Preview
FILED: MONTGOMERY COUNTY CLERK 09/13/2022 04:11 PM INDEX NO. EF2022-477
NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 09/13/2022
EXHIBIT F
FILED: MONTGOMERY COUNTY CLERK 09/13/2022 04:11 PM INDEX NO. EF2022-477
NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 09/13/2022
THIS MORTGAGE EXTENSION AGREEMENT ("Agreement"), made this day of
January, 2022, by and among ROBINHOOD PROPERTIES, LLC, a New York limitedliability
company with an address atc/o Cor Holdings, LLC, 200 South Middle Neck Road, Unit 5, Great
Neck, NY 11021, LITTLE FALLS GARDEN APARTMENTS LLC, a New York limited
liabilitycompany with an address at c/oCor Holdings, LLC, 200 South Miçldle Neck Road, Unit
5, Great Neck, NY 11021 and BROOKVIEW TOWN HOUSES LLC, a New York limited
liabilitycompany with an address at c/o Cor Holdings, LLC, 200 South Middle Neck Road, Unit
5, Great Neck, NY 11021 (collectively and hereinafter "Mortgagor"), and REALFI REAL
ESTATE INVESTMENT TRUST LLC, a Delaware limited liability
company at itsoffices at
707 Westchester Avenue, Suite 304, White Plains, New York 10604 (hereinafter referred to as
"Mortgagee").
WITNESSETH:
WHEREAS, the Mortgagor is now the owner in fee simple of the parcel of land
and the improvements thereon known as the Mortgaged Property, as hereinafter further defined;
and
WHEREAS, the Mortgagee is the owner and holder of those certain notes (the
"Existing Notes") and the mortgages (the "Existing Mortgages") securing the same as set forth
on the attached Schedule A; and
WHEREAS, the Mortgagor is now indebted to theMortgagee in the principal sum
of TWO MILLION TWO HUNDRED FIFTY THOUSAND AND XX/100 DOLLARS
($2,250,000.00) lawful money of the United States of America (the "Debt"), as aforesaid, with
interestthereon based on the terms of the Note (as hereinafter defmed) secured by the notes and
the mortgages, the terms of which are evidenced inthat certain Secured Promissory Note dated
October 16, 2020 (the "Note"); and
WHEREAS, the Mortgagor and the Mortgagee desire to modify and extend the
time and manner of payment of the Debt as set forthin the Note, as hereinafter provided so that
the Debt shall be paid in accordance with the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of theMortgaged Property and the mutual
covenants and agreements ofthe parties and the sum of Ten and 00/100 ($10.00) Dollars to each
party by the other in hand paid, thereceipt and sufficiency ofwhich are hereby acknowledged, and
for the purposes of carrying out the intentions as expressed, the Mortgagor and the Mortgagee
hereby covenant and agree as follows:
1. Extension of Maturity Date. Mortgagee hereby extends the time of
payment of the principal indebtedness secured by the Note and Mortgage from thepresent Maturity
Date of January 8, 2022, to and including July 8, 2022 (the "Extended Maturity Date") for a
fee ofTWENTY-TWO THOUSAND FIVE HUNDRED XX/100 DOLLARS ($22,500.00), due
and payable at execution of this Agreement, representing an extension fee equal to one percent
FILED: MONTGOMERY COUNTY CLERK 09/13/2022 04:11 PM INDEX NO. EF2022-477
NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 09/13/2022
(.01%) of the Debt provided that Mortgagor shallcontinue to pay intereston the amount owing
on the Note and Mortgage at therate of Thirteen (13.00%) percent per annum.
2. Past Due Default Interest. As of January 10, 2022, Mortgagor was in
default of itsinterestpayment obligations under the Note. On January 10, 2022, Mortgagor paid
Mortgagee SVENTY-FIVE THOUSAND AND XX/100 DOLLARS ($75,000.00) towards past
due defaulted interestdue under the Note. Mortgagee iswilling to reduce the money owed under
the defaulted interest rate to the amount of THIRTY-SEVEN THOUSAND AND FIVE
HUNDRED DOLLARS ($37,500.00) and will agree to collect that money upon the repayment
of the Loan, provided the Loan is repaid no later than theExtended Maturity Date. Ifthe Loan is
not repaid by theExtended Maturity Date orMortgagor otherwise defaults under the terms of the
Loan, Mortgagor shallhave the rightto charge thefull amount of defaulted interest due under the
Note.
