Airport Drive i
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MORRIS ASSOCIATES
ENGINEERING CONSULTANTS, PLLC
9 Elks Lane, Poughkeepsie, New York 12601 Tel:(845)454.3411 Fax:(845)473-1962
] 389 Fairview Avenue,Hudson,New York 12534 Tel:(518)828-2300 Fax: (518)-828-3963
E-Mail: morrisassociates@aol.com
September 23, 2009
Town of Wappinger
20 Middlebush Road
Wappingers Falls, NY 12590 HECEIVED
Attn: Christopher Colsey SAF
i 094
Town of Wappinger Supervisor
VN CLE �-
RE: Airport Drive Soccer Field _ .
Dear Supervisor Colsey and Town Board:
Pursuant to the request by the Board at the Town Board meeting of September
14, 2009; 1 inspected the drainage at the Airport Drive Soccer Field-on September 16t4
.
Based on observations made at the site and review of mapping of the site, we offer the
following:
There is an existing storm drain crossing Airport Drive that discharges
stormwater from the south side to the north into a swale on the soccer field property.
The end section of the pipe, which is enclosed by fencing,, has debris blocking the
outfall.
The swale which receives the drainage flow is a shallow Swale that bisects the
site with a minimum slope that conveys stormwater to a New York State Department of
Environmental Conservation designated wetland at the rear of the property. 'From the
mapping, the swale is approximately 420 feet long and slopes from an estimated
elevation of 158.5 to elevation 156.9 for a total fall of 1.6 feet or approximately,0.38%.
This is a very minimal slope and as such requires very careful.mowing and maintenance_.
to prevent any blockage. Some areas of blockage from overgrown grass,-foot bridges
and sunken areas were noted.
We recommend the following:
1. Provide a gate in the fence surrounding the end section to facilitate
maintenance in the area.
2. Remove debris from the pipe end section and remove woody overgrowth from
the area.
Supervisor Colsey and Town Board September.23, 2000
Town of Wappinger Page 2
3. Set grade stakes the length of the drainage swale and excavate and smooth
the Swale. Seed the Swale.
4. Provide continued mowing and maintenance of the end section and Swale to
provide-the best possible flow
If you should have any questions regarding the above, please contact me at 454-
3411 ext. 30 (office) of 914-475-4759.(cell).
Very truly yours,
MORRIS ASSOCIATES
Robert J. Gray, PES
Engineer to the Town
RJGIcb
Cc: Graham Foster, Highway Superintendent (via e-mail)
Councilwoman Maureen McCarthy (via a-maif)
Ralph Holt, Recreation Director(via e-mail)
John Masterson, Town Clerk, (via email)
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E_ldocuments1T Wappingerla W20091W20900.00 Eng ServiossWrport Dr Soccer Field Ur to TB 9-2�09.doc
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PAGGI,MARTIN&DEL BENE LLP
Consulting Engineers a Lund Surveyors
56 Main Street
Poughkeepsie,New York 12601
845-471-7898
845-471-0905 (FAX)
November 7, 2007
Town Supervisor RECEIVED
Town of Wappinger 9 2007
20 Middlebush Road
Wappingers Falls,New York 12590 TOWN CLERK
Attention: Hon. Joseph Ruggiero
Reference: Airport Drive Soccer Fields
Construction Schedule Estimate
Dear Supervisor Ruggiero:
We have created the following preliminary schedule for reconstruction of the soccer fields
at Airport Drive as requested by the Town Board. We based our schedule on one field,
Field B,being replaced with synthetic turf and the others with natural sod turf. We
propose to perform all work in one construction season because of safety considerations
during construction. In performing all the work in one construction season, most of the
fields would be unable to be used for one year and all of the fields would be unusable at
once. However, we feel it would not be safe to allow public access to any one field while
construction is going on at the site.
In preparing this schedule, we examined the work required for the Town fields and also
looked at various case studies and industry recommendations for athletic field
construction. We arrived at the following plan:
• Mav/June 2008: Start construction of all fields. Fields A,Al , and C are natural turf
and Field B is synthetic turf
• August/Se tember 2008: Finish construction of Fields A, Al , B and C. Field B will
be immediately available for use upon completion of construction activities. Fields A,
Al , and C must be left unused until Spring 2009 to allow the natural turf to mature.
• Spring 2009: All field construction is complete, natural turf is mature, and all fields
are available for use.
If the Town chooses to replace Field B with natural turf,it will need to be left unused
through the spring following construction to allow the turf to mature.
Joseph E.Paggi,Jr.,RE E;nst MavFir,Jr.,P.E,L.S. Cliar`:es R.Ike?Bmic.Fr.,PE
1962 -20036
Hon. Joseph Ruggiero - 2 - November 7, 2007
RE: Airport Drive Soccer Fields
Construction Estimate Schedule
Should you have any questions regarding this matter,please do not hesitate to contact this
office.
Very truly yours,
toUs,�h E. Stankavage
JES:law
cc: Ralph Holt, Town Recreation Department
Town Board: File
Hon. Chris Masterson, Town Clerk
Wappinger Soccer Association
09/18/2006 09:06 6454710905 PAGG1 MARTIN DELBENE PAGE 01
PAGGI,MARTIN&DEL DENE LLP
Consulting ,Engineers & Land Surveyors
56 Maine Street
Fougkkeepiie,New York 12601
845-471.7895
845-471-MS(FAX)
September 15, 2006 VIA EM a
Planning Board
Town of Wappinger
20 Mlddlebush Road RECEIVED
Wappingers Falls. New York 12590
Reference: Southeastern Container Amended Site Plan SEP 18 2006
Airport Drive TOWN CLERK
Dear Board Members:
On September e, 2006 this Office received Sheets 1 and 2 of the Southeastern Container
Amended Site Plan, dated last revised August 240i, 2006 as prepared by the Chazen
Companies.
All outstanding engineering reiated conMr.from ourJew civ 150x,200fi rovj jW letter have been
seed. We have afro reviewed Ilse August 714, 2000 Resolution of Amended Slte
development Plan Approval and would note the following_
2.a.1):The Zoning Adminletrator should verify that the Resolution has been signed.
2.9.2):The Town Tax Collector should verify that the taxes have been paid.
2.a.3)., Ail outstanding engineering related comments from our July 1601, 2006
review letter have been addressed.
+ 29.4): The requested noise and vibration data will be submitted after
construction has been completed.
Please feel free to contact this office if you have any questions regarding this matter.
Thank you.
Very truly yours,
)e'0A�A� L /
J&eph E. Paggi, Jr., P.E.
JEP/PJP
cc: Hon. Joseph Ruggiero Albert P. Roberts, Esq.
Hon. Chris Masterson Chris Holme
Town Board: File Tatiana Lukianoff
Hon, Graham Foster Reg Walters,The Chaxen Companies
Joh L F,ggi,It,F$. Ernst Martin,Jt.,P.E.,L.S. Charles R.Del Bent'Jr.,F.E.
99/11/2096 15:50 8454710995 PAGGl MARTIN DELBENE PAGE 01
PAGGII MARTIN&DEL BENE
Consulting Engineers fO .Land Surveyors
56 Main$trees
Pmghkccpoic,New York 12601
845-471-7898
845-471-0903(FA;Q
September 11, 2006 ]FMK&MIAE:
Planning Board �GV ED
Town of Wappinger
20 Middlebush Road SftP 1 1 240
Wappingers Falls, New York 12590
T CLERK
Reference: Southeastern Container Amended Site Plan
Airport Drive
Dear Board Members.
On September 00, 2006 this office received Sheets 1 and 2 of the Southeastern Container
Amended Site Plan. dated last revised August 241, 2006 as prepared by the Chaxen
Companies.
All outstandLng art in QUE1e2006 myhmLliftr have Wqn
addnmeq. We have also reviewed the August 7^, 2006 Resolution of Amended Site
Development Plan Approval and would note the following:
• 2.a.7):The Zoning Administrator should verify that the Resolution has been signed.
2.a,2):The Town Tax Collector should verify that the taxes have been paid.
2.a.3): All outstanding engineering related comments from our July IS". 2006
review letter have been addressed.
•
2.&4)'
The noise and vibration data is subject to the review and approval of the Town
Planner.
Please feel free to contact this office If you have any questions regarding this matter.
Thank you.
Very truly yours,
dE. Paggl, Jr., 4P.E.
JEP/PJP
oc., Hon. Joseph Ruggiero Albert P. Roberts, Esq.
Han. Chris Masterson Chris Holme
Town Board: File Tatiana Luklanoff
Mon. Graham Foster Reg Walters, The Chaaen Companies
Joh E•Phzg.h,RE• FrnsT Mardn.it,P.F.,L.S. Charlm R.rel Bene,Jr.,RE.
PAGGI,MARTIN&DEL BENE LLP
Consulting Engineers & Land Surveyors
56 Main Street
Poughkeepsie,NewYork 12601
845-471-7898
845-471-0905(FAX)
September 11, 2006 VIA FAX&MAIL:
RECEIVE ;
Planning Board
Town of Wappinger SEP 13 20t
20 Middlebush Road
Wappingers Falls, New York 12590 TOWN CLERK
Reference: Southeastern Container Amended Site Plan
Airport Drive
Dear Board Members:
On September e, 2006 this office received Sheets 1 and 2 of the Southeastern Container
Amended Site Plan, dated last revised August 24`h, 2006 as prepared by the Chazen
Companies.
All outstandina engineering related concerns from our July 15th 2006 review letter have been
addressed. We have also reviewed the August 7`h, 2006 Resolution of Amended Site
Development Plan Approval and would note the following:
• 2.a.1):The Zoning Administrator should verify that the Resolution has been signed.
• 2.a.2):The Town Tax Collector should verify that the taxes have been paid.
• 2.a.3): Satisfied All outstanding engineering related comments from our July 15th 2006
review letter have been addressed.
• 2.a.4):The noise and vibration data is subject to the review and approval of the Town
Planner.
Please feel free to.contact this office if you have. any questions.regarding.this matter.
Thank you.
Very truly yours,
Joseph E. Paggi, Jr., P.E.
JEP/PJP
cc: Hon. Joseph Ruggiero Albert P. Roberts, Esq.
Hon. Chris Masterson Chris Holme
Town Board: File Tatiana Lukianoff
Han. Graham Foster Reg Walters, The Chazen Companies
Joseph E.Paggi Jr.,P.E. Ernst Martin,Jr.,P.E.,L.5_ Charles R.Del Bene,Jr,P.E.
i,
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RG1+,1v�ENT
ROBERTS & PE
y�, STENGER, LORs T LAw
VERGE COUNSF
�TORIvTEYS AND
''
1611 RdM 9 12590
WAPPINGERS FALLS,NEW YORK
(914)298-2()Oa LEGAL ASSISTANTS=
'DALE o DONNELL
FAX(914)298-2842 AMY E.WOODARD
GERAT D A.vPRGILIS* POU'IUMP SIE OFFX�
XENNETH M.STENGER 276 MAIN MALL
ALBERT P.ROBERTS POUGIiKEEPSIP,NY 12601
gyp,A.PERGAMENT (914)452-1046
p NTONIA T.LTJCIA
LY TO:( )P0'IGHKEEPSTB
SOAN F.GARRET'** A��REss REP
C )WAPPWGERS
TffoNtp s R.DAVIS
cros MIJLARADELIS
•Aj,,U ED TO PRACTICE
w IN Ny&FLA.
*.ADMITTED TO PRACTICE
IN;ZY&CONN-
October 9, 1997
Stall, Caplicki, Redl & Curtin, LLP
Hankin, Hag, RECEIVED
319 Main Mall Rear 12601
New
York
Poughkeep'I , N D CT 14 1997
Attn: Danlei F. Curtin, Esq.
of wappulger ELAINE SNOWDEN
Satellite In estments with Town TOWN CLERK
' ad
Our File No: 12949.0025
Dear
Dail. fr°m Satellite Investments
herewith lease find the following fully executed documents
Enclosed p in er in connection with the above referenced matter:
to the T wn of Wapp g August 22, 1997;
7 Irrevocable Offer of Dedication dated
I. original st 22, 1997;
2. COPY of Road Construction Agreement dated August
p st 22, 1997;
l Collateral Security Mortgage 22,
Augu
A. origina
4. Copy
Of Escrow Agreement dated August 22, 1997
5 Copy of Deed dated August 22, 1997;
Copy of
Gains Tax Affidavit dated August 22, 1997; and
6 1997, signed by Hon. Constance O-
7 Copy of E gz A Form dated August 22,
1997-
Smith on September 10,
VERGILIS, STENGER, ROBERTS & PERGAMENT
ATTORNEYS AND COUNSELORS AT LAW
1611 ROUTE 9
WAPPINGERS FALLS, NEW YORK 12590
(914),298-2000
GERALD A,VERGILIS* FAX(914)299-2842 LEGAL ASSISTANTS:
KENNETH M.STENGER DALE O'DONNELL
ALBERT P.ROBERTS AMY E.WOODARD
IRA A.PERGAMENT
ANTONIA T.LUCIA POUGHKEEPSIE OFFICE
JOAN F.GARRETT" 276 MAIN MALL.
THOMAS R.DAVIS POUGHKEEPSIE,NY 12601
CHRIS MULARADELIS (914)452-1046
*ADMITTED TO PRACTICE ADDRESS RFPLYTO: POUGHKFEPSF
IN NY&F1,A. WAPPINGERS
-ADMITTED TO PRACTICE
IN NY&CONN.
June 8, 1998
Hon. Elaine Snowden RECEIVED
Town Clerk
Town of Wappinger JUN 2 3 1998
P.O. Box 324
Wappingers Falls, New York. 12590 ELAINE SNOWDEN
Re: Satellite Investments with Town of Wappinger TOW14 GLEIRK
Airport Business Center, Section 11
Our File No. 12949.0127
Dear Elaine:
I enclose herewith a copy of the Collateral Security Mortgage made by Satellite Investment to
Town of Wappinger dated August 22, 1997, and recorded in Dutchess County Clerk's Office
Match 30, 1998, in Liber 2335 of Mortgages at Page 148. Also enclosed please find original
Offer of Dedication made by Satellite Investments to Town of Wappinger. Both of these
documents are in reference to the subdivision known as Airport Business Center, Section 11, from
Dutchess County Clerk's Office as filed map number 10566.
Very truly yours,
VERGILIS, STENGER, ROBERTS & PERGAMENT
ALBERT P ROBERTS
APRAth
Enclosure
cc: 1--fon. Constance 0. Smith, Supervisor
I-Ion. Robert Valdati, Councilman (sent to home address)
Hon. Joseph Ruggiero, Councilman (sent to home address)
I Ion. Vincent Bettina, Councilman (sent to home address)
Hon. Joseph P. Paoloni, Councilman (sent to home address)
Hon. Linda Nguyen, Secretary to Planning Board (w/encls.)
DUTCHESS COUNTY CLERK RECORDING PAGE
RECORD & RETURN TO:
RECORDED: 03/20/98
AL ROBERTS ESQ
1611 ROUTE 9 AT: 05 : 24 : 24
WAPPINGERS FALLS NY 12590
COUNTY CLERK: x`1952
RECEIVED FROM: RIVER CITY
GRANTOR: SATELLITE INVESTMENTS
GRANTEE: WAPPINGER TOWN OF
RECORDED IN: DEED TAX
INSTRUMENT TYPE: D/DGMTDISTRICT: WAPPINGER
EXAMINED AND CHARGED AS FOLLOWS:
RECORDING CHARGE:. 27 . 00 NUMBER OF PAGES: 5
TRANSFER TAX AMOUNT:
TRANSFER TAX NUMBER:
E & A FORM: N „
I y X
Y Ay
TP-584 : N \'
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COUNTY CLERK BY: JJF /
RECEIPT NO: 813193
BATCH RECORD: D00108
11"v
WILLIAM La PARD I, JR.
County Clank
IRREVOCABLE OFFER OF DEDICATION
OFFER OF DEDICATION, made by this 22nd day of August, 1997, by SATELLITE
INVESTMENTS , (hereinafter referred to as "DEVELOPER"),TO THE TOWN
ftiaa t2,e Z N6p
OF WAPPINGER, a municipal corporation with its Town Hall located at 20 Middlebush Road,
�w
Wappingers Falls, Dutchess county, New York (hereinafter referred to as "TOWN").
�..r:
' WITNESSETH :
WHEREAS, the Planning Board of the Town of Wappinger has granted final conditional
r
subdivision approval to DEVELOPER pursuant to Resolution dated 1 SS, l
- ��--
to a Plat entitled Airport Business Center Section II, as prepared by John E. Railing, P.E., P.C.,
Consulting Engineers & Land Planners, and filed as Map No. b6bin the Dutchess
County Cl erl s Office.
WHEREAS, the Subdivision Regulations of the Town of Wappinger require the
DEVELOPER to make a formal Offer of Dedication to the Town of the road required in
connection th said Resolution of final subdivision approval.
NO'VV, THEREFORE, in consideration of the grant of conditional final subdivision
approval by the Planning Board of the Town of Wappinger, and in furtherance of the
performance of the conditions of said subdivision approval, the DEVELOPER hereby
IRREVOCABLY OFFERS to the Town of Wappinger the cession and dedication of the following
road over property located on the above Subdivision Plat:
1. Conveyance of roadways shown on the Plat, known as Airport Drive Extension
and more particularly described in Schedule "A"'.
In furtherance of this Irrevocable Offer of Dedication, the DEVELOPER simultaneously
herewith delivers to the TOWN instruments of conveyance in proper from for recording so as
to convey appropriate title to the land. The instruments of conveyance will be held by the TOWN
in the Office of the Town Clerk until such time as the road has been constructed in accordance
with the Highway Specifications of the Town of Wappinger, and, until such time as the TOWN
may otherwise decide to accept said instruments of conveyance.
At such time as the Town Board may decide to accept this IRREVOCABLE OFFER OF
�s
DEDICATIONr it shall do so by formal resolution of acceptance at a regular or special Town
�-T
Board meeting and by directing the Town Clerk to record the instruments of conveyance above
tendered in the Office of the Clerk of Dutchess County.
WTI This Irrevocable Offer of Dedication shall continue indefinitely, and may be accepted by
�.t
the Town of Wappinger at any time, it being the intent that said offer will be accepted, at the
Town Board's direction, by the Town of Wappinger only upon the proper completion of the
improvements to be construed by the Grantor therein and thereon. It is expressly understood that
the acceptance of this Irrevocable Offer of Dedication by the Town of Wappinger, and/or
recording thereof, does not constitute any actual acceptance by the Town of Wappinger of the
offer herein contained.
The DEVELOPER, its heirs,successors, or assigns hereby waives any claim for damages
in the event the Town or a successor municipality, shall lay out, by Eminent Domain or
otherwise, any street, highway or easement over the lands hereby offered for cession and
dedication.
The DEVELOPER covenants and warrants that it is seized of title of said premises in fee
simple, and has good and unencumbered right to convey same.
At the time of such acceptance of this Offer by the TOWN, the DEVELOPER, its heirs,
successors or assigns hereby covenants to pay all costs and expenses incurred by the Town of
HEINSMAN SURVEYINGL PL.L.C.
Raymond Heinsman,P.L.S.,P.P.
859 Box 167,Route 9 •Wappingers Falls,NY 12590 (914)297-9435 • (914)564-7666 • Fax: (914)297-0212
August 21, 1997 1!� -
DESCRIPTION
AIRPORT DRIVE EXTENSION
TOWN OF WAPPINGER
r All that lot, parcel or piece of land situate in the Town of Wappinger,
County of Dutchess, State of New York and being a 60' wide right-of-way
for a portion of Airport Drive Extension through Parcel D at the Airport
Business Center, and being more particularly described as follows:
Beginning at a concrete monument marking the southeasterly corner of lands
now or formerly Bradford Companies, Inc. being Parcel C as shown on filed
%A map No. 8938, said point of beginning being the extension of existing
.u,
Airport Drive and on the northerly line of Airport Drive Extension; thence,
from said point of beginning and through Parcel D as shown on filed map
g No. 8938 the following courses and distances, South 64°-09'-26" East
45.64 feet to a point of curvature; thence, on a curve to the left having
a radius of 575.00 feet, an arc distance of 210.00 feet as described by
the chord, South 740-37'-13" East 208.84 feet to a point of compound
curvature; thence, continuing on a curve to the left having a radius of
25.00 feet, an arc distance of 23.12 feet as described by the chord, North
68°-25'-43" East 22.30 feet to a point of reverse curvature; thence, along
the easterly cul-de-sac end of Airport Drive Extension continuing on a
curve to the right having a radius of 60.00 feet, an arc distance of
292.40 feet as described by the chord, South 10-33'-00" West 77.76 feet to
a point of reverse curvature; thence, continuing on a curve to the left
having a radius of 25.00 feet, an arc distance of 20.42 feet as described
by the chord, North 62°-14'-33" West 19.86 feet to a point of compound
curvature; thence, continuing on a curve to the left having a radius of
635.00 feet, an arc distance of 238.14 feet as described by the chord,
North 74°-54'-04" West 236.75 feet to a po 'at of tangency; thence, on the
tangent, North 60-09'-26" West 91.01 feet to the existing easterly
cul-de-sac end of Airport Drive as shown on said filed map No. 8938;
thence, along said line on a curve to the left having a radius of 60.00
feet, an arc distance of 94.25 feet as described by the chord, North
19°-09'-26" West 84.85 feet; thence, along the southerly line of lands
of said Bradford Companies, Inc. Parcel C, South 64°-09'-26" East 105.37
feet to the point of beginning.
