insurance Partners, LLC at
314-554-9743 – Cindie Allscheid before going on-site. Be sure to provide your
NCCI number in the spaced market Bureau Identificiation Number and your PIN
number. All payroll estimates should be for on-site payroll only.

 

Complete attached  Request for Insurance  (RFI) application and mail and/or fax to:

 

Construction
Insurance Partners, LLC

308
North 21st Street

St.
Louis, Missouri 63103

(800)
316-4031

(314)
342-7170 fax

Contact:
Cindie Allscheid, Ext. 743

 

•                  SUPPLEMENTAL BID INFORMATION FORM I:
Contractors whose insurance programs are fully insured use the Form I. the
contractors will identify their insurance costs for both Worker’s Compensation
and Deferred Liability coverages. When using the same information provided on
the RFI form be sure to provide classification codes, workers’ compensation
codes and estimated payroll for on-site work only. Contractors are asked to
provide a copy of the Declarations or information page(s), Rating page(s),
Verification of Experience Modification of their current insurance policy along
with the completed Form 1.

 

LOSS
SENSITIVE (I.E. Large deductible or retrospective rated program, etc.) FORM 1A:
Complete form 1A if you are a qualified self-insured for Workers’ Compensation
and/or General Liability or have a “loss sensitive’’ (i.e. large deductible or
restropective reated program, etc.). These forms are provided to assist in the
calculation of the insurance credit your company will be providing to the Owner
for the coverages; Workers’ Compensation, General Liability and Excess
Liability. Each enrolled Contractor (any tier) will provide documentation as
follows: Declarations or information page(s), Rating page(s), Verification of
Experience Modification for Workers’ Compensation and a Minimum of 3 years Loss
History for Contractor’s (any tier) that participate in self-insured, large
deductible or retrospective rated insurance programs. If a Contractor is
participating in a retained loss program of this type(s), please complete Form
1A. An insurance credit will be developed using the contractors actual loss
history during the requested time period and program fixed costs (e.g. Excess
Insurance premiums, Claims Administration charges and Claim Development
factors, etc.). Loss History calculations will be based upon a Contractors
experience outside of this program provided by the Owner.

 

•                  The
final adjustment will be addressed with a change order at the conclusion of the
Project. All insurance credits will be adjusted to reflect any change in the
Contractor’s (any tier) insurance costs

 

 

 

18

 

[DRAFT]

 

(higher or lower) that
occur throughout their involvement in this project.  In the event that a contractor overstates their insurance
estimate, the Contractor will be credited accordingly.

 

•                  Contractors
will be required to provide a “Certificate of Insurance” naming Construction
Insurance Partners, LLC as the Certificate Holder and Forest City Enterprises,
Inc. as additional insured and the General Contractor (see sample cert for
complete wording) evidencing their Workers’ Compensation, General Liability, Excess,
Automobile and Disability coverages.

 

•                  MONTHLY PAYROLL REPORT:  Because Workers’ Compensation and General
Liability insurance premiums are calculated based on employer payroll data,
contractors are asked to provide a Monthly Payroll Report outlining the actual
payroll insured on the project.  This
information must be turned in to Construction Insurance Partners, LLC.

 

•                  Construction
Insurance Partners, LLC will provide all Contractor’s with an individual
Workers’ Compensation policy, Certificate of Insurance and an audit slip for
the contractor to submit to their Contractor’s individual insurance
carrier.  This report will reflect the
amount of payroll and insurance coverages affected by the Owner Controlled Insurance
Program.

 

•                  Reminder:
Suppliers, vendors, material men and haulers are excluded from the OCIP.  However, a Certificate of Insurance is still
required as an evidence of Insurance.

 

•                  If
you have subcontractors, they will need complete this same packet

 

19

 

[DRAFT]

 

NOTICE
OF SUBCONTRACT AWARD

 

Construction
Insurance Partners, LLC

308
North 21st

St.
Louis, MO 63103

 

COMPLETE THIS FORM ONLY
IF YOU HAVE SUB-CONTRACTORS

 

	
  Prime
  or General Contractor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  We
  have awarded a subcontract as follows:

  
	
   

  	
   

  	
   

  
	
  Project
  Name

  	
   

  	
  New
  York Times Headquarters Project

  
	
   

  	
   

  	
   

  
	
  Type
  of Work

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Subcontractor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Contact

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Telephone
  & Fax Number

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date
  of Subcontract

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Estimated
  Contract Amount

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Probable
  Starting Date

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Authorized
  Signature

  	
   

  	
  Typed
  Name

  
	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
   

  

 

20

 

[DRAFT]

 

REQUEST
FOR INSURANCE - Forest City Enterprises, Inc. – OCIP

Underwritten
by: St. Paul Mercury Insurance Company

 

	
  Sub-Contractor Name:

  	
   

  
	
   

  	
   

  
	
  Address:

  	
   

  
	
   

  	
   

  
	
  Audit

  	
   

  
	
   

  	
   

  
	
  Telephone / Fax:

  	
  Contact Name:

  	
   

  
	
   

  	
   

  
	
  E-Mail Address:

  	
   

  
	
   

  	
   

  
	
  Scheduled
  On-Site Dates:

  	
  From:

  	
  To:

  
	
   

  	
  This
  will be the effective date of the OCIP policy

  
	
   

  	
   

  	
   

  
	
  Federal Employee
  Identification Number:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Bureau Identification
  Number (NCCI):

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Experience Mod:

  	
   

  	
  Date of Modifier:

  
	
   

  	
   

  	
   

  
	
  Job Name:

  	
  New York Times
  Headquarters Project

  
	
   

  	
   

  	
   

  
	
  Prime
  Contractor:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CLASSFICATION

  	
  CLASS CODE

  	
  ESTIMATED
  ON-SITE PAYROLL

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
					

 

CONTRACTOR’S
INSURANCE INFORMATION

 

Each contractor must
attach a Certificate of Insurance evidencing offsite workers’ compensation,
offsite general liability and auto liability coverage and indicate that your GL
and WC coverages exclude your work on Forest City Enterprises, Inc. –
OCIP.  Contact your Insurance Agent for
this Certificate. It is your responsibility to notify your Insurance Agent to
exclude all work to be done at this Project Site from your regular GL and WC
policies. This certificate should also name Forest City Enterprises, Inc. and
General Contractor as additional insureds on the auto liability and offsite
general liability.

 

ASSIGNMENT
BY CONTRACTOR OR SUBCONTRACTOR FOR

SPONSOR
CONTROLLED INSURANCE PROGRAM

 

The undersigned, a
contractor or subcontractor under construction, contract with Forest City
Enterprises, Inc.(“Owner”) or the General Contractor in consideration of the
agreement of Owner to arrange insurance and pay premiums as provided by said
Contract for the Contractor and for each Subcontractor of any tier thereunder,
and for other good and valuable consideration hereby assigns to Owner all
return premiums, premium refunds, dividends, and any monies due or to become
due to the Undersigned in connection with said insurance.

 

	
  Name of Contractor or
  Subcontractor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Authorized Signature

  	
  Typed Name

  	
  Date

  
	
   

  	
   

  	
   

  
	
  Completed
  form and Certificate of

  	
   

  	
   

  
	
  Insurance
  should be returned to:

  	
  If
  questions, contact:

  	
   

  
	
  Construction
  Insurance Partners

  	
  Controlled Insurance
  Program Unit

  	
   

  
	
  (314)-342-7170 Fax

  	
  800-316-4031

  	
   

  
	
   

  	
  Cindie Allscheid

  	
   

  
						

 

21

 

[DRAFT]

 

	
  Forest City Ratner Companies and

  	
   

  	
   

  
	
  The New York Times Company

  	
   

  	
  Form 1

  

 

SUPPLEMENTAL
BID INFORMATION

Insurance
Information Form/General Contractor and Subcontractor

 

	
  Contractor Name:

  	
   

  	
   

  	
  Contact Person:

  	
   

  
	
  Address:

  	
   

  	
   

  	
  Telephone:

  	
   

  
	
  City, State, Zip:

  	
   

  	
   

  	
  e-mail:

  	
   

  
	
  Your Contract Value

  	
  $

  	
   

  	
  Prime Contractor:

  	
   

  
	
  Job Name

  	
  New York Times
  Headquarters Project

  	
   

  	
   

  	
   

  

 

	
  Workers’
  Compensation (project site payroll only)

  
	
  *attach additional pages if
  required

  
	
  Important:  Attach current Workers’ Compensation
  Policy Declaration Page and Schedule of Classifications.

  

 

	
  Classification

  	
   

  	
  Code

  	
   

  	
  WC Rate

  incl. Tier 1 Rate

  	
   

  	
  Estimated
  Payroll

  	
   

  	
  Premium

  Rate* Payroll/100

  
	
  1.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Total

  	
   

  	
  $

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Increased Limits

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Contractor Credit if
  applicable

  	
   

  	
   

  
	
  WC Insurance Company:

  	
   

  	
   

  	
   

  	
  EMR

  	
   

  	
   

  
	
  Experience Modifier (ERM):

  	
   

  	
   

  	
   

  	
  Assigned Risk
  Surcharge, if app.

  	
   

  	
   

  
	
  Effective Date of ERM:

  	
   

  	
  /    /

  	
   

  	
  State Disability and,
  if app.

  	
   

  	
   

  
	
  Effective Date of WC Policy:

  	
   

  	
  /    /

  	
   

  	
  State Assessment Fund,
  if app.

  	
   

  	
   

  
	
  Expiration Date of WC Policy:

  	
   

  	
  /    /

  	
   

  	
  Premium Discount

  	
   

  	
   

  
	
  Employer’s Liability Limit:

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
  Total
  Estimated Project

  Workers’ Comp. Premium

  	
   

  	
  $

  	
  (A)

  

 

	
  B.
  General Liability (including completed operations)

  
	
  *attach additional
  pages if required

  

 

	
  Classification

  	
   

  	
  Code

  	
   

  	
  Current
  Rate

  	
   

  	
  Estimated
  Payroll

  	
   

  	
  Premium

  Rate* Payroll/1000

  
	
  1.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  General
  Liability Premium

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Excess/Umbrella Liability Premium

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total
  Liability Premium

  	
   

  	
  $

  	
  (B)

  
	
  C.                                    Subcontractor
  Premiums (all tiers)

  For each Sub-Contractor, there should be a Form 1

  	
   

  	
  $

  	
  (C)

  
	
  D.                                    Total
  Premium (A+B+C)

  This estimated amount must equal the insurance withhold that will be
  shown on your contract.