3. Late Fees. Mortgagor owes a totalof THIRTEEN THOUSAND EIGHT
HUNDRED DOLLARS ($13,800.00) for the period of time Mortgagor was in default of its
interestpayment obligations referenced in Section 2 above. That sum shall be paid to Mortgagee
simultaneous to the signing of this Agreement.
4. January 2022 Interest Payment. Mortgagor owes a totalof EIGHTEEN
THOUSAND SIX HUNDRED AND EIGHTY-SEVEN DOLLARS AND FIFTY CENTS
($18,687.50) atnote rate interest for twenty-three days interest payment for the balance of the
month ofJanuary 2022. That sum shall be paid to Mortgagee simultaneous to the signing of this
Agreement.
5. Mortgagee's Obligation to Provide Information. During the term of this
Agreement, Mortgagee shallprovide the following toMortgagor: (a) notice of submission of Rent
Compatibility Studies and any subsequent increases torents at any of the Properties;and (b)notice
of delivery of 2020 and 2021 financials toHUD and notice of therelease of monies being withheld
by HUD.
6. Payment of Debt and Incorporation of Covenants, Conditions and
Agreements. Mortgagor shall pay all monthly installments of interestand principal as provided
for in theNote and shallrepay the Debt on or before the Extended Maturity Date, at thetime and
in the manner provided in the Note and in thisMortgage. All the covenants, conditions and
agreernents contained in the Note and all and of the·documents including, without
(a) (b) any
limitation, the Note and this Mortgage now or hereafter executed by Mortgagor and/or others and
by or infavor of Mortgagee, which evidences, secures or guarantees all or any portion of the
payments due under the Note or otherwise is executed and/or delivered in connection with the
Note and thisMortgage, guarantees and agreements (the "Loan Documents") are hereby made a
part of thisAgreement to the same extent and with the same force as iffully set forthherein. The
Note isevidence of that certainloan made to the Mortgagor by the Mortgagee (the "Loan").
7. Controlling Agreement. Itis expressly stipulated and agreed tobe the
intent of Mortgagor, and Mortgagee at alltimes to comply with applicable state law or applicable
FILED: MONTGOMERY COUNTY CLERK 09/13/2022 04:11 PM INDEX NO. EF2022-477
NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 09/13/2022
United States federal law (to the extent that itpermits Mortgagee to contract for, charge, take,
reserve, or receive a greater amount of interestthan under statelaw) and thatthisParagraph 3 shall
control every other covenant and agreement in this Mortgage and the other Loan Documents. If
the applicable law (state or federal) is ever judicially interpreted so as to render usurious any
amount called for under the Note or under any of the other Loan Documents, or contracted for,
charged, taken, reserved, or received with respect to the Debt, or ifMortgagee's exercise of the
option to accelerate the maturity of the Note, or ifany prepayment by Mortgagor results in
Mortgagor having paid any interest in excess of that permitted by applicable law, then it is
Mortgagor's and Mortgagee's express intent that allexcess amounts theretofore collected by
Mortgagee shall be credited on theprincipal balance of the Note and all other Debt, and the
provisions of the Note and theother Loan Documents immediately be deemed reformed and the
amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the
execution of any new documents, so as tocomply with the applicablelaw, but so as to permit the
recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or
agreed tobe paid to Mortgagee forthe use, forbearance, or detention of theDebt shall,to theextent
permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full
stated term of the Debt untilpayment in so
full thatthe rate or amount of intereston account of the
Debt does not exceed the maximum lawful ratefrom time to time in effectand applicable to the
Debt for so long as the Debt isoutstanding. Notwithstanding anything to the contrary contained
herein or inany of theother Loan Documents, itisnot the intention of Mortgagee toaccelerate the
maturity of any interest thathas not accrued at thetime of such acceleration or to collectunearned
interest at thetime of such acceleration.
8. Performance of Other Agreements. Mortgagor shall observe and
perform each and every tenn to be observed or performed by Mortgagor pursuant to the terms of
any agreement or recorded instrument affecting or pertaining to the Mortgaged Property.
FILED: MONTGOMERY COUNTY CLERK 09/13/2022 04:11 PM INDEX NO. EF2022-477
NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 09/13/2022
SIGNATURE PAGE TO FOLLOW
[INTENTIONALLY LEFT BLANK,
Mortgagor and Mortgagee have execute'dthisinstrument
IN WITNESS WILEREOF,
the dayand year above
first written
MORTGAGOR:
ROBINHOOD PROPERTIES L,L,C.
