TOH Realty Corp. v. New York State Urban Development Corp.

Full title: In the Matter of TOH REALTY CORP. et al., Appellants, v. NEW YORK STATE…

Court: Appellate Division of the Supreme Court of New York, First Department

Date published: Oct 17, 1989

154 A.D.2d 267 (N.Y. App. Div. 1989)

546 N.Y.S.2d 356

Opinion

October 17, 1989

Appeal from the Supreme Court, New York County (Stanley Parness, J.).

We add only that the separate agreements regarding indemnification and funding by the city, the Metropolitan Transit Authority and the Public Development Corporation were correctly held to be extrinsic to the lease agreement and therefore beyond the scope of section 6 of the Urban Development Corporation Act (L 1968, ch 174, § 1, as amended). We further agree that the incorporation of a term permitting the developer to terminate the agreement in the event litigation substantially delays or adversely affects its implementation is entirely appropriate.

Concur — Kupferman, J.P., Carro, Ellerin, Smith and Rubin, JJ.