Exhibit 3.56
LIMITED LIABILITY COMPANY AGREEMENT
FOR
37-02 COLLEGE POINT BOULEVARD, LLC
A DELAWARE LIMITED LIABILITY COMPANY
This Limited Liability Company Agreement for 37-02 COLLEGE POINT
BOULEVARD , LLC, a Delaware limited liability company (the "Agreement") is made
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as of October 14, 1998, by and between NORTHEAST RESTORATION COMPANY, LLC, a
Delaware limited liability company (the "Member"), and LANDBANK ENVIRONMENTAL
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PROPERTIES LLC, a Delaware limited liability company (the "Manager").
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NOW, THEREFORE, the Member and the Manager hereby adopt this Limited
Liability Company Agreement for the Company upon the terms and subject to the
conditions set forth herein.
ARTICLE I.
DEFINITIONS
As used in this Agreement, the following terms shall have the
following meanings:
1.1 "Act" shall mean the Delaware Limited Liability Company Act as
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set forth in Chapter 18 (commencing with Section 18-101) of the General
Corporation Law of the State of Delaware (or any corresponding provision or
provisions of any succeeding law).
1.2 "Affiliate" or "affiliate" shall mean any individual,
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partnership, corporation, trust or other entity or association, directly or
indirectly, through one or more intermediaries, controlling, controlled by, or
under common control with a person. The term "control," as used in the
immediately preceding sentence, means, with respect to a corporation or limited
liability company, the right to exercise, directly or indirectly, more than
fifty percent (50.0%) of the voting rights attributable to the controlled
corporation or limited liability company, and, with respect to any individual,
partnership, trust, other entity or association, the possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of the controlled individual or entity.
1.3 "AFMC" shall mean AFMC Inc., a Delaware corporation.
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1.4 "AFMC Agreement" shall mean that certain Contract of Sale between
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LandBank and AFMC dated as of August 12, 1998, for the purchase of the Property.
1.5 "Agreement" or "this Agreement" means the limited liability
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company agreement of the Company as adopted herein and as may be further amended
from time to time as permitted hereunder.
1.6 "AI" shall mean Arsenault Investments LLC, a Colorado limited
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liability company, and its successors in interest
1.7 "Capital Contribution" shall mean the amount of cash or the
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agreed fair market value of other property contributed to the Company by a
Member and credited to the Member's Capital Account as provided in Article 3
hereof.
1.8 "Cash Flow" shall mean the cash flow of the Company that is
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available for distribution to the Member and which, as to any particular Fiscal
Year or portion thereof, consists of the gross revenues of the Company,
including any Capital Contributions made by a Member to the Company, less (i)
the aggregate amount of all costs paid by the Company during such fiscal period
for the operations of the Company, including, without limitation, payments of
any fees or costs to a Member or its Affiliates as permitted herein, all
payments required under the Loan Documents, and all other operating costs of the
Company, and less (ii) all reserves required to complete the Restoration of the
Properties, and other appropriate reserves for the anticipated costs of the
Company.
1.9 "Certificate" shall mean the Certificate of Formation for the
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Company originally filed with the Delaware Secretary of State and as amended
from time to time.
1.10 "Closing" shall mean the closing of the acquisition of the
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Properties by the Company in accordance with the AFMC Agreement.
1.11 "Code" shall mean the Internal Revenue Code of 1986, as amended
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from time to time, and the provisions of succeeding law.
1.12 "Company" shall mean 37-02 College Point Boulevard, LLC, a
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Delaware limited liability company.
1.13 "Fiscal Year" shall mean the Company's fiscal year, which shall
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be the calendar year or, at the option of the Manager, a 52/53 week year.
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1.14 "Insurance Underwriting Fee" shall mean the fee payable to LBEP,
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in the amount provided in Section 5.5.1 hereof.
1.15 "LandBank" shall mean LandBank, Inc., a Delaware corporation,
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and its successors in interest.