Containing 31,481* square feet or 0.723± acre.
Subject to any other right-of-way, easement, covenant, or restriction of
record.
Project No. 97--030B
REH/j h
Professional Land Surveyor • Professional Planner • Licensed in NY, Nj 6 PA
Wappinger to clear and accept title to the premises herein offered, including without limitation
the costs and expenses of Eminent Domain proceedings, if needed, necessary to acquire proper
title.
IN WITNESS WHEREOF, the DEVELOPER has executed this Offer of Dedication on
the day and year first above written.
SATEI�LI INVESTMEN
F
:yf ,
111L.
BY: FRANK BUYAKOWSKI
z�w
STATE OF NEW YORK }
)SS..
fi
COUNTY OF DUTCHESS )
On the 22nd day of August, 1997, before me personally came FRANK BUYAKOWSKI, to me
known, who, being by me duly sworn, did depose and say that deponent resides at Wilmont
Court, Hopewell Junction, New York; deponent is a Partner of Satellite Investment, the
Partnership described in and which executed the foregoing instrument and said Frank Buyakowski
acknowledged that he executed the foregoing instrument on behalf of said Partnership.
Notary Public
CAROL A.WATERS
NOTARY PUBLIC,State of New York
Qualified in Dutchess County
Commission Expites December 15, 19
9/-)
o Y��
DUTCHESS .COUNTY CLERK RECORDING PAGE
RECORD & RETURN TO:
RECORDED: 03/20/98
HANKIN HANIG STALL & CAPLICKI
PO BOX 911 AT: 09 : 29: 34
319 MAIN MALL REAR
POUGHKEEPSIE NY 12602 COUNTY CLERK: #2287
RECEIVED FROM: RIVER CITY
MORTGAGOR: SATELLITE INVESTMENT
MORTGAGEE: WAPPINGER TOWN OF
RECORDED TN: MORTGAGE TAX
INSTRUMENT TYPE: COLLATERAL SECURITY DISTRICT: WAPPINGER
EXAMINED AND CHARGED AS FOLLOWS:
RECORDING CHARGE: 89. 00 NUMBER OF PAGES: 24
MORTGAGE AMOUNT: 2791460 . 00
MORTGAGE TYPE: NO TAX/SERIAL#
COUNTY TAX:
MTA TAX:
SPECIAL ADDL TAX:
1-6 FAMILY TAX:
TOTAL TAX:
SERIAL NUMBER: C0009366
AFFIDAVIT: Y
COUNTY CLERK BY: JJF /
RECEIPT NO: R13198
BATCH RECORD: D00113
WILLIAM L. PARD I, JR.
County Clerk
�y 5
COLLATERAL SECURITY MORTGAGE
This Mortgage, made as of the 22nd day of August, 1997, between SATELLITE
INVESTMENT (hereinafter "Mortgagor"), a New York general partnership having its offices at
1400 Route 52, Hopewell Junction, New York 12533 and the TOWN OF WAPPINGER
(hereinafter "Mortgagee") a municipal subdivision of the State of New York with offices at 20
3:= Middlebush Road, Wappingers Falls, New York 12590.
-' WITNESSETH, that to secure the obligations of Mortgagor pursuant to a "Road
Construction Agreement" of the same date as this mortgage, a copy of which is annexed hereto
as Schedule B in the amount of TWO HUNDRED SEVENTY NINE THOUSAND FOUR
` HUNDRED SIXTY DOLLARS ($279,460.00) (which indebtedness for the purposes hereof shall
be referred to as the "Road Construction Agreement"),and all other obligations and liabilities due
or to grow due to the Mortgagee under the terms of this Mortgage and the Road Construction
Agreement, together with the obligations and the liabilities arising from such agreement (all of
the aforesaid are hereinafter collectively referred to as the "Indebtedness"), the Mortgagor hereby
pledges and grants a security interest to the Mortgagee and hereby gives, mortgages, grants,
bargains, warrants, remises, releases, assigns, sets over and confirms to the Mortgagee.
ALL those certain lots, pieces or parcels of land or leasehold estates more particularly
described in Schedule "A" annexed hereto and by this reference made a part hereof (said land
or leasehold estate, together with the property and fixtures and other rights, privileges and interest
encumbered or conveyed hereby, are hereinafter collectively referred to as the "Premises").
TOGETHER with the buildings and improvements now or hereafter located at the
Premises and all right, title and interest, if any, of the Mortgagor in and to the streets and roads
abutting the Premises to the center lines thereof, any strips and gores within or adjoining the
Premises, the air space and right to use said air space above the Premises, royalties and all rights
appertaining to the use and the enjoyment of the Premises, including, without limitation, alley,
drainage, mineral, water, oil and gas rights.
TOGETHER with all right, title and interest of the Mortgagor in and to all awards
heretofore made or hereafter to be made for the taking by eminent domain of the whole or any
part of the premises, or any estate or easement therein, including any awards for change of grade
of streets, all of which awards are hereby assigned to the Mortgagee to be placed in an escrow
account as hereafter provided, which is hereby authorized to collect and receive the proceeds of
such awards and to give proper receipts and acquittances therefor and the Mortgagee shall have
the right and option to apply such excess towards the payment of any sum owing on account of
this Mortgage, the Road Construction Agreement and the' indebtedness secured thereby,
notwithstanding the fact that such sum may not then be due and payable.
t
TOGETHER with all fixtures and articles of personal property and all appurtenances and
additions thereto and replacements thereof, owned by the Mortgagor and now or hereafter
attached to, contained in, or used in connection with the Premises or placed on any part thereof,
though not attached thereto, including, but not limited to, all screens, awnings, shades, blinds,
curtains, draperies, carpets, rugs, furniture and furnishings, heating, light, plumbing, ventilating,
refrigerating, incinerating, and elevator plants, stoves, ranges, vacuum cleaning systems, call
systems, sprinkler systems and other fire prevention and extinguishing apparatus and materials,
motors, machinery, pipes, appliances, equipment, fittings and fixtures, and the trade name, good
will and books and records relating to the business operated on the Premises. Without limiting
the foregoing, the Mortgagor hereby grants to the Mortgagee a security interest in all of the
Mortgagor's present and future "equipment" and "general intangibles" (as said quoted terms are
defined in the Uniform Commercial Code of the State wherein the Premises is located) and the
Mortgagee shall have, in addition to all rights and remedies provided herein and in any,other
agreements, commitments and undertaldngs made by the Mortgagor to the Mortgagee, all of the
rights and remedies of a "secured party" under the said Uniform Commercial Code. To the
extent permitted under applicable law, this Mortgage shall be deemed to be a "security
_= agreement" (as defined in the aforesaid Uniform Commercial Code). if the lien of this Mortgage
is subject to a security interest covering any such personal property, then all of the right, title and
interest of the Mortgagor in and to any and all such property is hereby assigned to the
Mortgagee,together with the benefits of all deposits and payments now or hereafter made thereon
by the Mortgagor;)
TOGETHER with all present and future leases, subleases and licenses and any guarantees
thereof, rents, issues and profits and additional 'rents now or at any time hereafter covering or
affecting all or any portion of the Premises and all proceeds of, and all privileges and
appurtenances belonging or in any way appertaining to the Premises, or any part thereof, and all
other property subjected or required to be subjected to the lien and/or security interest of this
Mortgage, including, without limitation, all of the income, revenues, earnings,rents,maintenance
payments,tolls,issues,awards (including,without limitation,condemnation awards and insurance
proceeds), products and profits thereof, which income revenues, earnings, rents, maintenance
payments, tolls, issues, awards, products and profits are hereby expressly assigned with the right
to take and collect the same upon the terms hereinafter set forth; and all the estate, right, title,
interest and claim whatsoever, at law and in equity, which Mortgagor now has or may acquire
in and to the Premises and every part thereof, provided that so long as no event of default (as
hereinafter defined) shall have occurred and be continuing, all such income, revenues, earnings,
rents, maintenance payments, tolls, issues, awards, products and profits shall remain with and
under the control of Mortgagor except as otherwise expressly provided herein or in any other
agreement between the Mortgagor and the Mortgagee.
TOGETHER with all unearned premiums accrued, accruing or to accrue under insurance
policies now or hereafter obtained by the Mortgagor and all proceeds of the conversion,voluntary
or involuntary, of the Premises or any part thereof into cash or liquidated claims, including,
without limitation, proceeds of hazard and title insurance and all awards and compensation
heretofore and hereafter made to the present and all subsequent owners of the Premises by any
Page #2
governmental or other lawful authorities for the taking by eminent domain, condemnation or
otherwise, of all or any part of the Premises or any easement therein, including awards for any
change of grade of streets.
TO HAVE AND TO HOLD unto the Mortgagee to its and their own proper use and
behoof.
AND the Mortgagor covenants with the Mortgagee as follows:
1. The Mortgagor will pay the Indebtedness as provided herein and in the Road
Construction Agreement.
2. The Mortgagor will keep the buildings and improvements now or hereafter located
on the Premises insured against casualty loss, damage by fire and such other insurable hazards
as the Mortgagee may require and each policy shall be endorsed to name the Mortgagee as an
insured thereunder, as its interest may appear, with loss payable to the Mortgagee, without
_ contribution, under a standard New York mortgagee clause. In addition, from time to time, upon
the occurrence of any change in the use, operation or value of the Premises, or in the availability
of insurance in the area in which the Premises is located, the Mortgagor shall, within five (5)
days after demand by the Mortgagee, take out such additional amounts and/or such other kinds
of insurance as the Mortgagee may reasonably require. The Mortgagor will also at the reasonable
:t request of the Mortgagee obtain at its-cost and expense insurance against special environmental
require. Otherwise, the Mortgagor shall not take out
matters as the Mortgagee may reasonably
any separate or additional insurance which is contributing in the event of loss unless it is properly
endorsed or otherwise satisfactory to the Mortgagee in all respects. In the event the Mortgagor
fails to keep the buildings and improvements insured in compliance with this paragraph, the
Mortgagee may obtain insurance and pay the premiums therefor and the Mortgagor shall, on
demand, reimburse the Mortgagee for all sums advanced and expenses incurred in connection
therewith. The Mortgagor shall deliver all original policies (or binders at the closing) to the
Mortgagee except when said original policies have been delivered to a prior mortgagee, in which
case the Mortgagor shall deliver copies thereof to the Mortgagee together with the endorsements
thereto required hereunder. The proceeds of insurance paid on account of any loss or damage
to the Premises or any part thereof shall be paid over to the Mortgagee to be applied, at the
option of the Mortgagee, (a) to the payment of the Indebtedness (whether or not then due and
payable), and/or (b) to the reimbursement of the Mortgagee for the costs, if any, incurred by the
Mortgagee in connection with the collection of insurance proceeds and/or (c) to the
reimbursement of the Mortgagor for expenses actually incurred by it in the restoration of the
Premises, which reimbursement shall be made in such manner and at such time as the Mortgagee
shall determine. Notwithstanding anything to the contrary contained herein or in Section 254 of
the Real Property Law of the State of New York or any other provision of applicable law, the
proceeds of insurance policies coming into the possession of the Mortgagee shall not be deemed
trust funds and the Mortgagee shall be entitled to dispose of such proceeds as hereinabove
provided. In the event the proceeds are used to reduce the Indebtedness, same shall be applied
to the then unpaid installments of principal due under the Note in the inverse order of their
Page #3
maturity, such that the regular payments thereunder shall not be reduced or altered in any
manner.
3. The Mortgagor shall pay when due all taxes, water rates, sewer rents and
assessments and other charges against the Premises or any part thereof. The Mortgagor shall
exhibit to the Mortgagee, within five (5) days after the same shall have become due, validated
receipts showing the payment of such taxes, assessments, water rates, sewer rents and other
charges which may be or become a prior lien on the Premises. Should the Mortgagor default in
payment of any of the foregoing taxes, assessments, water rates, sewer rents or other charges, the
= Mortgagee may, but shall not be obligated to, pay the same or any part thereof and the
Mortgagor shall, on demand, reimburse the Mortgagee for all amounts so paid, together with
interest thereon at the rate of nine percent (9.0%) per annum.
4. Without the prior written consent of the Mortgagee, the Mortgagor shall not
execute or permit to exist any lease of all or a substantial portion of the Premises.
5. The Mortgagor, within five (5) days upon request in person or within ten (10) days
upon request by mail, will furnish a written statement, duly acknowledged, setting forth the
amount due on this Mortgage, the terms of payment and maturity date of the Note, the date to
which interest has been paid, whether any offsets or defenses exist against the Indebtedness and,
if any are alleged to exist, the nature thereof shall be set forth in detail.
b. Any notice, demand or request relating to any matter set forth herein shall be in
writing and shall be deemed effective when mailed, postage prepaid, by registered or certified
mail, return receipt requested if given as provided in this mortgage.
7. The Mortgagor warrants the title to the Premises and warrants that it has full
power and lawful power and lawful authority to encumber the Premises in the manner and form
herein set forth.
S. Omitted.
9. The Mortgagor shall maintain the Premises in good repair, shall comply with the
requirements of any governmental authority claiming jurisdiction within thirty (30) days after an
order containing such requirement has been issued by any such authority and shall permit the
Mortgagee to enter upon the Premises and inspect the Premises at all reasonable hours and
without prior notice_ The Mortgagor shall not, without the prior written consent of the
Mortgagee, threaten, commit, permit or suffer to occur any waste, demolition or removal of the
Premises of any part thereof provided, however, that fixtures and articles of personal property
may be removed if the Mortgagor concurrently therewith replaces same with similar items of
equal or greater value, free of any lien, charge or claim of superior title.
10. In the event of the passage after the date of this Mortgage of any law of any
governmental authority having jurisdiction deducting ftom the value of the land for the purpose
Page #4
of taxation any lien thereon or changing in any way the laws for the taxation of mortgages or
debts secured by mortgages for federal, state or local purposes, or the manner of the collection
of any such taxes, so as to affect this Mortgage, the Mortgagor shall pay to the Mortgagee, on
demand, all taxes, costs and charges incurred by the Mortgagee as a result thereof.
11. If any action or proceeding is commenced (except an action to foreclose this
Mortgage or to collect the Indebtedness), to which action or proceeding the Mortgagee is made
a party or in which it becomes necessary to defend or uphold the lien of this Mortgage, the
Mortgagor, will, on demand,reimburse the Mortgagee for all expenses incurred by the Mortgagee
in any such action or proceeding, including, without limitation, reasonable counsel fees
(reasonable counsel fees shall be the rate as set forth in the retainer between the Town and the
Attorney for the Town).
In any action or proceeding to foreclose this Mortgage or to recover or collect the
' Indebtedness, the provisions of law relating to the recovering of costs, disbursements and
- _ allowances shall prevail unaffected by this covenant.
12. The Mortgagee will receive the advances secured hereby, and will hold the right
_ to receive such advances, as an escrow fund as provided herein to be applied first for the purpose
of paying the cost of the improvements described in the Road Construction Agreement and the
Mortgagee shall apply all advances first for the purpose of paying the costof the improvements
before using any part of such advances for any other purpose. If the Premises or any part thereof
`.. is located in the State of New York, the covenants of this paragraph are made subject to and in
compliance with the trust fund provisions of Section 13 of the Lien Law of the State of New
York.
13. In the event of any default in the performance of any of the terms, covenants or
agreements herein contained,it is agreed that the then owner of the Premises, if it is the occupant
of the Premises or any part thereof, shall immediately surrender possession of the Premises so
occupied to the Mortgagee, and if such occupant is permitted to remain in possession, the
possession shall be as tenant of the Mortgagee and such occupant shall, on demand, pay monthly
in advance to the Mortgagee a reasonable rental for the space so occupied and in default thereof,
such occupant may be dispossessed by the usual summary proceedings. The covenants herein
contained may be enforced by any receiver of the Premises or any part thereof.
14. Omitted.
15. Omitted.
16. The Mortgagor at the request of the Mortgagee shall maintain records and accounts
showing income and expenses in operation of the Premises and within ninety (90) days after the
close of its fiscal year, the Mortgagor shall submit statements reflecting financial balance sheets
and profit and loss operating figures_
Page #5
4
IT Omitted.
18. If the Premises, or any part thereof, is located in the State of New York, then all
covenants hereof shall be construed as affording to the Mortgagee rights additional to and not
exclusive of the rights conferred under the provisions of Sections 254, 271 and 272 of the Real
Property Law of the State of New York, or any other applicable law.
19. The following shall constitute events of default under this Mortgage: (a) failure
to commence and complete construction of the road as provided in the Road Construction
Agreement or (b) in the due observance or performance of any of the terms, covenants,
provisions or conditions of this Mortgage or the Road Construction Agreement and such default
-- shall have continued for a period of thirty (30) days after written notice specifying such default
and demanding same be remedied shall have been given to the Mortgagor by the Mortgagee, or
(c) should any representations made herein prove to be untrue, or (d) if a petition in bankruptcy,
insolvency proceeding or petition for reorganization shall have been filed against the Mortgagor
and same is not withdrawn, dismissed, canceled or terminated within ninety (90) days, or (e) if
the reorganization is granted (without regard for any grace period provided for herein), or (f) if
there is an attachment or sequestration of any of the property of the Mortgagor and same is not
discharged or bonded within ten days, or (g) if the Mortgagor files or consents to the filing of
any petition in bankruptcy or commences or consents to the commencement of any proceeding
= under the Federal Bankruptcy Act or any other law, now or hereafter in effect, relating to the
reorganization of the Mortgagor or, the arrangement or readjustment of the debts of the
Mortgagor, or (h) if the Mortgagor shall make an assignment for the benefit of its creditors or
shall admit in writing its inability to pay its debts generally as they become due or shall consent
to the appointment of a receiver, trustee or liquidator of the Mortgagor or of all or any part of
its property, or (i) if the Mortgagor or its directors, stockholders, partners, trustees or members,
as the case may be, shall cause or institute any proceeding for the dissolution or tennination of
the Mortgagor, or 0) if the Mortgagor further assigns or encumbers the leases or rents of the
Premises or any part thereof without the prior written consent of the Mortgagee, or (k) in the
event of the condemnation, taking or purchase in lieu thereof, of all or a material part of the
Premises,or (1) if the Mortgagor further mortgages,pledges or otherwise encumbers the Premises
or any part thereof or any interest therein, or (m) if the Mortgagor sells, transfers, assigns,
conveys or otherwise alienates, whether occurring by a voluntary or involuntary act, by operation
of law, or otherwise the Premises or any part thereof or any interest therein, or (n) if the
Mortgagor is in default under the provisions of any other agreement at any time executed by the
Mortgagor in favor of the Mortgagee.
20. Upon the occurrence of any event of default hereunder the Mortgagee may take
any.,such action, without notice or demand, as it deems advisable to protect and enforce its rights
against the Mortgagor and in and to the Premises, including, but not limited to, the following
actions, each of which may be pursued concurrently or otherwise, at such time and in such order
as the Mortgagee may determine, in its sole discretion, without impairing or otherwise affecting
the other rights and remedies of the Mortgagee: (a) declare the entire unpaid Indebtedness to be
immediately due and payable; or (b) enter into or upon the Premises, either personally or by its
Page #6
{
` r
agents, nominees or attorneys, and dispossess the Mortgagor and its agents and servants
therefrom, and thereupon the Mortgagee may (i) use, operate, manage, control, insure, maintain,
restore and otherwise deal with all and every part of the Premises and conduct the business
thereat; (ii) complete any construction on the Premises in such manner and form as the
Mortgagee deems advisable; (iii) make alterations, additions, renewals, replacements and
improvements to or on the Premises; (iv) exercise all rights and powers of the Mortgagor with
respect to the Premises, either in the name of the Mortgagor or otherwise; including without
limitation, the right to make, cancel, enforce or modify leases, obtain and evict tenants, and
demand, sue for, collect and receive all earnings, revenues, rents, issues, profits and other income
of the Premises and every part thereof; and (v) apply the receipts from the Premises to the
payment of the Indebtedness, after deducting therefrom, all expenses incurred in connection with
the aforesaid operations and all amounts necessary to pay the taxes, assessments, insurance and
other charges in connection with the Premises; as well as just and reasonable compensation for
the services of the Mortgagee, its counsel, agents and employees as provided in the Road
Construction Agreement; (c) institute proceedings for the complete foreclosure of thisMortgagee
in which case the Premises may be sold in one parcel; or (d) with or without entry, to the extent
permitted and pursuant to the procedures provided by applicable law, institute proceedings for
the partial foreclosure of this Mortgage for the portion of the Indebtedness then due; and payable,
.r subject to the continuing lien of this Mortgage for the balance of the Indebtedness not then due;
or (e)sell the Premises or any part thereof and all estate, claim, demand, right, title and interest
of the Mortgagor therein and right of the redemption thereof, pursuant to power of sale or
otherwise, at one or more sales, as an entity or in parcels, at such time and place, upon such
r' terms and after such notice thereof as may be required or permitted by law, and in the event of
a sale, by foreclosure or otherwise, of less than all of the Premises, this Mortgage shall continue
as a lien on the remaining portion of the Premises; or (f) institute an action, suit or proceeding
in equity for the specific performance of any covenant, condition or agreement contained herein
or in the Note; or (g) recover judgment on the Note either before, during or after any proceedings
for the enforcement of this Mortgage; or (h) apply for the appointment of a trustee, receiver,
liquidator or conservator of the Premises, without regard for the adequacy of the security for the
Indebtedness and without regard for the solvency of any person, firm or other entity liable for
the payment of the Indebtedness; or (i) pursue such other remedies as the Mortgagee may have
under applicable law. Upon the sale of the Premises or any part thereof under the power of sale
herein granted, or as a result of judicial proceedings or a judgment or decree of foreclosure, the
Mortgagee may bid for and acquire the Premises or any part thereof, and credit against the
Indebtedness the net sales price thereof after deducting therefrom all expenses of the sale and
proceedings in connection therewith and all other items which mortgagee is authorized to deduct
under this Mortgage, the Note.and applicable law. The Mortgagee and any receiver of the
Premises or any part thereof shall be liable to account for only those rents, issues and profits
actually received by it.
