Document:

First Amendment to Secured Term Loan

 Exhibit 10.20 

 
  

 
 FIRST AMENDMENT TO LOAN
AGREEMENT, RATIFICATION OF LOAN 
 DOCUMENTS AND OMNIBUS AMENDMENT 

Dated as of November 2, 2011 
 Between 
 EMPIRE STATE LAND ASSOCIATES L.L.C. and 

EMPIRE STATE BUILDING ASSOCIATES L.L.C., 
 collectively, as Borrower, 
 and 

HSBC BANK USA, NATIONAL ASSOCIATION, 
 as Agent, 
 THE LENDERS NAMED HEREIN, 

as Lender, 
 and

 HSBC BANK USA, NATIONAL ASSOCIATION 
 and 
 DEKABANK DEUTSCHE GIROZENTRALE, 

as Lead Arrangers 
  

			
	Property:	 	Empire State Building
		 	New York, New York

  
  

 

 FIRST AMENDMENT TO LOAN AGREEMENT, RATIFICATION OF LOAN 

DOCUMENTS AND OMNIBUS AMENDMENT 
 THIS FIRST AMENDMENT TO LOAN AGREEMENT, RATIFICATION OF LOAN DOCUMENTS AND OMNIBUS AMENDMENT, dated as of November 2, 2011 (this “First Amendment”), between EMPIRE
STATE LAND ASSOCIATES L.L.C., a New York limited liability company, having its principal place of business c/o Malkin Holdings LLC, One Grand Central Place, 60 East 42nd Street, New York, New York 10165 (“ESLA”), EMPIRE STATE BUILDING ASSOCIATES L.L.C., a
New York limited liability company, having its principal place of business c/o Malkin Holdings LLC, One Grand Central Place, 60 East 42nd Street, New York, New York 10165 (“ESBA” and together with ESLA, collectively,
“Borrower”), and HSBC BANK USA, NATIONAL ASSOCIATION, a bank organized under the laws of the United States of America (“HSBC”), having an address at 452 Fifth Avenue, New York, New
York 10018, as administrative agent (including any of its successors and assigns, “Agent”) for itself and the other Lenders signatory hereto (collectively, together with such other co-lenders as may exist from time to time,
“Lenders” and individually, each a “Lender”). 
 W I T
N E S S E T H : 
 WHEREAS, Agent, Lenders and Borrower entered into
that certain Loan Agreement, dated as of July 26, 2011 (“Loan Agreement”), pursuant to which the Lenders made a loan to Borrower in the original principal amount of $235,000,000 (the “Original Loan
Amount”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement; and 
 WHEREAS, of even date herewith, (a) HSBC entered into that certain Assignment and Acceptance with Bank of America, N.A. (“BOA”) pursuant to which HSBC assigned a
portion of its interest in the Loan to BOA, (b) HSBC entered into that certain Assignment and Acceptance with Capital One, National Association (“Capital One”) pursuant to which HSBC assigned a portion of its interest in
the Loan to Capital One, (c) DekaBank entered into that certain Assignment and Acceptance with BOA pursuant to which DekaBank assigned a portion of its interest in the Loan to BOA, and (d) DekaBank entered into that certain Assignment and
Acceptance with Capital One pursuant to which DekaBank assigned a portion of its interest in the Loan to Capital One ((a) through (d) being collectively referred to as the “Assignments”); and 

WHEREAS, Agent, Lenders and Borrower desire to amend the Loan Agreement to, among other things, increase the Original Loan Amount
to $300,000,000 (the “Amended Loan Amount”). 

 NOW, THEREFORE, in consideration of the covenants set forth in this First Amendment
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree, represent and warrant as follows: 

1. Definitions. 
 (a) The definitions of “Loan”, “Loan Amount”, and “Note” are hereby deleted from Section 1.1 of the Loan Agreement in their
entirety and the following definitions are hereby substituted therein in lieu thereof: 

““Loan” shall mean the loan in the original principal amount of Three Hundred Million and
00/100 Dollars ($300,000,000.00) made by Lenders to Borrower pursuant to this Agreement. 
 “Loan
Amount” shall mean Three Hundred Million and 00/100 Dollars ($300,000,000.00). 