1.16 "LandBank Services" shall mean the tasks which LBEP agrees to
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undertake with respect to the Project, which shall include the following: (i)
environmental due diligence prior to purchase of the Property; (ii) real estate
due diligence prior to purchase of the Property; (iii) underwriting and
placement of environmental insurance policies; (iv) development of all plans
required to complete remediation; (v) oversight of cleanup activities; (vi)
preparing a cash flow model and critical path for the Project; (vii) designing
and implementing an exit strategy for each Property; (viii) directing and
managing the sale of the Property; (ix) performing all management and
administrative functions of the Company; and (x) engaging attorneys,
accountants, and other professionals on behalf of the Company as may be
necessary to perform the tasks mentioned in (i) - (ix).
1.17 "LBEP" shall mean LandBank Environmental Properties LLC, a
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Delaware limited liability company, and its successors in interest.
1.18 "Loan" shall mean that certain loan in the original principal
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amount of $2,500,000 made by Arsenault Acquisitions Corporation, a Colorado
corporation, to Northeast.
1.19 "Loan Documents" shall mean the promissory note and all other
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documents evidencing or securing the Loan.
1.20 "Manager" shall mean LBEP or its successor pursuant to Section
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5.6 hereof.
1.21 "Member" shall mean Northeast, and any other person from time to
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time who may be admitted to the Company as a Member in accordance with the
Certificate and this Agreement or is a permitted assignee who has become a
Member in accordance with Article 4, and who has not resigned, withdrawn, been
expelled or, if other than an individual, dissolved.
1.22 "Northeast" shall mean Northeast Restoration Company, LLC, a
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Delaware limited liability company, and its successors in interest.
1.23 "Option Agreement" shall mean that certain Option Agreement
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between Northeast and AI dated November 17, 1998, pursuant to which AI may elect
to become a member of Northeast on the terms set forth therein.
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1.24 "Project" shall mean the Properties and the improvements thereon
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and the personal property used in connection therewith, including all
entitlements related thereto, and the Company's planned remediation and sale of
such real property.
1.25 "Project Budget" shall mean the most recently updated and
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approved Project Budget as provided in Section 5.2 hereof.
1.26 "Property" and "Properties" shall mean each and all of the
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parcels of real property to be acquired by the Company pursuant to the AFMC
Agreement, more particularly described in Exhibit A attached hereto.
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1.27 "Remediation Management Fee" shall mean the fee payable to the
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Manager for the LandBank Services in supervising any and all environmental
remediation on the Property, in the amount provided in Section 5.5.2 hereof.
1.28 "Restoration" shall mean the environmental remediation of the
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Properties, including without limitation, moving and handling of contaminated
soil, and obtaining a "no further action" letter (or its equivalent) from the
applicable governmental agency or agencies exercising environmental jurisdiction
over the Properties.
1.29 "Term" shall have the meaning ascribed to it in Section 2.2
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hereof.
1.30 "Treasury Regulations" shall, unless the context clearly
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indicates otherwise, mean the final or temporary regulations in force at any
moment in time that have been issued by the U.S. Department of Treasury pursuant
to its authority under the Code.
ARTICLE II.
ORGANIZATIONAL MATTERS
2.1 Name. The name of the Company shall be "37-02 College Point
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Boulevard, LLC." The Company may conduct business under that name or any other
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name approved by the Member.
2.2 Term. The Term of the Company shall commence on the date of
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filing the Company's Certificate with the Delaware Secretary of State and shall
end on August 12, 2028, unless extended or unless sooner terminated pursuant to
this Agreement.
2.3 Office and Agent. The Company shall continuously maintain an
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office and registered agent in the State of Delaware as required by the Act. The
registered agent and registered office of the Company shall be: The Corporation
Trust Company,
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Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 or such other
agent or location as the Manager may deem necessary or desirable.
