New York Laws
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.