“Note” shall mean that certain Consolidated, Amended and Restated Promissory Note, dated as of
July 26, 2011, between Borrower and Lenders in the original principal amount of One Hundred Fifty-Nine Million and 00/100 Dollars ($159,000,000.00) (the “Original Note”), which Original Note was split pursuant to that
certain Note Splitter and Modification Agreement, dated as of July 26, 2011, between Borrower and Lenders into the following Notes: that certain Promissory Note A-1, dated as of July 26, 2011, in the principal amount of $91,340,425.53
and that certain Promissory Note A-2, dated as of July 26, 2011, in the principal amount of $67,659,574.47 (collectively, the “Original Replacement Notes”), and which Original Replacement Notes were replaced as of
November 1, 2011 with the following notes: that certain Replacement Promissory Note A-1, dated as of July 26, 2011, in the principal amount of $53,000,000.00, that certain Replacement Promissory Note A-2, dated as of July 26,
2011, in the principal amount of $42,400,000.00, that certain Replacement Promissory Note A-3, dated as of July 26, 2011, in the principal amount of $31,800,000.00, and that certain Replacement Promissory Note A-4, dated as of July 26,
2011, in the principal amount of $31,800,000.00 (as each of the same may be amended, supplemented, restated, increased, extended and consolidated, substituted or replaced from time to time, collectively, the “Replacement
Notes”). The Replacement Notes shall as of November 2, 2011 replace and supersede in their entirety the Original Replacement Notes. In addition, the term Note shall include the Series Notes, as applicable.” 

(b) The following definition is hereby added to Section 1.1 of the Loan Agreement in the appropriate alphabetical order: 

““First Amendment” shall have the meaning set forth in the Preamble hereof.” 

  
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 2. Initial Advance; Subsequent Advances. Section 2.1.2 of the Loan Agreement is
hereby amended to delete the reference to Two Hundred Thirty-Five Million and 00/100 Dollars ($235,000,000.00) therefrom and to replace the same with Three Hundred Million and 00/100 Dollars ($300,000,000.00). 

3. Lenders’ Ratable Share. Schedule IV of the Loan Agreement is hereby deleted therefrom in its entirety and replaced with
Schedule IV attached hereto. 
 4. Agent’s Register. Section 10.25(g) of the Loan Agreement is hereby
amended to delete the parenthetical included therein in its entirety and replace the same with the following parenthetical: 

“(and, in the case of an Assignee that is not then an Eligible Assignee, a Lender or an Affiliate of a Lender, by Borrower and
Agent)”. 
 5. Eligible Assignee. Capital One hereby represents and warrants that Capital One is an Eligible
Assignee and BOA hereby represents and warrants that BOA is an Eligible Assignee. Borrower acknowledges that since Capital One and BOA are Eligible Assignees, Borrower had no consent rights with respect to the Assignments. 

6. Credit Party Representations. Borrower represents and warrants that: 

(a) Each of the representations and warranties of the Credit Parties and Guarantor contained or incorporated in the Loan Agreement, as
amended by this First Amendment or any of the other Loan Documents, is true and correct in all material respects on and as of the date hereof (except if any such representation or warranty is expressly stated to have been made as of a specific date,
then as of such specific date); 
 (b) As of the date hereof and immediately after giving effect to this First Amendment and the
actions contemplated hereby, no Default or Event of Default has occurred and is continuing; 
 (c) Each Credit Party and
Guarantor has taken all necessary action to authorize the execution, delivery and performance of this First Amendment by it and has the power and authority to execute, deliver and perform under this First Amendment and all the transactions
contemplated hereby. This First Amendment has been duly and validly executed and delivered by each Credit Party and Guarantor and constitutes a legal, valid and binding obligation of such Person, enforceable in accordance with its terms except as
such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights and by general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law); 
 (d) No consent, approval authorization or order of any court or Governmental
Authority or other Person is required for the execution, delivery and performance by a Credit Party or Guarantor or compliance by any such Person with this First Amendment, other than those which have been obtained by Borrower or such Person, as
applicable; and 