By: Cor Holdings,LLC, sole member
By:
Name:
Title:
FALLS CARDEN APARTMEN S
LITTLE
LLC
Cor LLC, solemember
By: Holdings,
By:
Name:
Title:
BROOKVIEW TOWN HOUSES LLC
By: Cor Holdings,LLC, solemember
Name:
Title:
MORTGAGEE:
REALFI REAL ESTATE INVESTMENT
TRUST LLC,
a Delaware limited company
liability
Name: Anthony Balbo
Title: Authorized Signatory
FILED: MONTGOMERY COUNTY CLERK 09/13/2022 04:11 PM INDEX NO. EF2022-477
NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 09/13/2022
Schedule A
Mortgage and Note Schedule
1. Governing Mortgage dated October 16, 2020 attached as Exhibit E to Mortgage
Consolidation, Modification and Extension Agreement dated October 16, 2020, made
by ROBINHOOD PROPERTIES L.L.C, a New York limited liabilitycompany,
LITTLE FALLS GARDEN APARTMENTS LLC, a New York limited liability
company, and BROOKVIEW TOWN HOUSES LLC, a New York limited liability
company, collectively as mortgagor ("Borrower") to REALFI REAL ESTATE
INVESTMENT TRUST LLC, a Delaware finited company,
liability having its place
of business at 707 Westchester Avenue, Suite 304, White Plains, NY 10604 as
mortgagee, in theprincipal sum of $2,250,000.00 and recorded in the:(i)Office of the
Clerk ofthe of Washington on November 3, 2020 as Instrument Number 2020-
County
5460; (ii)Office of the Clerk of the County of Herkimer on November 6, 2020 as
Instrument Number RP2020-5037; and (iii)Office of the Clerk of the County of
Montgomery on November 10, 2020 as Instrument Number 2020-90173.
2. Consolidated Mortgage Note dated October 16, 2020, made by COR HOLDINGS,
LLC, a New York limited liabilitycompany, ROB1NHOOD PROPERTIES L.L.C, a
New York limited liabilitycompany, LITTLE FALLS GARDEN APARTMENTS
LLC, a New York limited liabilitycompany, and BROOKVIEW TOWN HOUSES
LLC, a New York limited liabilitycompany, collectively as maker to REALFI REAL
ESTATE INVESTMENT TRUST LLC, a Delaware limited liabilitycompany,
having itsplace of business at 707 Westchester Avenue, Suite
Preview
FILED: MONTGOMERY COUNTY CLERK 09/13/2022 04:11 PM INDEX NO. EF2022-477 NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 09/13/2022 EXHIBIT F FILED: MONTGOMERY COUNTY CLERK 09/13/2022 04:11 PM INDEX NO. EF2022-477 NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 09/13/2022 THIS MORTGAGE EXTENSION AGREEMENT ("Agreement"), made this day of January, 2022, by and among ROBINHOOD PROPERTIES, LLC, a New York limitedliability company with an address atc/o Cor Holdings, LLC, 200 South Middle Neck Road, Unit 5, Great Neck, NY 11021, LITTLE FALLS GARDEN APARTMENTS LLC, a New York limited liabilitycompany with an address at c/oCor Holdings, LLC, 200 South Miçldle Neck Road, Unit 5, Great Neck, NY 11021 and BROOKVIEW TOWN HOUSES LLC, a New York limited liabilitycompany with an address at c/o Cor Holdings, LLC, 200 South Middle Neck Road, Unit 5, Great Neck, NY 11021 (collectively and hereinafter "Mortgagor"), and REALFI REAL ESTATE INVESTMENT TRUST LLC, a Delaware limited liability company at itsoffices at 707 Westchester Avenue, Suite 304, White Plains, New York 10604 (hereinafter referred to as "Mortgagee"). WITNESSETH: WHEREAS, the Mortgagor is now the owner in fee simple of the parcel of land and the improvements thereon known as the Mortgaged Property, as hereinafter further defined; and WHEREAS, the Mortgagee is the owner and holder of those certain notes (the "Existing Notes") and the mortgages (the "Existing Mortgages") securing the same as set forth on the attached Schedule A; and WHEREAS, the Mortgagor is now indebted to theMortgagee in the principal sum of TWO MILLION TWO HUNDRED FIFTY THOUSAND AND XX/100 DOLLARS ($2,250,000.00) lawful money of the United States of America (the "Debt"), as aforesaid, with interestthereon based on the terms of the Note (as hereinafter defmed) secured by the notes and the mortgages, the terms of which are evidenced inthat certain Secured Promissory Note dated October 16, 2020 (the "Note"); and WHEREAS, the Mortgagor and the Mortgagee desire to modify and extend the time and manner of payment of the Debt as set forthin the Note, as hereinafter provided so that the Debt shall be paid in accordance with the terms and conditions set forth herein. NOW, THEREFORE, in consideration of theMortgaged