  	
   

  	
  $

  	
  (D)

  

 

“Total Premiums”
indicated in D, represent the amount of insurance premiums the contractor has
identified as their insurance cost estimate that will be identified as a
withhold amount.  This is outlined in
the General Conditions (including any superseding supplemental conditions),
since the owner is furnishing the construction insurance.  A final
adjustment will be approved
based upon the actual payrolls and applicable rates submitted by the contractor
at the conclusion of their contract.  In
the event insurance is not provided by Owner, this amount will not be withheld.

 

	
  Signed by:

  	
   

  	
   

  	
  Title:

  	
   

  

 

A
copy of your master WC and GL insurance program Declarations Page and
Experience Modification

Worksheet
must be attached with this form.

 

22

 

[DRAFT]

 

Return
completed forms to Construction Insurance Partners

 

23

 

[DRAFT]

 

Form 1A

 

New York
Times Headquarters – OCIP PROJECT

SUPPLEMENTAL BID INFORMATION FORM 1A

 

	
  Contractor Name:

  	
   

  	
   

  	
  Policy Period:

  	
   

  
	
  Contact:

  	
   

  	
   

  	
  Reporting Period:

  	
   

  
	
  Telephone:

  	
   

  	
   

  	
  Self-Insured Retention for

  	
   

  
	
   

  	
   

  	
   

  	
  WC:

  	
    $

  
	
   

  	
   

  	
   

  	
  GL:

  	
    $

  
	
  Contract Value:

  	
   

  	
   

  	
  % Self Performed

  	
   

  
	
  Your Contract Value Only (Do not include subs)

  	
   

  	
  % Subcontracted

  	
   

  
	
  Awarding Contractor

  	
   

  	
   

  	
  Prime Contractor

  	
   

  
	
  Estimated No. of

  	
   

  	
   

  	
  Estimated Job-hours

  	
   

  
	
  Subcontractors

  	
   

  	
   

  	
   

  	
   

  

 

Workers’ Compensation (project site payroll only) for the New York
Times Headquarters

 

	
  A. Self Insured Calculation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Premium Program Cost

  
	
  Payroll

  	
   

  	
  $

  
	
  Expected Loss Rate per
  $100/payroll or Company Allocation including loss handling charge*

  	
   

  	
  $

  
	
  Total
  Section A

  	
   

  	
  $

  

 

	
  B. Excess Workers Compensation
  Calculation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Premium Program Cost

  
	
  Payroll

  	
   

  	
  $

  
	
  Excess Workers’
  Compensation Composite Rate

  	
   

  	
  $

  
	
  Total
  Section B

  	
   

  	
  $

  

 

	
  C. Assessment Computation

  	
   

  	
   

  

 

	
  W/C Class
  Code

  	
   

  	
  Estimated On-Site Payroll

  	
   

  	
  Rate

  	
   

  	
  Manual Premium/Program

  Costs

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL MANUAL
  PREMIUM/PROGRAM COSTS

  	
   

  	
   

  
	
  Experience Mod Factor

  	
   

  	
   

  
	
  Discount

  	
   

  	
  (                       )

  
	
  State Disability Fund
  and State Assessment Fund Surcharges, if applicable

  	
   

  	
   

  
	
  Total Section C

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  D. General and Excess Liability
  (Including Completed Operations)

  
	
  Attach additional pages if
  required.

  

 

	
  Classification

  	
   

  	
  Code

  	
   

  	
  Current Rate

  	
   

  	
  Est. Payroll/Gross

  Receipts

  	
   

  	
  Premium/Program Costs

  
	
  1.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  General Liability Premium

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
  Excess/Umbrella Liability Premium

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
  Total Liability Premium

  	
   

  	
  $

  
	
  TOTAL CREDIT FOR WC/GL & EXCESS
  LIAB (A+B+C+D)

  	
   

  	
  $

  	
  (E)

  

 

24

 

[DRAFT]

 

Note:
You are required to provide the following:

 

•      Experience
Modifier worksheet

 

•      A
copy of your Excess policies declaration page(s) and rating page(s)

 

•      A
Certificate of Self Insurance from the State of New York

 

•      Loss
Fund Allocation Worksheet and/or rate (Minimum 3 years)

 

“Total Premiums” indicated in E represent the amount of insurance
premiums the contractor has identified as their insurance cost estimate that
will be identified as a withhold amount. 
This is outlined in the General Conditions including any superseding
supplemental conditions), since the Owner is furnishing the construction
insurance. A final adjustment
will be approved based upon
the actual payrolls and applicable rates submitted by the contractor at the conclusion
of their contract.  In the event
insurance is not provided by Owner this amount will not be withheld.

 

	
  Signed by:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

RETURN
COMPLETED FORM TO:

 

Construction
Insurance Partners, LLC

308
North 21st Street

St.
Louis, Missouri 63103

(800) 316-4031

(314)
342-7170 fax

Contact:  Cindie Allscheid, Ext. 743

 

25

 

[DRAFT]

 

CERTIFICATE REQUIREMENTS

 

 

You are required to forward a Certificate of Insurance evidencing
coverage for Automobile Liability, off site General Liability, and off site
Workers’ Compensation to Construction Insurance Partners.  Owner and General Contractor must be named
as Additional Insureds as respects to Automobile Liability and off-site Commercial
General Liability.  Please show full
limits for coverage carried.  Carrier
ratings and coverage limits the subject to approval by the Owner and General
Contractor. Every Contractor (any tier) will at a minimum carry the following
limits:

 

	
  Coverage

  	
   

  	
  Limits

  
	
  Workers’ Compensation

  	
   

  	
  Statutory

  
	
  Employer’s Liability

  	
   

  	
  $1,000,000

  
	
  Commercial General Liability

  	
   

  	
  $10,000,000 (combined single limit bodily injury and
  property damage, and including protection for contractual liability,
  products, completed operations, work performed by independent contractors,
  and broad form property damage coverages).

  
	
   

  	
   

  	
   

  
	
  Automobile Liability

  	
   

  	
  $1,000,000 Combined Single Limit

  

 

These minimum insurance requirements do not alleviate the Contractor of
their total liability exposure.  The
Owner reserves the right to require alternative limits (higher or lower) to
individual Contractors (any tier) at their discretion.

 

Please contact Construction Insurance Partners regarding any question
concerning this certificate of insurance requirement.  The contact name and address is as follows:

 

Construction
Insurance Partners, LLC

308
North 21st Street

St.
Louis, Missouri 63103

(800)
316-4031

(314)
342-7170 fax

Contact:  Cindie Allscheid, Ext. 743

 

26

 

[DRAFT]

 

VI.           PAYROLL REPORTING

 

Owner requires that all contractors submit a monthly report of man-hours and payroll to Construction
Insurance Partners as per the following form.

 

It is the Prime Contractor’s responsibility
to insure that this information is provided monthly by all subs.

 

THE CONTRACTORS AND ALL TIERS OF
SUBCONTRACTORS WILL MAKE THEIR PAYROLL RECORDS AVAILABLE TO THE INSURANCE
COMPANY AUDITOR AT ANY TIME DURING THE POLICY PERIOD AND UP TO THREE YEARS
AFTER COMPLETION OF THE PROJECT.

 

	
  Payroll:

  	
   

  	
  Payroll shall include the total remuneration and
  hours worked for all employees working on the Project Site, including the
  cost of board and lodging where it is considered part of an employee’s
  earnings.

  
	
   

  	
   

  	
   

  
	
  Payroll Records:

  	
   

  	
  All payroll records on the Owner’s Projects should
  be kept separate from all other work. 
  This will make the audit process easier.

  
	
   

  	
   

  	
   

  
	
  Payroll Reports:

  	
   

  	
  Payroll reports should be sent to Construction
  Insurance Partners within two weeks following end of prior month.  You should use the same workers’
  compensation codes and classifications as shown on your current workers’
  compensation policy.  Show only total
  hours and total payroll for each classification of employees.  The report can be handwritten and faxed,
  hold the original copy in your file. 
  If you have more than one contract and/or work order, please either 1)
  complete a Form for each awarding contractor or, 2) show which payroll
  applies to which contractor.

  
	
   

  	
   

  	
   

  
	
  Overtime:

  	
   

  	
  Earnings for overtime should be included only at the
  normal hourly rate, (DO NOT INCLUDE EXTRA
  WAGES PAID FOR OVERTIME HOURS). 
  Overtime means those hours in excess of 8 hours worked each day, 40
  hours in any week or on Saturdays, Sundays, or holidays, but only when there
  is an increase in the hourly rate to work such hours.  Hours should also be shown on overtime.

  

 

27

 

[DRAFT]

 

New York
Times Headquarters Project

OCIP
Monthly Payroll Report Form

 

	
  Contractor Name:

  	
   

  	
  Payroll Month

  	
   

  	
   

  
	
  Sub of:

  	
   

  	
  From:

  	
   

  	
  To:

  
	
   

  	
   

  	
  Final Payroll?

  	
   

  	
   

  

 

	
  Workers’ Comp

  Code

  	
   

  	
  Classification

  	
   

  	
  Gross
  Payroll*

  	
   

  	
  Total
  Monthly

  Job Hours

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

* Straight time wage rates only.

 

Complete
a Separate Form for Each Contract

 

This
form should be turned in monthly to:

Construction
Insurance Partners, LLC

Attn:
Cindie Allscheid

Fax
314-342-7170

 

	
  Signed:

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
  Title

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

28

 

[DRAFT]

 

VII.                            CLAIM REPORTING

 

As a participant in Forest City Enterprises, Inc. – OCIP, you will be
expected to cooperate with construction management, Construction Insurance
Partners and the OCIP insurer in the event of a claims situation. It is the
responsibility of each Contractor and Subcontractor (any-tier) to report all
claims. This section outlines the procedures to be followed in the event of an
accident.

 

What to do if an injury/incident
occurs:

 

•              Injured worker notifies contractor
supervisor

 

•              Contractor supervisor immediately
notifies General Contractor

 

•              Contractor
supervisor assists General Contractor with the completion of the Claim
Notification Form(s). Both Workers’ Compensation and General Liability
reporting forms will be available at the job-site. Insurance carrier will be
notified of loss by calling a toll-free telephone number provided by the
carrier. It is the responsibility of all supervisors to report their claims to
the carrier. The General Contractor will assist as necessary.

 

•              All contractors are
required to assist in an accident investigation as outlined in Section VIII
–Contractor Safety Requirements of this OCIP Contractor Manual.

 

•              If you should have
any questions regarding a workers’ compensation or general liability claim,
please contact:

 

Larry
Jackson

Construction
Insurance Partners

308
North 21st Street

St.
Louis, Missouri 63103

(800)
316-4031

(314)
342-7170 fax

 

•              General Contractor
contacts Construction Insurance Partners

 

•              Construction
Insurance Partners will be copied on all Loss Notices.