21. omitted.
22. Omitted.
Page #7
23. Omitted.
24. Omitted.
25. The Mortgagor agrees to bear and pay all expenses (including reasonable attorneys
fees for legal services of every kind) of or incidental to the enforcement of any provision hereof,
or the enforcement, compromise, or settlement of this Mortgage or the Indebtedness, and for the
curing thereof, or defending or asserting the rights and claims of the Mortgagee in respect
thereof, by litigation or otherwise, and all such expenses incurred by the Mortgagee shall be part
} 1 of the Indebtedness. All rights and remedies of the Mortgagee shall be cumulative and may be
exercised singly or concurrently. Notwithstanding anything herein contained to the contrary, the
Mortgagor hereby waives trial by jury and further waives the right to interpose any counterclaim
whatsoever to any action brought by the holder of this Mortgage to enforce its rights hereunder.
26. Omitted.
27. Omitted.
28. All awards and compensation payable to the Mortgagor as a result of any
condemnation or other taking or purchase in lieu thereof, of the Premises or any part thereof, are
hereby assigned to and shall be paid to the Mortgagee to be placed in the escrow fund as
provided in this mortgage and the Road Construction Agreement. The Mortgagor hereby
authorizes the Mortgagee to collect and receive such awards and compensation, to give proper
receipts and acquittances therefor and to apply the same toward the payment of the Indebtedness,
notwithstanding the fact that the Indebtedness may not then be due and payable. In the event that
any portion of condemnation awards or compensation shall be used to reduce the Indebtedness,
same shall be applied to the escrow fund under the Road Construction Agreement. The
Mortgagor, upon request by the Mortgagee, shall make, execute and deliver any and all
assignments and other instruments sufficient for the purpose of assigning the aforesaid awards
and compensation to the Mortgagee free and clear of any liens, charges or encumbrances of any
kind or nature whatsoever.
29. The Mortgagee shall have the right to appear in and defend any action or
proceeding, in the name of and on behalf of the Mortgagor which the Mortgagee, in its
discretion, feels may adversely affect the Premises or this Mortgage and the Mortgagee shall also
have the right to institute any action or proceeding which the Mortgagee, in its discretion, feels
should be brought to protect its interest in the Premises or its rights hereunder.
30. The Mortgagor covenants and represents that the Premises have not been damaged
by fire or other casualty.
31. Omitted.
32_ Omitted.
Page #8
33. The Mortgagor will execute and deliver to the Mortgagee such other and further
documents as the Mortgagee may require to confirm,perfect and protect the lien of this Mortgage
on the Premises and in, and to any personal property described herein.
34. Omitted.
35. In the event the Mortgagor is a corporation, the Mortgagor, on an annual basis
and/or on the request of the Mortgagee, shall submit a statement, certified by the Secretary or
Treasurer, that shall set forth the stockholders of the Mortgagor, the number of shares they own
and their respective percentage of ownership.
36. In the event the Mortgagor is a partnership, the Mortgagor shall submit a statement
in writing to the Mortgagee on the request of the Mortgagee certified by each of the partners of
the Mortgagor that shall set forth the name of each partner of the Mortgagor (or its successor)
and each partners' respective percentage of ownership.
37. The Mortgagor will not claim or demand or be entitled to any credit or credits
- against the Indebtedness for so much of the taxes assessed against the Premises, or any part
thereof, as is equal to the tax rate applied to the amount due on this Mortgage or any part
a thereof, and no deductions shall otherwise be made or claimed from the taxable value of the
l Premises, or any part thereof, by reason of this Mortgage or the Indebtedness secured hereby.
38. This Mortgage cannot be modified or discharged orally and no executory
agreement shall be effective to modify or discharge it in whole or in part, unless it is in writing
and signed by the party against whom enforcement of the modification or discharge is sought.
Failure by the Mortgagee to exercise any right, remedy or option under this Mortgage or any
other agreement between the Mortgagor and the Mortgagee, or delay by the Mortgagee in
exercising the same, will not operate as a waiver of any such right, remedy or option or any
right, remedy or option on any future occasion; no waiver by the Mortgagee will be effective
unless it is in writing and then only to the extent specifically stated, and without limiting the
generality of the foregoing, any payment by the Mortgagee for insurance premiums, taxes,
assessments, water rates, sewer rentals or other charges affecting the Premises, or payments made
by the Mortgagee relating to obligations of the Mortgagor in connection with a lien superior to
the lien of this Mortgage, shall not constitute a waiver of the.Mortgagor's default in making said
payments and shall not obligate the Mortgagee to make any such payments thereafter.
39. The provisions and covenants of this Mortgage shall run with the land, shall be
binding upon the Mortgagor and shall inure to the benefit of the Mortgagee, subsequent holders
of this Mortgage and their respective successors and assigns. For the purpose of this Mortgage,
the term "Mortgagor" shall mean the Mortgagor named herein, any subsequent owner of the
Premises, and their respective heirs, executors, legal representatives, successors and assigns. If
there is more than one Mortgagor, all their undertakings hereunder shall be deemed joint and
several.
Page #9
40. The validity and enforceability of this Mortgage and all transactions and questions
arising hereunder, shall be construed and interpreted according to the laws of the State of New
York. Whenever possible, each provision of this Mortgage shall be prohibited by or invalid
under applicable law, such provisions shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remaining provisions of this Mortgage. Nothing in this
Mortgage, the Road Construction Agreement or in any other agreement between the Mortgagor
and the Mortgagee shall require the Mortgagor to pay, or the Mortgagee to accept, interest in an
amount which would subject the Mortgagee to penalty under applicable law.
g�fa
3 41. Mortgagor has no knowledge of the presence of hazardous substances.
42. The Mortgagee reserves the right but shall not be obligated to enter upon the
Premises to correct any deferred maintenance which in its opinion jeopardizes the security for
the indebtedness. The Mortgagee may take such action only after written notice and demand has
- been made by it or its agents upon the Mortgagor to correct such deficiencies and the Mortgagor
shall thereafter fail to correct same. Any sums so expended by the Mortgagee shall be added to
the amount of indebtedness. Such sums until repaid shall be secured by this Mortgage and if not
paid as provided for above such sums shall bear interest at nine (9%) percent per annum.
43. Omitted.
44. Omitted.
45. Omitted.
46. The Mortgagor shall keep true and complete records pertaining to its acquisition
of title to the Premises, all subsequent transfers of any interest therein or any part thereof and
all changes in the controlling interest (by way of changes in stock ownership, capital, profits,
beneficial interest or otherwise) in Mortgagor or any related entity which may hereafter own
and/or acquire title to the Premises, including, but limited to, a copy of the contract of sale, title
report, deed, closing statement, transferor's affidavit, questionnaire or return, statement of
tentative assessment and any other notices or determinations of tax received from the New York
State Department of Taxation and Finance, transferor's supplemental return, the date and cost of
all "capital improvements" made to the Premises or any part thereof and evidence of the payment
of any real property transfer gains tax imposed by reason of Article 31--B of the Tax Law and
the filing of all reports and any other information or documentation required by the New York
State Department of Taxation and Finance by reason of said Article or any regulations
promulgated thereunder. All such records shall be made available to Mortgagee or its
representatives for inspection from time to time at Mortgagee's request.
If any real property transfer gains tax shall be due and payable upon the conveyance of
the Premises pursuant to a judicial sale in any Foreclosure Action or by deed in lieu of
foreclosure, Mortgagor shall, at Mortgagee's request (a) provide Mortgagee or its representatives
with a copy of all such records and will prepare, execute, deliver and file any affidavits,
Page #10
f
questionnaires, returns or supplemental returns required of Mortgagor, as transferor, including,
but not limited to a statement in affidavit form as to the "original purchase price" of the Premises
and the cost of all "capital improvements" made to the Premises or any part thereof by Mortgagor
or any related entity and the date or dates on which such improvements were made and (b) pay
or cause to be paid any real property transfer gains tax, together with any interest and penalties
thereon, which may be due and payable by reason of such conveyance. Mortgagor hereby
appoints Mortgagee its true and lawful agent and attorney-in-fact (which appointment shall be
deemed to be an agency coupled with an interest), with full power to substitution, to prepare,
execute, deliver and file on its behalf any and all affidavits, questionnaires, returns and
__- supplemental returns which Mortgagor, as transferor, has failed or refused to execute and deliver
- to Mortgagee or its representatives within ten (10) days after notice and request therefor by
Mortgagee.
47. Omitted.
=- 48. Omitted.
77
V 49. Omitted.
_2
- 50. Omitted.
51. Omitted.
52. Nothing in this Mortgage shall ever be construed as subordinating this Mortgage
to any Lease.
53. 1) Mortgagor covenants to: (a) upon demand by Mortgagee, assign, to Mortgagee,
by separate instrument in form and substance satisfactory to Mortgagee, any and all Leases,
and/or all Rents payable thereunder, including, but not limited to, any Lease which is now in
existence or which may be executed after the date hereof, (b) not accept from any Lessee, nor
permit any Lessee to pay, Rent for more than one month in advance except for payment in the
nature of security for performance of Lessees obligations; (c) comply with the terms and
provisions of each Lease including, without limitation, the payment of all sums required to be
paid by Mortgagor or which any Lessor has an option to pay under any Lease in order to prevent
any reduction in or offset against any Rent payable under any Lease or any default thereunder;
(d) not amend, extend, cancel, abridge, or otherwise modify, or accept surrender of, or renew,
any Lease without the written consent of Mortgagee; (e) not assign, transfer or mortgage any
Lease without the written consent of Mortgagee; (f) not assign, transfer, pledge or mortgage any
Rent; (g) not waive, excuse, release or condone any nonperformance of any covenant of any
Lease by any Lessee; (h) give to Mortgagee duplicate notice of each default by each Lessee; (i)
cause each Lessee to agree ( and each Lessee under each Lease executed after the date hero does
so agree) to give to Mortgagee written notice of each and every default by Mortgagor under its
Lease and not exercise any remedies under such Lease unless Mortgagee fails to cure such
default within a reasonable period after Mortgagee has received such notice, provided that
Page #11
r
Mortgagee shall never have any obligation or duty to cure any such default; 0) enforce its rights
with regard to all Leases; and (k) not enter into any lease,letting or license arrangement affecting
the Premises or any part thereof without the prior approval of Mortgagee. With respect to (b) and
(d) above,reference is.made to Section 291(f) of the New York Real Property Law. If requested
by the Mortgagee to do so, the Mortgagor shall promptly give written notice to all Lessees of
the text of (b) and (d) hereof in accordance with Section 291(f). The Mortgagor farther agrees
that the recordation of this Mortgage constitutes notice to the Lessees to the extent provided for
in Section 291(f).
54. Omitted.
55. Omitted.
56. All Leases and Lessees of the Premises, or any part thereof, must be acceptable
to and approved by Mortgagee; and all Lessees shall execute such estoppel certificates,
subordinations, attornment and other agreements as Mortgagee may require. Under no
circumstances shall the Mortgagee be liable for any obligations to pay any leasing commissions,
brokerage fee or similar fee or charge in connection with any Lease nor shall Mortgagee be
obligated to complete any Improvements for the benefit of any Lessee_
57. Omitted.
58. Omitted.
59, This Mortgage is also made pursuant to a Road Construction Agreement (the
"Agreement") between the Mortgagor and Mortgagee of even date herewith and is subject to all
of the terms and provisions of the Agreement as if they were fully set forth herein and made a
part of this Mortgage. It is expressly agreed that the entire obligation (indebtedness) then secured
by this Mortgage shall, at the option of the Mortgagee, become due on the happening of any
defaults or event by which under the terms of said Agreement amounts thereunder shall become
due and payable.
64. Omitted.
61. The Mortgagor acknowledges that it has received a true copy of this Mortgage.
ZD
62. Release: Satellite shall be entitled to a release from the collateral security mortgage
of any portion or all of the mortgaged premises under the following terms and conditions:
(i) Subject to the provisions of sub-paragraph 62(iii), there shall be paid into the
escrow account twenty-five percent of the net proceeds of the selling price of the parcel for
which the release is requested. Net proceeds shall be the gross selling price for an arms length
transaction less the allowance for the reasonable amount of the following expenses: legal,
engineering (for subdivision approval and related permits), broker, transfer taxes and expenses,
Page #12
r
real property taxes accruing on the mortgaged premises since the last required payment, and any
other incidental expense of sale as approved by the Attorney to the Town.
(ii) Construction costs at any time shall be the agreed 1997 construction cost of
$279,460.00 and a sum equivalent to the increased construction costs at any future time. The
increase in construction costs at any time shall be determined by multiplying the agreed 1997
construction cost of$279,460.00 by the percentage increase in construction costs.The percentage
increase over the 1997 construction cost shall be determined by using the same percentage
increase as the percentage increase of the index of construction costs known as the Engineering
News Record Construction Cost Index bears to the index of 5431.55 the agreed 1995 base
construction cost index.
Sixty percent of the mortgaged lands remaining after rclease shall have a market
value equal to the then construction costs of the connection road. For the purposes of any release
authorized hereunder, there shall be first credited against the then construction costs the full
amount of any escrow funds held pursuant to.the escrow provisions of this agreement. The value
of the mortgaged lands shall be established by a market value appraisal conducted by the firm
of McGrath, Basciani & Associates, Inc., and if that firm is not in existence, the appraisal firm
commonly employed by the Bank of New York (Poughkeepsie Division) for the appraisal of
commercial real estate. Satellite shall pay the cost of such appraisal.
(iv) In the event the ratio of collateral as outlined in subparagraph (iii) if paragraph
== five cannot be satisfied by a deposit of the release proceeds as provided in preceding
subparagraph (iii) Satellite, to obtain a release, Satellite may elect to deposit in the escrow
account such additional proceeds or funds as necessary to establish the amount of collateral as
x provided in the preceding subparagraph (iii) of paragraph five or construct a portion of the road
extension in accordance with plans and specifications.
63. In the event of a default upon this Mortgage or the Road Construction Agreement
the interest rate to be applicable upon any pecuniary obligation shall be nine (9%) percent per
annum.
64. Escrow: An escrow fund shall be established to be held and administered by the
Comptroller of the Town of Wappinger or any successor performing the equivalent functions.
Funds for the escrow account shall be the proceeds of any release payments made by mortgagor
as provided in Paragraph 62, infra or as provided by the Road Construction Agreement or this
Mortgage. All escrow deposits will be invested in the manner authorized for investments by the
Town. Any recommendation by Satellite as to the manner of such investment consistent with
such standard shall not be unreasonably withheld. Interest shall be reinvested and shall accrue
to the escrow fund. Satellite shall have no right to withdraw any funds or have access to any
funds during the term of this agreement, said escrow funds constituting additional collateral for
this Agreement.
65. Whenever the term "indebtedness" is used in this Mortgage, it shall mean those
obligations of the Mortgagor as set forth in the Road Construction Agreement.
Page 413
IN WITNESS WHEREOF, this Mortgage has been duly executed by the Mortgagor as
of the day and year first above written.
SATELLITE INVESTMENT
by:
F NK BUYAKO SKI ----
STATE OF NEW YORK )
)SS.:
COUNTY OF DUTCHESS )
y On the 22nd day of August, 1997, before me personally came Frank Buyakowski, to me
known, who,. being by me duly sworn, did depose and say that he resides at Wilmont Court,
Hopewell Junction, New York, that his a General Partner of Satellite Investment, the general
partnership described in and which executed the foregoing instrument and the partnership
agreement does not limit his authority toe to this agreement.
^Notary Public
CAROL A.WATERS
NNW,'?UGLIC, State of New York
Qualified in Dutchess County q
Commission Expires December 156 1
Page #14
R
SCHEDULE A
All those parcel of land in the Town of Wappinger, Dutchess County, particularly described as
follows:
Parcel l
-' A parcel of land approximately 8 acres in size contiguous to and north of the Town of
Wappinger soccer field, bounded on one side by Airport Drive, and identified on the tax map of
the Assessor of the Town of Wappinger as parcel no. 6259 02 654522.
Parcel 11
Lots 1, 2 and 3 as shown filed Map 9305 excepting (a) a parcel conveyed to Tree Mover
Enterprises, Inc. (Baisley); (b) a parcel to be conveyed to Mid Hudson Hardwoods, Inc.
Parcel III
Parcel A on Map 8938.
Page #15
ROAD CONSTRUCTION AGREEMENT
This Agreement given this 22nd day of August, 1997 by SATELLITE INVESTMENT
u, (hereinafter "Satellite"), a New York general partnership having its offices at 1400 Route 52,
Hopewell Junction, New York 12533, and the TOWN OF WAPPINGER (hereinafter "Town")
a municipal subdivision of the State of New York with offices at 20 Middlebush Road,
= Wappingers Falls, New York 12590 as to real property in the Town of Wappinger, Dutchess
County, New York as more particularly described in this Agreement.
r PREAMBLE
WHEREAS Satellite has agreed, as an incidence to approval of subdivision plats by the
Planning Board of the Town of Wappinger Planning Board, including filed map no. 8938, AND
as a condition for approval of a site plan entitled "Site Plan for Mid Hudson Hardwoods, Inc,
Shop" to provide a mortgage to secure its obligation for a continuation of a public road from the
present termination of Airport Drive to proposed County Route 11 as are fully defined herein at
such time as the latter becomes a public highway for motor vehicular travel over that portion
adjacent to the lands of Satellite; and
WHEREAS the Town has agreed to accept this mortgage as security for the undertaking
of Satellite to construct said road extension;
NOW, in consideration of the covenants contained in the preceding preamble, Satellite
agrees as follows:
COVENANTS
ONE: Construction of Road: Satellite covenants and agrees to make, construct and
complete a road entitled "Airport Drive Extension" the location of which is more particularly
described in plans and specifications entitled "Airport Drive Extension" dated May 9, 1995 as
prepared by Gray, Railing and Heinsman upon three sheets.
The construction of said road extension to be initiated only upon:
(1) Dutchess County Legislature adopting a Resolution authorizing the construction
of County Route 11 on land adjacent to the lands of Satellite on or before August 1, 2007, said
Resolution to provide for the financing thereon.
=`iµ (2) The road extension need only be constructed by Satellite provided the plans
adopted by Dutchess County and as promulgated the Dutchess County Department of Public
=�
3 Works include an exit and/or entrance to Dutchess County Route 11 adjacent to lands of Satellite.
(3) Satellite agrees to coordinate the construction of the road extension simultaneously
with the county's actual construction of County Route 11 on lands adjacent to the lands of
Satellite.
In the event Satellite fails to commence work within sixty (60) days after notification by
the Town Board of its obligation to commence and to complete the construction within one
hundred eighty (180) days thereafter (the months of November through March excepted), the
Town Board may elect to declare Satellite in default upon this agreement and the collateral
security mortgage securing this road construction agreement. Upon such declaration, the Town
may proceed to complete the road using the proceeds of the collateral provided by this
agreement. Any surplus funds remaining after completion of the road shall be paid to Satellite.
Page #2
4
Any road construction by the Town shall be in accordance with the previously described
specifications. The parties agree that the present cost of construction is $279,450.00 and said cost
may be adjusted in the discretion of the Town, as provided in paragraph 5 (ii).
TWO: Term of Bond: The term of this agreement shall be ten years unless sooner
terminated as provided herein. If, upon the tenth anniversary of this agreement, the County has
= not commenced construction or has not appropriated funds, by duly adopted bond resolution or
otherwise, for construction of proposed County Route 11, the obligation of Satellite shall be
terminated and this agreement and the collateral security mortgage shall be deemed satisfied.
._ The term of this Agreement and the collateral security mortgage shall terminate upon the
earlier of the following events if such events precede the tenth anniversary absent appropriation,
by bond resolution or otherwise, of funds by the County:
a. The construction and completion of the connection road in conformance with the
approved specifications as previously described and its acceptance by the Town, which
acceptance shall not be unreasonably withheld;
b. The substitution of an escrow fund for the full cost of construction of the road as
provided in paragraph Five (ii), infra;
C, A resolution of the county Legislature designating the route of the former
Maybrook railbed for another use, which use is not designated as interim and which use would
have a useful life in excess of the remaining term of this agreement and collateral security
mortgage, said route being that portion adjacent to the lands of Satellite;
d. Any other formal act of the County Legislature evidencing an intent to abandon
the use of former Maybrook railroad for highway purposes over that portion contiguous to the
Page ##3
lands of Satellite;
e. On the tenth anniversary of this agreement and collateral security mortgage absent
appropriation of funds by bond resolution or otherwise by the County Legislature for the
construction of a highway over that portion of the former Maybrook railbed contiguous to the
lands adjacent to the lands of Satellite.
-- THREE: Escrow Account: There shall be established an escrow fund to be heldand
administered by the Comptroller of the Town of Wappinger or any successor performing the
=_ equivalent functions. Funds for the escrow account shall be the proceeds of any release payments
made by mortgagor as provided in Paragraph Five, infra. All escrow deposits will be invested
in the manner authorized for investments by -the Town. Any recommendation by Satellite as to
- the manner of such investment consistent with such standard shall not be unreasonably withheld.