2.4 Business of the Company. The Company is organized and shall
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operate solely to engage in the following business: (i) to acquire, own, hold
for investment, remediate, restore, finance, manage, sell, lease, dispose of and
otherwise deal with, and realize the economic benefit from, the Project; and
(ii) to engage in any other lawful activities directly related to the foregoing
business as may be necessary or advisable in the reasonable opinion of the
Members to further such business. Such activities shall include specifically the
following: managing the required remediation of each of the Properties; placing
the environmental insurance to manage the liabilities and financial risks
resulting from ownership and cleanup of the Properties; developing an exit
strategy for each Property; and negotiating the sale and selling the Properties.
The Company shall not engage in any other business other than the foregoing
without the consent of the Member, which consent may be granted or withheld in
the Member's sole and absolute discretion and is subject to the consent of AI
under the Option Agreement.
ARTICLE III.
CAPITAL CONTRIBUTIONS
3.1 Capital Contributions. As its initial Capital Contribution to the
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Company, the Member shall contribute (or cause to be transferred to the Company
by an Affiliate) its and its Affiliates' entire right, title and interest in and
to the Properties, including without limitation all rights under the AFMC
Agreement and the deposit made thereunder with respect to the Properties. The
fair market value of such contribution is agreed to be equal to the amount of
the deposit that the Member has paid under the AFMC Agreement with respect to
the Properties. The Member in addition may, but shall not be required to,
contribute to the Company any additional funds needed to complete the purchase
of the Property pursuant to the AFMC Agreement, provided that such AFMC
Agreement is not terminated, and additional funds required for the operation of
the Company, all as shown in the Final Proforma or in the approved Project
Budget.
The Member may make additional Capital Contributions to the
Company from time to time in the Member's sole discretion, but no additional
Capital Contributions are required. Except as otherwise provided herein, all
Capital Contributions shall be paid in cash.
3.2 Withdrawal of Capital Contributions. Subject to any applicable
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limitations in the Act, the Member's Capital Contributions and other sums
advanced on behalf of the Company shall be repaid to the Member, in whole or in
part, as provided in Article 6 hereof.
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ARTICLE IV.
MEMBERS
4.1 Identification. Northeast shall be the sole initial Member of the
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Company. No other person may become a Member except pursuant to a transfer
specifically permitted under and effected in compliance with Section 4.2 of this
Agreement or upon admission of a new Member with the prior written consent of
all of the Members.
4.2 Transfer; Admission of New Members. The Member shall have the
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right at any time and from time to time to transfer all or any part of its
interest in the Company to any person; provided, however, that any new Member
admitted as a Member of the Company and any transferee of a membership interest
shall have the right to become a new or a substitute Member only if: (i) the
instrument creating or transferring such membership interest states that such
person shall be admitted as a Member of the Company; (ii) written consent of the
Member and of AI as required under the Option Agreement is given to the
admission of the new or substitute Member; (iii) such person executes an
instrument satisfactory to the Member accepting and adopting the terms and
provisions of this Agreement; and (iv) such person pays any reasonable expenses
of the Company (including, without limitation, reasonable attorneys' fees and
costs) in connection with its admission as a new Member.
4.3 Member Approval. No annual or regular meetings of the Members are
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required to be held. The approval of any act or other matter by Northeast shall
constitute approval by the Member and by the Company, subject to any required
consent by AI under the Option Agreement.
ARTICLE V.
MANAGER; MANAGEMENT AND CONTROL OF THE COMPANY
5.1 Manager. LBEP shall be the Manager of the Company. As Manager,
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LBEP shall manage the Company on a day-to-day basis and shall provide to the
Company all services not specifically designated in this Agreement to be
provided by another party.
5.2 Management of the Company. The Manager shall prepare such budget,
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financial reports and operating plans for the Company as may be required for the
operation of the Company. The Manager shall, subject to the availability of
operating revenues and other cash flow, carry out the business plan and the
Project Budget (hereinafter defined) adopted by the Company and shall supervise
the operations of the Company. The Manager shall have the authority and
responsibility to manage the Company's business. The Manager shall use
reasonable efforts to perform its duties under this Article 5 including, without
limitation, employing necessary personnel, on and off-site, to carry on the
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business of the Company. The Manager shall devote itself to the business of the
Company to the extent necessary for the efficient carrying on thereof, without
compensation therefor except as provided herein.