Property and the mutual covenants and agreements ofthe parties and the sum of Ten and 00/100 ($10.00) Dollars to each party by the other in hand paid, thereceipt and sufficiency ofwhich are hereby acknowledged, and for the purposes of carrying out the intentions as expressed, the Mortgagor and the Mortgagee hereby covenant and agree as follows: 1. Extension of Maturity Date. Mortgagee hereby extends the time of payment of the principal indebtedness secured by the Note and Mortgage from thepresent Maturity Date of January 8, 2022, to and including July 8, 2022 (the "Extended Maturity Date") for a fee ofTWENTY-TWO THOUSAND FIVE HUNDRED XX/100 DOLLARS ($22,500.00), due and payable at execution of this Agreement, representing an extension fee equal to one percent FILED: MONTGOMERY COUNTY CLERK 09/13/2022 04:11 PM INDEX NO. EF2022-477 NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 09/13/2022 (.01%) of the Debt provided that Mortgagor shallcontinue to pay intereston the amount owing on the Note and Mortgage at therate of Thirteen (13.00%) percent per annum. 2. Past Due Default Interest. As of January 10, 2022, Mortgagor was in default of itsinterestpayment obligations under the Note. On January 10, 2022, Mortgagor paid Mortgagee SVENTY-FIVE THOUSAND AND XX/100 DOLLARS ($75,000.00) towards past due defaulted interestdue under the Note. Mortgagee iswilling to reduce the money owed under the defaulted interest rate to the amount of THIRTY-SEVEN THOUSAND AND FIVE HUNDRED DOLLARS ($37,500.00) and will agree to collect that money upon the repayment of the Loan, provided the Loan is repaid no later than theExtended Maturity Date. Ifthe Loan is not repaid by theExtended Maturity Date orMortgagor otherwise defaults under the terms of the Loan, Mortgagor shallhave the rightto charge thefull amount of defaulted interest due under the Note. 3. Late Fees. Mortgagor owes a totalof THIRTEEN THOUSAND EIGHT HUNDRED DOLLARS ($13,800.00) for the period of time Mortgagor was in default of its interestpayment obligations referenced in Section 2 above. That sum shall be paid to Mortgagee simultaneous to the signing of this Agreement. 4. January 2022 Interest Payment. Mortgagor owes a totalof EIGHTEEN THOUSAND SIX HUNDRED AND EIGHTY-SEVEN DOLLARS AND FIFTY CENTS ($18,687.50) atnote rate interest for twenty-three days interest payment for the balance of the month ofJanuary 2022. That sum shall be paid to Mortgagee simultaneous to the signing of this Agreement. 5. Mortgagee's Obligation to Provide Information. During the term of this Agreement, Mortgagee shallprovide the following toMortgagor: (a) notice of submission of Rent Compatibility Studies and any subsequent increases torents at any of the Properties;and (b)notice of delivery of 2020 and 2021 financials toHUD and notice of therelease of monies being withheld by HUD. 6. Payment of Debt and Incorporation of Covenants, Conditions and Agreements. Mortgagor shall pay all monthly installments of interestand principal as provided for in theNote and shallrepay the Debt on or before the Extended Maturity Date, at thetime and in the manner provided in the Note and in thisMortgage. All the covenants, conditions and agreernents contained in the Note and all and of the·documents including, without (a) (b) any limitation, the Note and this Mortgage now or hereafter executed by Mortgagor and/or others and by or infavor of Mortgagee, which evidences, secures or guarantees all or any portion of the payments due under the Note or otherwise is executed and/or delivered in connection with the Note and thisMortgage, guarantees and agreements (the "Loan Documents") are hereby made a part of thisAgreement to the same extent and with the same force as iffully set forthherein. The Note isevidence of that certainloan made to the Mortgagor by the Mortgagee (the "Loan"). 