Interest shall be reinvested and shall accrue to the escrow fund. Satellite shall have no right to
withdraw any funds or have access to any funds during the term of this agreement, said escrow
funds constituting additional collateral for this Agreement.
In the event Satellite is released from this agreement because of-the occurrence of an
event described in preceding paragraph Two, the entire amount of the escrow account shall be
paid to Satellite.
FOUR: Mortgage: As further collateral for'the performance of the obligations
contained in this agreement, Satellite agrees to give a collateral security mortgage encumbering
real property situated to the Town of Wappinger more particularly described in Schedule A
annexed hereto, which shall be encumbered and subject to the obligations of this agreement and
shall secure this agreement as now exists and as will further exist in the future. The form of the
Page m4
mortgage shall be that annexed hereto.
FIVE: Release of Mortgaged Premises: Satellite shall be entitled to a release from the
collateral security mortgage of any portion or all of the mortgaged premises under the following
terms and conditions:
_ (i) There shall be paid into the escrow account twenty-five percent of the net proceeds
_ of the selling price of the parcel for which the release is requested. Net proceeds shall be the
gross selling price for an arms length transaction less the allowance for the reasonable amount
of the following expenses: legal, engineering (for subdivision approval and related permits),
_. broker, transfer taxes and expenses, real property taxes accruing on the mortgaged premises since
the last required payment, and any other incidental expense of sale as approved by the Attorney
to the Town.
(ii) Construction costs at any time shall be the agreed 1997 construction cost of
$279,460.00 and a sum equivalent to the increased construction costs at any future time. The
increase in construction costs at any time shall be determined by multiplying the agreed 1997
construction cost of$279,460.00 by the percentage increase in construction costs. The percentage
increase over the 1997 construction cost shall be determined by using the same percentage
increase as the percentage increase of the index of construction costs known as the Engineering
News Record Construction Cost Index bears to the index of 5431.55 the agreed 1995 base
construction cost index.
(iii) Sixty percent of the mortgaged lands remaining after release shall have a market
value equal to the then construction costs of the connection road. For the purposes of any release
authorized hereunder, there shall be first credited against the then construction costs the full
Page #5
T
amount of any escrow funds held pursuant to the escrow provisions of this agreement. The value
of the mortgaged lands shall be established by a market value appraisal conducted by the firm
of McGrath, Bastian & Associates, Inc., and if that firm is not in existence, the appraisal firm
commonly employed by the Bank of New York (Poughkeepsie Division) for the appraisal of
commercial real estate. Satellite shall pay the cost of such appraisal.
(iv) In the event the ratio of collateral as outlined in subparagraph (iii) if paragraph
five cannot be satisfied by a deposit of the release proceeds -as provided in preceding
subparagraph (iii) Satellite, to obtain a release, Satellite may elect to deposit in the escrow
account such additional proceeds or funds as necessary to establish the amount of collateral as
provided in the preceding subparagraph (iii) of paragraph five or construct a portion of the road
extension in accordance with plans and specifications.
-= SIX: Default: The Town may declare Satellite in default of this agreement and declare
the full amount necessary to construct the road be due and payable immediately upon any event
of default. The following are events of defaults: (a) Satellite fails to commence construction of
the road and proceed diligently with such within sixty (60) days from the commencement date
set by the Town and/or to timely complete the road; (b) Satellite fails to perform any other
obligation of this Agreement or the collateral security mortgage.
SEVEN: Notice: Any notice shall be given to the parties by letter mailed by both regular
and certified mail and by facsimile transmission as follows:
Satellite Investment
1400 Route 52, Suite 3
Hopewell Junction NY 12533
Fax Number: (914) 897-2692
Telephone Number: (914) 897-2660
Page ##6
Town of Wappinger
20 N iddlebush Road
Wappingers Falls NY 12590
Fax Number: (914) 297-4558
Telephone Number: (914) 297-2744
EIGHTH: Successors of Satellite: This Agreement shall be binding upon the successors
and assigns of Satellite.
au NINE: Entire Agreement: This Agreement is intended to be the entire agreement between
the parties.. All prior representations and agreements are merged into this Agreement.
TEN: Priori : In the event it is determined that any inconsistency exists between this
Agreement and the Collateral Security Mortgage, the provisions of this Agreement shall be
deemed controlling.
- ELEVEN: Partial Invalidity: The invalidity of any provision of this Agreement shall not
affect the validity of any other portion not determined by a court of competent jurisdiction to be
invalid.
IN WITNESS WHEREOF the parties have signed this agreement this 22nd day of August,
1997.
SATE INVESTMEN
BY: _
FRANK BUYAKO SKI
TOWN OF WAPPINGER
BY:
CONSTANCE O. SMITH `
Page #7
. Raymond 1�eulyman, i'.L.y., r.�.
r 859 Dox 167,;Zoute 9 • Wappingers raUs�NY 12590 (914)297-9435 - (914)564-7666 Pax:(415)247-0212
August 21, 1997
O SCRIPTION
AIRPORT DRIVE EXTENSTON
TOWN Of WAPPT,N('R11 .
All that lot, parcel or pl.ece of land situate in the Town cf Wappingex,
County of Dutchess, StaLu of New York and tieing a 60' wi,da right--of-way
No
for a pvrLion of Airport Dtive ExLcnoion through Parccl D ,at aha Airport
Business Center, and bel.xg inure particularly dcacriacd cas f0lows.
^` Beginning at a concrete monument marking the southeasterly corner of lands
now or formerly Bradford Companies, Inc. being Parcel C as shown on filed
snap No. 8938, said point or beginning being the exte„alon of existing
Airport Drive and on the northerly lime of Airporu Drive Extension; thence,
from said point ok beginning acid through Parcel D as 6hown on filed n1up
No. 8938 the following courses and distances, South 64°-09 '--26" East
45.64 feat to a. point of curvature; thenue, Qu a curve to the left having
a radius of 575.00 tect, an arc distance of 210.00 feet as described by
the chord, South 74°-37 '-13" East 208.84 feet: to a pul"L of compound
77
curvature; thence, continuing on a curve to the left having a radius of
25.00 feet, an arc .distance of 23.12 feet as described by the chord, North
68°-25'-43" East 22.30 feet to a polnt of reverse c_urvratu�e; thence, along
the easterly cul-de-sac end of Aixport: Drive Extension continuing on a
' curve to the right having a' radius of 60.00 feet, an arc distance of
292.40 fact an described by the, chord, .South 0-33 '00" West: 77.76 feet to
a point of reverse curvature; thence, continuing v" a curve to the left
havf.ng a radius of 25.00 feet, an arc distance of 20.42 feat as dcseribed
by the chord, North 62°-14 '--33" West 19.56 Lou to a point of compound
curvature; thence,- coutinuing on a curve to the left having a radius of
635 .00 feet, an arc distance: of 238.14 feet as described by the chord,
North 74"--54 '-04" West 236 .75 feet to a pu&L of tangency; t=Cq, on the
tangent, North 64°-09 '-26" West 91.01 feet to the existing easterly
caul-de-sac end of. Airporu Drive as shown on said filed m"p No. 6938;
thence, along said line on a curve to the left having a radius of 60.00
feet, an arc distance of 94 .25 feet as described by the chord, North
19°-09 '-26" West 84.85 feet; thence, along the southerly live of lauds
of said Bradford Companies, Inc. Parcel. C, South 60-09 '--26" East 105.37
feet: to the point of beginning.
Containing 3.1 ,481t square feet or 0.723± acre.
Subject to any other right:-of-way, casement, covcneint, or restriction of
record.
Project No. 97-030B
RrI1/jh
Professional Lana Surveyor-- Professional Plannrr. Licenced in NY, NJ PA
CLER'K'S ;a;TL-VARIATION IN
TYPE OR OTHER MATERIAL
SAME AS IN ORIGINAL
VERGILIS, STENGER, ROBERTs & PERGAMENT
ATTORNEYS AND COUNSELORS AT LAW
1511 ROUTE 9
WAPPINGERS FALLS,NEW YORK 12590
(914)298-2000
GERALD A.VERGILIS* PAX(914)298-2842 LEGAL ASSISTANTS:
KENNETH M.STENGER DALE O'DONNELL
ALBERT P.ROBERTS AMY E_WOODARD
IRA A_PERGAMENT
ANTONIA T.LUCIA POUGHKF'EPSIE OFFICE
JOAN F.GARRETT** 276 MAIN MALL
THOMAS R.DAVIS POUGHKEEPSIE,NY 12601
CHRIS MULARADELIS (914)452-1046
*ADMITTED TO PRACTICF ADDRESS REPLY TO:( )P0UG13I=SIE
IN NY&FLA. ( )WAPPINGERS
*'ADMITTED TO PRACTICE
IN NY&CONN.
October 9, 1997
Hon. Elaine Snowden, Town Clerk
Town of Wappinger
20 Middlebush Road
Post Office Box 324
Wappingers Falls, New York 12590
Re: Satellite Investments with Town of Wappinger
Airport Drive
Our File No: 12949.0025
Dear Elaine:
Enclosed herewith please find the following fully executed documents from Satellite Investments
to the Town of Wappinger in connection with the above referenced matter:
1. Copy of Irrevocable Offer of Dedication dated August 22, 1997;
2. Original Road Construction Agreement dated August 22, 1997;
3. Copy of Collateral Security Mortgage dated August 22, 1997;
4. Original Escrow Agreement dated August 22, 1997;
5. Original Deed dated August 22, 1997;
6. Original Gains Tax Affidavit dated August 22, 1997; and
7. Original E & A Form dated August 22, 1997, signed by Hon. Constance O.
Smith on September 10, 1997.
Town of Wappinger
Attn: Hon. Elaine Snowden, Town Clerk
October 9, 1997
Page 2
If you have any questions, please do not hesitate to contact me.
Very truly yours,
VERGILIS, STENGER, ROBERTS & PERGAMENT
AL T P. ROBERTS
APR/jwm
Enclosures
PC: Hon. Constance O. Smith (w/o enclosures)
Planning Board of the Town of Wappinger (w/o enclosures)
Daniel F. Curtin, Esq. (w/enclosures)
ESCROW AGREEMENT
This Agreement made this 22nd day of August, 1997 by SATELLITE INVESTMENT
(hereinafter "Satellite"), a New York general partnership having its offices at 1400 Route 52,
Hopewell Junction, New York 12533, and the TOWN OF WAPPINGER PLANNING BOARD
(hereinafter "Town") at 20 Middlebush Road, Wappingers Falls, New York 12590 a Road
Construction Agreement relating to real property in the Town of Wappinger, Dutchess County,
New York as more particularly described in this Agreement.
PREAMBLE
WHEREAS there is pending before the Planning Board an application for subdivision
approval by Satellite for lots adjacent to Airport Drive and for site plan approval for the Mid
Hudson Hardwood, Inc. shop to be located on one of those lots, and
WHEREAS the Planning Board has requested that Satellite provide security to the Town
in the form of a mortgage for the construction of an extension of Airport Drive, the same to be
a portion of a connection road to proposed County Route 11, and
WHEREAS Satellite is prepared to encumber its lands with the mortgage requested by
the Town Planning Board only upon approval of both of the aforedescribed applications.
WITNESSETH :
NOW, in consideration of the covenants contained herein and the events described in the
foregoing preamble, Satellite and the Town agree as follows:
ONE: Satellite herewith tenders to the Planning Board an executed "Road Construction
Agreement" and Collateral Security Mortgage, the form of which as been approved by Satellite
and which has been approved and accepted by the Town Board subject to approval as to form
by the Town Attorney. Subject to the further provisions of this escrow agreement, said tender
shall be irrevocable in the event the Planning Board approves the subdivision and site plan
applications described in the preamble.
TWO: The approved subdivision plat shall be held in escrow and not filed with the
County Clerk pending the simultaneous conveyance to Mid Hudson Hardwood, Inc. or their
assigns of Lot No. 1 on the proposed subdivision plat.
THREE: Satellite will apply the proceeds of sale of the proposed Mid Hudson
Hardwoods, Inc. lot (Lot No. 1 on the proposed subdivision map) to pay all existing
encumbrances, including unpaid taxes, on the premises to be encumbered by the mortgage or will
take such steps as necessary so that the Town will have a valid unencumbered first lien on the
premises to be encumbered.
FOUR: Satellite will cause the subdivision plat to be recorded simultaneously with
the deed of conveyance to Mid Hudson Hardwoods, Inc.
FIVE: If the Mid Hudson Hardwoods, Inc. conveyance is not completed, Satellite will
not record the signed subdivision plat and will return it to the Town and its application for
approval shall be deemed withdrawn. Satellite waives all rights which would otherwise attach to
the prior approval of the plat if the plat is returned.
SIX: If either the subdivision or the Mid Hudson Hardwoods, Inc. site plan application
are not approved, and if as a result of the absence of such approvals the conveyance to Mid-
Hudson Hardwoods, Inc. is not completed, the Road Construction Agreement and the Collateral
Security Mortgage shall be returned to Satellite and be deemed null and void.
SEVEN: Mid Hudson Hardwoods, Inc.joins in the execution of this Agreement for
the sole purpose of evidencing his intent to close title with Satellite within__ days of receiving
Page #2
site plan approval from the Town of Wappinger Planning Board in accordance with a certain map
entitled"Site Plan for Mid Hudson Hardwoods,Inc. Shop" dated and first
revised subject to any contract provisions between Satellite and Mid Hudson
Hardwoods, Inc.
IN WITNESS WHEREOF the parties have signed this agreement this 22nd day of August,
1997.
ATELLI TMEN
BY:— _
FRANK BUYA WSKI ------
TOWN OF WAPPINGER
CONSTANCE O. S f TH
Page #3
STATE OF NEW YORK )
)SS..
COUNTY OF DUTCHESS )
On the 22nd day of August, 1997, before me personally came FRANK BUYAKOWSKI, to me
known, who, being by me duly sworn, did depose and say that deponent resides at Wilmont
Court, Hopewell Junction, New York; deponent is a Partner of Satellite Investment, the
Partnership described in and which executed the foregoing instrument and said Frank Buyakowski
acknowledged that he executed the foregoing instrument on behalf of said Partnership.
Notary Public
CAROL A.WATERS
NOTARY?UDLIC,State of New York
Qualified in Dutchess County
Commission Expires December 15, l9
STATE OF NEW YORK )
)SS..
COUNTY OF DUTCHESS )
On the _____ day of August, 1997, before me personally came Constance O. Smith, to me
known, who, being by me duly sworn, did depose and say that she resides in Wappingers Falls,
New York, that she is the Supervisor of the Town Board of the Town of Wappinger, the
municipal subdivision described in and which executed the foregoing instrument; that she knows
the seal of said corporation, that he seal affixed to said instrument is such corporate seal; that it
was so affixed by order of the board of directors of said corporation, that she signed her name
thereto by like order.
Notary Public
ELAINE H.SNOWDEN
NarARY KMUC,SSAn OFN W YORK
Page #4 NO,14-3753190
QUALIFIED IN DUTCHESSNTY
MY COMMISSION EXPIREfi,IAN. ,19
ROAD CONSTRUCTION AGREEMENT
This Agreement given this 22nd day of August, 1997 by SATELLITE INVESTMENT
(hereinafter "Satellite"), a New York general partnership having its offices at 1400 Route 52,
Hopewell Junction, New York 12533, and the TOWN OF WAPPINGER (hereinafter "Town")
a municipal subdivision of the State of New York with offices at 20 Middlebush Road,
Wappingers Falls, New York 12590 as to real property in the Town of Wappinger, Dutchess
County, New York as more particularly described in this Agreement.
PREAMBLE
WHEREAS Satellite has agreed, as an incidence to approval of subdivision plats by the
Planning Board of the Town of Wappinger Planning Board, including filed map no. 8938, AND
as a condition for approval of a site plan entitled "Site Plan for Mid Hudson Hardwoods, Inc,
Shop" to provide a mortgage to secure its obligation for a continuation of a public road from the
present termination of Airport Drive to proposed County Route 11 as are fully defined herein at
such time as the latter becomes a public highway for motor vehicular travel over that portion
adjacent to the lands of Satellite; and
WHEREAS the Town has agreed to accept this mortgage as security for the undertaking
of Satellite to construct said road extension;
NOW, in consideration of the covenants contained in the preceding preamble, Satellite
agrees as follows:
COVENANTS
ONE: Construction of Road: Satellite covenants and agrees to make, construct and
complete a road entitled "Airport Drive Extension" the location of which is more particularly
described in plans and specifications entitled "Airport Drive Extension" dated May 9, 1995 as
prepared by Gray, Railing and Heinsman upon three sheets.
The construction of said road extension to be initiated only upon:
(1) Dutchess County Legislature adopting a Resolution authorizing the construction
of County Route 11 on land adjacent to the lands of Satellite on or before August 1, 2007, said
Resolution to provide for the financing thereon.
(2) The road extension need only be constructed by Satellite provided the plans
adopted by Dutchess County and as promulgated the Dutchess County Department of Public
Works include an exit and/or entrance to Dutchess County Route 11 adjacent to lands of Satellite.
(3) Satellite agrees to coordinate the construction of the road extension simultaneously
with the county's actual construction of County Route 11 on lands adjacent to the lands of
Satellite.
In the event Satellite fails to commence work within sixty (60) days after notification by
the Town Board of its obligation to commence and to complete the construction within one
hundred eighty (180) days thereafter (the months of November through March excepted), the
Town Board may elect to declare Satellite in default upon this agreement and the collateral
security mortgage securing this road construction agreement. Upon such declaration, the Town
may proceed to complete the road using the proceeds of the collateral provided by this
agreement. Any surplus funds remaining after completion of the road shall be paid to Satellite.
Page #2
Any road construction by the Town shall be in accordance with the previously described
specifications. The parties agree that the present cost of construction is $279,460.00 and said cost
may be adjusted in the discretion of the Town, as provided in paragraph 5 (ii).
TWO: Term of Bond: The term of this agreement shall be ten years unless sooner
terminated as provided herein. If, upon the tenth anniversary of this agreement, the County has
not commenced construction or has not appropriated funds, by duly adopted bond resolution or
otherwise, for construction of proposed County Route 11, the obligation of Satellite shall be
terminated and this agreement and the collateral security mortgage shall be deemed satisfied.
The term of this Agreement and the collateral security mortgage shall terminate upon the
earlier of the following events if such events precede the tenth anniversary absent appropriation,
by bond resolution or otherwise, of funds by the County:
a. The construction and completion of the connection road in conformance with the
approved specifications as previously described and its acceptance by the Town, which
acceptance shall not be unreasonably withheld;
b. The substitution of an escrow fund for the full cost of construction of the road as
provided in paragraph Five (ii), infra;
C. A resolution of the county Legislature designating the route of the former
Maybrook railbed for another use, which use is not designated as interim and which use would
have a useful life in excess of the remaining term of this agreement and collateral security
mortgage, said route being that portion adjacent to the lands of Satellite;
d. Any other formal act of the County Legislature evidencing an intent to abandon
the use of former Maybrook railroad for highway purposes over that portion contiguous to the
Page #3
lands of Satellite;
e. On the tenth anniversary of this agreement and collateral security mortgage absent
appropriation of funds by bond resolution or otherwise by the County Legislature for the
construction of a highway over that portion of the former Maybrook railbed contiguous to the
lands adjacent to the lands of Satellite.
THREE: Escrow Account: There shall be established an escrow fund to be held and
administered by the Comptroller of the Town of Wappinger or any successor performing the
equivalent functions. Funds for the escrow account shall be the proceeds of any release payments
made by mortgagor as provided in Paragraph Five, infra. All escrow deposits will be invested
in the manner authorized for investments by the Town. Any recommendation by Satellite as to
the manner of such investment consistent with such standard shall not be unreasonably withheld.
Interest shall be reinvested and shall accrue to the escrow fund. Satellite shall have no right to
withdraw any funds or have access to any funds during the term of this agreement, said escrow
funds constituting additional collateral for this Agreement.
In the event Satellite is released from this agreement because of the occurrence of an
event described in preceding paragraph Two, the entire amount of the escrow account shall be
paid to Satellite.
FOUR: Mortga As further collateral for the performance of the obligations
contained in this agreement, Satellite agrees to give a collateral security mortgage encumbering
real property situated to the Town of Wappinger more particularly described in Schedule A
annexed hereto, which shall be encumbered and subject to the obligations of this agreement and
shall secure this agreement as now exists and as will further exist in the future. The form of the
Page #4
mortgage shall be that annexed hereto.
FIVE: Release of Mortgaged Premises: Satellite shall be entitled to a release from the
collateral security mortgage of any portion or all of the mortgaged premises under the following
terms and conditions:
(i) There shall be paid into the escrow account twenty-five percent of the net proceeds
of the selling price of the parcel for which the release is requested. Net proceeds shall be the
gross selling price for an arms length transaction less the allowance for the reasonable amount
of the following expenses: legal, engineering (for subdivision approval and related permits),
broker,transfer taxes and expenses, real property taxes accruing on the mortgaged premises since
the last required payment, and any other incidental expense of sale as approved by the Attorney
to the Town.
(ii) Construction costs at any time shall be the agreed 1997 construction cost of
$279,460.00 and a sum equivalent to the increased construction costs at any future time. The
increase in construction costs at any time shall be determined by multiplying the agreed 1997
construction cost of$279,460.00 by the percentage increase in construction costs. The percentage
increase over the 1997 construction cost shall be determined by using the same percentage
increase as the percentage increase of the index of construction costs known as the Engineering
News Record Construction Cost Index bears to the index of 5431.55 the agreed 1995 base
construction cost index.