5.2.1 Project Budget. The Manager shall prepare a Project Budget,
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which Project Budget shall provide for revenue and expenses for each phase of
the Company's acquisition, Restoration and disposition of the Project,
containing the items listed in this Section 5.2.1 below. The Manager shall
include in such Project Budget any amounts to be paid to any person (including
without limitation any Member or Affiliate of a Member) in connection with each
phase of the Project. The Project Budget at a minimum shall contain the
following information:
(a) a narrative description of each phase of the acquisition and
Restoration for the Project proposed or expected to be undertaken by the Company
during each Fiscal Year;
(b) a development schedule identifying the projected phases of
Restoration for the Project as well as the times for completion of the various
phases of Restoration of the Project and the expenses attributable to each
phase; and
(c) a schedule of projected Cash Flow and projected uses of funds
on a Fiscal Year-by-Fiscal Year basis, which schedule shall include any required
Capital Contributions needed by the Company and proposed by the Manager.
5.2.2 Budget Updates and Approval. The Manager shall deliver for
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review and approval by the Member and by AI pursuant to the Option Agreement a
master schedule setting forth the most current Project Budget for the current
Fiscal Year and the next Fiscal Year (which shall include a schedule for
completion of the various components of the Project), on or before thirty (30)
days after the Closing. Such Project Budget shall include Cash Flow to the
Company at least equal to the net Cash Flow shown in the Final Proforma.
Thereafter, the Manager shall provide to the Member and to AI within two (2)
weeks after the end of each month monthly historical financial statements on an
accrual basis which shall include balance sheet, income statement and statement
of cash flows. The Manager shall update the Project Budget annually for each
succeeding Fiscal Year. After the first Project Budget, an updated Project
Budget shall be prepared no later than November 30th of each Fiscal Year for the
next succeeding Fiscal Year, if necessary. The Manager shall provide a copy of
the Project Budget, and each update thereof, to the Member. The Company shall
spend no amount, and shall incur no obligation, which exceeds the amounts
provided in the approved Project Budget, as updated and approved by the Member
(and by AI as required under the Option Agreement); provided, however, that the
Project Budget shall include a Five Percent (5%) contingency,
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and expenditures within such contingency amount shall be permitted.
5.3 LandBank Services. The Manager shall perform the LandBank
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Services for the Company as provided herein. The Manager shall not be entitled
to compensation for the LandBank Services rendered to the Company, except as
provided herein. However, the Company shall pay all costs payable to third
parties in connection with such services.
5.4 Insurance.
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5.4.1 Coverage. The Manager shall cause the Company to be added
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as an additional insured on its general liability and errors and omissions
policy, so that the Company is in compliance with (i) all requirements of the
AFMC Agreement as set forth in Exhibit B attached hereto, and (ii) all
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applicable laws, regulations and requirements. The Company in addition may (but
is not required to) obtain Comprehensive Automobile Liability insurance insuring
Company against liability for claims arising out of the ownership, maintenance
or use of any owned, hired or non-owned vehicles; Property insurance appropriate
to cover loss resulting from destruction of or damage to some, but not all, of
the buildings or structures associated with the Project, with coverage based on
the appropriate level of risk of loss to the Company regarding such selected
buildings or structures; and such additional insurance against other risks of
loss to the Project as, from time to time, may be required by any lender making
a loan to the Company or which may be required by law.
5.4.2 Management. All policies of insurance shall be treated, in
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the appropriate part attributable to the Company, as a cost and expense of the
Company. The Manager shall act on behalf of all named insureds under each of the
insurance policies with respect to all matters pertaining to the insurance
afforded by each of such policies, including the giving and receiving of notice
of cancellation, the payment of premiums and the receiving of returned premiums,
if any, and of such dividends as may be declared by any of the insurance
companies issuing any of such policies.
