NY Pub Auth L § 2799-FFFF (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 35 - Roosevelt Island Operating Corporation 2799-FFFF - Powers and Duties of Urban Development Corporation; Lease and Tramway Franchise.

§ 2799-ffff. Powers and duties of urban development corporation; lease   and  tramway franchise. 1. The corporation shall perform all obligations   of the urban development corporation or any  of  its  subsidiaries  with   respect  to  the  development,  management  and  operation  of Roosevelt   Island, including, without  limitation,  all  such  obligations  arising   under the lease and the tramway franchise.2. The urban development corporation, the division and the corporation   shall each use their best efforts to obtain any required consents to the   assignment  of  the  lease  and  the  tramway  franchise  from the urban   development corporation to the corporation and to any  other  assumption   by   the  corporation  of  the  obligations  of  the  urban  development   corporation or any  of  its  subsidiaries  under  any  other  contracts,   leases,  agreements or instruments entered into by the urban development   corporation, or  any  such  subsidiary,  relating  to  the  development,   management  or  operation  of  Roosevelt Island (other than any bonds or   notes issued, or mortgages or security agreements  held,  by  the  urban   development  corporation or any of its subsidiaries) and, upon obtaining   such consents, the corporation and  the  urban  development  corporation   shall  enter  into  such  agreements  and  take such actions as shall be   necessary to effectuate such assignments and assumptions, provided  that   in  order  to  permit  the  urban development corporation to recover the   investment which it has heretofore made in the development of  Roosevelt   Island,   such   agreements   shall   provide   appropriate   assurances   satisfactory to the urban development corporation  (a)  for  the  prompt   payment  directly  to the urban development corporation of all sums from   time to time due from lessees under the development  subleases  and  all   sums  received  by  the corporation from the city in connection with the   termination of the lease, and (b) for the amending or  supplementing  of   the  development  subleases  to the extent, if any, necessary to protect   the rights of the holders of any mortgages on  the  leasehold  interests   created  thereunder. Nothing in this title shall constitute or authorize   an assignment by the urban development corporation,  or  any  subsidiary   thereof,  of  any  mortgage  or  security  interest  held  by  the urban   development corporation, or any such subsidiary, on any real or personal   property or interest therein  on  Roosevelt  Island  or  any  rights  or   obligations   of   the   urban  development  corporation,  or  any  such   subsidiary, arising under  any  such  mortgage  or  security  agreement,   relieve  the  urban  development  corporation  of any of its obligations   under any bonds heretofore issued by the urban development  corporation,   or otherwise affect the interests of the holders of any such bonds.3.  All  revenues,  other  than state appropriations, derived from the   contracts, leases, agreements or instruments assigned to or  assumed  by   the  corporation  pursuant  to  subdivision two of this section shall be   applied first to the payment of those obligations assigned to or assumed   by the corporation.4. The urban development corporation and the  corporation  are  hereby   authorized   to  enter  into  such  agreements  with  the  city  as  the   corporation shall determine  to  be  appropriate  to  amend,  reform  or   supplement  the  lease,  including  the  development  plan  referred  to   therein, and the tramway franchise in order to carry out the purposes of   this title.  The  provisions  of  any  general,  special  or  local  law   notwithstanding,  the  city  is hereby authorized to enter into any such   agreements with the corporation and the urban development corporation.