 

29

 

[DRAFT]

 

“New
York Times Headquarters Project”

OCIP

 

 

All employee injuries must be
reported to the General Contractor and the injured employee may, at their
discretion, elect to receive treatment at the following facilities:

 

During Normal Working Hours

 

TBD

Hours: 7:00 a.m. – 10:00 p.m.

Monday - Friday

 

Emergency Treatment & After Hours
Care

 

TBD

 

 

St. Paul Mercury Insurance Company

 

Send Bills To:

 

TBD

Address

City, State Zip

(Please write claim number on bill if
known)

 

Customer Service – Medical Bill
Review:

 

 

Telephone:

(Call this telephone number to check
on the status of a medical bill)

 

30

 

[DRAFT]

 

VIII.        CONTRACTOR
SAFETY REQUIREMENTS

 

The Owner reserves the right to adopt the safety plan of the General
Contractor.  Please refer to the Contract Provisions for the required Safety
Procedures titled, “AMEC CONSTRUCTION MANAGEMENT, INC., Corporate Safety Policy
and Procedure” attached as Exhibit S of your Contract Document.  The Contractor’s safety policies, procedures
and codes of practice must be in compliance with current federal, state and
local occupational health and safety standards.  Some sections may exceed the minimum standard.  The importance that safety awareness has in
our corporate philosophy cannot be understated. Our approach is simple;
substandard conditions and substandard practices will not be tolerated.  The following outline is a sample of
the minimum requirements expected to be followed by the Contractor (any tier).

 

Safety Programs

 

•                  Each contractor
or subcontractor who has 50 or more employees on-site at any one time will be
required to provide a full-time on-site safety representative.

 

•                  Each contractor
must develop and submit a written safe work procedure that identifies the
hazards of their work and the equipment/methods that will beused to eliminate
or control them prior to starting their scope of work.  In addition, the name of the “Competent
Person” as described in the OSHA Construction Standard 29CFR 1926 must be
specified.

 

•                  All contractor
and subcontractor employees must receive the “Site Safety Orientation” prior to
starting work. AMEC’s Site Safety Manager will provide this to the Contractor
Superintendent prior to said contractor beginning any work on site.  It will then become the Contractors
responsibility to ensure that each of their employees have received same prior
to starting work.  This will be
monitored through the use of “Hard Hat Stickers”.

 

•                  General
Contractor will be provided with a copy of all programs.

 

•                  Each
contractor will maintain on-site, a fully functional “Hazard
Communication/Employer Right-to-Know Program. 
A copy will be provided for General Contractor

 

•                  Each
contractor’s safety activities will be audited based on requirements of the
safety program.  OSHA standards will be
the minimum acceptable site standards.

 

•                  Subcontractors
or sub-subcontractors who may not have a written safety program may elect to
fall under AMEC’s safety program. 
Should that option be used, each sub or sub-tier is required to submit a
letter to AMEC indicating it will use that option, that he has a copy of the
program and is familiar with the safety requirements under that program and
intends to comply with it.

 

31

 

[DRAFT]

 

•                  Straight
adoption of these programs will not be an acceptable option.  Each contractor’s safety program must be
tailored by that contractor to reflect the specific exposures encountered by
its tradesmen.  Construction Insurance
Partners and St. Paul Mercury Insurance Company will offer assistance in this
area as requested.

 

•                  All
contractors should submit their safety programs to the General Contractor
before they begin work.

 

•                  Basic
personal protective equipment consists of safety glasses with side shields an
ANSI approved hard-hat, durable work shoes or boots, long pants and tee-shirt
with sleeves as the minimum.  A hard
hat, safety glasses with side shields and proper footwear must be worn at all
time while on the project.  Hearing
protection, dust masks or respirators shall be worn where hazards to the ears
or respiratory tract exists.  Training
on the proper use and limitations of respiratory equipment will be provided to
any worker using such equipment.

 

•                  A strict 100% fall protection policy shall be adhered
to where any worker is exposed to a hazard of falling six (6) feet or more or
when working over dangerous equipment. (NOTE: The only exception to this
rule will be for employees engaged in structural steel erection.  These individuals will follow the guidelines
of 29CFR 1926 subpart-R)

 

•                  Prior
to removing guardrails, temporary or permanent floor covers, grating or other
barriers designed for fall protection, workers will be provided with fall
protection as explained in sub (b) above. 
Guardrails and protective floor coverings shall not be left open and
unattended for any period or for any reason. 
Upon completion of the task or activity, the guardrail or covering must
be replaced in a securely fastened state. 
All floor covers must be legibly marked as “hole” or “opening”.

 

•                  Documentation
shall be submitted to AMEC stating the each subcontractor supervisor has been
trained to administer first aid and CPR

 

•                  Each contractor
and subcontractor supervisor will have attended the “OSHA 10 Hour Construction
Outreach Training Program” as evidenced by the appropriate documentation.  If the supervisors have not received said
training, it will be provided at “no cost” to the contractor.  However, when the training is scheduled, the
contractor MUST make supervisors available for the classes.  (Note: Every effort will be made to schedule
classes during hours that will not impact the ongoing work)

 

32

 

[DRAFT]

 

•                  A “No Drug or
Alcohol Policy” will be enforced by all contractors’ and sub contractors’.  This policy restricts certain items and
substances from being brought on Company premises, prohibits all employees and
others working on Company premises from reporting for work or from working with
detectable levels of illegal or non-prescribed drugs and other substances.  Post accident drug testing will be required
for all personnel working on site.

 

Safety Committee

 

•                  Each
prime and those major subcontractors selected by General Contractor will
appoint a Safety Coordinator.

 

•                  Safety
Coordinators will be required to attend a Safety Training Session by
Construction Insurance Partners and St. Paul Mercury Insurance Company as
requested.

 

•                  The
Safety Coordinators will form the Safety Committee.

 

•                  Safety
Committee Meetings will be held as called by General Contractor.  These meetings will usually occur once each
month.  Attendance by Safety
Coordinators is mandatory.

 

•                  Safety
Coordinators will be required to accompany Construction Insurance Partners
and/or St. Paul Mercury Insurance Company on safety tours of the job site for
the purpose of hazard recognition.

 

•                  Superintendents/supervisors
may be permitted to act as Safety Coordinators.

 

33

 

[DRAFT]

 

Accident Investigations

 

•                  Each
contractor and subcontractor is required to conduct and submit written accident
investigations report(s) to St. Paul Mercury Insurance Company and the General
Contractor within 24 hours after an incident occurs.

 

•                  St.
Paul Mercury Insurance Company and/or Construction Insurance Partners
representatives will make accident investigation forms available for any
contractor who does not currently have them.

 

•                  Construction
Insurance Partners and/or St. Paul Mercury Insurance Company representatives
will review all accident investigation reports for quality.

 

Modified
Duty Program

 

•                  The
purpose of a Modified Duty Program is to get the occupationally injured
employee back to work as safely and quickly as possible without causing further
harm or injury.  The keys to a
successful program are 1) commitment on the part of the contractor to be
creative and flexible in assigning work and 2) the willingness on the part of
the employee to attempt the modified duty offered.  Each contractor and subcontractor will work with the OCIP
Administration Team in identifying modified duty work, document that the
modified work to be offered is within the physical limitations outlined by the
treating physician and coordinate the return of the injured employee back into
the work place.

 

Safety
Meetings

 

•                  Each
contractor, subcontractor and sub-subcontractor is required to conduct safety
meetings at the job site as directed by its established safety program.

 

•                  At
a minimum, Safety Meeting are required weekly.

 

•                  A
supply of safety talk topics will be maintained in the Construction Office for
those companies who wish access to additional topics.

 

•                  Joint
safety meetings may be conducted by or with the prime and/or other subs.

 

•                  The
resulting safety meeting report must clearly identify each employee who
attended and be listed - by contractor, subcontractor or sub-sub.

 

•                  All
safety meeting reports should be forwarded to Construction Insurance Partners
and/or St. Paul Mercury Insurance Company for a review of quality and
timeliness.  The results of this review
will be submitted to General Contractor for their action.

 

34

 

[DRAFT]

 

Self-Inspections

 

•                  Each prime and
subcontractor must conduct job-site inspections on a regular basis. While these
inspections may conform to the requirements of the contractor’s own safety
program, they are subject to minimum standards established for the job.

 

•                  Joint
inspections or inspections conducted by a prime contractor for a sub must be
identified as such. Documentation of these inspections must clearly identify
the name of the person who did the inspection and each of the contractors,
subcontractors, and sub-sub for whom the inspection was made and any safety
recommendations that resulted from the inspection.

 

•                  Inspection
follow-up will be performed by each contractor to ensure compliance with
recommendations.

 

•                  The quality of
inspections will be audited by Construction Insurance Partners and St. Paul
Mercury Insurance Company loss control personnel and results of those audits
provided to General Contractor for their action.

 

Job Surveys

 

•                  St. Paul Mercury
Insurance Company and/or Construction Insurance Partner’s safety
representatives will conduct job-site safety surveys monthly, in the company of
the members of the Safety Committee for the purpose of hazard recognition.

 

•                  Suggestions and
recommendations resulting from those surveys will be discussed with contractor
representatives at the time of the survey. Recommendations and suggestions will
also be discussed during the regular monthly Safety Committee Meetings.

 

•                  The findings
will be submitted in the loss prevention report directed to General Contractor
for their action.

 

Record-Keeping and Files

 

IF IT IS NOT RECORDED IN THE
PROJECT’S CONSTRUCTION OFFICE, IT HAS NOT BEEN COMPLETED!

 

Documentation is required in the contractor’s safety file located in
the General Contractor construction office. Representatives of St. Paul Mercury
Insurance Company and Construction Insurance Partners will review safety
program documentation. It is very important that any contractor with questions
regarding record-keeping contact General Contractor, Construction Insurance
Partners or St. Paul Mercury Insurance Company’s loss control representative
for clarification.

 

35

 

[DRAFT]

 

The following documentation is required:

 

•                  A written safety
program

 

•                  A written
hazard/employee right-to-know program. Material  safety data
sheets conforming to the above hazard communication program. The Hazard Communication
standard requires contractors to provide Material Safety Data Sheets (“MSDS”)
for all hazardous products to be used on this project. The MSDS sheets must be
available for workers at all times while on the project. Workers must receive
training to be made aware of the hazards of these products.

 

•                  Job-site safety
meeting reports

 

•                  Accident
investigations - In order for the Company to investigate all accidents, the
subcontractor must immediately notify the Company and submit an accident report
within three (3) working days of the accident.

 

•                  Job-site
inspections - Weekly inspections of the subcontractors operations, equipment
and work areas will be performed by a Competent Person designated by the
subcontractor. Documentation of inspections will be submitted to the Company.