5.4.3 Subcontractor Insurance. The Manager shall require by
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contract that each and every subcontractor and consultant providing services in
connection with the Project shall obtain and maintain insurance, with the
exception of property and stop/loss insurance, that the Manager deems
appropriate for the particular type and amount of contract involved. The Manager
may include any or all subcontractors and consultants under the insurance
maintained by the Manager hereunder with adjustment of coverages and increase in
limits as applicable.
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5.4.4 Modifications to Insurance Requirements. The Manager shall
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review annually the insurance requirements of this Agreement in conjunction with
the Company's insurance broker and obtain increased coverage limits or
additional forms of insurance as are prudent to protect the interests of the
Company and the Members.
5.5 Managers' Fees. In addition to any fees payable to LBEP or any
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Affiliate as may be approved by the Member and by AI as required under the
Option Agreement, the Manager shall receive the following fees for its services
to the Company.
5.5.1 Insurance Underwriting Fee. As part of its services, the
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Manager shall perform environmental underwriting of the insurance for the
Project. At the Closing, the Manager shall be paid an Insurance Underwriting Fee
in the amount of two percent (2%) of the purchase price of the Property.
5.5.2 Remediation Management Fee. As part of its services, the
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Manager shall provide services to the Company in connection with supervising the
Restoration of the Project. The Manager shall be paid a Remediation Management
Fee for such services in the amount of five percent (5%) of any and all costs of
environmental remediation performed on any or all of the Properties; provided,
however, that such Remediation Management Fee payable hereunder shall not exceed
the aggregate such Remediation Management Fee contained in the approved Project
Budget. Such fee shall be payable on the fifteenth 15th day of each month based
on the environmental remediation costs incurred in the immediately preceding
month.
5.6 Removal and Election of Manager; Resignation. The Manager may be
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removed by the Member at any time for failure to carry out its duties hereunder;
and the Member at any time may appoint one or more substitute or additional
managers of the Company, subject to the consent of AI as required under the
Option Agreement. The Manager may resign as a manager at any time.
ARTICLE VI.
DISTRIBUTIONS; ALLOCATIONS
6.1 Periodic Distributions by the Company. Subject to applicable law
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and any limitations contained elsewhere in this Agreement and to the allocation
of a portion of the Company's cash to an appropriate reserve for unanticipated
expenses, the Manager shall cause the Company (i) to pay or provide for the
payment of all of its expenses, liabilities and obligations as they become due,
including without limitation any fees that are payable to any Member or any
Affiliate thereof for its services hereunder, and any loan payments that are due
under the Loan Documents or to any other lender, and thereafter (ii) to make
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cash distributions to the Member from the Cash Flow of the Company. Such cash
distributions shall be made quarterly or more frequently, beginning December 31,
1998. Except as otherwise provided herein, distributions of Cash Flow to the
Member as provided in (ii) above shall be made to the Member according to the
priorities in this Article 6.
6.2 Order of Distributions. After payment of the amounts described in
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Section 6.1 hereof, all distributions of Cash Flow hereunder shall be made to
the Member first to repay its unreturned Capital Contributions, until such
Member has been repaid all of its Capital Contributions, and thereafter to
Northeast as the sole Member of the Company.
6.3 Allocations of Net Profit and Net Loss. All net profits and net
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losses of the Company and all other items of income, deduction, credit or other
items having effect for tax purposes shall be allocated to Northeast as the sole
Member of the Company.
ARTICLE VII.
DISSOLUTION AND WINDING UP
7.1 Conditions of Dissolution. The Company shall dissolve upon the
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occurrence of any of the following events:
7.1.1 Upon the entry of a decree of judicial dissolution;
7.1.2 Upon the vote of the sole Member (provided, however, that
the Member may not vote to voluntarily dissolve the Company while the Option
Agreement remains in effect);
7.1.3 Upon the sale of all or substantially all of the assets of
the Company (which shall be subject to the approval of AI as provided in the
Option Agreement); or
7.1.4 Upon the expiration of the Term (including any extension
thereto, if applicable).
No other event specified in the Act, or otherwise, shall cause the dissolution
of the Company.