(iii) Sixty percent of the mortgaged lands remaining after release shall have a market
value equal to the then construction costs of the connection road. For the purposes of any release
authorized hereunder, there shall be first credited against the then construction costs the full
Page #5
amount of any escrow funds held pursuant to the escrow provisions of this agreement. The value
of the mortgaged lands shall be established by a market value appraisal conducted by the firm
of McGrath, Basciani & Associates, Inc., and if that firm is not in existence, the appraisal firm
commonly employed by the Bank of New York (Poughkeepsie Division) for the appraisal of
commercial real estate. Satellite shall pay the cost of such appraisal.
(iv) In the event the ratio of collateral as outlined in subparagraph (iii) if paragraph
five cannot be satisfied by a deposit of the release proceeds as provided in preceding
subparagraph (iii) Satellite, to obtain a release, Satellite may elect to deposit in the escrow
account such additional proceeds or funds as necessary to establish the amount of collateral as
provided in the preceding subparagraph (iii) of paragraph five or construct a portion of the road
extension in accordance with plans and specifications.
SIX: Default: The Town may declare Satellite in default of this agreement and declare
the full amount necessary to construct the road be due and payable immediately upon any event
of default. The following are events of defaults: (a) Satellite fails to commence construction of
the road and proceed diligently with such within sixty (60) days from the commencement date
set by the Town and/or to timely complete the road; (b) Satellite fails to perform any other
obligation of this Agreement or the collateral security mortgage.
SEVEN: Notice: Any notice shall be given to the parties by letter mailed by both regular
and certified mail and by facsimile transmission as follows:
Satellite Investment
1400 Route 52, Suite 3
Hopewell Junction NY 12533
Fax Number: (914) 897-2692
Telephone Number: (914) 897-2660
Page #6
Town of Wappinger
20 Middlebush Road
Wappingers Falls NY 12590
Fax Number: (914) 297-4558
Telephone Number: (914) 297-2744
EIGHTH: Successors of Satellite: This Agreement shall be binding upon the successors
and assigns of Satellite.
NINE: Entire Agreement: This Agreement is intended to be the entire agreement between
the parties. All prior representations and agreements are merged into this Agreement.
TEN: Priority: In the event it is determined that any inconsistency exists between this
Agreement and the Collateral Security Mortgage, the provisions of this Agreement shall be
deemed controlling.
ELEVEN: Partial Invalidity: The invalidity of any provision of this Agreement shall not
affect the validity of any other portion not determined by a court of competent jurisdiction to be
invalid.
IN WITNESS WHEREOF the parties have signed this agreement this 22nd day of August,
1997.
SATE INVES N
BY:-- XB
FRANAKO KI
TOWN OF WAPPINGER
BY: ' ---------------_
CONSTANCE O. SMITH
Page #7
STATE OF NEW YORK )
)SS.:
COUNTY OF DUTCHESS )
On the 22nd day of August, 1997, before me personally came FRANK BUYAKOWSKI, to me
known, who, being by me duly sworn, did depose and say that deponent resides at Wilmont
Court, Hopewell Junction, New York; deponent is a Partner of Satellite Investment, the
Partnership described in and which executed the foregoing instrument and said Frank Buyakowski
acknowledged that he executed the foregoing instrument on behalf of said Partnership.
Notary Public
CAROL A.WATERS
NOTARY PUBLIC,State Of 14ew Bark
0011`W in Dtfth ss CaUdY
Cammisiw Expires December 15,l9-' .
STATE OF NEW YORK )
)SS..
COUNTY OF DUTCHESS )
On the ___— day of August, 1997, before me personally came Constance O. Smith, to me
known, who, being by me duly swom, slid depose and say that she resides in Wappingers Falls,
New York, that she is the Supervisor of the Town Board of the Town of Wappinger, the
municipal subdivision described in and which executed the foregoing instrument; that she knows
the seal of said corporation; that he seal affixed to said instrument is such corporate seal; that it
was so affixed by order of the board of directors of said corporation, that she signed her name
thereto by like order.
Notary Public
ELAINE 4i.SNOWDEN
1'='0,Ry",jC,sWU01p,
WYCRK
No,14-3753190
QUALI>IEO IN OUTCHES5 PPPNTY
My COMMISSION EXPIRES JAN.-;4.-,iS a
Page #8
Raymond Heinsman, P.L.S.,P.P.
859 Yox 167,Route 9 •Wappingers Falls,NY 12590 (914)2979495 - (914)569-7666 - Pax:(914)297-0212
Aagust 21, 1997
DESCRIPTION
AIRPORT DRIVE E}{TP,NSTON
TOWN Of WN'rTURR
All that lot, parcel or pieue of land situate in the Town of .Wappi►ager,
County of Dutchess, MaLm of New York and being a 60' wi,da right-of-wry
for a purUvu of Airport Drive Extcnaion through Parcel D at tha Airport
liubiuebb Center, and bei, mora particularly described ae follows:
Beginning at a concrete monument marking the southeasterly corner of lands
now or formerly Bradford Companies, Inc. being Parcel C as shown on filed
map No. 8938, said point of beginning being the exte«blua of existing
Airport Drive and on the northerly lit►e of Airport Drive Extension; thence,
from said point of beginning and through Parcel D as shown on filed map
No. 8938 the following courses and distances, south 64°-09'-26" East
45.64 feet to a. point of curvature; thence, on a curvy to the left having
a radius of. 575.00 Leet, an arc distance of 210.00 feet as described by
the chord, South 746--37'-13" Last 208.84 feet to U PUILL of compound
curvature; thence, continuing on a curve to the left having a radius of
25.00 feet, an arc distance of 23.12 feet as described by the chord, North
68°-25'-43" East 22.30 feet to a point of reverse curvature; thence, along
the easterly cul-de-sac end of Airport Drive Extension continuing on a
curve to the right having ai radius of 60.00 feet, an arc distance of
292.40 feet as described by the chord, South 1.0--33'-00" West 77.76 feet to
a point of reverse curvature; thence, continuing va a curve to the left
halving a radials of 'lS.UG feet, an arc di.stauue of 20.42 feet as described
by the chord, North 620-14'=33" West 19.86 .fe.4t to a point of compound
curvature; thenee, coutinuing on a curve to the left having a radius of
635.00 feet, an are distance of 238.14 feet as described by the chord.
North 74"-54'-04" West 236.75 feet to a pulut of tangency; thcnce, on the
tangent, North 64°-09'-26" West 91.01 feet to the existing easterly
cul-de--sac: end of. Airport Urive as shown on said filed map No. 8938;
thence, along said line on a curve to the left having a radius of 60.00
feet, an arc distance of 94.25 feet as described by the chord, North
3.9°-09'-26" West 84.85 feet; thence, along the southerly line of lauds
Of said Bradford Companies, Inc. Parcel. C, South 64°-09'-26" Last 105.37
feet to the point of beginning.
Containing 31 ,481i square feet or 0.723'_' acre.
Subject to any other right-of-wray, easement, covenant, or restriction of
record.
Project No. 97-0308
pBn/jh
Professional Land Surveyor + professionalPlanner • Licensed in NY, NJ 6 PA
VERGILIS, STEN(iER, RoBERTS & PER(;AMENT
A'FToRNf,"YS AND COUNSF'LORS A*F LAW
16 11 ROU'll,"' 9
WAPPINGERS PALLS, Nl"'M YORK 12590
(914) 298-2000
(iFRALD A. VEIRGILIS'- FAX(914)-198-2842 LEGAL ASSISTANTS:
KFNNF 14-1 M.STENGER DALE O'DONNH,1,
ALBERT I,.ROBERTS AMY E-WOODARD
IRA A.PERGAMENT
AWONIAT.LUCIA P(A (HiKELINk 0ITI(T
IOAN F.GARRI'V17*14 276 MA6N NIA1.1,
I10U(3HKFJTSIF',N)' n26M
THOMAS R.DAVIS 01
CHRIS MUfLARADE1.1S 4 4511().46
ADMI"171J)M PRAU1 R I, ADORI,�SS RITI3 I0 4 1 P01:( 11KIATSH,
IN NY&FLA d )WAPHWIACS
'AON11111 D 1'0 PRAC HO
NNY&(ONN
May 21, 1996
Ho,n. Elaine Snowden, Town Clerk
Town of Wappinger
20 Middlebush Road
P.O. Box 324
Wappingers Falls, New York 12590
Re : No Parking on Airport Drive
Our File No : 12951
Dear Elaine :
I enclose herewith the proposed original Local Law, Introductory
Resolution and EAF relative to the proposed Local Law prohibiting
parking, stopping or standing on Airport Drive . It is my
understanding this is to be introduced at the May 27, 1996 Town
Board Meeting.
Very truly yours,
VERGILIS, STENGER, ROBERTS PERGAMENT
14
"J
Li6
ALBERT P. RODE' TS
APR/jwm
Enclosure
cc : Hon. Constance U. Smith (w/enclosure)
DRAFT August 23, 1995
ROAD CONSTRUCTION AGREEMENT
This Agreement given this 28th day of August, 1.995 by
SATELLITE INVE',STMENT (hereinafter "Satellite" ) , a New York general
partnership having its offices at 1400 Route 52, Hopewell Junction,
New York 12.533 and the TOWN OF WAPPINGER (hereinafter "Town" ) a
municipal subdivision of the State of New York with offices at 20
Middlebush Road, Wappingers Falls, New York 12590 as to real
property in the Town of Wappinger, Dutchess County, New York as
more particularly described in this Agreement.
PREAMBLE
Whereas SATELLITE has agreed, as an incidence to approval of
subdivision plats by the Planning Board of the Town of Wappinger
Planning Board, including filed map no. 8938, and as a condition
for approval of a site plan entitled "Site Plan for Furlani Machine
Shop" to provide a mortgage to secure its obligation for a
continuation of a public road from Airport Drive to County Route 11
as more fully defined herein at such time as the latter becomes a
highway for motor vehicular travel over that portion adjacent to
the lands of Satellite; and
Whereas the TOWN has agreed to accept this mortgage as
security for the undertaking of SATELLITE to construct said road
extension;
NOW, in consideration of the covenants contained in the
preceding preamble, SATELLITE agrees as follows :
1
COVENANTS
ONE: Construction of Road: Satellite covenants and agrees to
make, construct and complete a road entitled "Airport Drive
Extension" the location of which is more particularly described in
plans and specifications entitled "Airport Drive Extension" dated
May 9, 1995 as prepared by Gray, Railing and Heinsman upon three
sheets, construction of said road to be initiated only upon the
actual construction of County Route 11 adjacent to the lands of
Satellite Investments as hereafter provided. In the event
Satellite fails to commence work within sixty (60) days after
notification by the Town Board of its obligation to commence and to
complete the construction within one hundred eighty ( 180) days
thereafter (the months of November through March excepted) , the
Town Board may elect to declare Satellite in default upon this
agreement and the collateral security mortgage securing this
security agreement. Upon such declaration, the Town may proceed to
complete the road using the proceeds of the collateral provided by
this agreement. Any surplus funds remaining after completion of
the road shall be paid to Satellite. Any road constructed by the
Town shall be in accordance with the previously described
specifications . The parties agree that the present cost of
construction is $300, 000 . 00, and said cost may be adjusted in the
discretion of the Town, as provided in paragraph 5 (11) .
TWO: Term of Bond: The term of this agreement shall be ten
years unless sooner terminated as provided herein. If, upon the
tenth anniversary of this agreement, the County has not commenced
2
construction or has not appropriated funds, by duly adopted bond
resolution or otherwise, for construction of the portion of
proposed County Route 11 on lands adjacent to the Satellite parcel,
the obligation of SATELLITE shall be terminated and this agreement
and the collateral security mortgage shall be deemed satisfied.
The term of this Agreement and the collateral security
mortgage shall terminate upon the earlier of the following events
if such events precede the tenth anniversary absent appropriation,
by bond resolution or otherwise, of funds by the County:
a. The construction and completion of the connection
road in conformance with the approved
specifications as previously described and its
acceptance by the Town, which acceptance shall not
be unreasonably be withheld;
b. The substitution of an escrow fund for the full
cost of construction of the road as provided in
paragraph Five(ii) , infra;
C. A resolution of the County Legislature designating
the route of the former Maybrook railbed for
another use, which use is not designated as interim
and which use would have a useful life in excess of
the remaining term of this agreement and collateral
security mortgage, said route being that portion
adjacent to the lands of SATELLITE;
d. Any other act of the County Legislature or the
County Department of Public Works evincing an
3
intent to abandon the use of former Maybrook
railroad for highway purposes over that portion
contiguous to the lands of SATELLITE;
e. On the tenth anniversary of this agreement and
collateral security mortgage absent appropriation
of funds by bond resolution or otherwise by the
County Legislature for the construction of a
highway over that portion of the former Maybrook
railbed contiguous to the lands adjacent to the
lands of SATELLITE.
THREE: Escrow Account: There shall be established an escrow
fund to be held and administered by the Comptroller of the Town of
Wappinger or any successor performing the equivalent functions .
Funds for the escrow account shall be the proceeds of any release
payments made by mortgagor as provided in (Paragraph Six, infra) .
All escrow deposits will be invested in the manner authorized for
investments by the Town. Any recommendation by SATELLITE as to the
manner of such investment consistent with such standard shall not
be unreasonably withheld. Interest shall be reinvested and shall
accrue to the escrow fund. SATELLITE shall have no right to
withdraw any funds or have access to any funds during the term of
this agreement, said escrow funds constituting additional
collateral for this Agreement.
In the event SATELLITE is released from this agreement because
of the occurrence of an event described in preceding paragraph Two,
the entire amount of the escrow account shall be paid to SATELLITE.
4
FOUR: Mortgage: As further collateral for the performance of
the obligations contained in this agreement, SATELLITE agrees to
give a collateral security mortgage encumbering real property
situated to the Town of Wappinger more particularly described in
Schedule A annexed hereto shall be encumbered and subject to the
obligations of this agreement and shall secure this agreement as
now exists and as will further exist in the future. The form of
the mortgage shall be that annexed hereto.
FIVE: Release of Mortgaged Premises : SATELLITE shall be
entitled to a release from the collateral security mortgage of any
portion or all of the mortgaged premises under the following terms
and conditions :
(i) The mortgaged lands remaining after release shall
have a market value equal to sixty percent of the
then construction costs of the connection road.
For the purpose of this release, there shall be
first credited against the then construction costs
the full amount of any escrow funds held pursuant
to the escrow provisions of this agreement. The
value of the mortgaged lands shall be established
by a market value appraisal conducted by the firm
of McGrath, Basciani & Associates, Inc. , and if
that firm is not in existence, the appraisal firm
commonly employed by the Bank of New York
(Poughkeepsie Division) for the appraisal of
commercial real estate. SATELLITE shall pay the
5
cost of such appraisal.
(ii) Construction costs at any time shall be determined
by multiplying the agreed 1995 construction cost of
$300,000 . 00 by the percentage increase in
construction costs over the 1995 construction cost
by using the percentage increase of the index of
construction costs, Construction Cost Index, as
published by the Engineering News Record over the
index of 5431 .55;
(iii) There shall be paid into the escrow account twenty-
five percent of the net proceeds of the selling
price of the parcel for which the release is
requested. Net proceeds shall be the gross selling
price for . an arms length transaction less the
allowance for the reasonable amount of the
following expenses : legal, engineering ( for
subdivision approval and related permits) , broker,
transfer taxes and expenses, real property taxes
accruing on the mortgaged premises since the last
release, and any other incidental expense of sale.
(iv) In the event the ratio of collateral as outlined in
subparagraph (i) if paragraph five cannot be
satisfied by a deposit of the release proceeds as
provided in preceding subparagraph (ii) SATELLITE,
to obtain a release, may elect to deposit in the
escrow account such additional proceeds or funds as
6
necessary to establish the amount of collateral as
provided in preceding sub-paragraph (i) of
paragraph five.
SIX: Default: The Town may declare SATELLITE in default of
this agreement and declare the full amount of the collateral
security agreement to be due and payable immediately upon any
event of default. The following are events of defaults : (a)
SATELLITE fails to commence construction of the road and
proceed diligently with such within sixty (60) days from the
commencement date set by the Town and to timely complete the
road; (b) SATELLITE fails to perform any other obligation of
this Agreement or collateral security mortgage.
SEVEN: Notice: Any notice shall be given to the parties by
letter mailed by both regular and certified mail and by facsimile
transmission as follows :
Satellite Investment
1400 Route 52
Hopewell Junction, New York 12533
Fax Number: (914) 897-2692
Telephone: ( 914) 897-2660
Town of Wappinger
20 Middlebush Road
Wappingers Falls, New York 12590
Fax Number: (914) 297-4558
Telephone: (914) 297-2744
EIGHT: Successors of SATELLITE: This Agreement shall be
binding upon the successors and assigns of Satellite.
NINE: Entire Agreement: This Agreement is intended to be the
entire agreement between the parties . All prior representations
and agreements are merged into this Agreement.
7
TEN: Priority: In the event it is determined that any
inconsistency exists between this Agreement and the Collateral
Security Mortgage, the provisions of this Agreement shall be deemed
controlling.
ELEVEN: Partial Invalidity: The invalidity of any provision
of this Agreement shall not affect the validity of any other
portion not determined by a court of competent jurisdiction to be
invalid.
IN WITNESS WHEREOF the parties have signed this agreement this
day of August 1995 .
SATELLITE INVESTMENT
BY:
STATE OF NEW YORK )
COUNTY OF DUTCHESS ) ss . :
On the day of , 1995, before me personally came
to me known, who, being by me duly
sworn, did depose and say that deponent resides at
; deponent is a Partner
of SATELLITE INVESTMENT, the Partnership described in and which
executed the foregoing instrument and said
acknowledged that _he executed the foregoing instrument on behalf
of said Partnership.
NOTARY PUBLIC
8
DRAFT August 23, 1995
COLLATERAL SECURITY MORTGAGE
This Mortgage, made as of the 28th day of August, 1.995 between
SATELLITE INVESTMENT (hereinafter "Mortgagor" ) , a New York general
partnership having its offices at 1400 Route 52, Hopewell Junction,
New York 12533 and the TOWN OF WAPPINGER (hereinafter "Mortgagee" )
a municipal subdivision of the State of New York with offices at 20
Middlebush Road, Wappingers Falls, New York 12590
WITNESSETH, that to secure the obligations of Mortgagor
pursuant to a "Road Construction Agreement" of the same date as
this mortgage, a copy of which is annexed hereto as Schedule B in
the amount of THREE HUNDRED THOUSAND DOLLARS and 00/100
( $300, 000 . 00) DOLLARS (which indebtedness for the purposes hereof
shall be referred to as the "Road Construction Agreement" ) , and all
other obligations and liabilities due or to, grow due to the
Mortgagee under the terms of this Mortgage and the Note, together
with all interest on the said indebtedness, obligations and
liabilities (all of the aforesaid are hereinafter collectively
referred to as the "Indebtedness" ) , the Mortgagor hereby pledges
and grants a security interest to the Mortgagee and hereby gives,
mortgages, grants, bargains, sells, warrants, conveys, aliens,
remises, releases , assigns, sets over and confirms to the
Mortgagee:
ALL that certain lot, piece or parcel or land or leasehold
estate more particularly described in Schedule "All annexed hereto
and by this reference made a part hereof (said land or leasehold
estate, together with the property and fixtures and other rights,
privileges and interest encumbered or conveyed hereby, are
hereinafter collectively referred to as the "Premises" ) .
TOGETHER with the buildings and improvements now or hereafter
located at the Premises and all right, title and interest, if any,
of the Mortgagor in and to the streets and roads abutting the
Premises to the center lines thereof, any strips and gores within
or adjoining the Premises, the air space and right to use said air
space above the Premises, royalties and all rights appertaining to
the use and the enjoyment of the Premises, including, without
limitation, alley, drainage, mineral, water, oil and gas rights .
TOGETHER with all right, title and interest of the Mortgagor
in and to all awards heretofore made or hereafter to be made for
the taking by eminent domain of the whole or any part of the
premises, or any estate or easement therein, including any awards
for change of grade of streets, all of which awards are hereby
assigned to the Mortgagee to be placed in an escrow account as
hereafter provided, which is hereby authorized to collect and
receive the proceeds of such awards and to give proper receipts and
acquittances therefor and the Mortgagee shall have the right and
1
option to apply such excess towards the payment of any sum owing on
account of this Mortgage, the Note and the indebtedness secured
thereby, notwithstanding the fact that such sum may not then be due
and payable.
