EXHIBIT 10.25
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CATSKILL DEVELOPMENT, L.L.C.
and
MONTICELLO RACEWAY MANAGEMENT, INC.
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TERMINATION OF AGREEMENT OF LEASE
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This instrument affects real and personal property situated, lying and being in
the Village of Monticello, Town of Xxxxxxxx, County of Xxxxxxxx, State of New
York, known as follows:
Xxxxxxx 000, Xxxxx 1, Xxx 0.0
Xxxxxxx 000, Xxxxx 0, Xxx 1.3
Xxxxxxx 000, Xxxxx 4, Xxx 0
Xxxxxxx 00, Xxxxx 0, Xxx 00.0
Xxxxxxx 00, Xxxxx 1, Xxx 00.0
Xxxxxxx 00, Xxxxx 0, Xxx 00
Section 12, Block 1, Lot 64
RECORD AND RETURN TO:
Xxxxxx & Xxxxxxx LLP
000 Xxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxx, Xxx Xxxx 00000-0000
Attn: Xxxx Xxxxxx
Xxxxxx & Xxxxxxx File No.: 038294-0001
TERMINATION OF AGREEMENT OF LEASE
THIS TERMINATION OF AGREEMENT OF LEASE (the "TERMINATION") is made
and entered into as of July 26, 2004 (the "EFFECTIVE DATE"), by and between
CATSKILL DEVELOPMENT, L.L.C., a New York limited liability company, whose
address is x/x Xxxxxxxxxx Xxxxxxx, Xxxxx 00X, Xxxxxxxxxx, Xxx Xxxx 00000
("CATSKILL"), and MONTICELLO RACEWAY MANAGEMENT, INC., a New York corporation,
whose address is x/x Xxxxxxxxxx Xxxxxxx, Xxxxx 00X, Xxxxxxxxxx, Xxx Xxxx 00000
("MRMI"). This Termination is entered into with reference to the following
facts:
A. On October 29, 2003, Catskill and MRMI entered into that certain
Agreement of Lease, as amended by Amendment No. 1 to Agreement of Lease, dated
as of January 12, 2004 and further amended by Amendment No. 2 to Agreement of
Lease, dated as of July 26, 2004 (as amended, the "AGREEMENT"), affecting the
real property described on EXHIBIT A (the "Premises").
B. A memorandum of this Agreement was recorded on ______________ in
the Official Records of Xxxxxxxx County, at Book _________________, Page
________________.
C. Catskill is selling the premises to MRMI as of the date hereof
and the parties desire to terminate the Agreement.
NOW THEREFORE the parties agree and give notice as follows.
1. TERMINATION. The parties hereby terminate the Agreement. The
Agreement is hereby declared to be of absolutely no force or effect. Each party
hereby releases, cancels, annuls, rescinds, discharges, disclaims, waives and
releases any and all rights and benefits it may have under the Agreement, and
unconditionally releases each of the other party(ies) to the Agreement from any
and all obligations under the Agreement except to the extent such obligations,
if any, survive termination of the Agreement by the terms thereof. All
obligations of all parties under the Agreement have been performed in full or
waived except to the extent such obligations, if any, survive termination of the
Agreement by the terms thereof.
2. NO CONSTRUCTIVE NOTICE. Neither the Agreement nor this
Termination shall be deemed to give any person constructive notice of any facts
or circumstances whatsoever.
3. FURTHER ASSURANCES. Each party agrees to execute any further
documentation that any title insurance company shall require in order to further
evidence the termination of the Agreement or to enable any title insurance
company to issue policy(ies) of title insurance without any reference whatsoever
to the Agreement or the rights of any party thereunder.
4. NO CONDITIONS. This Termination is absolutely unconditional.
5. PARTIES. This Termination shall bind and benefit the parties and
their successors and assigns, and may be relied upon by any title insurance
company and any prospective purchaser, lessee, or mortgagee of the Premises or
any interest therein.
IN WITNESS WHEREOF, Catskill and MRMI have executed this Termination
as of the Effective Date.
CATSKILL DEVELOPMENT, L.L.C. MONTICELLO RACEWAY
MANAGEMENT, INC.
