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SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF ROCKLAND
HELLO LIVING DEVELOPER NOSTRAND LLC and
HELLO NOSTRAND LLC, Index No.: 034885/2021
Plaintiffs, NOTICE OF
SETTLEMENT
-against- WITH COUNTER
PROPOSED ORDER
1580 NOSTRAND MEZZ, LLC,
MADISON REALTY CAPITAL, L.P.,
Defendants.
PLEASE TAKE NOTICE that the annexed Counter Proposed Order denying Plaintiffs’
motion for a preliminary injunction pursuant to CPLR 6301 and N.Y. U.C.C. Law 9-625 to
enjoin the Uniform Commercial Code sale, of which the within is a true copy, will be presented
for signature to the Honorable Paul I. Marx, J.S.C of the Supreme Court of the State of New
York, Rockland County, at 1 South Main Street, New City, New York 10956, on October 22,
2021.
Dated: October 19, 2021
New York, New York
Law Offices of Victor A. Worms
Co-counsel for the Plaintiffs
By:__________________________
Victor A. Worms
48 Wall Street, Suite 1100
New York, New York 10005
(212) 374-9590
To: All appearing parties via NYSCEF
At the Supreme Court of the State of New
York, held in and for the County of Rockland,
at the Courthouse located at 1 South Main
Street, New City, New York, on the _______
day of October___________ , 2021.
PRESENT:
HON. PAUL I. MARX, J.S.C.
X
HELLO LIVING DEVELOPER NOSTRAND LLC and
HELLO NOSTRAND LLC, Index No.: 034885/2021
Plaintiffs,
-against-
1580 NOSTRAND MEZZ, LLC,
MADISON REALTY CAPITAL, L.P.,
Defendants.
X
UPON the motion of HELLO LIVING DEVELOPER NOSTRAND LLC (“Mezz
Borrower”) and HELLO NOSTRAND LLC (“Hello Nostrand”, and together with the Mezz
Borrower, collectively, the Plaintiffs”) the Plaintiffs herein, brought on by an Order to Show Cause,
for the entry of an Order: (a) for a temporary restraining order and preliminary injunction enjoining
defendants 1580 NOSTRAND MEZZ, LLC (“Mezz Lender”) and MADISON REALTY
CAPITAL, L.P. (“MRC”, and together with the Mezz Lender, collectively, the “Defendants”) and
anyone acting on the Defendants’ behalf, during the pendency of this action, from holding the an
auction sale of plaintiff Mezz Borrower’s 100% membership interests in plaintiff Hello Nostrand
(the “Collateral”); (b) granting Plaintiff any further relief that the Court deems just and proper (the
“Motion”); and upon the Court signing the Order to Show Cause on August 24, 2021 (“Signed
OSC”) temporarily restraining and enjoining the Defendants and anyone acting on their behalf
from conducting the UCC sale of the Collateral scheduled for September 2, 2021 (“Stay”); and
upon the Signed OSC conditioning the Stay upon the Plaintiffs posting a bond in the amount of
$100,000.00 (“Bond”) to offset expenses and damages which Defendants may suffer in the event
Plaintiffs do not prevail on the Motion; and all the papers filed herein and after and the Motion
having come on regularly to be heard by this Court on October 18, 2021 (“Hearing”), and after
due deliberation having been held thereon and the Court having determined that Plaintiffs have
failed to show (i) a likelihood of success on the merits; (ii) irreparable harm; and (iii)that the
balance of the equities tips in their favor, it is hereby
NOW, upon Motion of Marcus and Zelman, LLC and the Law Offices of Victor A.
Worms, attorneys for the Plaintiffs, it is hereby
ORDERED, that the Plaintiffs’ Motion is denied in its entirety; and it is further
ORDERED, that the Stay imposed by the Signed OSC with Temporary Restraining
Order was lifted and vacated by the Court at the Hearing on October 18, 2021, and the Mezz
Lender may conduct a UCC sale of the Collateral (“Sale”); and it is further
ORDERED, that any dispute(s) regarding the sale of the Collateral scheduled for
September 2, 2021, including, but not limited to, publication and commercial reasonableness, are
moot; and it is further
ORDERED, that any future Sale of the Collateral shall be subject to the following
conditions: (i) at least sixty (60) days’ notice of the Sale shall be provided; (ii) publication of the
Sale shall be advertised four (4) times prior to the Sale in the New York Times and in The Real
Deal online website; (iii) any qualifying bid deposit at a future Sale must be in the amount of
____________; and (iv) all remaining aspects of the Sale must be in accordance with the terms
and provisions of the Ownership Interests Pledge and Security Agreement by and between the
Mezz Borrower and Mezz Lender, and shall be commercially reasonable in accordance with the
Uniform Commercial Code; and it is further
ORDERED, that the Defendants are not authorized to charge any costs, expenses, or
damages against the Bond without a further order of this Court; and it is further
ORDERED, that if the Plaintiffs exercise their right of redemption, under UCC § 9-623,
by paying the sum of ____________ prior to the UCC foreclosure sale of the Collateral, the
Defendants’ security interest in the Collateral shall immediately terminate and the Collateral will
have been fully and completely redeemed by the Plaintiffs; and it is further
ORDERED, that this Court shall retain jurisdiction to adjudicate and determine any
further disputes with respect to commercial reasonableness of the Sale or any matter relating to
the disposition of the Collateral.