TOGETHER with all fixtures and articles of personal property
and all appurtenances and additions thereto and replacements
thereof, owned by the Mortgagor and now or hereafter attached to,
contained in, or used in connection with the Premises or placed on
any part thereof, though not attached thereto, including, but not
limited to, all screens, awnings, shades, blinds, curtains,
draperies, carpets, rugs, furniture and furnishings, heating,
light, plumbing, ventilating, refrigerating, incinerating, and
elevator plants, stoves, ranges, vacuum cleaning systems, call
systems, sprinkler systems and other fire prevention and
extinguishing apparatus and materials, motors, machinery, pipes,
appliances, equipment, fittings and fixtures, and the trade name,
good will and books and records relating to the business operated
on the Premises . Without limiting the foregoing, the Mortgagor
hereby grants to the Mortgagee a security interest in all of the
Mortgagors 's present and future "equipment" and "general
intangibles" (as said quoted terms are defined in the Uniform
Commercial Code of the State wherein the Premises is located) and
the Mortgagee shall have, in addition to all rights and remedies
provided herein and in any other agreements, commitments and
undertakings made by the Mortgagor to the Mortgagee, all of the
rights and remedies of a "secured party" under the said Uniform
Commercial Code. To the extent permitted under applicable law, this
Mortgage shall be deemed to be a "security agreement" (as defined
in the aforesaid Uniform Commercial Code) . If the lien of this
Mortgage is subject to a security interest covering any such
personal property, then all of the right, title and interest of the
Mortgagor in and to any and all such property is hereby assigned to
the Mortgagee, together with the benefits of all deposits and
payments now or hereafter made thereon by the Mortgagor;
TOGETHER with all present and future leases, subleases and
licenses and any guarantees thereof, rents, issues and profits and
additional rents now or at any time hereafter covering or affecting
all or any portion of the Premises and all proceeds of, and all
privileges and appurtenances belonging or in any way appertaining
to the Premises, or any part thereof, and all other property
subjected or required to be subjected to the lien and/or security
interest of this Mortgage, including, without limitation, all of
the income, revenues, earnings, rents, maintenance payments , tolls,
issues, awards (including, without limitation, condemnation awards
and insurance proceeds) , products and profits thereof, which income
revenues, earnings, rents, maintenance payments, tolls, issues,
awards, products and profits are hereby expressly assigned with the
right to take and collect the same upon the terms hereinafter set
forth; and all the estate, right, title, interest and claim
whatsoever, at law and in equity, which Mortgagor now has or may
2
hereafter acquire in and to the Premises and every part thereof,
provided that so long as no event of default (as hereinafter
defined) shall have occurred and be continuing, all such income,
revenues, earnings, rents, maintenance payments, tolls, issues,
awards, products and profits shall remain with and under the
control of Mortgagor except as otherwise expressly provided herein
or in any other agreement between the Mortgagor and the Mortgagee.
TOGETHER with all unearned premiums accrued, accruing or to
accrue under insurance policies now or hereafter obtained by the
Mortgagor and all proceeds of the conversion, voluntary or
involuntary, of the Premises or any part thereof into cash or
liquidated claims, including, without limitation, proceeds of
hazard and title insurance and all awards and compensation
heretofore and hereafter made to the present and all subsequent
owners of the Premises by any governmental or other lawful
authorities for the taking by eminent domain, condemnation or
otherwise, of all or any part of the Premises or any easement
therein, including awards for any change of grade of streets .
AND the Mortgagor covenants with the Mortgagee as follows :
1. The Mortgagor will pay the Indebtedness as provided
herein and in the Road Construction Agreement.
2 . Omitted.
3 . The Mortgagor shall pay when due all taxes, water rates,
sewer rents and assessments and other charges against the Premises
or any part thereof within 350 days of the due date, and the
Mortgagor shall exhibit to the Mortgagee, within five (5) days
after the same shall have become due as provided herein, validated
receipts showing the payment of such taxes, assessments, water
rates, sewer rents and other charges which may be or become a prior
lien on the Premises . Should the Mortgagor default in payment of
any of the foregoing taxes, assessments, water rates, sewer rents
or other charges as provided in this agreement, the Mortgagee may,
but shall not be obligated to, pay the same or any part thereof and
the Mortgagor shall, on demand, reimburse the Mortgagee for all
amounts so paid, together with interest thereon at the rate
provided for in Paragraph "14" hereof.
4 . Without the prior written consent of the Mortgagee, the
Mortgagor shall not: (a) execute or permit to exist any lease of
all or a substantial portion of the Premises except for occupancy
by the lessee thereunder; (b) enter into any agreement whereby the
holder of any prior mortgage waives, extends or modifies any of the
terms of any prior mortgage; (c) cancel any lease affecting the
Premises except upon the default of the tenant thereunder; (d)
modify any lease affecting the Premises resulting in terms less
favorable than those existing as of the date hereof; or (e)
discount any rents or collect the same for a period of more than
3
one ( 1) month in advance. If the Premises or any part thereof is
located in the State of New York, reference is made to Section
291-f of the Real Property Law of the State of New York to
establish for the Mortgagee the rights and benefits provided
therein.
5 . The Mortgagor, within five (5) days upon request in
person or within ten ( 10) days upon request by mail, will furnish
a written statement, duly acknowledged, setting forth the amount
due on this Mortgage, the terms of payment and maturity date of the
Note, the date to which interest has been paid, whether any offsets
or defenses exist against the Indebtedness and, if any are alleged
to exist, the nature thereof shall be set forth in detail.
5 . Any notice, demand or request relating to any matter set
forth herein shall be in writing and shall be deemed effective when
mailed, postage prepaid, by registered or certified mail, return
receipt requested if given as provided in this mortgage.
7 . The Mortgagor warrants the title to the Premises and
warrants that it has full power and lawful power and lawful
authority to encumber the Premises in the manner and form herein
set forth.
8 . Omitted.
9 . The Mortgagor shall maintain the Premises in good repair,
shall comply with the requirements of any governmental authority
claiming jurisdiction within thirty (30) days after an order
containing such requirement has been issued by any such authority
and shall permit the Mortgagee to enter upon the Premises and
inspect the Premises at all reasonable hours and without prior
notice. The Mortgagor shall not, without the prior written consent
of the Mortgagee, threaten, commit, permit or suffer to occur any
waste, demolition or removal of the Premises of any part thereof,
provided, however, that fixtures and articles of personal property
may be removed if the Mortgagor concurrently therewith replaces
same with similar items of equal or greater value, free of any
lien, charge or claim of superior title.
10 . in the event of the passage after the date of this
Mortgage of any law of any governmental authority having
Jurisdiction deducting from the value of the land for the purpose
of taxation any lien thereon or changing in any way the laws for
the taxation of mortgages or debts secured by mortgages for
federal, state or local purposes, or the manner of the collection
of any such taxes, so as to affect this Mortgage, the Mortgagor
shall pay to the Mortgagee, on demand, all taxes, costs and charges
incurred by the Mortgagee as a result thereof.
4
11 . If any action or proceeding is commenced (except an
action to foreclose this Mortgage or to collect the Indebtedness) ,
to which action or proceeding the Mortgagee is made a party or in
which it becomes necessary to defend or uphold the lien of this
Mortgage, the Mortgagor, will, on demand, reimburse the Mortgagee
for all expenses incurred by the Mortgagee in any such action or
proceeding, including, without limitation, reasonable counsel
fees . In any action or proceeding to foreclose this Mortgage or to
recover or collect the Indebtedness, the provisions of law relating
to the recovering of costs, disbursements and allowances shall
prevail unaffected by this covenant.
12 . The Mortgagor will receive the advances secured hereby,
and will hold the right to receive such advances, as a trust fund
to be applied first for the purpose of paying the cost of the
improvements described in the Road Construction Agreement and the
Mortgagor shall apply all advances first for the purpose of paying
the cost of the improvements before using any part of such advances
for any other purpose. If the Premises or any part thereof is
located in the State of New York, the covenants of this paragraph
are made subject to and in compliance with the trust fund
provisions of Section 13 of the Lien Law of the State of New York.
13 . In the event of any default in the performance of any of
the terms, covenants or agreements herein contained, it is agreed
that the then owner of the Premises, if it is the occupant of the
Premises or any part thereof, shall immediately surrender
possession of the Premises so occupied to the Mortgagee, and if
such occupant is permitted to remain in possession, the possession
shall be as tenant of the Mortgagee and such occupant shall, on
demand, pay monthly in advance to the Mortgagee a reasonable rental
for the space so occupied and in default thereof, such occupant may
be dispossessed by the usual summary proceedings . The covenants
herein contained may be enforced by any receiver of the Premises or
any part thereof.
14 . Omitted.
15 . Omitted.
15 . The Mortgagor at the request of the Mortgagee shall
maintain records and accounts showing income and expenses in
operation of the Premises and within ninety (90) days after the
close of its fiscal year, the Mortgagor shall submit statements
reflecting financial balance sheets and profit and loss operating
figures . The Mortgagee reserves the right to require certified
statements should there be a default in the terms of the Mortgage.
17 . The Mortgagor agrees that, in the event the Premises is
sold and the Mortgagee enters into any agreement with the then
owner of the Premises extending the time payment of the
Indebtedness, or otherwise modifying the terms hereof, the
5
Mortgagor shall continue to be liable to pay the Indebtedness
according to the tenor of any such agreement unless expressly
released and discharged in writing by the Mortgagee.
18 . If the Premises, or any part thereof, is located in the
State of New York, then all covenants hereof shall be construed as
affording to the MortgAgee :rights additional to and not exclusive
of the rights conferred under the provisions of Sections 254, 271
and 272 of the Real Property Law of the State of New York, or any
other applicable law.
19 . The following shall constitute events of default under
this Mortgage: (a) failure to commence and complete construction of
the road as provided in the Road Construction Agreement or (b) in
the due observance or performance of any of the terms, covenants,
provisions or conditions of this Mortgage or the Road Construction
Agreement and such default shall have continued for a period of
thirty (30) days after written notice specifying such default and
demanding same be remedied shall have been given to the Mortgagor
by the Mortgagee, or (c) should any representations made herein
prove to be untrue, or (d) if a petition in bankruptcy, insolvency
proceeding or petition for reorganization shall have been filed
against the Mortgagor and same is not withdrawn, dismissed,
canceled or terminated with ninety (90) days, or (e) if the
Mortgagor is adjudicated bankrupt or insolvent or a petition for
reorganization is granted (without regard for any grace period
provided for herein) , or (f) if there is an attachment or
sequestration of any of the property of the Mortgagor and same is
not discharged or bonded within ten days, or (g) if the Mortgagor
files or consents to the filing of any petition in bankruptcy or
commences or consents to the commencement of any proceeding under
the Federal Bankruptcy Act or any other law, now or hereafter in
effect, relating to the reorganization of the Mortgagor or the
arrangement or readjustment of the debts of the Mortgagor, or (h)
If the Mortgagor shall make an assignment for the benefit of its
creditors or shall admit in writing its inability to pay its debts
generally as they become due or shall consent to the appointment of
a receiver, trustee or liquidator of the Mortgagor or of all or any
part of its property, or (i) if the Mortgagor or its directors,
stockholders, partners, trustees or members, as the case may be,
shall cause or institute any proceeding for the dissolution or
termination of the Mortgagor, or ( j ) if the Mortgagor further
assigns or encumbers the leases or rents of the Premises of any
part thereof without the prior written consent of the Mortgagee, or
(k) in the event of the condemnation, taking or purchase in lieu
thereof, of all or a material part of the Premises, or (1) if the
Mortgagor further mortgages, pledges or otherwise encumbers the
Premises or any part thereof or any interest therein, or (m) if the
Mortgagor sells, transfers, assigns, conveys or otherwise
alienates, whether occurring by a voluntary or involuntary act, by
operation of law, or otherwise the Premises or any part thereof or
any interest therein, or (n) if the Mortgagor is in default under
6
the provisions of any other agreement at any time executed by the
Mortgagor in favor of the Mortgagee.
20 . Upon the occurrence of any event of default hereunder. the
Mortgagee may take any such action, without notice or demand, as it
deems advisable to protect and enforce its rights against the
Mortgagor and in and to the Premises, including, but not limited
to, the following.; actions, each of which may be pursued
concurrently or otherwise, at such time and in such order as the
Mortgagee may determine, in its sole discretion, without impairing
or otherwise affecting the other rights and remedies of the
Mortgagee: (a) declare the entire unpaid Indebtedness to be
immediately due and payable; or (b) enter into or upon the
Premises, either personally or by its agents, nominees or
attorneys, and dispossess the Mortgagor and its agents and servants
therefrom, and thereupon the Mortgagee may (i) use, operate,
manage, control, insure, maintain, restore and otherwise deal with
all and every part of the Premises and conduct the business
thereat; (ii) complete any construction on the Premises in such
manner and form as the Mortgagee deems advisable; (iii) make
alterations, additions, renewals, replacements and improvements to
or on the Premises; (iv) exercise all rights and powers of the
Mortgagor with respect to the Premises, either in the name of the
Mortgagor or otherwise, including without limitation, the right to
make, cancel, enforce or modify leases, obtain and evict tenants,
and demand, sue for, collect and receive all earnings, revenues,
rents, issues, profits and other income of the Premises and every
part thereof; and (v) apply the receipts from the Premises to the
payment of the Indebtedness, after deducting therefrom, all
expenses incurred in connection with the aforesaid operations and
all amounts necessary to pay the taxes, assessments, insurance and
other charges in connection with the Premises; as well as just and
reasonable compensation for the services of the Mortgagee, its
counsel, agents and employees as provided in the Road Construction
Agreement; (c) institute proceedings for the complete foreclosure
of this Mortgage in which case the Premises may be sold in one
parcel; or (d) with or without entry, to the extent permitted and
pursuant to the procedures provided by applicable law, institute
proceedings for the partial foreclosure of this Mortgage for the
portion of the Indebtedness then due; and payable, subject to the
continuing lien of this Mortgage for the balance of the
Indebtedness not then due; or (e) sell the Premises or any part
thereof and all estate, claim, demand, right, title and interest of
the Mortgagor therein and right of the redemption thereof, pursuant
to power of sale or otherwise, at one or more sales, as an entity
or in parcels, at such time and place, upon such terms and after
such notice thereof as may be required or permitted by law, and in
the event of a sale, by foreclosure or otherwise, of less than all
of the Premises, this Mortgage shall continue as a lien on the
remaining portion of the Premises; or ( f) institute an action, suit
or proceeding in equity for the specific performance of any
covenant, condition or agreement contained herein or in the Note;
7
or (g) recover judgment on the Note either before, during or after
any proceedings for the enforcement of this Mortgage; or (h) apply
for the appointment of a trustee, rete.Iver, liquidator or
conservator of the Premises, without regard for the adequacy of the
security for the Indebtedness and without regard for the solvency
of any person, firm or other entity liable for the payment of the
Indebtedness; or (i) pursue such other remedies as the Mortgagee
may have under applicable law. Upon the sale of the Premises or any
part thereof under the power of sale herein granted, or as a result
of judicial proceedings or a judgment or decree of foreclosure, the
Mortgagee may bid for and acquire the Premises or any part thereof,
and credit against the Indebtedness the net sales price thereof
after deducting therefrom all expenses of the sale and proceedings
in connection therewith and all other items which mortgagee is
authorized to deduct under this Mortgage, the Note and applicable
law. The Mortgagee and any receiver of the Premises or any part
thereof shall be liable to account for only those rents, issues and
profits actually received by it.
21. Omitted.
22 . Omitted.
23 . Omitted.
24 . Omitted.
25 . The Mortgagor agrees to bear and pay all expenses
(including reasonable attorney's fees for legal services of every
kind) of or incidental to the enforcement of any provision hereof,
or the enforcement, compromise, or settlement of this Mortgage or
the Indebtedness, and for the curing thereof, or defending or
asserting the rights and claims of the Mortgagee in respect
thereof, by litigation or otherwise, and all such expenses incurred
by the Mortgagee shall be part of the Indebtedness . All rights and
remedies of the Mortgagee shall be cumulative'° and may be exercised
singly or concurrently. Notwithstanding anything herein contained
to the contrary, the Mortgagor hereby waives trial by jury and
further waives the right to interpose any defense, setoff or
counterclaim whatsoever to any action brought by the holder of this
Mortgage to enforce its rights hereunder.
26 . Omitted.
27 . Omitted.
28 . All awards and compensation payable to the Mortgagor as
a result of any condemnation or other taking or purchase in lieu
thereof, of the Premises or any part thereof; are hereby assigned
to and shall be paid to the Mortgagee to be placed in the escrow
fund as provided in this mortgage. The Mortgagor hereby authorizes
the Mortgagee to collect and receive such awards and compensation,
8
to give proper receipts and acquittances therefor and to apply the .
same toward the payment of the Indebtedness, notwithstanding the
fact that the Indebtedness may not then be due and payable. In the
event that any portion of condemnation awards or compensation shall
be used to reduce the Indebtedness, same shall be applied to the
then unpaid installments of principal due under the Note in the
inverse order of their maturity, such that regular payments under
the Note shall be not reduced or altered in any manner. The
Mortgagor, upon request by the Mortgagee, shall make, execute and
deliver any and all assignments and other instruments sufficient
for the purpose of assigning the aforesaid awards and compensation
to the Mortgagee free and clear of any liens, charges or
encumbrances of any kind or nature whatsoever. The Mortgagee shall
not be limited to the interest paid on the proceeds of any award or
compensation, but shall be entitled to the payment of interest by
the Mortgagor at the applicable rate provided for herein or in the
Note.
29 . The Mortgagee shall have the right to appear in and
defend any action or proceeding, in the name of and on behalf of
the Mortgagor which the Mortgagee, in its discretion, feels may
adversely affect the Premises or this Mortgage and the Mortgagee
shall also have the right to institute any action or proceeding
which the Mortgagee, in its discretion, feels should be brought to
protect its interest in the Premises or its rights hereunder.
30 . The Mortgagor covenants and represents that the Premises
have not been damaged by fire or other casualty.
31 . In the event that the Premises or any part thereof
exhibits a structural flaw or defect at any time during the term of
this Mortgage, the Mortgagee shall have the right to require, at
the Mortgagor's expense, a review of the Premises by an independent
professional engineer for the purpose of determining what work, if
any, must be done by the Mortgagor to correct such defects or
flaws. The Mortgagor agrees, upon notice from the Mortgagee of the
work to be done, to promptly correct such defects or flaws.
32 . The Mortgagor covenants that the water and/or sewer
system(s) which presently service or is intended to service the
premises, if not publicly owned, is owned in fee by the Mortgagor
and constitute part of the Premises free and clear of all prior
liens and encumbrances .
33 . The Mortgagor will execute and deliver to the Mortgagee
such other and further documents as the Mortgagee may require to
confirm, perfect and protect the lien of this Mortgage on the
Premises and in, and to any personal property described herein.
34 . That, in the event the Premises are presently or in the
future identified as lying within a flood hazard area, the
Mortgagor shall procure and maintain a policy of flood insurance
9
issued by the 'United States Government in an amount not less than
the Indebtedness secured by this Mortgage, or the maximum amount of
such insurance that is available in respect of the Premises, if
less, if, and so long as, such insurance is then available in
respect of the Premises . Said insurance policy shall name the
Mortgagee as an additional insured under the standard mortgagee
clause.
35 . In the event the Mortgagor is a corporation, the
Mortgagor, on an annual, basis and/or on the request of the
Mortgagee, shall submit a statement, certified by the Secretary or
Treasurer, that shall set forth the stockholders of the Mortgagor,
the number of shares they own and their respective percentage of
ownership.
36 . In the event the Mortgagor is a partnership, the
Mortgagor shall submit a statement in writing to the Mortgagee on
an annual basis and or on the request of the Mortgagee certified by
each of the partners of the Mortgagor that shall set forth the name
of each partner of the Mortgagor (or its successor) and each
partners ' respective percentage of ownership.
37 . The Mortgagor will not claim or demand or be entitled to
any credit or credits against the Indebtedness for so much of the
taxes assessed against the Premises, or any part thereof, as is
equal to the tax rate applied to the amount due on this Mortgage or
any part thereof, and no. deductions shall otherwise be made or
claimed from the taxable value of the Premises, or any part
thereof, by reason of this Mortgage or the Indebtedness secured
hereby.
38 . This Mortgage cannot be modified or discharged orally and
no executory agreement shall be effective to modify or discharge it
in whole or in part, unless it is in writing and signed by the
party against whom enforcement of the modification or discharge is
sought. Failure by the Mortgagee to exercise any right, remedy or
option under this Mortgage or any other agreement between the
Mortgagor and the Mortgagee, or delay by the Mortgagee in
exercising the same, will not operate as a waiver of any such
right, remedy or option or any right remedy or option on any future
occasion; no waiver by the Mortgagee will be effective unless it is
in writing and then only to the extent specifically stated, and,
without limiting the generality of the foregoing, any payment by
the Mortgagee for insurance premiums, taxes, assessments, water
rates, sewer rentals or other charges affecting the Premises, or
payments made by the Mortgagee relating to obligations of the
Mortgagor in connection with a lien superior to the lien of this
Mortgage, shall not constitute a waiver of the Mortgagor' s default
in making said payments and shall not obligate the Mortgagee to
make any such payments thereafter.
10
39 . The provisions and covenants of this Mortgage shall run
with the land, shall be binding upon the Mortgagor and shall inure
to the benefit of the Mortgagee, subsequent holders of this
Mortgage and their respective successors and assigns . For the
purpose of this Mortgage, the term "Mortgagor" shall mean the
Mortgagor named herein, any subsequent owner of the Premises, and
their respective heirs, executors, legal representatives,
successors and assigns . If there is more than one Mortgagor, all
their undertakings hereunder shall be deemed joint and several .
40 . The validity and enforceability of this Mortgage and all
transactions and questions arising hereunder, shall be construed
and interpreted according to the laws of the State of New York.
Whenever possible, each provision of this Mortgage shall be
interpreted in such manner as to be effective and valid under
applicable law, but if any provisions of this Mortgage shall be
prohibited by or invalid under applicable law, such provisions
shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remaining provisions of this
Mortgage. Nothing in this Mortgage, the Note or in any other
agreement between the Mortgagor and the Mortgagee shall require the
Mortgagor to pay, or the Mortgagee to accept, interest in an amount
which would subject the Mortgagee to penalty under applicable law.
In the event that the payment of any interest due hereunder or
under the Note or any such other agreement would subject the
Mortgagee to penalty under applicable law, then ipso facto the
obligation of the Mortgagor to make such. payment shall be reduced
to the highest rate authorized under applicable law without
penalty.