 

•                  The Company has
a policy of progressive warnings for non-compliance. Persons will receive a
verbal, then written, and, thirdly, suspension or removal from the project. In
circumstances where non-compliance threatens life or limb, the Company reserves
the right to remove the person from the project.

 

•                  Fully charged
fire extinguishers must be provided in all site office and storage trailers as
well as for all flame soldering, cutting or welding operations and other
operations where hot work is performed.

 

•                  To minimize fire
and injury potential due to poor housekeeping. Work areas must be kept clean
and free from scrap or reusable materials including lunch garbage

 

•                  All
subcontractors must be responsible to ensure all visitors, inspectors, service
or delivery personnel meet the minimum requirement for personal protective
equipment prior to entering the construction area.

 

•                  Where requested
by the Company, and before commencing the work, the subcontractor shall provide
a written safe work procedure or permit for any portion of the work which may
pose unique or specific hazards to workers performing or exposed to that work
or work area.

 

36

 

[DRAFT]

 

File Audits

 

•                  Safety files
will be reviewed by St. Paul Mercury Insurance Company and/or Construction
Insurance Partner’s loss control representatives monthly.

 

•                  Comments as to
the quantity and quality of contractor’s documentation will be addressed to
General Contractor for their action.

 

•                  Contractors are
encouraged to discuss safety record-keeping problems with the representatives
of Construction Insurance Partners and St. Paul Mercury Insurance Company.

 

•                  Construction
Insurance Partners and/or St. Paul Mercury Insurance Company representatives
will make a decision each month as to the contractor with the best quality
records for the previous month. That information will be made known to General
Contractor for appropriate action relative to the job’s safety incentive
activities.

 

37

 

 

EXHIBIT K

Project
Website Guidelines

 

Project
Website Scope

 

The
Project Website is an Extranet system managed by Owners and made available to
Architectural, Engineering, Construction and Specialty Consultant firms
actively participating in the project. Features of the Project Website support
collaboration during design and construction, and document archiving.

 

 

Project
Website Components

 

Software
components are loosely integrated permitting the creation of linkages between
applications data and document records.

 

“Prolog”
project management software by Meridian Project Systems, Inc. of Sacramento,
CA. Features include: the documentary record of the job in searchable form
including RFI’s, meeting minutes and contact lists.

 

“ImageSite”
document review, markup and reprographic software by eQuorum Corp. of Atlanta,
GA. Features include: the drawings of the job in searchable, easily viewable
Tiff files that are automatically captured from large CADD files.

 

“ProjectWise”
document control software by Bentley Systems, Inc. of Exton, PA.

ProjectWise
is an internet-based central repository of current and historical versions of
CADD backgrounds and archives of drawings.

 

 

Construction
Manager’s Project Website Responsibilities:

 

Construction
Manager shall use certain Prolog Manager and Prolog Website features,
specifically RFI’s, meeting minutes, and change order management. Construction
Manager shall coordinate with the Architect and Consultants and share all
information necessary to incorporate trade contractor Shop Drawings and
“verified” as-built conditions for the key trades such as MEP and life safety
into Consultant’s drawings/document set and the Project archive. In situations
where electronic equivalents of paper documents are not readily available,
Construction Manager shall provide and post scanned copies to the NYT Project
Website in accordance with procedures and best practices established by the
Owner.  This coordination and transfer
of information shall be performed continuously throughout the Project.

Construction
Manager agrees to utilize the Project Website actively and consistently
throughout the project.

 

At
the conclusion of the Project, or defined scope of work, whichever occurs
first, Construction Manager agrees that Owner shall retain ownership of all
licenses provided or purchased during the course of the Project.

 

 

 

Owner
CADD and Website Responsibilities:

Owner
shall manage and administer the Project Website and all of its hardware,
software and database  components.

 

Owner
shall distribute and administer Project Website-specific application software
licenses, provide basic Project Website-specific training and Project
Website-specific Help Desk support services to enable The Construction Manager,
in Owners’ judgment, to effectively manage project collaboration and
documentation via the Project Website.

 

Owner
shall assist Construction Manager in securing access to the Project Website.

 

 

 

EXHIBIT L

Key  Employee Affidavit

 

 

To:
The New York Times Building, LLC (“Owner”)

 

I,
                                                          ,
do hereby certify as follows:

 

1.               I am an employee of AMEC Construction
Management, Inc., Construction Manager for the New York Times project
(“Project”).

2.               I am a “Key Employee” of Construction
Manager, as that term is defined in the Construction Management
Agreement dated November      , 2003
(“Agreement”) between Owner and Construction Manager.

3.               I have read and understand Article 2 of
the Agreement relating to Ethical Obligations.

4.               I do hereby certify that I will (have) during
the course of the Project comply (complied) with the requirements set forth in
Article 2 of the Agreement regarding Ethical Obligations.

5.               This Certification is made by me with full
knowledge that:

1.               execution of this Affidavit is a condition of
my assignment to and participation in the Project.

2.               violation by me of the Ethical Obligations
set forth in the Agreement may result in my dismissal from the Project.

3.               my execution of a copy of this Affidavit at
Final Completion of the Project is a condition of Final Payment to Construction
Manager.

 

 

	
  Name:

  	
   

  	
   (please
  print)

  
	
  Position:

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature:

  	
   

  	
   

  

 

 

 

EXHIBIT M

Key
Employees

 

 

John
Babieracki – COO

 

Daniel
DeLosa – Chief Estimator

 

Patrick
Muldoon – Project Executive

 

Andres
Sosa – Sr. Project Manager

 

John
Fedeli – Sr. Project Superintendent

 

George
Mow – Project Manager for  Building
Enclosure

 

Robert
Filipi – MEP Procurement / Commissioning

 

 

 

EXHIBIT N

Not Used

 

 

 

Exhibit O

Qualifications and Assumptions

 

A.                                    General

 

1.  Construction schedule assumes a start
of foundation work of March 5, 2004. Owner acknowledges that the delay in
the start date from February 15, 2004 to March 5, 2004 may result in
additional costs from subcontractors which would result in an increase to the
GMP. Construction Manager shall document these additional costs, if any, no
later than March 15, 2004, or such costs shall be waived by Construction
Manager.

 

2.  The GMP is based on some bids that
Construction Manager has solicited, coordinated, and negotiated. A removal or
rejection by Owner of any bidder whose bid was used to determine the GMP may
result in a change to the GMP. The GMP will only be adjusted only to the extent
that the bidder is greater than the line item for that trade in the budget
annexed to the contract as Exhibit S.

 

3.  The Construction Manager will perform the
exterior final cleaning as directed by Owner as follows:

 

a.  Construction Manager will
complete the final cleaning no later than August 30, 2007, as part of the
GMP. If the permanent Façade maintenance equipment is completed and
approved at the time Construction Manager is ready to perform the final
cleaning then the Owner will permit Construction Manager to utilize the
equipment for the cleaning.

b.  If Owner elects to require
the final cleaning to be completed no later than December, 2006, then
Construction Manager will utilize alternate scaffolding. This option will
require an increase to the GMP in the amount of $59,000 for additional
scaffolding, curtainwall leave-outs at the roof, and any other additional costs
associated with this alternate method.

 

4.  Specification Section 09250.1.7,
Environmental Conditions, is excluded. In its stead, Construction Manager has established
and will implement a mold prevention plan to address the approach to keeping
the project moisture-free as part of the Work and within the GMP. Therefore,
notwithstanding anything to the contrary in this plan or in the contract, to
the extent that either (i) Construction Manager fails to fully implement this
plan, or (ii) Construction Manager’s plan was inadequate to address reasonably
foreseeable water infiltration, and there is a resultant damage, then
Construction Manager shall be responsible for all costs associated with such
damage.

 

5.  The
Construction Manager’s schedule is predicated on the following Owner
turnover milestones:

 

•                  Excavation/foundation
work to start on March 5, 2004, subject to Paragraph Al above.

•                  The
west end of the site (Lots #1, #5, #59, #61, & #62) is available for
excavation/foundation work starting May 19, 2004, subject to Paragraph A1
above.

 

 

6. 
Specification section 01321, Survey of Existing Conditions. This
section is excluded. This shall be provided by the Owner.

 

7.  NYC Dept. of Buildings Permits and
Approvals: Fees for New Building Permit, Paving Plan and Sewer Connection to be
paid by Owner. All other fees are to be paid by Construction Manager, including
but not limited to, highway permits, sidewalk closing permits, permits to
accommodate site logistics, BEC fees and Fire Department inspection fees.

 

8.  The GMP includes a trade line of two hundred
and fifty thousand ($250,000) dollars to cover the cost of Con Edison fees and
deposits required to bring the temporary electrical service to the  site. To the extent the charges exceed this
amount, Construction Manager shall be permitted to access the Contingency. The GMP includes all
usage and consumption charges for electric service and other utilities for the Work. Temporary load letter was
provided to Owner. Owner to provide
same to Con Edison.

 

9.  The
GMP includes only Requests for Information (RFIs) that had been answered and
indicated in the New York Times Building Project GMP BID RFI LOG Updated
June 26, 2003. RFI’s to be included in contract documents.

 

10.
Railroad Protective Liability insurance is excluded from the GMP.

 

11.
All out of sequence work and other required provisions for early start-up and
testing of the chilled water and condenser water systems is included in the
GMP.

 

 

B.                                    Demolition & Abatement

 

1.  All demolition and abatement work is
excluded.

 

2.  Mueser Rutledge Consulting Engineers
Drawings D-1, D-2 and D-3 are excluded. 

 

3.  Demolition sidewalk bridge shall be by the
Owner.

 

4.  The GMP includes the removal of lot line
windows and installation of masonry per drawings.  The GMP excludes restoration/finish work within the adjacent
building except if such restoration/finish work is required due to damage
caused by the Construction Manager.

 

 

C.                                    Sitework

 

1.  Regarding Alternate No. 21 - Individual
concrete footing is assumed for the type 2 bollards, not continuous footing.

 

2.  Owner has obtained approval of the Builders
Pavement Plan.  The final sign offs
shall be obtained by Construction Manager.

 

 

3.  Street restoration is included to one lane
from curbline.

 

D.                                    Excavation and Foundations

 

1.  The GMP includes the removal of the
demolition debris berm only as indicated on drawings.  Demolition subcontractor to leave “clean” basements.

 

2.  Photographic survey of NYCTA Subway shall be
by Owner.

 

3.  Vibration monitoring as required by 42DP and
NYCTA shall be by the Owner.

 

4.  Cutting, capping, or relocation of existing
utilities within the site is excluded.

 

5.  Removal of any Hazardous or contaminated
materials/liquids is excluded.

 

6.  The GMP assumes that the existing building
to the east is on rock and excludes the cost of underpinning along the east
face of the excavation. The GMP includes extended anchors per  detail on Drawing No. S-2009.

