FAILURE TO COMPLY MAY RESULT IN CLOSING DELAYS OR RENDER A LIEN INVALID*Subordination and Recognition Agreement • June 9th, 2015 • New York
Battery Park City Authority d/b/a Hugh L. Carey Battery Park City Authority (“BPCA”) entered into a lease agreement, dated as of September 30, 1999, (as amended, the “Lease”) with 22 River Terrace L.L.C. The Lease requires that all financing purchasers or refinancing owners (collectively, the “Borrower”), the Board of River & Warren Condominium Residences (the “Board”), BPCA, and ALL banks/lenders (“Mortgagee”) execute a unit mortgage subordination and recognition agreement (the “Subordination Agreement”) (see form attached) which provides that the interest of a Mortgagee with respect to a unit mortgage are subject and subordinate to BPCA’s interest in monies owed with respect to such unit.
FAILURE TO COMPLY MAY RESULT IN CLOSING DELAYS OR RENDER A LIEN INVALID*Subordination and Recognition Agreement • November 3rd, 2014 • New York
Battery Park City Authority d/b/a Hugh L. Carey Battery Park City Authority (“BPCA”) entered into a lease agreement, dated as of March 31, 2005, (as amended, the “Lease”) with Site 16/17 Development, LLC. The Lease requires that all financing purchasers or refinancing owners (collectively, the “Borrower”), the Board of Riverhouse One Rockefeller Park (the “Board”), BPCA, and ALL banks/lenders (“Mortgagee”) execute a unit mortgage subordination and recognition agreement (the “Subordination Agreement”) (see form attached) which provides that the interest of a Mortgagee with respect to a unit mortgage are subject and subordinate to BPCA’s interest in monies owed with respect to such unit.
FAILURE TO COMPLY MAY RESULT IN CLOSING DELAYS OR RENDER A LIEN INVALID*Subordination and Recognition Agreement • September 25th, 2012 • New York
Battery Park City Authority d/b/a Hugh L. Carey Battery Park City Authority (“BPCA”) entered into a lease agreement, dated as of January 1, 2000, (as amended, the “Lease”) with Millennium BPC Development, LLC. The Lease requires that all financing purchasers or refinancing owners (collectively, the “Borrower”), the Board of Millennium Point Condominium (the “Board”), BPCA, and ALL banks/lenders (“Mortgagee”) execute a unit mortgage subordination and recognition agreement (the “Subordination Agreement”) (see form attached) which provides that the interest of a Mortgagee with respect to a unit mortgage are subject and subordinate to BPCA’s interest in monies owed with respect to such unit.
ContractSubordination and Recognition Agreement • September 25th, 2012 • New York
FAILURE TO COMPLY MAY RESULT IN CLOSING DELAYS OR RENDER A LIEN INVALID*Subordination and Recognition Agreement • July 23rd, 2014 • New York
Battery Park City Authority d/b/a Hugh L. Carey Battery Park City Authority (“BPCA”) entered into a lease agreement, dated as of October 29, 1984, (as amended, the “Lease”) with Liberty View Associates, L.P., (and subsequently assigned to YL Rector LLC by Assignment of Lease, dated October 31, 2005). The Lease requires that all financing purchasers or refinancing owners (collectively, the “Borrower”), the Board of Two Twenty Five Rector Place Condominium (f/k/a Rector Square Condominium) (the “Board”), BPCA, and ALL banks/lenders (“Mortgagee”) execute a unit mortgage subordination and recognition agreement (the “Subordination Agreement”) (see form attached) which provides that the interest of a Mortgagee with respect to a unit mortgage are subject and subordinate to BPCA’s interest in monies owed with respect to such unit.