  
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 (e) The execution and delivery of this First Amendment by each Credit Party and Guarantor
and the performance of its obligations hereunder will not conflict with any provision of any law or regulation to which such Person is subject, or conflict with, result in the breach of, or constitute a default under any of the terms, conditions or
provisions of any such Person’s organizational documents or any agreement or instrument to which such Person is a party or by which it is bound, the result of which breach or default of any such agreement or instrument would reasonably be
expected to have, or does have a Material Adverse Effect, or any order or decree applicable to such Person or result in the creation or imposition of any lien, in a material amount, on any of such Person’s assets or property (other than
pursuant to the Loan Documents). 
 7. Acknowledgement by Agent. Pursuant to Section 10.25(g) of the Loan
Agreement, Agent hereby acknowledges that it has received the Assignments and has recorded the information contained in the Assignments in Agent’s Register. Agent hereby gives notice to Borrower and the Lenders of Agent’s acceptance of the
Assignments and the recordation of the Assignments in Agent’s Register. 
 8. Other References. All references in
the Loan Documents to the Loan Agreement shall mean the Loan Agreement, as modified by this First Amendment, and as the same may hereafter be supplemented, amended, modified, extended, renewed, restated or replaced from time to time. 

9. Omnibus Amendment to All Loan Documents. As of the date hereof, each reference in any of the Loan Documents to Two Hundred
Thirty-Five Million and 00/100 Dollars ($235,000,000.00) shall be deemed to mean Three Hundred Million and 00/100 Dollars ($300,000,000.00). The parties hereby acknowledge and agree that no re-loan or re-advance have become secured by any of the
Loan Documents. 
 10. Ratification of Loan Documents. Agent, Lenders and the Credit Parties hereby ratify and confirm
the Loan Agreement and the other Loan Documents, as modified hereby. Except as modified and amended by this Amendment, the Loan, the Loan Agreement and the other Loan Documents and the respective obligations of Agent, Lenders and the Credit Parties
thereunder shall be and remain unmodified and in full force and effect. 
 11. Ratification of Environmental Indemnity and
Guaranty. Guarantor hereby ratifies and confirms the Environmental Indemnity and the Guaranty, as modified hereby. Except as modified and amended by this Amendment, the Environmental Indemnity and Guaranty and the obligations of Guarantor
thereunder shall be and remain unmodified and in full force and effect. 
 12. Continued Force and Effect. This First
Amendment is not intended to, and shall not be construed to, effect a novation, and except as expressly provided in this First Amendment, the Loan Agreement has not been modified, amended, cancelled, terminated, released, satisfied, superseded or
otherwise invalidated by execution of this First Amendment. In the event of any conflict between the terms of this First Amendment and the terms of the Loan Agreement, the terms of this First Amendment shall control. 

  
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 13. Governing Law. This First Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York pursuant to Section 5-1401 of the General Obligations Law without regard to its principles of conflicts of laws. 
 14. Successors and Assigns. This First Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and permitted assigns. 

15. Further Assurances. From time to time, upon the request of Agent, Borrower shall promptly and duly execute, acknowledge and
deliver any and all such further instruments and documents as Agent may deem reasonably necessary or desirable to confirm this First Amendment and the terms and conditions hereof, to carry out the purpose and intent hereof or to enable Agent to
enforce any of its rights hereunder. 
 16. Modifications. No modification, amendment, extension, discharge,
termination or waiver of any provision of this First Amendment shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in
the specific instance, and for the specific purpose, for which given. 
 17. Entire Agreement. This First Amendment
contains the entire agreement of the parties hereto in respect of the transactions contemplated hereby, and all prior agreements among or between such parties, whether oral or written are superseded by the terms of this First Amendment. 