41 . Omitted.
42 . The Mortgagee reserves the right but shall not be
obligated to enter upon the Premises to correct any deferred
maintenance which in its opinion jeopardizes the security for the
Indebtedness . The Mortgagee may take such action only after written
notice and demand has been made by it or its agents upon the
Mortgagor to correct such deficiencies and the Mortgagor shall
thereafter fail to correct same. Any sums so expended by the
Mortgagee shall be added to the amount of indebtedness . Such sums
until repaid shall be secured by this Mortgage and if not paid as
provided for above such sums shall bear interest at nine (9$)
percent per annum.
43 . The Mortgagor agrees that it will not incur any secondary
financing in any form whatsoever which may affect the Premises
without the written approval of the Mortgagee.
44 . Omitted.
45 . Omitted.
11
46 . The Mortgagor shall . keep true and complete records
pertaining to its acquisition of title to the Premises, all
subsequent transfers of any interest therein or any part thereof
and all changes in the controlling interest (by way of changes in
stock ownership, capital, profits, beneficial interest or
otherwise) in Mortgagor or any related entity which may hereafter
own and/ or acquire title to the Premises, including, but limited
to, a copy of the contract of sale, title report, deed, closing
statement, transferor' s affidavit, questionnaire or return,
statement of tentative assessment and any other notices or
determinations of tax received from the New York State Department
of Taxation and Finance, transferor's supplemental return, the date
and cost of all "capital improvements" made to the Premises or any
part thereof and evidence of the payment of any real property
transfer gains tax imposed by reason of Article 31-B of the Tax Law
and the filing of all reports and any other information or
documentation required by the New York State Department of Taxation
and Finance by reason of said Article or any regulations
promulgated thereunder. All such records shall be made available to
Mortgagee or its representatives for inspection from time to time
at Mortgagee' s request.
If any real property transfer gains tax shall be due and
payable upon the conveyance of the Premises pursuant to a judicial
sale in any Foreclosure Action or by deed in lieu of foreclosure,
Mortgagor shall, at Mortgagee's request (a) provide Mortgagee or
its representatives with a copy of all such records and will
prepare, execute, deliver and file any affidavits, questionnaires,
returns or supplemental returns required of Mortgagor, as
transferor, including, but not limited to a statement in affidavit
form as to the "original purchase price" of the Premises and the
cost of all "capital improvements" made to the Premises or any part
thereof by Mortgagor or any related entity and the date or dates on
which such improvements were made and (b) pay or cause to be paid
any real property transfer gains tax, together with any interest
and penalties thereon, which may be due and payable by reason of
such conveyance. Mortgagor hereby appoints Mortgagee . its true and
lawful agent and attorney--in--fact (which appointment shall be
deemed to be an agency coupled with an interest) , with full power
of substitution, to prepare, execute, deliver and file on its
behalf any and all affidavits, questionnaires, returns and
supplemental returns which Mortgagor, as transferor, has failed or
refused to execute and deliver to Mortgagee or its representatives
within ten ( 10) days after notice and request therefor by
Mortgagee.
47 . Omitted.
48 . Omitted.
49 . Omitted.
12
50 . Omitted.
51 . Omitted.
52 . Nothing in this Paragraph shall ever be construed as
subordinating this Mortgage to any Lease.
53 . Omitted.
54 . Omitted.
55. Omitted.
56 . Omitted.
57 . Omitted.
58 . Omitted.
59 . This Mortgage is also made pursuant to a certain loan
agreement (the "Loan Agreement") between the Mortgagor and
Mortgagee of even date herewith and is subject to all of the terms
and provisions of the Loan Agreement as if they were fully set
forth herein and made a part of this Mortgage. It is expressly
agreed that the entire Indebtedness then secured by this Mortgage
shall, at the option of the Mortgagee, become due on the happening
of any defaults or event by which under the terms of said Loan
Agreement amounts thereunder shall become due and payable.
60 . The Indebtedness may be prepaid at any time without
penalty.
61 . The Mortgagor acknowledges that it has received a true
copy of this Mortgage.
62 . Release: SATELLITE shall be entitled to a release from
the collateral security mortgage of any portion or all of the
mortgaged premises under the following terms and conditions :
(i) The mortgaged lands remaining after release shall
have a market value equal to sixty percent of the
then construction costs of the connection road.
For the purpose of this release, there shall be
first credited against the then construction costs
the full amount of any escrow funds held pursuant
to the escrow provisions of this agreement. The
value of the mortgaged lands shall be established
by a market value appraisal conducted by the firm
of McGrath, Basciani & Associates, Inc. , and if
that firm is not in existence, the appraisal firm
commonly employed by the Bank of New York
(Poughkeepsie Division) for the appraisal of
13
commercial real estate. SATELLITE shall pay the
cost of such appraisal .
(ii) Construction costs at any time shall be determined
by multiplying the agreed 1995 construction cost of
$300,000.00 by the percentage increase in
construction costs over the 1995 construction cost
by using the percentage increase of the index of
construction costs published by the Engineering
News Record Construction Cost Index over the index
of 5431.55;
(iii) There shall be paid into the escrow account twenty-
five percent of the net proceeds of the selling
price of the parcel for which the release is
requested. Net proceeds shall be the gross selling
price for an arms length transaction less the
allowance for the reasonable amount of the
following expenses : legal, engineering (for
subdivision approval and related permits) , broker,
transfer taxes and expenses, real property taxes
accruing on the mortgaged premises since the last
release, and any other incidental expense of sale.
(iv) In the event the ratio of collateral as outlined in
subparagraph (i) if paragraph five cannot be
satisfied by a deposit of the release proceeds as
provided in preceding subparagraph (ii) SATELLITE,
to obtain a release, may elect to deposit in the
escrow account such additional proceeds or funds as
necessary to establish the amount of collateral as
provided in preceding sub-paragraph (i) of
paragraph five.
In the event SATELLITE is released from this agreement because
of the occurrence of an event described in preceding paragraph Two,
the entire amount of the escrow account shall be paid to SATELLITE.
63 . Escrow: There shall be established an escrow fund to be
held and administered by the Comptroller of the Town of Wappinger
or any successor performing the equivalent functions . Funds for
the escrow account shall be the proceeds of any release payments
made by mortgagor as provided in (Paragraph Six, infra) . All
escrow deposits will be invested in the manner authorized for
investments by the Town. Any recommendation by SATELLITE as to the
manner of such investment consistent with such standard shall not
be unreasonably withheld. Interest shall be reinvested and shall
accrue to 'the escrow fund. SATELLITE shall have no right to
withdraw any funds or have access to any funds during the term of
this agreement, said escrow funds constituting additional
collateral for this Agreement.
14
IN WITNESS WHEREOF, this Mortgage has been duly executed by
the Mortgagor as of the day and year first above written.
SATELLITE INVESTMENTS
By:
STATE OF NEW YORK )
COUNTY OF DUTCHESS )ss :
On the day of August , 1995, before me personally came
to me known, who, being by me
duly sworn, did depose and say that he resides at
; that he is the of
SATELLITE INVESTMENTS, the corporation described in and which
executed the foregoing instrument; that he knows the seal of said
corporation; that the seal affixed to said instrument is such
corporate seal; that it was so affixed by authority of the Board of
Directors of said corporation; and that he signed his name thereto
by like authority.
Notary Public
15
ti;;s r
GR
AY, RAILING
ENGINEERING & SURVEYING, P.G.
1369 Route 9 - Wappingers Falls,N.Y. 12590-4453 - 914 297-9435 - FAX 297-0252
36 Millon Ave.(12te.9W) - f lig;hl incl, N.Y. 12528-1724 - 914-691-9435
October 31 , 1991
Description
Drainage Easement VI
Airport Drive
Town of Wappinger
All that lot, parcel or piece of land situate in the
Town of Wappinger, County of Dutchess, and State of New
York and bung a Drainage Easement as shown on the record
plan "Airport Drive, " filed with. the Town of Wappinger,
County of Dutchess, State of New York and being more
particularly described as follows :
Beginning at a point on the Northerly line of Airport
Drive, said point of beginning being located on a curve to
the right having a radius of 1065 . 00 feet, an arc distance
of 381 . 04 feet as described by the chord North 68-40 ' -35"
East 379 . 01 feet from a monument set; thence from said
point of beginning and through lands now or formerly W.B.
Nelson Construction, Inc. bein Parcel B the following
three ( 3 ) courses and distances ; North 10-32 " -36" West
18 . 08 feet; thence North 79-27 ' -24" East 20 . 00 feet;
thence South 10-32 " -36" East 18 . 08 feet to the Northerly
line of Airport• Drive; thence along said line on a curve
to the left having a radius of 1065 . 00 feet, an arc
distance of 20 . 00 feet as described by the chord South
79-27 " -51" West 20 . 00 feet to the point of beginning.
Subject to any other right-of-way, easement, covenant,
or restriction of record.
Project Number: 88 ; 181
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DUTCHESS COUNTY CLERK RECORDING PAGE
RECORD & RETURN TO:
RECORDED: 02/23/93
ALBERT P ROBERTS
75 WASHINGTON STREET AT: 10:50:50
k POUGHKEEPSIE NY 12601
COUNTY CLERK: # 1114
5
RECEIVED FROM: POUGHKEEPSIE ABSTRACT
GRANTOR: WB NELSON CONSTRUCTION INC
GRANTEE: WAPPINGER TOWN OF
Y RECORDED IN: DEED TAX
INSTRUMENT TYPE: EASE DISTRICT: WAPPINGER
t EXAMINED AND CHARGED AS FOLLOWS:
RECORDING CHARGE: 33 . 00 NUMBER OF PAGES: 5
4
TRANSFER TAX AMOUNT:
TRANSFER TAX NUMBER: }}
�1
E & A FORM: N
TP-584: MAR 3 1 Imo# �
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COUNTY CLERK BY: VLD
RECEIPT NO: R07660
WILLIAM L. PARD I, JR.
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i
1" ENGINEERING & SURVE'YING, P.C.
1369 Rowe
Wappingers
Fall . 90-4,453 - 914 297-94.3 5 -- FAX 297.0212
36 Millon ve,12teN.Y.
.1id,
N.Y. 12528-1721 - 91.4.691-9135
�r
October 31 , 1991
Description
Drainage Easement I k
Airport Drive
Town of Wappinger 4.
All that lot, parcel or piece of land situate in the x;
Town of Wappinger, County of Dutchess , and State of New
York and being a Drainage Easement as shown on the record
plan "'Airport Drive, " filed with the Town of Wappinger,,
County of Dutchess , State of New York and being more
particularly described as follows :.
Beginning at a monument set marking the Easterly line
of New York State Route 376 with the Northerly line of
Airport Drive; thence from said point of beginning and
along the Easterly line of said New York State Route 376
j North 01130 ' -20" West 176 . 01 feet; thence through Parcel. A
lands now or formerly Satellite Investments , the following
two ( 2 ) courses and distances North 88-29 " -40" East
30 . 00 feet; thence South 01-30 " -20" East 201 . 00 feet;
thence South 88-22 " -27 " West 4 . 95 feet to a monument set
at a point of curvature; thence on a curve to the right
having a radius of 25 . 00 feet, an arc distance of 39 .. 32
feet as described by the chord South 46-33 " -56" East 35 . 39
feet to the point of beginning.
Subject to any other right-of-way, easement, covenant,
or restriction of record.
J. Project Number; 88 . 181
F,
01 H�hl MATERIAL
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Cl7Pv'SUL71rv�, I.'NGINEE'R " 1-r1PJP�15C1(���t?'C�1:5 - (1JV1R4��1f4'tEN7/1L CC?lVSCJLTr1l�1T5 '
' RESIDENTIAL & COMMERCIAL BUILOING OESICrNE S • LANO PLANNERS
1
GRAY, RAILING & HEINSIVIAN
°. ENGINEERING & SURVEYING, P.C. ;
— 1369 Routed 9 • Wappingers Falls,N.Y. 12590-4453 • 91,1 29Z-943S • FAX 297-01212
36 Milton Ave. Wle,9WV) • I lighland,N.Y, 12528-1724 • 914-691-911:55 'r
October 31, 1991
'Y
Description
Drainage Easement IT
Airport Drive
" Town of Wappinger
All that lot, parcel or piece of land situate in the
Town of Wappinger, County of Dutchess, and State of New
York and being a Drainage Easement as shown on the record
plan "airport Drive, " filed with the Town of Wappinger,
County of Dutchess, State of New York and being more
particularly described as follows :
Beginning at a point on the Northerly line of Airport
Drive said point of beginning being
located the fallowing
three (3) courses and distances from a monument set North
88-22 " -27 "' Nast 236 . 11 feet; thence South 88-19 ' -34 " East
156 . 36 feet; thence North 88-221 -27 " East 33 . 96 feet;
thence from said point of beginning and through lands now
or formerly Satellite Investments, ,Parcel A the following ;.
three ( 3 ) courses and. distances North 39-34 " -29" West
12 . 98 feet; thence North 50-25 ' --31." East 3€ - 00 feet;
thence South 39--34 ' -29 " East 36 . 38 feet to the Northerly
line of Airport Drive; thence along said line South
88--22 ' -27 " West 38 . 04 feet to the point of beginning.
Subject to any other right-of-way, easement, covenant,
or restriction of record.
Project Number: 88 : 181
CSI E1R S, NMTE VARIATI0"`I 'N ;SPE (DF?
111&°R VAAFEFUN, E.40,1E AS lel QRG10AL,
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1
CONSUL CNGlNfCI�S • LAND SUf%V1-Y0RS • ENVIRONMENTAL CONSULTANTS
RLSIOCNTIAL & CC.7r'r1MERCIlU 8UILOING DESIGNERS • LAND PLANNERS
GRAY, RAILING & HEINSMAN
ENGINEERING & SURVEYING, P.G.
1369 Routes 9 - Wappingers Falls, N.Y. 12590.4°153 - 91-1 297-9435 • FAX 297-0212
36 Milton Ave,(Ric.9W) Ilii lfl:ind,N.Y, 125213-1721 • 914-691'-9435
October 31 , 1991
Description
Drainage Easement III
Airport Drive
'own of Wappinger
All that lot, parcel or piece of land situate in the.
Town of Wappinger, County of Dutchess, and State of New
York and being a Drainage Easement as shown on the record
plan "Airport drive, " filed with the Town of Wappinger, ,
County of Dutchess, State of New York: and being more
particularly described as follows :
Beginning at a point on the Northerly line of Airport
Drive, said point of beginning being located the following
three ( 3 ) courses and distances from a monument set on a
curve to the left having a radius of 580 , 00 feet, an arc
distance of 318 . 13 feet as described by the chord South
42-4 ' -48" West 314 . 16 feet to a point of tangency; thence
on the tangent South 27-001 -00 West 224 . 62 feet to a
point of curvature, thence on a curve to the right having
a radius of 470 . 00 feet, an arc distance of 275 . 17 feet as
described by the chord. South 43-46 ' -20" Went 271 . 25 feet;
thence from said point of beginning and continuing along ?
the Northerly line of said Airport Drive on a curve to the
right having a radius of 470 . 00 feet, an are distance of
20 . 02 feet as described by the chord South 61-45 ' -52" West
20 . 01 feet; thence through lands of Satellite Investments
Parcel A the remaining three courses and distances : North
26-10 ' -14" West 19 . 74 feet; thence North 63-491 -46" 'East
20 . 00 feet; thence South 26-10 ' -14" East 19 . 02 feet to the
point of beginning.
Subject to any other right-of-way, easement, covenant,
or restriction of record.
Project Number: 88 : 181 r I r, P�' "P , ��. Is ; T�':"F , �, 1,
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CONSULTING ENGINEERS • LANO SURVEYORS • ENVIRONMENTAL CONSULTANTS
RESIDENTIAL & COMMERCIAL BUILOINCP OESIGNE S . LANO PLANNERS " '
G & HEINSMAN
ENGINEERING & SURVEYING, P.C.
k3G9 —Ouse 9 - Wappingers falls, N.Y. 12590-4453 • x)14 217-9435 a FAX 297.0212
36 Milton Ave.(Rte.9W) • I S1p;,lil tad, N,Y. 12528-1724 - 914.691-9435
October 31 , 1991
Description
Drainage Casement IV
Airport Drive
'down of Wappinger
All that lot, parcel or piece of land situate in the
'own of Wappinger, County of Dutchess, and State of New
York and being a Drainage Casement as shown on the record
plan "Airport Drive, " filed with the 'Town of Wappinger,
County of Dutchess, State of New York and being more
particularly described as follows :
Beginning at a monument set on the. Northerly line of
Airport Drive; thence from said point of beginning and
'
along the Northerly line of Airport Drive South 58-25 ' -36"
f, West 15 . 52 feet; thence through lands of Satellite
Investments, Parcel A the following three ( 3 ) courses and
" distances : North 31-07 ' -16" West 19 . 77 feet; thence North
58-52 ' -44" Cast 20 . 00 feet; thence, South 31-07 " -16" Cast
19 . 62 feet to the Northerly line of Airport Drive; thence
along said line on a curve to the left having a radius of
1065 . 00 feet, an arc distance of 4 . 48 feet as described by
the chord South 58-32 ' -50" 'West 4 . 48 feet to the point of
beginning.
Subject to any other right--of-way, easement, covenant,
or restriction of record.
' Project Number:. 88 :181 '
0 T f pE N1A 1 El1R A,L, "S PV� E A'S �d l 0FRI
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CONSULTING ENGINEERS • LAND SUR VEY'ORS • ENVIRONMENTAL CONSULTANTS
RESIDENTIAL & COMMERCIAL BUILDING DESIGNERS . LAND PLANNERS
t .
RAT RAILING & HEINSMAN
ENGINEERING & SURVEYING, P.C.
1369 Route 9 • Wappingers Falls,N.Y. 12590-4453 • 914 29?-9435, * FAX 297-0212
36 Milton Ave.(Ric.9W) . I lighlancl,N,Y. 12528-1724 * 914-691-9435
a
October 31, 1991
Description
Drainage :Easement V ;r
i Airport give.
Town of Wappinger
All that lot parcel or
i , p piece of land situate in the ,
Town of Wappinger. County of Dutchess, and State of New
York and being a Drainage Easement as shown on the record
plan "Airport Drive, " filed with the: Town of Wappinger,
County of Dutchess, State of New York and being more
particularly described as follows :
Beginning at a point on the Southerly line of Airport
Drive, said point of beginning being located the following
two (2 ) courses and distances from a monument set: on a
curve to the right having a radius of 520 . 00 feet, an arc
distance of 285 . 22 feet as described by the chord North
42-42 ' -48" East 281 . 66 feet to a point of tangency; thence
on the tangent North 58-25 ° -36" East 820 . 45 feet; thence
from said point of beginning and continuing along the
Southerly line of Airport Drive the following two (2 )
courses and distances : North 58-25 -36" East 15 . 99 feet '
to a point of curvature; thence on a curve to the right
Y having a radius of 1005 . 00 feet, an arc distance of 4 . 01 `;
feet as described by the chord North 58-32 ' -27 " East 4 . 01 `§
feet; thence through lands of Satellite Investments,
Parcel 2 the remaining three ( 3 ) courses and distances :
South 31-07 ' -16" East 21 . 26 feet; thence South 5852 ' -44"
West 20 . 00 feet; thence North 31-07 ' -16" West 21 . 11. feet
to the point of beginning.
Subject to any other right-of-way, easement, covenant, ,
or restriction of record.
Project Number: 88 : 181
PK) K 'v 41 d�q fil4"k°�l 1;'I a YpE 11-1
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CONSULTING ENGINEERS * LAND SU VI_-YOi S • ENVIRONMENTAL CONSULTANTS
RESIDENTIAL & COMMERCIAL BUILOING .DESIGNERS . LAND PLANNERS
GRAY, RAILING & HEINSIVIAN
ENGINEERING & SURVEYING, P.C.
r 1369 Route 9 Wappingers Falls,N.Y. 12590-4-153 • 914 297-9435 w FAX 297.0212
1
3G Millan Ave.1R1e..9Wy » Highland,N.Y. 12528-172,1 . 914.091-9435
;k
rfs,
October 31 , 1991
!" Revised November 12, 1991
Description
Drainage Easement VII
Airport Drive
Town of Wappinger
All that lot, parcel or piece of land situate in the
Town of Wappinger, County of Dutchess, and State of New
York and being a Drainage Easement as shown on the record
plan "Airport Drive, " faded with the Town of Wappinger,
County of Dutchess, State of New York and being more
particularly described as follows :
Beginning at a point on the Southerly line of Airport
Drive, said point of beginning being located the following
three ( 3 ) courses and distances from a monument set: on a
curve to the right having a radius of 520 . 00 feet, an arc
distance of 285 , 22 feet as described `by the chord North
42-42 ' --48" East 281 . 66 feet to a point of tangency; thence
on the tangent North 58-251 -36" East 336 . 44 feet to a
point of curvature; thence on a curve to the right having
a radius of 1005 . 00 feet, an arc distance of 359 . 02 feet
as described by the chord Forth 68-39 " --38" East 357 .. 11
feet; thence from said point of beginning and continuing
along the Southerly line of Airport Drive on a curve to
the right having a radius of 1005 . 00 feet, an arc distance
of 20 . 00 feet as described by the chord North 79-27 ' --51"
East 20 . 00 feet; thence through lands now or formerly
Satellite Investments, parcel 3 the remaining three ( 3)
courses and distances : South 10-32 " -36" East 16 . 47 feet;
thence South 79-27 " -24 " West 20 . 00 feet; thence North
10-32 '36" West 16 . 47 feet to the point of beginning...
j Subject to any other right-of-way, easement, covenant,
or restriction of record.