7.2 Winding Up. Upon the dissolution of the Company, the Company's
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assets shall be disposed of and its affairs wound up. The Company shall give
written notice of the commencement of the dissolution to all of its known
creditors.
7.3 Order of Payment of Liabilities Upon Dissolution. After
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determining that all the known debts and liabilities of the Company have been
paid or adequately provided for, all remaining
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assets of the Company shall be distributed to the Member in accordance with the
provisions of Article 6 hereof.
7.4 Certificates. The Company shall file with the Delaware Secretary
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of State all certificates or other documents required to complete the
dissolution and winding up of the Company's affairs.
ARTICLE VIII.
MISCELLANEOUS
8.1 Bank Accounts. The Manager shall maintain the funds of the
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Company in one or more separate bank accounts in the name of the Company, and
shall not permit the funds of the Company to be commingled in any fashion with
the funds of any other person. The Manager or any person designated by it,
acting alone, is authorized to endorse checks, drafts, and other evidences of
indebtedness made payable to the order of the Company, but only for the purpose
of deposit into the Company's accounts. All checks, drafts and other instruments
obligating the Company to pay money must be signed on
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Schedule A Description
ALL that certain plot, piece, or parcel of land, situate, lying, and being in
the Third Ward of the Borough and County of Queens, City and State of New York,
bounded and described as follows:
PARCEL I:
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ALL that certain plot, piece, or parcel of land, situate, lying, and being in
the Third Ward of the Borough and County of Queens, City and State of New York,
bounded and described as follows:
BEGINNING at a point on the Westerly side of Lawrence Street as shown 100 feet
wide on the Final Topographical Map of the City of New York, distant 180.01 feet
Northerly from the corner formed by the intersection of the Westerly side of
Lawrence Street with the Northerly side of 39th Avenue as shown 50 feet wide on
the present Final Topographical Map of the City of New York;
RUNNING Northerly along the Westerly side of Lawrence Street, 298.08 feet to the
land now or formerly of Company of Master Craftsmen Inc.;
RUNNING THENCE Westerly parallel with the Northerly side of 39th Avenue and
along the land now or formerly of Company of Master Craftsmen Inc. 203.63 feet
to the land now or formerly of Emmet B. Simpson;
RUNNING THENCE South 12 degrees 54 minutes 35 seconds East and parallel to Janet
Place and along said lands of Simpson 150 feet;
THENCE North 88 degrees 55 minutes 37 seconds West and along said lands of
Simpson 327.24 feet to the United States Pierhead and Bulkhead line of the East
side of Flushing River;
THENCE Southwesterly along said United States Pierhead and Bulkhead line, 150
feet;
THENCE South 88 degrees 55 minutes 37 seconds East and parallel with the
Southerly side of said property of Simpson, 410.31 feet to the intersection of
said course with the projection South of the third course above described
namely, a projection drawn parallel to the Westerly side of Janet Place from the
Southeasterly corner of the lands of Simpson;
RUNNING THENCE Easterly from said point of intersection on a line at right
angles to the Westerly side of Lawrence Street 206.49 feet to the Westerly side
of Lawrence Street at the point or place of BEGINNING.
PARCEL II:
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ALL that certain plot, piece, or parcel of land, situate, lying, and being in
the Third Ward of the Borough and County of Queens, City and State of New York,
bounded and described as follows:
BEGINNING at a point on the East side of Flushing Creek (now known as Flushing
River) distant 300 feet Southerly from the Southerly boundary line of land
belonging to the Long Island Railroad (Whitestone Branch) when measured in a
straight line, which point of beginning is intersected by the division line
between the land herewith described and the land now or formerly of the Company
of Master Craftsmen Inc.;
RUNNING THENCE Southeasterly along the land now or formerly of said Company of
Master Craftsmen Inc. approximately 261.32 feet along said division line to the
point of turning in the Southerly boundary line of the land now or formerly of
the Company of Master Craftsmen Inc. which point is approximately 203.63 feet
West of the Westerly line of Lawrence Street, as now widened, as measured along
the Southerly boundary line of the property now or formerly of the Company of
Master Craftsmen Inc.;
THENCE Southerly and parallel with the Westerly line of Lawrence Street, as it
existed on January 19, 1926, 150 feet to a point;
THENCE Westerly approximately 327.97 feet to a point on the Easterly line of
Flushing Creek (now known as Flushing River) which point is distant 325 feet
Southwesterly from the point or place of beginning when measured along the
Easterly line of Flushing Creek (now known as Flushing River) disregarding
irregularity of waterfront line, and
THENCE Northeasterly along the Easterly line of Flushing Creek (now known as
Flushing River) disregarding irregularity of water-front-line, 325 Feet to the
point or place of BEGINNING.