 

7.  The GMP includes excavation for footings to
elevations as indicated on the drawings plus an additional 3’-0”. Construction
Manager shall provide unit prices for additional concrete and  excavation.

 

 

E.                                      Superstructure Concrete

 

1.
Floor flatness is as per the specification section 03300, dated
October 10, 2003. Construction  Manager will arrange to shoot elevations of the bottom of approximately
every third beam in advance of
pouring deck to confirm that the design camber exists. If the camber is less
than that required per AISC
standards, then the Construction Manager will arrange to shore those beams
at an additional cost to the GMP.

 

 

F.                                      Structural Steel

 

1.  The GMP includes the framed openings and
beam penetrations as indicated on the structural  drawings and architectural A-9000 series
drawings. Construction Manager shall provide unit price for channel framed openings in steel
and miscellaneous metal buyout.

 

2.  Progress payments for value of raw material
received from mill sources are to be process with  the monthly basis after inspection and
receipt of insurance certificates, UCC filings and other documentation required
by Owner.

 

3.
Crane picks for tenant equipment is excluded. Picks for all equipment on
drawings up to and including Addendum #16 is included. Unit price to be
provided as part of steel bid.

 

 

4.  The
GMP includes bolted connections at interior column splices that develop less
than 1000 kips in tension. Construction Manager will maintain the splice
connection within the 2’-6” x 2’- 6” enclosure detail indicated. If detail
dimension cannot be maintained, the connection will be welded.

 

5.  Construction Manager will pursue bolted
connections at any core column splice that develops  less than 1000 kips in tension. Construction Manager
will review with the architect to confirm locations where bolted connections
fit within the core construction. If bolted connection is determined not to
fit, then it will be welded.

 

6.  The intermediate floor splice, at the N/S
channels, as indicated on drawing S-5011 is excluded.

 

7.  The GMP includes the use of US channels in
lieu of European channels.

 

8.  The GMP includes 3/8” tolerance at exterior
steel column connections.(i.e 3/8” lippage).

 

9.
The GMP includes, at the Construction Manager’s option, pursuing an alternate
splice connection detail at the exterior columns. Alternate connection detail
shall be in accordance with Thornton-Tomasetti sketch, dated 7/28/03,
indicating longitudinal fillet welds in lieu of traverse partial penetration welds.

 

G.                                    Miscellaneous and Ornamental
Metals

 

1.  The railings at convenience stairs are
excluded.

 

H.                                    Roofing

 

1.  The stone ballast at the roof setbacks that
receive IPE wood decking is excluded.

 

2.  The GMP includes Hanover pedestal roof
pavers based on standard color and finish.  Specification to be revised to include
standard color and finish.

 

I.                                         Curtain Wall

 

1.
Construction Manager acknowledges that they will enter into the curtainwall
contract with Benson Industries. There will be no increase in the GMP in
connection with the curtainwall  contract.

 

2.
The GMP includes $400,000 for additional support steel and other items, over
and above the current drawings, that may be required by the curtain wall
subcontractor for the rooftop monorail.

 

 

J.                                      Entrances & Storefront

 

1.
The GMP includes an allowance of $[*] for Storefront, Entrances, Awnings, and
Canopies (8th Ave., North, South).

 

 

K.                                    Interior Partitions and
Finishes

 

1.
The GMP includes intumescent dry wrap fireproofing at the four (4) vibration
isolators just below the 5th floor slab at the Cogen plant as per the drawings.

 

2.
The GMP includes mold resistant sheetrock at the partitions noted in the
Addendum #10 room finish schedule.

 

3.
The GMP includes note #11 Dwg A0001 Addendum #10 - application of stain to
concrete surfaces at cellar trenches.

 

4.
No partitions, doors and finishes are included at the following spaces as per
the drawings:

Outside of core areas at Cafeteria/kitchen

Auditorium on ground level/cellar level 

Retail areas at ground level

 

5.
All finishes for the Times Center space on the ground floor are excluded with
the exception of the cellar bathrooms as per the drawings.

 

6.
Color coded painting of mechanical and plumbing piping is excluded. Adhesive
labeling decals as per Division 15 are included.

 

7.
Electric locks to be supplied by hardware contractor as part of the GMP.

 

8.
Window blinds are not included

 

 

L.                                     Bird Deterrent System

 

1.
If the permanent Facade maintenance equipment is completed and approved at the
time Construction Manager is ready to install the bird deterrent system, then
the Owner will permit Construction Manager to utilize the equipment for the
installation. If the equipment is not complete then Construction Manager will
install the bird deterrent system as part of the GMP. Notwithstanding the
forgoing, Construction Manager acknowledges that the bird deterrent system must
be completed by August 30, 2007.

 

M.                                  Conveyances

 

 

1.
A destination based elevator control system (Miconic) is  not included.

 

2.
The GMP includes utilizing Fujitec Serge of New York for all elevator work on
this project.  In the
event that the Owner directs Construction Manager to retain a different
contractor for this trade, then the provisions of Item A.2. shall be applied.

 

N.                                    Electrical

 

1.
Quantities of notch lighting (Type ‘AL-40’) taken from riser.

 

2.
All 120V normal circuits in the core area are run to the respective electric
closet and left coiled in a box for future connection by the Tenant contractor.

 

3.
Included are seismic restraints for life safety and cogen as per
specifications.

 

4.
Emergency operation of the roll-up grill at the subway entrance is by chain in
lieu of battery  back up,
if approved by Owner at Owner’s sole discretion.

 

5.
Included are rigid plates with sheet metal sleeves in lieu of threaded sleeves
for the  communication
system.

 

6.
In addition to the conduits shown under slab (to chiller plant) other feeder
conduits originating from the service switchboards are also run under the slab
but only to the extent this meets the design criteria and other project
restraints in Owner’s discretion.

 

7.
The GMP includes an allowance of $[*] for furnishing, installing, and wiring of
security system, and an allowance of $[*] for furnishing, installing, and
wiring of turnstiles (excluding cladding). Conduit, raceways, junction boxes
and drag lines are included in the GMP.

 

O.  Value Engineering

 

1.
The GMP excludes the permanent temporary heating system on the FCRC floors,
comprising  of horizontal
piping from the riser shut off valve up to and including the fan powered boxes,
associated ductwork, appurtenances, and wiring.

 

2.
VE#28 – GMP is based on a Fixed boom window washing Rig at the podium Roof in
lieu of the specified unit.

 

3.
VE#33 –  GMP is based on a six
inch slab on grade at the Chiller Plant Room (el. –22.0).

 

4.
VE#49 – GMP is based on eliminating approximately 100 control points from the
current  BMS System.

 

P. Addendum No. 16

 

 

1.
Elastomeric waterproofing at the Cogen mezzanine level is excluded. Reference drawing
#A-0001. Fox & Fowle to revise drawing and note in a future Bulletin.

 

2.
VE#26 – Plate column enclosure savings is included in the GMP. Construction
Manager is reviewing alternate means of achieving the VE savings. Alternate
means include thinner plate material and a horizontal joint.

 

3.
All revisions (i.e. drywall, hollow metal, hardware, paint) to the 51st floor
as indicated on drawing A-1051 is excluded. This work will be priced when the
design is complete and issued as a future Bulletin.

 

4.
The second light switch indicated at the typical tower men’s and women’s core
bathroom is excluded. The light switch at the vestibule shall also control the
bathroom lighting. Drawings to be revised by Flack & Kurtz.

 

5.
The four inch (4”) conduit (running to east side of core) as indicated on the
Fire Alarm/Security drawings is excluded. Construction Manager has also
provided a credit for the original conduit, running to the west side of core,
included as part of the GMP. In lieu of the conduits, Construction Manager has
included (2) sleeves at the security closet (on all typical floors) and one (1)
sleeve through each end of the core wall (at FCRC floors). Drawings to be
revised by Flack & Kurtz.

 

 

EXHIBIT P

Not Used

 

 

 

EXHIBIT Q

Early
Access Guidelines and Turnover Protocol

 

 

Upon
completion of the following scope of Core and Shell work, the NYTC Interiors CM
will be permitted access to the floor or group of floors in order to commence
interior improvement work:

 

Metal deck installed and concrete slab on deck complete.

Fireproofing complete on the columns, bracing, and underside of floor
above.

Main sprinkler riser installed.

Main HVAC duct risers installed.

Material and personnel hoists have been installed to allow for service
to the floor.

Base building stairwells have been erected up to the floor.

 

Currently,
the NYTC Interiors CM plans to wait until the following items are complete
prior to commencing work:

 

1.               Perimeter Walls complete except at hoist
openings.

2.               Exterior side core walls, perimeter walls and
columns enclosures will be taped, spackled, sanded and primed.

3.               Core rooms complete, including doors and
hardware.

4.               Elevator opening work is complete.

5.               Floor is flash patched as required by
contract.

6.               Floor is turned over broom clean.

7.               Building Enclosure punch list work is not
complete.

8.               Toilet rooms (tiles, light fixtures,
ceilings, plumbing fixtures, partitions, mirrors and door hardware) are
complete and punch listed. Protection will be by interior contractor.

9.               Building enclosure is complete and watertight
except at hoist openings. Each hoist opening will be protected with plywood as
per OSHA requirements.

10.         Curtain wall closed except for caulking and crane leave-outs.

11.         Core doors hung, primed and ADA hardware complete.

12.         SOFP complete except for minor patching.

13.         Core and shell utility closets complete.

14.         Air riser shafts and main ductwork takeoff serving the floor including
dampers, controls and fire alarm devises shall be installed but not
operational.

15.         Supply air insulated and pressure tested.

16.         Piping riser takeoffs serving the floor including insulation and valves
are completed.

17.         All heating hot water connections to FPTU’s are installed, insulated,
pressure tested and balanced.

18.         Chilled water or secondary chilled water main piping loop and branch
piping with valved future outlets is installed, insulated and pressure tested.

19.         Toilet exhaust trunk duct tied into vertical shaft.

20.         Floor supply and return airshaft complete with fire smoke damper
terminating at core wall.

21.         Electrical closet fire smoke damper sleeve set in core wall.

22.         NYT supplemental chilled water supply and return risers complete with
valued outlets where appropriate.

 

 

 

23.         Bus duct and/or cable risers/feeders serving the floor are installed.

24.         Utility and UPS power panels are installed and powered.

25.         Temporary lighting and power grid is installed as per base building
specification.

26.         Core and shell closets complete with high and low voltage distribution
panels.

27.         Core and shell smoke detectors complete to provide elevator fireman’s
re-call.

28.         Core and shell Warden stations complete.

29.         Core and shell strobe and speaker panels complete and ready to receive
NYT tenant work.

30.         Core and shell speakers complete at toilets not connected, coiled at
core wall to be picked up by tenant work.

