Other Deal Issues

We trust the co-op board to do the right thing, but NYC real estate developers...not so much.

• Collateral: If Ascend does not pay SPHC all at once, then SPHC is essentially lending Ascend the balance of the money. Will this loan be collateralized? With what?
• Default: If the developer goes bankrupt or halts the project, what would SPHC's status be as a creditor if it has no collateral?
• Transfer of Air Rights: Could our rights be transferred to a third party? Would SPHC legally have a say in that process or the resulting project?