18. Interpretation. Wherever possible, each provision of this First Amendment shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this First Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating
the remainder of such provision or the remaining provisions of this First Amendment. 
 19. Headings. The Section
headings in this First Amendment are included herein for convenience of reference only and shall not constitute a part of this First Amendment for any other purpose. 
 20. Counsel. Each party to this First Amendment understands that this is a legally binding agreement that may affect such party’s rights. Each party hereto represents to each other party
hereto that it has obtained independent counsel and received legal advice about the meaning and legal significance of this First Amendment. 
 21. Construction. Should any provision of this First Amendment require judicial interpretation, it is agreed that a court interpreting or construing the same shall not apply a presumption that the
terms hereof shall be more strictly construed against any party by reason of the rule of construction that a document is to be construed more strictly against the party who itself or through its agent prepared the same, it being agreed that all
parties to this First Amendment participated in the preparation hereof. 

  
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 22. Counterparts. This First Amendment may be executed in any number of counterparts,
each of which shall be deemed to be an original, but all of which, when taken together, shall constitute one and the same instrument and shall become effective when copies hereof, when taken together, bear the signatures of each of the parties
hereto and it shall not be necessary in making proof of this instrument to produce or account for more than one of such fully executed counterparts. Manually executed counterparts of this Agreement shall be delivered to all parties hereto;
provided, that delivery of a signature of this Agreement by facsimile transmission or by .pdf, .jpeg, .TIFF or other form of electronic mail attachment shall be effective as delivery of a manually executed counterpart hereof prior to manual
delivery thereof. 
 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed by their duly
authorized representatives, all as of the day and year first above written. 
 [SIGNATURE PAGES TO FOLLOW] 

  
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	BORROWER:
	
	 EMPIRE STATE LAND ASSOCIATES
 L.L.C., a New York limited liability Company

		
	By:	 	Empire State Building Associates L.L.C., its
		 	Sole Member
			
		 	By:	 	 /s/ Peter L. Malkin

					
		 		 	Peter L. Malkin, Member
			
		 	By:	 	 /s/ Anthony E. Malkin

		 		 	Anthony E. Malkin, Member
			
		 	By:	 	 /s/ Thomas N. Keltner

		 		 	Thomas N. Keltner, Jr., Member
	
	 EMPIRE STATE BUILDING ASSOCIATES
 L.L.C., a New York limited liability company

		
	By:	 	 /s/ Peter L. Malkin

		 	Peter L. Malkin, Member
		
	By:	 	 /s/ Anthony E. Malkin

		 	Anthony E. Malkin, Member
		
	By:	 	 /s/ Thomas N. Keltner

		 	Thomas N. Keltner, Jr., Member

  

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	AGENT:
	
	 HSBC BANK USA, NATIONAL ASSOCIATION, as Agent

		
	By:	 	 /s/ Barbara Isaacman

		 	Name: Barbara Isaacman
		 	Title: Vice President

  

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	LENDER:
	
	HSBC BANK USA, NATIONAL ASSOCIATION
			
		 	By	 	 /s/ Barbara Isaacman

		 		 	Name: Barbara Isaacman
		 		 	Title: Vice President
	
	Applicable Lending Office:
	
	 452 Fifth Avenue, 24th Floor

New York, New York 10018
 Attention:
Commercial Mortgage Servicing Department

  

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	LENDER:
	
	DEKABANK DEUTSCHE GIROZENTRALE,
		
	By:	 	 /s/ Michael McAuliffe

		 	Name: Michael McAuliffe
		 	Title: Managing Director
	By:	 	 /s/ Bjorn Kronsbein

		 	Name: Bjorn Kronsbein
		 	Title: Senior Associate
	
	Applicable Lending Office:
	
	 Mainzer Landstrasse 16
 60325 Frankfurt am Main, Germany
 Attention: Bjoern Kronsbein

  

