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SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF WESTCHESTER
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CDC DEVELOPMENT PROPERTIES, INC.,
Plaintiff, Index No.: 51573/2015
- against -
SO-ORDERED
AMERICAN INDEPENDENT PAPER MILLS SUPPLY STIPULATION
CO., INC.,
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WHEREAS, plaintiff CDC DEVELOPMENT PROPERTIES, INC. ("CDC") having
moved this Court by Order to Show Cause dated December 21, 2018, for an Order enjoining the
defendant AMERICAN INDEPENDENT PAPER MILLS SUPPLY CO., INC. ("A.I.P.") from
selling its real property at 15 South Depot Plaza, Tarrytown, New York, until such time as the
above entitled action may be tried and judgment entered; and
WHEREAS, defendant A.I.P. having opposed said motion, and having cross-moved for
an Order enjoying either plaintiff CDC or its principle and lease guarantor, Kevin Khosrowshahi
from selling or transferring any real property, until the final disposition of this matter; and
WHEREAS, plaintiff CDC having submitted papers opposing the cross-motion, and
defendant A.I.P. having submitted further papers, and said motion and cross-motion having come
on to be heard on January 16, 2019; and
WHEREAS, the parties are desirous of resolving their motion and cross-motion, they
have stipulated and agreed, and
WHEREAS, the Court is aware of said stipulation and agreement, itis
ORDERED: that the Temporary Restraining Order contaird within the Order to Show
Cause dated December 21, 2018, enjoining defendant from selling realty located at 15 South
Depot Plaza, Tarrytown, New York, is continued, except that defendant A.I.P. may sell the
property located at 15 South Depot Plaza, Tarrytown, New York, if six hundred thousand dollars
($600,000.00) of the proceeds are paid directly into the attorney escrow account of Mark E.
Constantine, Esq., defendant's attorney of record, said funds to be held in escrow until such time
as this action is resolved and an order issues directing Mr. Constantine to distribute said funds or
when the terms of this stipulation and Order otherwise provide that said funds are to be released;
and itis
ORDERED: that within fifteen (15 days) of plaintiff CDC's counsel being notified that
the sum of $600,000.00 has been paid into Mr. Constantine's attorney escrow account, CDC (or
its guarantor, Kevin Khosrowshahi) shall post a surety bond in the amount of two hundred
thousand dollars ($200,000.00) payable to defendant A.I.P., peñdiñg the outcome of this case
and the resolution of defendant A.I.P.'s counterclaims; and itis
ORDERED: upon demand, the plaintiff CDC's (or itsguarantor's) surety bond shall be
paid for out of the plaintiff tenant CDC's security deposit currently held in Mr. Constantine's
escrow account, up to the amount of seven thousand five hundred ($7,500.00) dollars; and itis
ORDERED: ifupon the expiration of fifteen (15) days, plaintiff CDC (or its guarantor)
has not posted a surety bond for two hundred thousand dollars ($200,000.00), the sum held in
escrow by defendant's attorney of record, Mark E. Constantine ($600,000.00) shall be released
and distributed; and itis
ORDERED: defendant A.I.P.'s counsel shall advise plaintiff CDC's counsel of the name
and contact information for the prospective purchaser of 15 South Depot Plaza, purchaser's title
company, and itsattorney by 11:00 a.m., Monday, January 21, 2019; and it is
ORDERED: upon the signing of this Order, counsel for plaintiff CDC shall serve this
Order upon the purchaser's title company, the purchaser, and the purchaser's attorney; and itis
further
ORDERED: upon the signing of this Order, plaintiff CDC's motion and defendant
A.I.P.'s cross-motion are withdrawn.
Dated: White Plains, New York
January 16, 2019
ALLO ITUCCI KLAR LLP MARK E. CONSTANTINE, ESQ.
By: John U. H. Blumenstock By: Mark E. Constantine
Attorneys for plaintiff CDC Attorneys for defendant A.I.P.
One Bridge Street, Suite 140 106 North Broadway
Irvington, New York 10533 Irvington, New York 10533
683 - 7100 (ext 631 - 0410
(212) 394) (914)
SO -ORDERED:
E N T E R:
Hon. LAWRENCE H. ECKER, J.S.C.