7. Controlling Agreement. Itis expressly stipulated and agreed tobe the intent of Mortgagor, and Mortgagee at alltimes to comply with applicable state law or applicable FILED: MONTGOMERY COUNTY CLERK 09/13/2022 04:11 PM INDEX NO. EF2022-477 NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 09/13/2022 United States federal law (to the extent that itpermits Mortgagee to contract for, charge, take, reserve, or receive a greater amount of interestthan under statelaw) and thatthisParagraph 3 shall control every other covenant and agreement in this Mortgage and the other Loan Documents. If the applicable law (state or federal) is ever judicially interpreted so as to render usurious any amount called for under the Note or under any of the other Loan Documents, or contracted for, charged, taken, reserved, or received with respect to the Debt, or ifMortgagee's exercise of the option to accelerate the maturity of the Note, or ifany prepayment by Mortgagor results in Mortgagor having paid any interest in excess of that permitted by applicable law, then it is Mortgagor's and Mortgagee's express intent that allexcess amounts theretofore collected by Mortgagee shall be credited on theprincipal balance of the Note and all other Debt, and the provisions of the Note and theother Loan Documents immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new documents, so as tocomply with the applicablelaw, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed tobe paid to Mortgagee forthe use, forbearance, or detention of theDebt shall,to theextent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Debt untilpayment in so full thatthe rate or amount of intereston account of the Debt does not exceed the maximum lawful ratefrom time to time in effectand applicable to the Debt for so long as the Debt isoutstanding. Notwithstanding anything to the contrary contained herein or inany of theother Loan Documents, itisnot the intention of Mortgagee toaccelerate the maturity of any interest thathas not accrued at thetime of such acceleration or to collectunearned interest at thetime of such acceleration. 8. Performance of Other Agreements. Mortgagor shall observe and perform each and every tenn to be observed or performed by Mortgagor pursuant to the terms of any agreement or recorded instrument affecting or pertaining to the Mortgaged Property. FILED: MONTGOMERY COUNTY CLERK 09/13/2022 04:11 PM INDEX NO. EF2022-477 NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 09/13/2022 SIGNATURE PAGE TO FOLLOW [INTENTIONALLY LEFT BLANK, Mortgagor and Mortgagee have execute'dthisinstrument IN WITNESS WILEREOF, the dayand year above first written MORTGAGOR: ROBINHOOD PROPERTIES L,L,C. By: Cor Holdings,LLC, sole member By: Name: Title: FALLS CARDEN APARTMEN S LITTLE LLC Cor LLC, solemember By: Holdings, By: Name: Title: BROOKVIEW TOWN HOUSES LLC By: Cor Holdings,LLC, solemember Name: Title: MORTGAGEE: REALFI REAL ESTATE INVESTMENT TRUST LLC, a Delaware limited company liability Name: Anthony Balbo Title: Authorized Signatory FILED: MONTGOMERY COUNTY CLERK 09/13/2022 04:11 PM INDEX NO. EF2022-477 NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 09/13/2022 Schedule A Mortgage and Note Schedule 1. Governing Mortgage dated October 16, 2020 attached as Exhibit E to Mortgage Consolidation, Modification and Extension Agreement dated October 16, 2020, made by ROBINHOOD PROPERTIES L.L.C, a New York limited liabilitycompany, LITTLE FALLS GARDEN APARTMENTS LLC, a New York limited liability company, and BROOKVIEW TOWN HOUSES LLC, a New York limited liability company, collectively as mortgagor ("Borrower") to REALFI REAL ESTATE INVESTMENT TRUST LLC, a Delaware finited company, liability having its place of business at 707 Westchester Avenue, Suite 304, White Plains, NY 10604 as mortgagee, in theprincipal sum of $2,250,000.00 and recorded in the:(i)Office of the Clerk ofthe of Washington on November 3, 2020 as Instrument Number 2020- County 5460; (ii)Office of the Clerk of the County of Herkimer on November 6, 2020 as Instrument Number RP2020-5037; and (iii)Office of the Clerk of the County of Montgomery on November 10, 2020 as Instrument Number 2020-90173. 2. Consolidated Mortgage Note dated October 16, 2020, made by COR HOLDINGS, LLC, a New York limited liabilitycompany, ROB1NHOOD PROPERTIES L.L.C, a New York limited liabilitycompany, LITTLE FALLS GARDEN APARTMENTS LLC, a New York limited liabilitycompany, and BROOKVIEW TOWN HOUSES LLC, a New York limited liabilitycompany, collectively as maker to REALFI REAL ESTATE INVESTMENT TRUST LLC, a Delaware limited liabilitycompany, having itsplace of business at 707 Westchester Avenue, Suite