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	LENDER:
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Kimberly B. McKee

		 	Name: Kimberly B. McKee
		 	Title: Senior Vice President
	
	Applicable Lending Office:
	
	 One Bryant Park, 35th Floor
 New York, New York 10036
 Attention: Kimberly B. McKee, Senior Vice President

  

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	LENDER:
	
	CAPITAL ONE, NATIONAL ASSOCIATION
	By:	 	 /s/ Laura B. Cohen

		 	Name: Laura B. Cohen
		 	Title: Vice President
	
	Applicable Lending Office:
	
	 90 Park Avenue, 6th Floor
 New York, New York 10016
 Attention: Ellen R. Houghton, Vice President

  

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 With respect to Section 10 only: 

 

			
	CREDIT PARTY:
	
	 EMPIRE STATE BUILDING COMPANY L.L.C., a New York limited liability company

		
	By:	 	 /s/ Anthony E. Malkin

		 	Anthony E. Malkin, Authorized Signatory
	
	 ESB OBSERVATORY LLC, a New York limited liability company

		
	By:	 	 /s/ Anthony E. Malkin

		 	Anthony E. Malkin, Authorized Signatory

  

[signatures continue on next page] 

 With respect to Section 11 only: 

 

	
	GUARANTOR:
	
	 /s/ Anthony E. Malkin

	  
 Anthony E. Malkin, an individualSecond Amendment to Secured Term Loan

 Exhibit 10.21 

 
  

 
 SECOND AMENDMENT TO LOAN
AGREEMENT, RATIFICATION OF LOAN 
 DOCUMENTS AND OMNIBUS AMENDMENT 

Dated as of November     , 2011 
 Between 
 EMPIRE STATE LAND ASSOCIATES L.L.C. and 

EMPIRE STATE BUILDING ASSOCIATES L.L.C., 
 collectively, as Borrower, 
 and 

HSBC BANK USA, NATIONAL ASSOCIATION, 
 as Agent, 
 THE LENDERS NAMED HEREIN, 

as Lender, 
 and

 HSBC BANK USA, NATIONAL ASSOCIATION 
 and 
 DEKABANK DEUTSCHE GIROZENTRALE, 

as Lead Arrangers 
  

							
		 	Property:	  	Empire State Building	  	
		 		  	New York, New York	  	

  
  

 

 SECOND AMENDMENT TO LOAN AGREEMENT, RATIFICATION OF LOAN 

DOCUMENTS AND OMNIBUS AMENDMENT 
 THIS SECOND AMENDMENT TO LOAN AGREEMENT, RATIFICATION OF LOAN DOCUMENTS AND OMNIBUS AMENDMENT, dated as of November     , 2011 (this “Second Amendment”),
between EMPIRE STATE LAND ASSOCIATES L.L.C., a New York limited liability company, having its principal place of business c/o Malkin Holdings LLC, One Grand Central Place, 60
East 42nd Street, New York, New York 10165
(“ESLA”), EMPIRE STATE BUILDING ASSOCIATES L.L.C., a New York limited liability company, having its principal place of business c/o Malkin Holdings LLC, One Grand Central Place, 60 East 42nd Street, New York, New York 10165 (“ESBA” and
together with ESLA, collectively, “Borrower”), and HSBC BANK USA, NATIONAL ASSOCIATION, a bank organized under the laws of the United States of America (“HSBC”), having an address at
452 Fifth Avenue, New York, New York 10018, as administrative agent (including any of its successors and assigns, “Agent”) for itself and the other Lenders signatory hereto (collectively, together with such other
co-lenders as may exist from time to time, “Lenders” and individually, each a “Lender”). 
 W I T N E S S E T H : 
 WHEREAS, Agent, Lenders and Borrower entered into that certain Loan Agreement, dated as of July 26, 2011, as amended by First Amendment to Loan Agreement, Ratification of Loan Documents and
Omnibus Amendment, dated as of November 2, 2011, between Agent, Lenders and Borrower (as amended, the “Loan Agreement”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in
the Loan Agreement; and 
 WHEREAS, Agent, Lenders and Borrower desire to amend Section 8.3(a)(v)(3) of the
Loan Agreement. 
 NOW, THEREFORE, in consideration of the covenants set forth in this Second Amendment and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree, represent and warrant as follows: 