E N T E R:
___________________________________
HON. PAUL I. MARX, J.S.C.
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SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF ROCKLAND HELLO LIVING DEVELOPER NOSTRAND LLC and HELLO NOSTRAND LLC, Index No.: 034885/2021 Plaintiffs, NOTICE OF SETTLEMENT -against- WITH COUNTER PROPOSED ORDER 1580 NOSTRAND MEZZ, LLC, MADISON REALTY CAPITAL, L.P., Defendants. PLEASE TAKE NOTICE that the annexed Counter Proposed Order denying Plaintiffs’ motion for a preliminary injunction pursuant to CPLR 6301 and N.Y. U.C.C. Law 9-625 to enjoin the Uniform Commercial Code sale, of which the within is a true copy, will be presented for signature to the Honorable Paul I. Marx, J.S.C of the Supreme Court of the State of New York, Rockland County, at 1 South Main Street, New City, New York 10956, on October 22, 2021. Dated: October 19, 2021 New York, New York Law Offices of Victor A. Worms Co-counsel for the Plaintiffs By:__________________________ Victor A. Worms 48 Wall Street, Suite 1100 New York, New York 10005 (212) 374-9590 To: All appearing parties via NYSCEF At the Supreme Court of the State of New York, held in and for the County of Rockland, at the Courthouse located at 1 South Main Street, New City, New York, on the _______ day of October___________ , 2021. PRESENT: HON. PAUL I. MARX, J.S.C. X HELLO LIVING DEVELOPER NOSTRAND LLC and HELLO NOSTRAND LLC, Index No.: 034885/2021 Plaintiffs, -against- 1580 NOSTRAND MEZZ, LLC, MADISON REALTY CAPITAL, L.P., Defendants. X UPON the motion of HELLO LIVING DEVELOPER NOSTRAND LLC (“Mezz Borrower”) and HELLO NOSTRAND LLC (“Hello Nostrand”, and together with the Mezz Borrower, collectively, the Plaintiffs”) the Plaintiffs herein, brought on by an Order to Show Cause, for the entry of an Order: (a) for a temporary restraining order and preliminary injunction enjoining defendants 1580 NOSTRAND MEZZ, LLC (“Mezz Lender”) and MADISON REALTY CAPITAL, L.P. (“MRC”, and together with the Mezz Lender, collectively, the “Defendants”) and anyone acting on the Defendants’ behalf, during the pendency of this action, from holding the an auction sale of plaintiff Mezz Borrower’s 100% membership interests in plaintiff Hello Nostrand (the “Collateral”); (b) granting Plaintiff any further relief that the Court deems just and proper (the “Motion”); and upon the Court signing the Order to Show Cause on August 24, 2021 (“Signed OSC”) temporarily restraining and enjoining the Defendants and anyone acting on their behalf from conducting the UCC sale of the Collateral scheduled for September 2, 2021 (“Stay”); and upon the Signed OSC conditioning the Stay upon the Plaintiffs posting a bond in the amount of $100,000.00 (“Bond”) to offset expenses and damages which Defendants may suffer in the event Plaintiffs do not prevail on the Motion; and all the papers filed herein and after and the Motion having come on regularly to be heard by this Court on October 18, 2021 (“Hearing”), and after due deliberation having been held thereon and the Court having determined that Plaintiffs have failed to show (i) a likelihood of success on the merits; (ii) irreparable harm; and (iii)that the balance of the equities tips in their favor, it is hereby NOW, upon Motion of Marcus and Zelman, LLC and the Law Offices of Victor A. Worms, attorneys for the Plaintiffs, it is hereby ORDERED, that the Plaintiffs’ Motion is denied in its entirety; and it is further ORDERED, that the Stay imposed by the Signed OSC with Temporary Restraining Order was lifted and vacated by the Court at the Hearing on October 18, 2021, and the Mezz Lender may conduct a UCC sale of the Collateral (“Sale”); and it is further ORDERED, that any dispute(s) regarding the sale of the Collateral scheduled for September 2, 2021, including, but not limited to, publication and commercial reasonableness, are moot; and it is further ORDERED, that any future Sale of the Collateral shall be subject to the following conditions: (i) at least sixty (60) days’ notice of the Sale shall be provided; (ii) publication of the Sale shall be advertised four (4) times prior to the Sale in the New York Times and in The Real Deal online website; (iii) any qualifying bid deposit at a future Sale must be in the amount of ____________; and (iv) all remaining aspects of the Sale must be in accordance with the terms and provisions of the Ownership Interests Pledge and Security Agreement by and between the Mezz Borrower and Mezz Lender, and shall be commercially reasonable in accordance with the Uniform Commercial Code; and it is further ORDERED, that the Defendants are not authorized to charge any costs, expenses, or damages against the Bond without a further order of this Court; and it is further ORDERED, that if the Plaintiffs exercise their right of redemption, under UCC § 9-623, by paying the sum of ____________ prior to the UCC foreclosure sale of the Collateral, the Defendants’ security interest in the Collateral shall immediately terminate and the Collateral will have been fully and completely redeemed by the Plaintiffs; and it is further ORDERED, that this Court shall retain jurisdiction to adjudicate and determine any further disputes with respect to commercial reasonableness of the Sale or any matter relating to the disposition of the Collateral. E N T E R: ___________________________________ HON. PAUL I. MARX, J.S.C.