A reconvened meeting of County of Sullivan Industrial Development Agency (“Agency”) was convened in session at the Sullivan County Government Center, Monticello, New York on March 27, 2012, at 10:00 a.m. local time.
The meeting was called to order by Ira Steingart, and, upon the roll being called, the following members of the Agency were:
Ira Steingart [ ] [ ]
Harold Gold [ ] [ ]
Raymond Walter [ ] [ ]
Edward T. Sykes [ ] [ ]
Charles Barbuti, Jr. [ ] [ ]
Harris Alport [ ] [ ]
Suzanne Loughlin [ ] [ ]
Cindy L. Garlinghouse [ ] [ ]
Steve White [ ] [ ]
The following persons were also present:
Allan C. Scott, Chief Executive Officer
Jennifer C.S. Brylinski, Agency Executive Director
Elizabeth A. Hunt, Agency Executive Assistant
Walter F. Garigliano, Esq., Agency Counsel
The following resolution was duly offered by ___________________________, and seconded by ________________________, to wit:
Resolution No. ____- 12
AUTHORIZING AND APPROVING THE EXECUTION AND DELIVERY OF A MODIFICATION AGREEMENT AND RELATED DOCUMENTS IN FAVOR OF LLOYD ORETSKY (“LLOYD”) RELATING TO THE PTNY REAL ESTATE LLC (“PTNY”) MORTGAGE TO BRIDGEVILLE REALTY CORP. (“BRIDGEVILLE”) IN THE ORIIGNAL PRINCIPAL AMOUNT OF $1,475,000.00 DOLLARS
WHEREAS, by Title 1 of Article 18-A of the General Municipal Law of the State of New York (“State”), as amended, and Chapter 560 of the Laws of 1970 of the State, as amended and codified as Section 960 of the General Municipal Law (collectively, the “Act”), the Agency was created with the authority and power to own, lease and sell property as authorized by the Act; and
WHEREAS, on or about November 10, 2010, PTNY and the Agency executed and delivered a Note and Mortgage in the amount of $1,475,000.00 (“Mortgage”) in favor of Bridgeville pursuant to which the Agency and PTNY agreed to grant, mortgage, pledge and confirm unto Bridgeville a mortgage lien on and a security interest in a parcel of real estate consisting of 8.93″ acres to be located at 196 Bridgeville Road, County of Sullivan, State of New York and identified on the tax map as Thompson Section 31, Block 1, Lot 83 (“Land”); and
WHEREAS, Bridgeville assigned the Mortgage to Lloyd by Assignment of Note & Mortgage, dated December 20, 2010; and
WHEREAS, the Borrower is now indebted to Lloyd in the principal sum of $1,425,401.74; and
WHEREAS, PTNY and Lloyd desire to modify the terms of the Note and Mortgage so as to modify the manner of payment of the principal balance and unpaid interest; and
WHEREAS, PTNY has requested that the Agency join in a Modification Agreement together with any and all related documents; and
WHEREAS, the Agency wishes to authorize its Chairman, Vice Chairman or Chief Executive Officer to join in a Modification Agreement and any and all related documents in favor of Lloyd modifying the Note and Mortgage.
NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE AGENCY AS FOLLOWS:
Section 1. The Chairman, Vice Chairman or Chief Executive Officer of the Agency is hereby authorized, on behalf of the Agency, to execute and deliver the Modification Agreement and related documents in the form approved by Counsel to the Agency all with such changes, variations, omissions and insertions as the Chairman, Vice Chairman or Chief Executive Officer of the Agency shall approve, the execution thereof by the Chairman, Vice Chairman or Chief Executive Officer of the Agency to constitute conclusive evidence of such approval.
Section 2. The officers, employees and agents of the Agency are hereby authorized and directed in the name and on behalf of the Agency to do all acts and things required and to execute and deliver all such certificates, instruments and documents, to pay all such fees, charges and expenses and to do all such further acts and things as may be necessary or, in the opinion of the officer, employee or agent acting, desirable and proper to effect the purposes of this resolution and to cause compliance by the Agency with all of the terms, covenants and provisions of the documents executed for and on behalf of the Agency.
Section 3. This resolution shall take effect immediately.
THE MEMBERS VOTED ON THE FOREGOING RESOLUTION AS FOLLOWS:
Ira Steingart [ ] Yes [ ] No [ ] Absent [ ] Abstain
Harold Gold [ ] Yes [ ] No [ ] Absent [ ] Abstain
Raymond Walter [ ] Yes [ ] No [ ] Absent [ ] Abstain
Edward T. Sykes [ ] Yes [ ] No [ ] Absent [ ] Abstain
Charles Barbuti, Jr. [ ] Yes [ ] No [ ] Absent [ ] Abstain
Harris Alport [ ] Yes [ ] No [ ] Absent [ ] Abstain
Suzanne Loughlin [ ] Yes [ ] No [ ] Absent [ ] Abstain
Cindy L. Garlinghouse [ ] Yes [ ] No [ ] Absent [ ] Abstain
Steve White [ ] Yes [ ] No [ ] Absent [ ] Abstain
and therefore, the resolution was declared duly adopted.