1. Definitions. The following definitions are hereby added to Section 1.1 of the Loan Agreement in the appropriate
alphabetical order: 
 “ ‘REIT ALR’ shall have the meaning as set forth in
Section 8.3(a)(v)(3). 
 ‘REIT Mortgage’ shall have the meaning as set forth in
Section 8.3(a)(v)(3). 
 ‘REIT Observatory Tenant’ shall have the meaning as set forth in
Section 8.3(a)(v)(3).” 

 2. Permitted Transfers. Section 8.3(a)(v)(3) of the Loan Agreement is
hereby deleted in its entirety and the following provision is hereby inserted therein in lieu thereof: 
 (3) Borrower shall
terminate the Ground Lease and the Operating Lease and Agent, for the ratable benefit of the Lenders, shall have a mortgage lien on the consolidated estates of Borrower and Operating Company existing on the Property prior to the date of Transfer
(the “REIT Mortgage”), and an assignment of leases and rents with respect to all Leases (the “REIT ALR”), each substantially in the forms of the Mortgage and the Assignment of Leases constituting the Loan Documents
(or each constituting the existing Mortgage and Assignment of Leases as spread to encumber such consolidated estates). In addition, the landlord’s interest in the Observatory Lease shall be assigned to Op Sub, as landlord, and the existing
Observatory Tenant, which shall be one hundred percent (100%) owned, directly or indirectly, by the REIT or the Op, as tenant (the “REIT Observatory Tenant”), shall remain as tenant thereunder. REIT Observatory Tenant shall
also be a party to the REIT Mortgage, as a mortgagee, and a party to the REIT ALR, as an assignor. In addition, such REIT Observatory Tenant shall confirm all of the Observatory Tenant’s obligations hereunder and under the JP Account Control
Agreement and the Cash Management Agreement, including, without limitation, its obligations to deposit all Net Observatory Deck Revenue into the JP Collection Account and Rent, as set forth in the Observatory Lease, into the HSBC Collection Account.

 3. Estoppel Certificates. Section 4.1.29 of the Loan Agreement is hereby amended to delete the first
sentence thereof in its entirety and replace the same with the following sentence: 
 “Within one hundred twenty (120)
days of the date hereof, Borrower shall cause Operating Company to use commercially reasonable efforts to deliver to Agent estoppel certificates with respect to each of the Tenants listed on Schedule XII attached hereto (collectively,
the “Estoppel Certificates”).”. 
 4. Credit Party Representations. Borrower represents and
warrants that: 
 (a) Each of the representations and warranties of the Credit Parties and Guarantor contained or incorporated
in the Loan Agreement, as amended by this Second Amendment or any of the other Loan Documents, is true and correct in all material respects on and as of the date hereof (except if any such representation or warranty is expressly stated to have been
made as of a specific date, then as of such specific date); 
 (b) As of the date hereof and immediately after giving effect to
this Second Amendment and the actions contemplated hereby, no Default or Event of Default has occurred and is continuing; 
 (c)
Each Credit Party and Guarantor has taken all necessary action to authorize the execution, delivery and performance of this Second Amendment by it and has the power and 

  
 -2-

 
authority to execute, deliver and perform under this Second Amendment and all the transactions contemplated hereby. This Second Amendment has been duly and validly executed and delivered by each
Credit Party and Guarantor and constitutes a legal, valid and binding obligation of such Person, enforceable in accordance with its terms except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors’ rights and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); 

(d) No consent, approval authorization or order of any court or Governmental Authority or other Person is required for the execution,
delivery and performance by a Credit Party or Guarantor or compliance by any such Person with this Second Amendment, other than those which have been obtained by Borrower or such Person, as applicable; and 