31.         Core and shell sprinkler flow and tamper switch installed and
operational.

32.         Plumbing and fire protection riser takeoffs serving the floor are
completed including insulation and valves.

33.         Sprinkler work (main) is installed and pressure tested.

34.         All toilet room and janitor closet fixtures are installed.

35.         All plumbing and fire protection riser takeoffs serving the floor
(domestic water, waste lines, vent lines, sprinkler, standpipe, etc.) including
insulation and valves.

36.         Vertical conduits and slab openings for Telecommunication installed.

 

The schedule included in this Agreement must include
floor turnover dates that correspond with the completion of the conditions
listed above.

 

In
order to avoid any potential dispute between the user’s CM and the Core and
Shell CM, a walkthrough will take place prior to the user accessing the floor
to commence work. During the walkthrough all incomplete Core and Shell work
will be identified, and any damaged work in place will be identified.

 

The
two CMs will at that time establish a set of ground rules with regard to
storage of materials on the floor and will coordinate their respective
schedules in order avoid conflicts.

 

While
the Core and Shell CM will be contractually obligated to cooperate with and to
coordinate their schedule with the interior improvement CM’s schedule, it
is understood and agreed that the interior improvement work will proceed in a
way which will not adversely impact the construction of the Core and Shell, the
Core and Shell schedule or the Core and Shell budget.

 

 

 

EXHIBIT R

Cost
Allocation Guidelines

 

 

 

TIMES TOWER

GMP ALLOCATION METHODOLOGY 

Updated 7/9/03

 

CM Instructions:

One
of the below codes will be assigned to every detailed line item of the GMP.

The
format of the GMP allocation is attached.

Colored
drawings produced by the owner will contain the allocation codes noted on this
summary.

Show
detailed takeoffs, not summary data.

Pricing
should reflect buy-out estimate.

Process
to calculating a deduct:

•                  Price
out and allocate the higher cost option on the estimate

•                  Price
out the lower cost option - do not show on the estimate

•                  Calculate
the difference in the total costs and allocate the difference on the estimate
to the member entitled to the benefit

 

Code structure:

100                              Percentage GSF allocation 

200’s                    Other allocation method for general work 

300’s                    NYTC office item 

400’s                    FCRC office item 

500’s                    Times Center item 

600’s                    Retail item

 

	
  Code

  	
   

  	
  Allocation
  Code Description

  	
   

  	
  Allocation
  Methodology

  
	
  100

  	
   

  	
  Basic
  GSF Allocation

  	
   

  	
  Percentage
  Interest for each of the 4 units provided by the Owner to be applied to each
  detailed line item of the GMP that does not have an alternate allocation
  methodology.

  
	
  200

  	
   

  	
  Elevators

  	
   

  	
  Service
  and tower elevators allocated based on buy. Until then, allocate as follows:

  Service elevators 54.167% NYTC, 45.833% FCRC

  Tower passenger to users (NYTC and FCRC)

  F32 Freight @ east core GSF

  S31 Service @ east core 50% NYT, 50% GSF

  P29 Passenger @ east core 100% NYT

  C30 Times Center 100% Times Center

  Handicap lift @ lobby GSF

  
	
  201

  	
   

  	
  Elevator
  Pits

  	
   

  	
  CM
  to allocate cost of each elevator bank pit per colored drawing S100C1-A.
  Costs include: excavation, concrete, Waterproofing, cast in place suspended
  pits.

  
	
  202

  	
   

  	
  Exterior
  Wall Enclosure - Assigned Contract

  	
   

  	
  Owner
  will provide the allocation of the Benson curtain wall.

  
	
  203

  	
   

  	
  Exterior
  Wall Enclosure - storefront and east wall

  	
   

  	
  CM
  provides costs and Owner provides façade allocation
  percentage.

  Items include: storefront (street and 1st floor garden), east block party
  wall w/ EIFS (all floors), and loading dock O/H door. Included in $[*] allocation pending CM buy.

  
	
  204

  	
   

  	
  Not
  used

  	
   

  	
   

  

 

 

	
  205

  	
   

  	
  Not
  used

  	
   

  	
   

  
	
  206

  	
   

  	
  Increased
  Structural Loading

  	
   

  	
  Cm
  to allocate costs in accordance with Kyle Kralis e-mail dated 7/16/03, NYTC
  will be allocated 1.25 pounds per sf for the increased load of the 12th floor
  data center (15 tons) and the 15th floor conference room (7.5 tons). CM to
  price at the rate for milled steel. There is no special allocation for the
  high load on the office floor north and south bays since the spaces are
  approximately equal.

  
	
  207

  	
   

  	
  Integrity
  Enhancements

  	
   

  	
  [*]

  
	
  208

  	
   

  	
  Finishes
  Division 9 and waterproofing and wainscoting

  	
   

  	
  CM
  to allocate costs based on color coded plan to CM provided by Owner.

  Includes floor, wall and ceiling finishes per A0001, Division 9.

  Excludes Times Center.

  
	
  209

  	
   

  	
  Mirrors,
  Interior Doors, and Hardware (partial Division 8)

  	
   

  	
  CM
  to allocate costs based on color coded plan to CM provided by Owner.

  Includes bathroom mirrors.

  Excludes Times Center.

  
	
  210

  	
   

  	
  Specialties
  (partial Division 10)

  	
   

  	
  CM
  to allocate costs based on color coded plan to CM provided by Owner.

  Toilet and shower partitions, toilet accessories, lockers, and associated
  support steel, if applicable.

  Excludes Times Center

  
	
  211

  	
   

  	
  Millwork
  - (partial Division 6)

  	
   

  	
  CM
  to allocate costs based on color coded plan to CM provided by Owner.

  Includes counter tops.

  
	
  212

  	
   

  	
  Entrance
  Doors

  	
   

  	
  CM
  to allocate costs based on color coded plan to CM provided by Owner.

  Allocate entrance doors for non-common spaces to user (Times Center and
  Retail.)

  The main entrance doors are code 100.

  Included in $[*] allocation pending CM buy.

  
	
  213

  	
   

  	
  Interior
  Storefront (glass)

  	
   

  	
  CM
  to allocate costs based on color coded plan to CM provided by Owner.

  Break out cost of laminated glass and upgraded aluminum alloy and allocate
  based on GSF.

  1st floor Overhead Interior Fire Shutter and related steel support at Times
  Center split between Times Center and Common.

  Included in $[*] allocation pending CM buy.

  
	
  214

  	
   

  	
  Interior
  Partitions

  	
   

  	
  CM
  to allocate costs based on color coded plan to provided by Owner.

  Verify quantities with F&F.

  Includes drywall ceilings, partitions and soffits, glass, etc

  Excludes FCRC elevator shaft enclosure on NYTC floors.

  
	
  215

  	
   

  	
  Grounding
  Wire

  	
   

  	
  CM
  to allocate to beneficial user based on color coded plan: FCRC connection to
  backbone, NYTC sleeves for future ground and wire in basement (Times Center
  and mailroom).

  
	
  216

  	
   

  	
  Bond
  and insurance

  	
   

  	
  CM
  to allocate by trade based on percentage of trade cost allocated to NYTC or
  FCRC.

  

 

 

	
  217

  	
   

  	
  Raised Floor/No Raised
  Floor

  	
   

  	
  Allocate to allocate
  costs based on owner direction:

  NYTC:

  –      raised
  slab at fire stair vestibule (A2101 P7, P10)

  –      curbs
  at elevator lobby (A2101,J7) and curbs at telecom penetrations (A2101AP7,
  P13, A4)

  –      grating
  and rails @ mechanical rooms (A2101B P10)

  –      core
  service corridor duct work, lighting, etc.

  –      bathroom
  waterproofing on floors where there is no stack offset on the floor below
  FCRC:

  –      machine
  room

  –      core
  service corridor duct work, etc.

  
	
  300

  	
   

  	
  NYTC Communicating
  Stairs

  	
   

  	
  Allocated to NYTC: - CM
  to provide breakout pricing for core and shell portion of NYTC Communicating
  Stairs in Tower and Podium, including: steel stair stingers, pans, extension
  of standpipe from core to communication stairs @ 6 locations (2 floors) per
  color coded plan, and additional steel framing required for stair openings.

  
	
  301

  	
   

  	
  NYTC Podium Skylight

  	
   

  	
  Allocated to NYTC. CM to provide breakout cost of
  skylight and associated intumescent paint.

  Provide NYTC with a
  deduct for the full cost of the concrete, metal deck, spray fireproofing, and
  roofing displaced by the skylight.

  
	
  302

  	
   

  	
  Not used

  	
   

  	
   

  
	
  303

  	
   

  	
  NYTC Kitchen Exhaust
  etc.

  	
   

  	
  CM to breakout cost of ductwork, cal sill insulation

  Drywall included with
  interior partitions.

  
	
  304

  	
   

  	
  NYTC UPS

  	
   

  	
  CM to break out costs,
  including empty conduit, pits, grate and waterproofing drip pan

  
	
  305

  	
   

  	
  NYTC Steam Humidifiers

  	
   

  	
  CM to break out costs,
  including equipment and steam piping (and branch piping from LP riser to humidifier)

  
	
  306

  	
   

  	
  Cogen

  	
   

  	
  CM to break out cost based on colored drawings,
  including all costs to fill out the interior space:

  Electrical, HVAC, Plumbing, Fire Protection.

  Concrete & metal deck, handrails and steel
  stair, fuel containment curbs, masonry walls, metal panels, screening, ladder
  to roof, acoustic doors, aluminum cladding, fireproofing, drywall duct
  enclosures, interior partitions.

  Structural Steel:

  Vibration and sound isolation

  Waterproofing

  SS Flue (Ornamental Metals)

  Enclosure

  Insulation — thermal & acoustic

  Provide a credit for
  the building back-up generator costs not incurred (housing, waterproofing,
  etc).

  
	
  307

  	
   

  	
  NYTC Air cooled Chiller

  	
   

  	
  CM to allocate costs
  based on color coded plan to CM provided by Owner.

  
	
  308

  	
   

  	
  NYT Telecom

  	
   

  	
  CM to break out costs
  based on colored drawings, including: 2 telecom conduits (1 riser) from 12 to
  51, 4 telecom conduit from the 12th floor to the basement pull box
  at the west garden wall and the two conduit from the pull box to the NYT
  mailroom. Also, break out the cost of the telecom sleeves in the east and
  west risers going through the FCRC floors to 51st floor.
  (Note—allocate the cost of the remaining telecom sleeves, conduit, main
  carrier entrance room ladder rack and slab openings GSF using Code 100.)

  
	
  309

  	
   

  	
  NYTC Kitchen Gas

  	
   

  	
  CM to break out costs
  based on color coded plan, including gas piping and gas meters.

