Extract to table
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Extract to table / consent-agreement-architect.docx
consent-agreement-architect.docx
Parties
HUDSON YARDS WEST MORTGAGE LLC
Metropolitan Transit Development Corp
Hudson Yards West Mezzanine LLC
M. Best Company
Counsel Metropolitan Transit Development Corp
Harkness LLP
Associates LLP
Baines LLP
Dates
June 15, 2025
March 22, 2024
September 15, 2024
February 3, 2025
November 20, 2024
April 8, 2025
Amounts
$475,000,000.00
$200,000,000.00
$10,000,000.00
$25,000,000.00
Obligations
DEFINED TERMS Capitalized terms used but not otherwise defined in this Consent and Agreement shall have the respective meanings ascribed to such terms in the Senior Loan Agreement
(c) Architect acknowledges and agrees that the collateral assignment effected by the Assignment does not relieve Owner of any of its obligations, duties, or liabilities under the Architectural Agreement, and Owner shall remain primarily liable for all of its obligations under the Architectural Agreement notwithstanding such collateral assignment
Nothing in this Consent and Agreement or the Assignment shall be construed to create a partnership, joint venture, or agency relationship between or among Architect, Owner, and any Lender Party
Owner hereby consents to the foregoing and agrees that Architect shall have no liability to Owner for complying with the directions of a Lender Party following delivery of a Step-In Notice
For purposes of this Section 3(c)(ii), the cure period for any monetary default shall not exceed thirty (30) days following receipt of the Default Notice, and the cure period for any non-monetary default shall not exceed ninety (90) days following receipt of the Default Notice, provided that if the nature of the non-monetary default is such that it cannot be cured within such ninety (90)-day period despite the exercise of diligent efforts, then such period shall be extended for such additional time as is reasonably necessary so long as the curing Lender Party is diligently and continuously pursuing a cure
Any use by a Lender Party of the Plans and Specifications or Instruments of Service pursuant to the License shall be at such Lender Party's sole risk and expense