Project Number: 88 : 181
"
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CONSULTING ENGINEERS • LAND SU'VES 'O S • E=NVIRONMENTAL CONSULTANTS
RESIOENTIAL S. COMME.l'C:IAL BUILDING; D SIGNS S * LAND PLANNERS
f
RAILING & 1 A
ENGINEERING & SURVEYING, P.C.
d.
1369 Route 9 * Wappingers falls,N.Y. 1'2590-4453 • 914 297-9435 • FAX 297-0212
36 Milton Ave.(late. TW) • Highland,MY. 12S28-1724 • 91'4-691-9435
October 31, 1991
Description
Drainage Easement VIII
Airport drive
' Fawn of Wappinger
" All that lot, parcel or piece of land situate in the
9 "Down of Wappinger, County of dutchess, and State of New
York and being a drainage Easement as shown on the record
plan "Airport drive, " filed with the "Pawn of Wappinger,
County of dutchess , State of New York and being more
a,
particularly described as follows :
i1
Beginning at a point on the Southwesterly line of
Airport Drive, said point of beginning being located the
following two ( 2 ) courses and distances from a monument
set: North 64-091 -25" West 143 . 76 feet to a point of
curvature;. thence on a curve to the left having a radius
." of 820 . 00 feet, an arc distance of 64 . 26 feet as described
by the chord South 66-24 ' -09°" Easf 64 . 2.5 feet; thence from
said paint of beginning and through lands now or formerly
Satellite Investments, Parcel 3 the following three
' courses and distances : South 16-45 ' --37 " West 15 . 26 feet;
thence North. 73-14 " -23" West 20 . 00 feet; thence North
16--45 " -37" Nast 16 . 62 feet to the Southwesterly line of
Airport Drive; thence along said line on a curve to the
right having a radius of 820 , 00 feet, an arc distance of
20 , 05 feet as described by the chord South 69-20 " -52" East
20 . 05 feet to the point of beginning.
r' Subject to any other right-of-way, easement, covenant,
' or restriction of record.
Project Number: 88 : 181
�7.
01 H_kl iii^ 0R1a.,PtiAi
s
CONSULTING ENGINEERS • LAND SURVEYORS - ENVIRONMENTAL CONSULTANTS
RESIDENTIAL & COMMERCIAL BUILDING DESIGNERS - LAND PLANNERS
STATE OF NEW YORK }
)SS. .
COUNTY OF DUTCHESS }
On the I(i day of December, 1991, before me personally came Frank
Buyakowski and Margaret Godbout to me known, who being by me duly
sworn, did depose and say that they reside in Poughquag, New York;
that they are general partners of Satellite Investments, a New York
,-
5L2General Partnership; that they had authority to execute the
fore oin instrument; that the acknowledged to me that the
` executedt he same as such partners of Satellite Investments, in the
name of which and on behalf of which, the foregoing instrument was
so executed by them, and that said execution thereof is hereby
acknowledged as the act and- deed of Satellite Investments .
Notary Public
[DANIEL F. CURTIN
Notary Public,State of New York
Qualified in Dutchess County
Commission Expires rg3rj�/
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DUTCHESS COUNTY CLERK RECORDING PAGE
RECORD & RETURN TO:
RECORDED: 02/23/93
ALBERT P ROBERTS
75 WASHINGTON STREET AT: 10: 44 :52
- POUGHKEEPSIE NY 12601
- - COUNTY CLERK: # 1112
'm RECEIVED FROM: POUGHKEEPSIE ABSTRACT
GRANTOR: SATELLITE INVESTMENTS ETC
GRANTEE: WAPPINGER TOWN,,OF
=m RECORDED IN: DEED TAX
�7
INSTRUMENT TYPE: EASE DISTRICT: WAPPINGER
EXAMINED AND CHARGED AS FOLLOWS:
.spm
RECORDING CHARGE: 54. 00 NUMBER OF PAGES: 12
TRANSFER TAX AMOUNT:
TRANSFER TAX NUMBER: #003835
E & A FORM: N
TP-584: Y
Ovul MAR
COUNTY CLERK BY: VLD / —
RECEIPT NO: R07655
WILLIAM L. PARD I, JR.
County Clerk
Sys
x�� x`
DUTCHESS COUNTY CLERK RECORDING PAGE
RECORD & RETURN TO:
RECORDED: 02/23/93
ALBERT P ROBERTS
75 WASHINGTON STREET AT: 10:48 : 13
POUGHKEEPSIE NY 12601
COUNTY CLERK: # 1113
RECEIVED FROM: POUGHKEEPSIE ABSTRACT
GRANTOR: SATELLITE INVESTMENTS ETC
GRANTEE: WAPPINGER TOWN OF
RECORDED IN: DEED TAX
INSTRUMENT TYPE: .MNgrs DISTRICT: WAPPINGER
j EXAMINED AND CHARGED AS FOLLOWS:
RECORDING CHARGE: 45.00 NUMBER OF PAGES: 9
TRANSFER TAX AMOUNT:
TRANSFER TAX NUMBER: #003836
E & A FORM:
d;k
TP-584: Y ..t o r M3
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GRAY, RAILING & HE[N MAN
ENGINEERING & 5URVEYING, P.C.
1369 Route 9 .Wappingers Falls.N.Y. 12590-4453 + 914 297.9435 . FAX 297-0212
36 Milton Ave.(Rte.9W) • Highland,N.Y. 125211-1724 • 914-691.9435 . .
July 30, 1991
Descriiption' Q 1L Pb6 r 1'N YTE ^VAv'INT (
I OTHER l' lE-MAl.,,u .f`iP4r"., AS fliN 4ulfwt6,"�d d�til...
Airport Drive ,
,.Town of .Wappinge
All . that plot
parcel, or, pied of land, situate in the To `n -
of° Wappinge:l�;,, County, cif s
Dutches, State of New York and ,
f
being, a, 601 foot; ro"adI:+knocan as` Airport give, as shown. on
thy:-'p1:an `e`nt`itled "°'Final ';Plat',,,!,Four (4) Leat S bdivision' of
ta"d zo"f Sa`tel'1'ite' 7nvest:m6nts , filed as map". number 8938
f and"" f3 l° 19,90 in `the Dutchess ' County Clerk' s
d �'ebruary. l, ' ,
Office, "•Poughkeepsie., New York and being more _particularly
described "a."s"' follows
Beginning at a point on the existing Southeasterly line
1 of New Yorks State Route 376 a!° shownon the
Poughkeepsie-Stormville Plank Road Right-of-Way map, said
point of beginning being on the Northerly line of lands now
or formerly, the Reformed Protestant butch Church of New
ginning uth
89-031 -15" ,'E ast 13 . 37 feet from the Southwesterly corner oaf `
Hackensack, said point of benn3 n being locate So
lands now 'or formerly Satellite Investments as described in
recorded deed liber 1454 page 92 as shown on said filed map
8933 (the former New York State Route 376 right-of-way line
as per deed liber 1.454 page 92) ; thence from said point of
beginning and along the existing Easterly line of said New.
York State Route 376 North 01-30 ' -20" West 134 » 65 feet;
thence through lands of Satellite Investments the following
courses and distances; on a curve to the left having a
radius of 25 . 00 feet, an arc distance of 39 . 32 feet as
described ,by the chord South 46-33 " - 56" fast 35 . 39 feet to a
he tangent Noarth
point of tangency; thence on t
88-22 " -27""
Bast 236 . 11 feet; the South 08--7.9 ' --34" East 156 . 36 feet; ,
thence North 88-221 .27" East 148 . 76 feet to a paint of
curvature thence on a curve to the left having a radius of
410 . 00 feet, an arc distance of 164 . 23 feet as described by
the chord. North 76.53 " -•57" East 163 . 13 feet to a point of
tangency; thence can the tangent North 65-25 -27"` East. 825 . 09 '
feet to a point of curvature, thence continuing through
lands of said Satellite Investments and along the
Northwesterlyand Northerly line of said Airport. Drive as
shown on filed map number 8938 the following courses and
distances; on a curve to the left having a radius of 470 .00
feet, an arc distance of 315 .2.0 feet as described by the
chard North 46-12 ' -44 East 309 .32 feet to pont of
tangency; thence on the tangent North 2.?-00 ° --00" East 224. 62
feet to a.`: point of curvature; thence on a curve to the: right °
having a radius of 580 .00 feet, an arc distance of 318 . 13
ENVIRCONS LT I NN7�L �ENGINEERS
ILAND SURVEY
RVE OR C��I+SN��S - LAND PLANNERSANTS
,r
r 11 MVS NOTE ,VA e b`01 0V IN TYPE
�a F! L'D� w'ea^'�ifr_a��C����, 'SAME' e � IIa"y OF?ltl���1P�'�
feet as described by the chord North 42-42 ' -48" East 314 . 16
feet to a point of tangency; thence on the tangent North
58-25 " -36" East 336 . 44 feet to a point of curvature; thence
continuing through lands of Satellite Investments and also
along the Southerly line of Parcel B lands now or formerly
W. B. Nelson Construction, Inc. as shown on filed map number
8938 , on a curve to the right having a radius of 1065 . 00
feet, an arc distance of 789 . 06 feet as described by the
chord North 79-39 " -07 " East 771 . 1.4 feet to a point of
tangency; thence continuing along the Southwesterly line of
said Parcel. B and the Southwesterly line of Parcel C as
shown on filed map number 8938 on the tangent South
79-07 ' -2.2 °" East 601 . 13 feet to a point of curvature; thence
continuing along the southwesterly line of said. Parcel C the
following two (2 ) courses and distances; on a curve to the
right having a radius of 880 . 00 feet, an arc distance of
229 . 85 feet as described by the chord south 71-38 ' -24" East
229 . 20 feet to a point of tangency; thence on the tangent
South 64-09 ' --26" East 225 . 00 feet to a point of curvature;
thence along the Easterly cul--de-sac end of airport Drive
being the Northerly lane of Parcel D as shown on filed map
8938 the following courses and distances; on a curve to the
right having a radius of 60 . 00 feet, an arc distance of
264 . 83 feet as described by the chord South 62-171 -25" West
96 , 53 feet to a point of reverse curvature; thence
continuing on a curve to the left having a radius of 25 . 00
feet, an arc distance of 31 . 81 feet as described by the
chord North 27-42 ' -35" West 29 .70 feet to a point of
tangency; thence continuing along the Northerly line of said
Parcel D as shown on filed map number 8938 the following
courses and distances; on the tangent North 64-09 " -26" West
143 , 76 feet to a point of curvature; thence on a curve to
the, left having a radius of 820 . 00 feet, an arc distance of
IM --
2.14 . 18 feet as described by the chord North 71-38 ' -24'" West
21.3 .57 feet to a point of tangency; thence on the tangent
North 79-07 ' -22" West 641 . 13 feet to a point of curvature;
thence on a curve to the left having a radius of 1005 . 00
` feet, an arc distance of 744 . 61 feet as described by the
chord South 79-39 ' -07" West 727 . 69 feet to a point of
tangency; thence on the tangent South 58-2.5 " -36" West 336 , 44
feet to a point of curvature; thence on a curve to the left
having a radius of 520 . 00 feet, an arc distance of 285 . 22
feet as described by the chord South 42-42 ' -48" West 281 . 66
feet to a point of tangency; thence on the tangent South
27-00 ' -00'" West 224 . 62 feet to a point of curvature; thence
on a curve to the right having a ,radius of 5301 . 00 feet, an
arc distance of 355 . 43 feet as described by the chord South
46-12 ' -44"' West 348 . 81 feet to a point of tangency; thence
ands now or formerly Emsley on
along the Northefly line of l
the tangent south 65-25 ' --27 " West 1083 . 55 feet to a, concrete
f said
monument set; thence along the Northerly line 0
$1" TYPE (.)R
4N
CYTHCR NAATEMAL, �'AINU;, AS J�� OF,
Reformed Protestant Dutch Church of New Hackensack North
89-03 " --15° West 512 . 05 feet to the point of beginning as
shown on a record plan survey map of Airport Drive prepared
by Gray, Railing & Heinsman, P.C. last revised date July 30,
1991 .
Containing: 7 . 314 +/- Acres .
Together with a storm drainage easement through the
lands of Emsley and being more particularly described as
follows :
Beginning at a concrete monument set marking the
Northwest corner of lands of Emsley as described .in recorded
deed liber 1565 page 355, said point of beginning also ,being
the Northeasterly corner of lands now or formerly the
Reformed Protestant Dutch Church of New Hackensack as
described in recorded deed liber 1521 page 411, said point
of beginning also being located South .89-031 -15" East 512 . 05 ,
feet from the existing Easterly right-of-way line of New
York State Route 376 as shown on the Poughkeepsie-Stormville
Plank Road boundarymap; thence from said point of beginning
and along the Southerly line of a portion 'of Airport Drive
..and the Southerly line of a portion of lands now or formerly
Satellite Investments and being the Northerly line of, lands
of said Emsley North 65-251 -27" East 1132 . 87 feet; thence
continuing along the Northerly line of lands of said Emsley
'North 56-521 -44" East 157 . 38 feet; thence through lands of
Emsley the following courses and distances; South
33-071 -16" East 10 . 00 feet; thence South 56-52 ' -44" West
158 . 12 feet; thence South 65-251 -27" West 658 . 79 feet;
thence South 24-341 -33" East 10 . 00 feet; thence South
65-251 -27" West 482 . 86 feet; thence along the Easterly line
of lands now or formerly the Reformed Protestant Dutch
Church of New Hackensack North 02-41 ' -55" West 21 .55 feet to
the point of beginning.
Subject also to any other right-of-way, easement,
covenant, or restriction of record.
4t Project Number: 88 : 181
NOI E VWflAIIOP I H14 1"O"IE OR
OTHU3 MAI-EFUIVI., Sa�5AME
TiO Permanent Easement and Right-of-Way for drainage purposes
in, on, under and through that portion of the party of the first
part' s parol described and called Easement Area, for the purpose
of constructing, operating, maintaining, repairing', reconstructing,
replacing and inspecting a surface/storm/ground water drainage
channel and/or surface/storm/ground water drainage pipe line
system, with all necessary slope rights and appurtenances thereto,
for the transportation, drainage and disposal of surface , storm
and ground water from other lands now or hereafter draining
storm or ground water on or through the Easement Area.
This grant of Permanent Easement and Right-of-way shall also
include the following additional rights and obligations :
(a) To lay and to construct drain pipes or drainage ditches,
channels and appurtenances for the transportation and disposal
of such storm or ground water and to maintain, repair, reconstruct,
replace and inspect the same as party of the second part may
deem necessary or desirable;
(b) To clear, excavate fill, grade, cultivate or pave the
Easement Area and/or otherwise improve the same for the purposes
herein set forth, provided that any soil excavated from the
Easement Area .shall, at the option of grantor, either be deposited
on the grantor ' s parcel at a location, or locations , selected
by grantee proximate to the Easement Area, or be removed by
the grantee from the grantor ' s parcel;
(c) This grant of Permanent Easement and Right-of-Way is
hereby limited to the area located on the hereinafter described
schedule (s) .
(d) The.-terms, covenants and agreements herein contained
shall inure to the benefit of, and be binding upon the parties
hexeto and their respective heirs, distributees, legal representatives
successors and assigns and all covenants herein shall run with
the lands affected thereby.
STATE OF NEW YORK }
}SS. .
COUNTY OF DUTCHESS }
On the W"'rday of December, 1991, before me personally came Frank
Buyakowski and Margaret Godbout to me known, who being by me duly
sworn, did depose and say that they reside in Poughquag, New York;
that they are general partners of Satellite Investments, a New York
General Partnership; that they had authority to execute the
foregoing instrument; that they acknowledged to me that they
executed the same as such partners of Satellite Investments, in the
name of which and on behalf of which, the foregoing instrument was
so executed by them, and that said execution thereof is hereby
acknowledged as the act and deed of Satellite Investments .
Notary Public
DPAMEL F. CURTI 3
Notary public,State of New York
Ouslified in Cutchess County
Commission Expires 1,-(,
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GELLERT F9 CllTLER, P.C.
ATTORNEYS AND COUNSELORS AT LAW
75 WASHINGTON STREET
SHELDON CUTLER JOSEPH H. GELLERT
LEONARD KLEIN POUGHKEEPSIE, NEW YORK 12601 (1807-19$9)
ARTHUR L. GELLERT
(914) 454-3250
STEPHEN E. EHLERS
PAUL J. GOLD5TEIN' FAX:914-454-4652
JOHN A. GEOGHEGAN WESTCHESTER.OFFICE
III ALBERT P. ROBERTS
35 PURCHASE STREET
LILLLAN S. WEIGERT
RYE, NEW YORK 10580
STEPHEN E. DIAMOND"
(914) 967-6200
r RAINA E. MAISSEL+
FAX 914 967-6236
DAVID It WI5E+
EMANUEL F. SARI5 May 5, 1993 LONG ISLAND OFFICE
TERRY D. 14ORNER
2001 MARCUS AVENUE,SUITE W95
'ADMTfLED IN NY 8 FL LAKE SUCCESS, NEW YORK 1;042
+t ADMITTED IN NY, FL 8 MA (516) 355-0905
ADMITTED IN NY 6 ENGLAND -
++ADMITTED IN NY 8 CT
Ms. Elaine Snowden
Town Clerk
Town of Wappinger
P.O. Box 324
Wappingers Falls, NY 12590
Re: Town of Wappinger/Family Farm (Satellite Investments)
Original Recorded Documents
Our File No. 5456. 0026
Dear Ms. Snowden:
In regard to the above-referenced matter, enclosed are the
following original documents recorded in the Dutchess County Clerk' s
Office:
1 . Deed from Satellite Investments to the Town of Wappinger
dated March 13 , 1992 and recorded on February 18, 1993 in
Liber 1925 of Deeds at Page 29 ;
2 . Deed from Satellite Investments to the Town of Wappinger
dated December 11 , 1991 and recorded on February 23, 1993 in
Liber 1925 of Deeds at Page 288;
i
I
3. Easement from Satellite Investments to the Town of Wappinger
dated December 11 , 1991 and recorded on February 23 , 1993 in
Liber 1925 of Deeds at Page 133;
4. Easement from W.B. Nelson Construction, Inc. to the Town of
Wappinger dated December 11 ,1991 and recorded on February
23, 1993 in Liber 1925 of Deeds at Page 135;
GELLERT 8 CUTLER, P.C.
ATTORNEYS AND COUNSELORS AT LAW
Page 2 -
Please keep these documents in a safe place. If I can be of any
further assistance, please call.
Very truly yours,
GELLERT & CUTLER, P.C.
VALERIE N. BLAKE
Paralegal
:vb
Enclosure
cc: Hon. Constance 4. Smith
Joseph E. Paggi, Jr. , P.E.
Mr. Graham Foster
_ ...................................
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SATELLITE INVESTMENTS
g,
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R 1 BOX 310
POUGHQU G, N.Y. 12570
(914) 724-4100
December 10 , 1991
Elaine Snowden., Town Clerk
Town of Wappingers
Town Hall
MiddleLus . Road
Wappingers :Falls , N. Y. 12590
Dear Ms . Snowden:
The Highway Superintendent, Graham Foster , by letter of
December 4, 1991 has found Airport llri ePto be acceptable
for Town. takeover .
We have submitted to the Town. the Maintenance Fond from the
International Fidelity Insurance Company as well as deeds
and ether legal papers necessary for property transfer.
Therefore , Satellite Investments request that the Town of
Wappinger Town. Board consider the acceptance of "Airport
Drive" a. "Town Road, a
ancerel.yPkowski Frank Bu
r
TOWN OF WAPPINGER
WPERINTERM111 y
w::;k ^1F1AdN�9
FOSTER (914) 297-9451
SUPERINTENDENT OF HIGHWAYS
P.O.BOX 324
ViAPPINGERS FALLS,N.Y.
December 4, 1991
To: Distribution
From: Graham Foster
Subject: Airport Drive
I have inspected Airport Drive on December 3, 1991 and find the entire
road acceptable for the Town to take over this road.
CC: J. Paggi
Al Roberts
Herb Levenson
Town Board
i
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a
J
TOWN OF WAPPINGER
ZONING DEPARTMENT
20 MIDDLEBUSH ROAD HERBERT J.LEVENSON
ZONING ADMINISTRATOR
P.O.BOX 324
WAPPINGERS FALLS,NY 12590-0324 - -
(914)297-6257
December 2, 1991
I
Mr. Frank Buyakows-ki
c/o Satellite Investments-
RR 1 , Box 310
Poughquag, New York 12570
Re: Airport Drive (-7
Dear Mr. Buyakow§ki :
With regard to the above road dedication, we list below- the requirements
that are necessary-
1 . All the deeds w-ith regard to the easements In question
2. A Title Policy in th.e amount-of fifty thousand dollars ($50,000.)
in favor of the Town of Wappinger.
3. A Letter of Credit in the amount of two hundred four thousand nine
hundred fifty six dollars and eighty four cents:. ($204,956.84)
secured by a maintenance bond.
We look forward to receiving these documents at your earliest convenience,
r we remain,
Very truly ours,
dr•bert J. Levenson
I` Zoning Administrator
HJL/jf
CC: Town Board
Planning Board
Raymond Arnold, AICP
J. Paggi , Jr. , P. E.
Albert P. Roberts, Esq.