  
	
  310

  	
   

  	
  NYTC Kitchen Power

  	
   

  	
  CM to break out costs
  based on color coded plan for dedicated kitchen power (basement breaker at
  switchboard, riser w/line, and disconnect on floor)

  
	
  311

  	
   

  	
  NYTC telecom chilled
  water

  	
   

  	
  CM to break out costs
  based on color coded plan for the telecom closet chilled water riser
  (CHS/R-4).

  
	
  312

  	
   

  	
  NYTC filtered water
  system

  	
   

  	
  CM to break out cost
  based on colored drawings for central filtered water system supply and drains

  
	
  313

  	
   

  	
  Not used

  	
   

  	
   

  

 

 

	
  314

  	
   

  	
  NYTC Tennant MEP

  	
   

  	
  CM to allocate cost
  based on color coded drawing for tenant MEPS fitout not captured in other
  codes, such as drains, vents, conduit, etc.

  
	
  315

  	
   

  	
  NYTC Intumescent Paint

  	
   

  	
  CM to allocate cost
  of  intumescent paint, net of spray
  fireproofing, for newsroom skylight, Times cafeteria bridge, and Times Center
  bridge.

  
	
  316

  	
   

  	
  NYTC Podium AHU

  	
   

  	
  CM to allocate the
  incremental cost of the podium AHU to NYTC based on the AMEC’s pricing study
  of the on floor unit alternative documented by F&K; and allocate a like
  amount (in total) as a credit to each of the four units

  
	
  317

  	
   

  	
  NYTC Podium Window
  Washing

  	
   

  	
  CM to allocate the
  incremental cost to extend use of the of the podium garden window washing rig
  to the NYTC newsroom skylight

  
	
  401

  	
   

  	
  FCRC Temporary Heat on
  Office Floors

  	
   

  	
  CM to breakout cost
  based on color coded drawing for FPUs, starters, power, piping, controls, fan
  powered boxes, etc.

  
	
  402

  	
   

  	
  Fuel oil facility

  	
   

  	
  CM to allocate tank,
  infill piping, vent piping, relief piping, waterproofing, 40% to common and
  60% to FCRC.

  
	
  403

  	
   

  	
  FCRC elevator shafts on
  NYTC floors

  	
   

  	
  CM to allocate costs
  based on color coded plan to CM provided by Owner.

  
	
  404

  	
   

  	
  FCRC fuel  & gas riser

  	
   

  	
  CM to break allocate
  costs per color coded drawings for fuel and gas riser

  
	
  405

  	
   

  	
  FCRC Sprinkler

  	
   

  	
  CM to allocate cost of
  heads and piping in retail and basement storage areas per color coded chart.

  
	
  406

  	
   

  	
  FCRC telecom

  	
   

  	
  CM to allocate
  firestopping at telecom slots.

  
	
  501

  	
   

  	
  Times Center MEP Owner
  Fitout

  	
   

  	
  CM to break out costs
  based on color coded drawing, including: AHUs 6, 7, & 8, SF, RF, Duct
  controls, piping (including costs of under slab), and starters.

  
	
  502

  	
   

  	
  Times Center Structural
  Street Provisions

  	
   

  	
  CM to allocate lump sum
  for additional cost due to long spans and vibration isolation.

  
	
  503

  	
   

  	
  Times Center and
  Mailroom Toilets

  	
   

  	
  CM to break out all
  costs including plumbing and finishes

  
	
  504

  	
   

  	
  Times Center Lower
  Function Room Elevator

  	
   

  	
  CM to allocate cost of
  the depressed slab for the basement of the Times Center and the corridor
  railing at the basement corridor ramp adjacent to the Times Center.

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

For clarity, the following items will be allocated using the GSF
allocation (code 100).

–      Steel
supports for retail signage

–      Bird
protection

–      Canopies
and awnings

–      Turnstiles,
lobby reception desks, lobby elevator bank partition.

–      Equipment
to heat water using steam (basement for NYT and 28th floor for FCRC)

–      Empty
electrical conduit and chilled water to retail and Times Center

–      General
conditions and fees

–      Allocate
the trade insurance deduct, sales tax deduct, and bond premium based on the
relative trade cost for each unit. For example, if a particular trade’s
insurance deduct is $1000 and FCRC Office unit’s share of costs for that trade
is 45%, then FCRC would be allocated $450 of the deduct. The cost of the OCIP
insurance premium will be allocated based on each unit’s share of total trade
costs and GCs.

 

Note: This
methodology has

not yet been finalized and is

subject to revision.

 

 

EXHIBIT S

Guaranteed
Maximum Price

 

 

 

AMEC Construction Management, Inc.

New York Times Building

 

	
  Grade Code

  	
   

  	
  Item

  	
   

  	
  Amount

  	
   

  	
  Add. #12

  	
   

  	
  Add #13

  MAST - Final

  	
   

  	
  Add.#14

  	
   

  	
  Add.#15

  	
   

  	
  Add.#16

  	
   

  	
  Add.#17

  	
   

  	
  Sub-Total

  	
   

  	
  Other

  Items

  	
   

  	
  Total
  Budget

  	
   

  
	
  000

  	
   

  	
  General
  Conditions

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  000

  	
   

  	
  Sitework
  (Incls Subway work)

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  250

  	
   

  	
  Landscaping

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  500

  	
   

  	
  Building
  Substructure

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  000

  	
   

  	
  Concrete

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  200

  	
   

  	
  Masonry

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  100

  	
   

  	
  Structural
  Steel

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  500

  	
   

  	
  Misc
  Iron

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  400

  	
   

  	
  Ornamental
  Metal

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  100

  	
   

  	
  Rough
  Carpentry (horizontal Nets)

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  200

  	
   

  	
  Finish
  Carpentry & Millwork

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  240

  	
   

  	
  EIFS

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  250

  	
   

  	
  Spray-on
  Fire Proofing & lobby stucco

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  101

  	
   

  	
  Metal
  Panels

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  500

  	
   

  	
  Roofing
  & Waterproofing

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  910

  	
   

  	
  Caulking

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  100

  	
   

  	
  Metal
  Doors & Frames

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  311

  	
   

  	
  Overhead
  Doors

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  400

  	
   

  	
  Entrances
  & Storefronts

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  801

  	
   

  	
  Skylights

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  200

  	
   

  	
  Hardware

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  800

  	
   

  	
  Glazing
  (Incls FR sliding window)

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  900

  	
   

  	
  Curtainwall

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  250

  	
   

  	
  Gypsum
  Wallboard (Incls ACT.)

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  300

  	
   

  	
  Ceramic
  Tile

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  550

  	
   

  	
  Wood
  Flooring

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  650

  	
   

  	
  Resilient
  Floorings

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  900

  	
   

  	
  Intumescent/Painting

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  000

  	
   

  	
  Specialties
  (Incls plastic wall guards, lockers, F.E. cabinets, wire mesh part, load dock
  equip, & floor mats)

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  160

  	
   

  	
  Toilet
  Partitions

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  290

  	
   

  	
  Bird
  Deterrent Sys

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  404

  	
   

  	
  Building
  Signage

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  800

  	
   

  	
  Toilet
  Accessories

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  200

  	
   

  	
  Louvers

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  012

  	
   

  	
  Façade
  Maintenance Equipment

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  200

  	
   

  	
  Elevators

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  050

  	
   

  	
  H.V.A.C.
  (Incls piping, sheetmetal, equipment)

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  400

  	
   

  	
  Plumbing

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  500

  	
   

  	
  Fire
  Protection

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
  900

  	
   

  	
  Controls
  & Instrumentation

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  000

  	
   

  	
  Electrical

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
  800

  	
   

  	
  Security
  Systems (Incls turnstiles)

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  000

  	
   

  	
  Contingency

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  000

  	
   

  	
  Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  300

  	
   

  	
  Bond Costs

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total
  GMP w/Bonds =

  	
   

  	
  352,719,873

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total
  GMP w/o Bonds =

  	
   

  	
  [*]

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT T

Hoisting and Logistics Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT U

Allowances

 

 

The
amounts included as allowances are estimates. To the extent the actual cost
differs from the allowance value, the GMP will be either increased or decreased
to reflect the difference. The following is the list of allowances included in
the GMP:

 

 

1.  Storefront
Allowance of $[*]  includes complete ground floor exterior glass
storefront system including doors at perimeter of building (Note that cladding
on hollow metal doors at the perimeter is in the Curtain Wall Contractor’s
scope.); ground floor exterior wall system including doors at garden courtyard
(Note that floors 2 through 4 of the garden courtyard are included in the
Curtain Wall Scope.); interior glazing system that separates retail areas from
lobby and Times Center auditorium from the lobby; all ground floor entrance
doors and vestibules; glass canopies, including heat tracing located at
approximately elevation +16-0" as shown, for example, on sheets A-5702 and
A-5703 (Note that structural steel supporting the canopies is included in the
allowance); retail awnings located at approximately elevation +12-0" as
shown, for example, in section on sheet A-5502, retail signage support
steel, canopy drain leaders, and all other associated exposed steel elements.

 

2.  Security System
Allowance of $[*]  includes equipment, cabling, installation,
terminations, supervision, engineering, programming, and training for the
Security System as outlined in the specifications.

 

3.  Lobby Turnstile Allowance of $[*]  includes
cost to furnish and install lobby turnstiles. Not included in the allowance is
the cladding, which is included in the GMP under the millwork and/or ornamental
metals scope of work.

 

4.  Con Ed Vault Reconstruction allowance of $[*]  includes
structural changes required by Con Ed to reinforce the existing vaults at the
north and south loading dock entrances. Not included in the allowance is the
replacement of the grating which is included in the GMP as per the plans and
specifications.

 

 

 

EXHIBIT V

Guarantee

 

 

 

Exhibit V

GUARANTEE
OF PERFORMANCE

 

THIS GUARANTEE OF PERFORMANCE (“Guarantee”) is made and entered into as of
the 5 February 2004, by AMEC p.l.c.
(“Guarantor”) for the benefit of The New York
Times Building, LLC and its successors and assigns (collectively
“Beneficiary”).

 

WHEREAS, Beneficiary has entered into that certain Construction Management
Agreement dated as of 22  January 2004
(“the Agreement”) by and between Beneficiary as Owner, and AMEC Construction
Management, Inc. (“AMEC CM”), a wholly-owned subsidiary of Guarantor, for the
construction of a building of approximately 1,540,000 gross square feet on a
site located on Eighth Avenue between 40th and 41st
Street in New York, NY (“the Project”), which Agreement is by reference made a
part hereof as though set forth in full.

 

NOW THEREFORE, in consideration of Beneficiary’s entering into the Agreement with
AMEC CM:

 

1.                                       Guarantor hereby guarantees to Beneficiary
that AMEC CM shall promptly, faithfully and fully complete the Project and the
Agreement in accordance with its terms and conditions.