(e) The execution and delivery of this Second Amendment by each Credit Party and Guarantor and the performance of its obligations
hereunder will not conflict with any provision of any law or regulation to which such Person is subject, or conflict with, result in the breach of, or constitute a default under any of the terms, conditions or provisions of any such Person’s
organizational documents or any agreement or instrument to which such Person is a party or by which it is bound, the result of which breach or default of any such agreement or instrument would reasonably be expected to have, or does have a Material
Adverse Effect, or any order or decree applicable to such Person or result in the creation or imposition of any lien, in a material amount, on any of such Person’s assets or property (other than pursuant to the Loan Documents). 

5. Other References. All references in the Loan Documents to the Loan Agreement shall mean the Loan Agreement, as modified by this
Second Amendment, and as the same may hereafter be supplemented, amended, modified, extended, renewed, restated or replaced from time to time. 
 6. Ratification of Loan Documents. Agent, Lenders and the Credit Parties hereby ratify and confirm the Loan Agreement and the other Loan Documents, as modified hereby. Except as modified and
amended by this Amendment, the Loan, the Loan Agreement and the other Loan Documents and the respective obligations of Agent, Lenders and the Credit Parties thereunder shall be and remain unmodified and in full force and effect. 

7. Ratification of Environmental Indemnity and Guaranty. Guarantor hereby ratifies and confirms the Environmental Indemnity and
the Guaranty, as modified hereby. Except as modified and amended by this Amendment, the Environmental Indemnity and Guaranty and the obligations of Guarantor thereunder shall be and remain unmodified and in full force and effect. 

8. Continued Force and Effect. This Second Amendment is not intended to, and shall not be construed to, effect a novation, and
except as expressly provided in this Second Amendment, the Loan Agreement has not been modified, amended, cancelled, terminated, released, satisfied, superseded or otherwise invalidated by execution of this Second Amendment. In the event of any
conflict between the terms of this Second Amendment and the terms of the Loan Agreement, the terms of this Second Amendment shall control. 

  
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 9. Governing Law. This Second Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York pursuant to Section 5-1401 of the General Obligations Law without regard to its principles of conflicts of laws. 
 10. Successors and Assigns. This Second Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and permitted assigns. 

11. Further Assurances. From time to time, upon the request of Agent, Borrower shall promptly and duly execute, acknowledge and
deliver any and all such further instruments and documents as Agent may deem reasonably necessary or desirable to confirm this Second Amendment and the terms and conditions hereof, to carry out the purpose and intent hereof or to enable Agent to
enforce any of its rights hereunder. 
 12. Modifications. No modification, amendment, extension, discharge,
termination or waiver of any provision of this Second Amendment shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in
the specific instance, and for the specific purpose, for which given. 
 13. Entire Agreement. This Second Amendment
contains the entire agreement of the parties hereto in respect of the transactions contemplated hereby, and all prior agreements among or between such parties, whether oral or written are superseded by the terms of this Second Amendment. 

14. Interpretation. Wherever possible, each provision of this Second Amendment shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Second Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating
the remainder of such provision or the remaining provisions of this Second Amendment. 
 15. Headings. The Section
headings in this Second Amendment are included herein for convenience of reference only and shall not constitute a part of this Second Amendment for any other purpose. 
 16. Counsel. Each party to this Second Amendment understands that this is a legally binding agreement that may affect such party’s rights. Each party hereto represents to each other party
hereto that it has obtained independent counsel and received legal advice about the meaning and legal significance of this Second Amendment. 
 17. Construction. Should any provision of this Second Amendment require judicial interpretation, it is agreed that a court interpreting or construing the same shall not apply a presumption that the
terms hereof shall be more strictly construed against any party by reason of the rule of construction that a document is to be construed more strictly against the party who itself or through its agent prepared the same, it being agreed that all
parties to this Second Amendment participated in the preparation hereof. 

