Fwd: possible options

<jeeproject@yahoo.com>

FYI, let's discuss tomorrow. Hope you are doing ok.

Darren K. Indyke
Attorney-At-Law
457 Madison Avenue
4th Floor
New York, New York 10022
Tel: 212-750-1176
Fax: 212-750-0381
e-mail: dkiesq@aol.com

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From:	Jim Liao <jliao@mas.org>
Subject:	possible options
Date:	Tue, 18 Dec 2007 20:02:46 GMT
To:	DKIESQ@aol.com

Hi Darren.

In order to adequately protect 457’s interests, there appear to be 3 ways to structure the agreement we've been discussing.

1. Original structure: (a) tenant/subtenants to vacate no less than 30 days prior to 457's anticipated surrender date; (b) summary proceeding to be commenced and previously executed stipulation of settlement to be filed immediately with execution of the warrant of eviction stayed pursuant to terms of stipulation of settlement; (c) penalties for untimely vacatur include, but not limited to, eviction, per diem use and occupancy and all consequential damages.

2. Current drafts: (a) tenant/subtenants to vacate no less than 90 days prior to 457's anticipated surrender date; (b) summary proceeding to be commenced and previously executed stipulation of settlement to be filed only if tenant/subtenants fail to timely vacate; (c) penalties for untimely vacatur limited to eviction and per diem use and occupancy.

3. Possible "middle ground": (a) tenant/subtenants to vacate no less than 30 days prior to 457's anticipated surrender date; (b) summary proceeding to be commenced and previously executed stipulation of settlement to be filed only if tenant/subtenants fail to timely vacate; (c) penalties for untimely vacatur include, but not limited to, eviction, per diem use and occupancy and all consequential damages. This is a middle ground in that it gives you the full number of months but damages are not limited in the event you do not vacate on timely basis.

The problem lies in the fact that 457's exposure to the overlandlord in the event of a holdover could be extreme. 30 days is simply not enough time for us to be confident that we can file a holdover proceeding, submit the stipulation and obtain/execute upon the warrant of eviction. Thus, if you are unwilling to consent to the advance filing of the summary proceeding and stipulation of settlement (thereby allowing 457 to be prepared to execute an eviction immediately after your scheduled vacate date), we cannot limit 457's damage claims and allow ourselves a mere 30-day window. If 457's damages are going to be limited to the per diem use and occupancy only, we must have at least 90 days to go through the necessary steps.

I hope that you would understand our position and can see clear to accepting one of the above options. Certainly, if you feel there are other options that would would acceptable to both of us, I would most gladly consider them.

Best, Jim.