 

2.                                       The Guarantee shall be a continuing guarantee
and is to be irrevocable and to remain in full force and effect as long as AMEC
CM or its successors or assigns shall be obligated to Beneficiary under the
terms of or as a consequence of the Agreement, subject to Section 3.

 

3.                                       This Guarantee shall be effective and binding
on Guarantor as stated herein, notwithstanding any bankruptcy, rejection of
Agreement in bankruptcy, insolvency or other legal disability (whether
voluntary or involuntary) of AMEC CM or any of its successors or assigns; the
judgment of any court or the award of any arbitration panel having jurisdiction
over AMEC CM or any of its successors or assigns; any limitation or
modification of the liability of AMEC CM pursuant to the operation of any
present or future federal or state statute or rule with respect to bankruptcy,
insolvency or similar statutes; the dissolution of AMEC CM; and/or any
modification of the Agreement agreed to by Beneficiary and AMEC CM.

 

4.                                       If AMEC CM fully performs the Agreement,
Guarantor shall have no obligation under this Guarantee.

 

5.                                       If AMEC CM fails to perform under the Agreement,
and the default has not yet been: (1) remedied by AMEC CM; or (2) waived in
writing by Beneficiary, then Guarantor’s obligation under this Guarantee shall
arise after:

 

5.1                                 Beneficiary has sent a written notice (“First
Notice”) to AMEC CM and Guarantor, at the addresses described in
Section 11, stating that Beneficiary believes AMEC CM has failed to
perform in accordance with the terms and conditions of the Agreement (an “AMEC
CM Default”), and Beneficiary has made reasonable efforts to arrange a conference
with AMEC CM and Guarantor, to be held not later than twenty (20) days after
the date of the First Notice, to discuss a plan for curing the AMEC CM Default.
If Beneficiary, AMEC CM and Guarantor agree upon a plan at such conference,
AMEC CM shall be allowed a reasonable time to cure the AMEC CM Default in a
manner satisfactory to Beneficiary; provided, however, that no agreement on the
part of Beneficiary or any attempt by AMEC CM to cure or commence a cure of the
AMEC CM Default shall constitute a waiver of Beneficiary’s right to
subsequently terminate AMEC CM for default; and

 

5.2                                 Beneficiary has declared an AMEC CM Default
under Section 5.1, and, if the AMEC CM Default has not been cured,
formally terminated AMEC CM’s right to

 

1

 

complete the Agreement. Such a formal termination shall not be declared
earlier than twenty (20) days after the First Notice as set forth in
Section 5.1; and

 

5.3                                 Beneficiary has agreed to pay the Balance of
the Contract Price (as defined in Section 5.4) to Guarantor, in accordance
with the terms of the Agreement, or directly to a contractor selected by
Guarantor pursuant to Section 6.3 to perform the balance of work under the
Agreement in accordance with its terms.

 

5.4                                 For the purposes of this Guarantee, the
phrase “the Balance of the Contract Price” shall mean the total amount payable
by Beneficiary to AMEC CM under the Agreement after all proper adjustments have
been made, including: (1) the deduction of all payments previously made by
Beneficiary to AMEC CM for work properly performed; (2) the deduction of
Additional Costs (as defined in Section 5.5) incurred by Beneficiary as a
result of the AMEC CM Default; and (3) the addition of any insurance proceeds
or other amounts received by Beneficiary in settlement of insurance or other
claims to which AMEC CM would otherwise be entitled.

 

5.5                                 For the purposes of this Guarantee, the
phrase “Additional Costs” shall mean:

 

5.5.1                        Any additional legal and/or design
professional fees resulting from the AMEC CM Default, and/or from the failure
of Guarantor to act as set forth in Sections 6.1 through 6.4, and/or from the
denial of liability by Guarantor as set forth in Section 6.5 if such
denial is found to be invalid; and

 

5.5.2                        Direct damages incurred by Beneficiary by the
delayed performance or non-performance of AMEC CM without regard to any
additional cure period provided to Guarantor herein; provided, however, that
Guarantor shall in no event be liable, in contract, tort or otherwise
(including negligence, warranty, indemnity and strict liability), for any
special, indirect or consequential damages, including specifically, but without
limitation, loss of profits or revenue, loss of full or partial use of any
equipment or facility, costs of capital, loss of goodwill, claims of customers,
governmental entities or other third parties, or similar damages.

 

6.                                       When Beneficiary has satisfied the conditions
of Section 5, Guarantor shall promptly and at Guarantor’s expense take one
of the following actions:

 

6.1                                 Take such measures as are necessary to enable
and cause AMEC CM to perform and complete the Agreement; and pay to Beneficiary
the Additional Costs described in Section 5.5; or

 

6.2                                 Undertake to complete performance of the
Agreement itself, through its agents and/or independent subcontractors
acceptable to Beneficiary; and pay to Beneficiary the Additional Costs
described in Section 5.5; or

 

6.3                                 Obtain bids or negotiated proposals from
qualified contractors, acceptable to Beneficiary, for performance and
completion of the Agreement; arrange for a contract, consistent with the terms
of the Agreement, to be prepared for execution by Beneficiary and the
contractor selected by Guarantor with Beneficiary’s concurrence; and pay to
Beneficiary the Additional Costs described in Section 5.5 in excess of the
Balance of the Contract Price incurred by Beneficiary resulting from the AMEC
CM Default; or

 

6.4                                 Waive
its rights to: (1) have AMEC CM perform and complete the Agreement; (2) arrange
for completion through Guarantor’s agent or independent subcontractors;

 

2

 

or (3) obtain a
new contractor to complete the Agreement with reasonable promptness under the
circumstances. Upon receipt of cost information from Beneficiary, promptly
tender partial payments therefore to Beneficiary.  After investigation, determine the costs to complete the Project
in excess of the Balance of the Contract Price and the Additional Costs for
which Guarantor is liable to Beneficiary and, promptly tender payment therefore
to Beneficiary. Notwithstanding acceptance of such payment, Beneficiary may
dispute the amount of the payment; or

 

6.5                                 Deny
liability, in whole or in part, and notify Beneficiary citing reasons therefor.

 

7.                                       If
Guarantor does not proceed as provided in Section 6 with reasonable
promptness, Guarantor shall be deemed to be in default of this Guarantee twenty
(20) days after receipt of an additional notice (“Second Notice”) from
Beneficiary demanding that Guarantor perform its obligations under this
Guarantee, and Beneficiary shall thereafter be entitled to enforce this
Guarantee by using any legal remedy available to Beneficiary. If Guarantor has
denied liability as set forth in Section 6.5, in whole or in part, then
Beneficiary shall be entitled to enforce any remedy available to Beneficiary
without the requirement for a Second Notice.

 

8.                                       After
Beneficiary has terminated AMEC CM’s right to complete the Agreement, and if
Guarantor elects to act under Sections 6.1, 6.2 or 6.3 above, then the
responsibilities of Guarantor to Beneficiary shall not be greater than those of
AMEC CM to Beneficiary under the Agreement, and the responsibilities of
Beneficiary to Guarantor shall not be greater than those of Beneficiary to AMEC
CM under the Agreement.

 

9.                                       Guarantor
shall not be liable to Beneficiary for obligations of AMEC CM that are
unrelated to the Project covered by the Agreement, and the Balance of the
Contract Price shall not be reduced or set off on account of any such unrelated
obligations. No right of action shall accrue on this Guarantee to any person or
entity other than Beneficiary, its successors, assigns and legal
representatives.

 

10.                                 Any
proceeding under this Guarantee may only be instituted in any court of competent
jurisdiction in the State of New York, and Guarantor hereby submits to the
jurisdiction of the courts of New York and waives any objection based on venue
or forum non convenience or objection to New York choice of law. Any such
action shall be instituted within two (2) years after Guarantor refuses or
fails to perform its obligations under this Guarantee. If the provisions of
this Section are void or prohibited by law, the applicable limitation
period shall be the minimum period of limitation available to guarantors as a
defense in the State of New York.

 

11.                                 Notices
to Guarantor, Beneficiary, and AMEC CM shall be faxed, mailed or hand-delivered
to the following addresses:

 

	
  To Guarantor:

  	
  Group Secretary

  AMEC p.l.c.

  Sandiway House

  Hartford, Northwich, Cheshire

  United Kingdom CWB 2YA

  Telecopier No: 011-44-606-883996

  
	
   

  	
   

  
	
  To Beneficiary:

  	
  The New York Times
  Building, LLC

  C/o The New York Times Co.

  239 West 43rd Street

  New York, NY 10036

  Att’n David Thurm

  Telecopier No: 212-

  

 

3

 

	
  And:

  	
  The New York Times
  Building, LLC

  C/o FC 41st Street Associates, LLC

  One Metrotech Center North

  Brooklyn, NY 11201

  Att’n David Berliner

  Telecopier No: 718-923-8705

  
	
   

  	
   

  
	
  To AMEC CM:

  	
  AMEC Construction
  Management, Inc.

  1633 Broadway

  24th Floor, New York, New York 10019

  
	
   

  	
   

  
	
  with a copy to

  	
  John Babieracki

  Executive Vice-President & Chief Operating Officer

  AMEC Construction Management, Inc.

  1633 Broadway, 24th Floor

  New York, NY 10019

  Telecopier No:

  

 

Beneficiary shall
send Guarantor a copy of any Notice of default that Beneficiary gives to AMEC
CM.

 

12.                                 Guarantor’s
liability under this Guarantee in respect of all claims in the aggregate
hereunder shall be limited to and shall not exceed the liability of AMEC CM
pursuant to the Agreement and this Guarantee. Further, it shall be a
precondition to the establishment of any liability on the part of Guarantor
that Beneficiary shall have complied with the specific requirement for the
Beneficiary to provide sufficient Project financing to compensate AMEC CM or
the Guarantor for the balance of the scope of work under the Agreement.

 

13.                                 This
Guarantee and all rights and obligations hereunder shall be construed and
enforced in accordance with the laws of the State of New York applicable to
contracts made and performed in New York regardless of its or any other
jurisdiction’s choice of law principles.

 

IN
WITNESS WHEREOF, Guarantor has duly executed and delivered
this Guarantee as of the date first above written.

 

	
  ATTEST:

  	
  AMEC
  p.l.c.

  (“Guarantor”)

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Fiona Lockcroft

  	
   

  	
  By:

  	
     /s/
  Peter James Holland

  
	
  Name:

  	
  Fiona
  Lockcroft

  	
   

  	
  Name:

  	
  Peter James Holland

  
	
  Title:

  	
  Secretariat
  Administrator

  	
   

  	
  Title:

  	
  Company Secretary -
  Administration Director

  

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]