By: /s/ Xxxxx Xxxxxx By: /s/ Xxxxx Xxxxxxx
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Its: President Its: Sr. Vice President
Attachments:
Acknowledgments
Exhibit A = Legal Description
ACKNOWLEDGMENTS
STATE OF NEW YORK )
) SS.:
COUNTY OF NEW YORK )
On the 22nd day of July in the year 2004 before me, the undersigned,
personally appeared Xxxxx Xxxxxx, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to
the within instrument and acknowledged to me that he executed the same in his
capacity, and that by his signature on the instrument, such individual, and the
entity upon behalf of which t individual acted, executed the instrument.
Xxxxxx Xxxxx
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NOTARY PUBLIC
STATE OF NEW YORK )
) SS.:
COUNTY OF ________ )
On the ________ day of __________________________ in the year 2004
before me, the undersigned, personally appeared
__________________________________, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual whose name is subscribed
to the within instrument and acknowledged to me that he executed the same in his
capacity, and that by his signature on the instrument, such individual, and the
entity upon behalf of which t individual acted, executed the instrument.
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NOTARY PUBLIC
ACKNOWLEDGMENTS
STATE OF NEW YORK )
) SS.:
COUNTY OF XXXXXXXX )
On July 22, 2004 before me, the undersigned, a notary public in and
for said state, personally appeared XXXXX XXXXXXX, personally known to me or
proved to me on the basis of satisfactory evidence to be the individual whose
name is subscribed to the within instrument and acknowledged to me that he
executed the same in his capaccity, and that by his signature on the instrument,
the individual, or the person upon behalf of which the individual acted,
executed the instrument.
Xxxxx X. Xxxxxxxx
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Notary Public
EXHIBIT A
LEGAL DESCRIPTION
All that certain plot, piece of parcel of land lying and being in the Village of
Monticello, Town of Xxxxxxxx, County of Xxxxxxxx and State of New York being
more particularly bounded and described and designated as Parcels No. 1 and 2 on
the Final Revised Subdivision Plat of Lands of Catskill Development, L.L.C.,
dated May 25, 1999, made by X.X. Xxxxx, Engineering & Land Surveying, P.C., and
filed in the Office of the Xxxxxxxx County Clerk on February 4, 2000 as Map No.
8-271, together with and subject to easements as shown thereon.
TOGETHER WITH, that certain 3.62 acre parcel in the Village of Monticello, Town
of Xxxxxxxx, County of Xxxxxxxx and State of New York more particularly
described as:
BEGINNING at a concrete highway monument found on the east bounds of New York
State Route 17-Quickway, said point of beginning being the southwest xxxxx of
lands of Lofkowitz as described in Liber 724 of Deeds at Page 1121, said point
of beginning being on the northerly line of the premises originally described in
Liber 552 of Deeds at Page 314; and
RUNNING THENCE from said place of beginning South 66 degrees 14 minutes East
174.92 feet leaving said highway bounds and passing along the South bounds of
lands of said Leikowitz to a point on the west bounds of County Road No. 174
(formerly N.Y.S. Route 17);
THENCE the following courses and distances along the westerly bounds of said
County Road:
South 18 degrees 07 minutes East 350.00 feet;
South 29 degrees 25 minutes East 200.00 feet;
South 44 degrees 22 minutes East 610.00 feet;
South 33 degrees 08 minutes East 231.79 feet; and
South 18 degrees 46 minutes 125.00 feet to a point on the easterly bounds of New
York State Route 17-Quickway;
THENCE the following courses and distances along said Quickway bounds:
North 46 degrees 41 minutes West 531.00 feet to a concrete highway monument
found;
North 40 degrees 20 minutes West 363.11 feet to a concrete highway monument
found;
North 32 degrees 00 minutes West 403.67 feet to a concrete highway monument
found;
North 21 degrees 46 minutes West 289.81 feet to a concrete highway monument
found; and
North 13 degrees 46 minutes West 75.43 feet to the point or place of BEGINNING.
Containing 3.62 acres of land, as surveyed by Xxxxxx X. Xxxxxx, Licensed Land
Surveyor, in February, 1995.