  
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 18. Counterparts. This Second Amendment may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which, when taken together, shall constitute one and the same instrument and shall become effective when copies hereof, when taken together, bear the signatures of each of the
parties hereto and it shall not be necessary in making proof of this instrument to produce or account for more than one of such fully executed counterparts. Manually executed counterparts of this Agreement shall be delivered to all parties hereto;
provided, that delivery of a signature of this Agreement by facsimile transmission or by .pdf, .jpeg, .TIFF or other form of electronic mail attachment shall be effective as delivery of a manually executed counterpart hereof prior to manual
delivery thereof. 
 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed by their duly
authorized representatives, all as of the day and year first above written. 
 [SIGNATURE PAGES TO FOLLOW] 

  
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	BORROWER:
	
	EMPIRE STATE LAND ASSOCIATES L.L.C., a New York limited liability Company
		
	By:	 	Empire State Building Associates L.L.C., its Sole Member
			
		 	By:	 	 /s/ Peter L. Malkin

		 		 	Peter L. Malkin, Member
			
		 	By:	 	 /s/ Anthony E. Malkin

		 		 	Anthony E. Malkin, Member
			
		 	By:	 	 /s/ Thomas N. Keltner

		 		 	Thomas N. Keltner, Jr., Member
	
	 EMPIRE STATE BUILDING ASSOCIATES
 L.L.C., a New York limited liability company

		
	By:	 	 /s/ Peter L. Malkin

		 	Peter L. Malkin, Member
		
	By:	 	 /s/ Anthony E. Malkin

		 	Anthony E. Malkin, Member
		
	By:	 	 /s/ Thomas N. Keltner

		 	Thomas N. Keltner, Jr., Member

  

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	AGENT:
	
	 HSBC BANK USA, NATIONAL ASSOCIATION, as Agent

		
	By:	 	 /s/ Barbara Issacman

		 	Name: Barbara Issacman
		 	Title: Vice President

  

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	LENDER:
	
	HSBC BANK USA, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Barbara Issacman

		 	Name: Barbara Issacman
		 	Title: Vice President
	
	Applicable Lending Office:
	
	452 Fifth Avenue, 24th Floor
New York, New York 10018
Attention: Commercial Mortgage Servicing Department

  

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	LENDER:
	
	DEKABANK DEUTSCHE GIROZENTRALE,
		
	By:	 	 Burkhard Mau

		 	Name: Burkhard Mau
		 	Title: Executive Director
		
	By:	 	 Bjorn Kronsbein

		 	Name: Bjorn Kronsbein
		 	Title: Seniro Associate
	
	Applicable Lending Office:
	
	Mainzer Landstrasse 16
60325 Frankfurt am Main, Germany
Attention: Bjoern Kronsbein

  

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	LENDER:
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Dale S. Blumenthal

		 	Name: Dale S. Blumenthal
		 	Title: Senior Vice President
	
	Applicable Lending Office:
	
	One Bryant Park, 35th Floor
New York, New York 10036
Attention: Kimberly B. McKee, Senior Vice President

  

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	LENDER:
	
	CAPITAL ONE, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Kevin Smith

		 	Name: Kevin Smith
		 	Title: VP CRE Underwriting
	
	Applicable Lending Office:
	
	90 Park Avenue, 6th Floor
New York, New York 10016
Attention: Ellen R. Houghton, Vice President

  

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 With respect to Section 6 only: 

 

			
	CREDIT PARTY:
	
	 EMPIRE STATE BUILDING COMPANY L.L.C., a New York limited liability company

		
	By:	 	 /s/ Anthony E. Malkin

		 	Anthony E. Malkin, Authorized Signatory
	
	 ESB OBSERVATORY LLC, a New York limited liability company

		
	By:	 	 /s/ Anthony E. Malkin

		 	Anthony E. Malkin, Authorized Signatory

  

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 With respect to Section 7 only: 

 

	
	GUARANTOR:
	
	 /s/ Anthony E. Malkin

	
	Anthony E. Malkin, an individual

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