Policy insures that the southerly and easterly line of Parcel II are contiguous
to the northerly and westerly lines of Parcel I.
EXHIBIT B
AFMC INSURANCE REQUIREMENTS
(c) Insurance. As partial security for the indemnification
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obligations provided for hereunder, Purchaser shall obtain from United National
Insurance Company and produce at Closing, and with all premiums fully paid as of
the Closing, insurance policies providing coverages that are substantively
identical to coverages provided in the Remediation Project Insurance Policy in
the form of Exhibit 5 hereto, and the Real Estate Pollution Policy in the form
of Exhibit 6 hereto. In addition, Purchaser shall maintain in effect for the
benefit of itself and Seller an Errors and Omissions insurance policy in the
form of Exhibit 7 hereto. The Remediation Project Insurance Policy shall cover
all of the Premises. A Real Estate Pollution Policy shall be issued for each of
the Properties except that a single policy shall be issued for Alexandria Bay,
Saranac Lake, Boynton Avenue, Pottsdam, Brownville and Winchester, collectively.
For each of the foregoing Properties, a separate Real Estate Pollution Policy
may later be issued based on future buyer interest. The Remediation Project
Insurance Policy shall remain in effect until all Remedial Action has been
completed. The Real Estate Pollution Policies shall have a one (1) year term,
with nine (9) years of extended reporting coverage. These policies can be
renewed annually by Purchaser or future owners which would provide a continuing
ten (10) year window of coverage. The Errors and Omissions policy shall be
renewed annually to remain in effect for ten (10) years from the Closing Date.
Such Policies of insurance shall:
(i) be non-cancelable by the insurer, and shall be freely
transferable by the insured (except that any transferee shall not be permitted
to introduce new or additional Hazardous Materials to the Premises).
(ii) include Seller and its directors, officers, employees,
agents and shareholders as insureds and shall specifically refer to and provide
coverage for, Purchaser's Environmental Obligations set forth in this Section
20.
(iii) provide for minimum policy limits as set forth in Exhibit
8, annexed hereto.
Environmental Liabilities assumed by Purchaser shall also include
liability for any unknown Environmental Condition.
This Section 20 and Purchaser's obligations hereunder shall survive
Closing, and solely as to the conduct of Purchaser's due diligence activities,
any earlier termination of this Contract.
EXHIBIT C
ADDRESSES FOR NOTICES
Company: 37-02 COLLEGE POINT BOULEVARD, LLC
12345 W. Alameda Parkway, Suite 208
Lakewood, CO 80225
Attention: William P. Lynott
Fax No.: (303) 763-5700
LBEP: LANDBANK ENVIRONMENTAL PROPERTIES LLC
12345 W. Alameda Parkway
Suite 208
Lakewood, CO 80225
Attention: William P. Lynott
FAX No.: (303) 763-5700
with copies to: IT Corporation
2790 Mosside Blvd.
Monroeville, PA 15146-2792
Attention: James Redwine, Esq.
FAX No.: (412) 858-3997
and Tuttle & Taylor,
A Law Corporation
4Oth Floor
355 South Grand Avenue
Los Angeles, CA 90071-3102
Attention: Thomas I. Dupuis, Esq.
FAX No.: (213) 683-0225