2023 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.