Preview
FILED: QUEENS COUNTY CLERK 07/19/2022 04:44 PM INDEX NO. 712364/2022
NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 07/19/2022
EXHIBIT E
FILED: QUEENS COUNTY CLERK 07/19/2022 04:44 PM INDEX NO. 712364/2022
NYSCEF INDEX NO. 712364/2022
FILED:DOC. NO. 41
UEENS COUNTY CLERK 06 1 2022 10:43 RECEIVED NYSCEF: 07/19/2022
NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 06/13 /2022
CHIESA SHAHINIAN & GIANTOMASI PC
11 TIMES SQUARE, 34TH FLOOR
NEW YORK, NY 10036
esgtaw.com
GCS
ATTORNEY5 AT LAW
MICHAEL R. CARUSO
Incaruso@csglaw.corn
(0) 973 530.2109
(F) 973 530.2309
May 6, 2022
B Y E-MA IL & FEDERAL EXPRESS
82-02 45th Ave. Corp. Daniel Kim, Esq.
19 Gilbert Rd., Law Offices of Daniel D. Kim
23"I
Great Neck, N.Y. 11024-1421 5 Pe nn Plaza, Fl.
Attn: James Kwang Iee, President and Secretary New York, N.Y. l0001
E-mail: betterone1td(h)aol.com E-mail: danicidkimlaw@gmail.com
James Kwang Lee & Soon Lee
19 Gilbert Rd.,
GreatNeck, N.Y. I1024-1421
NOTICE OF ADDITIONAL EVENTS OF DEFAULT, CONTINUED A CCELERA TION,
AND RESERVATION OF RIGHTS
Re: Lender: Central Penn Capital Management, LLC
Loan: Loan # 028 evidenced by a certain Amended Restated
and Consolidated Promissory Note dated May 31, 2018, as
amended from time to time, in the original principal amount of
$6.100,000.00, which Loan is secured by a certain Amended,
Restated and Consolidated Mortgage, Assignment ofI,easeand
Rents, Security Agreement and Fixture Filing (the
"Mortgage"), encumbering certain Property (defined below). as
further secured by a separate Assignment of Leases and Rents,
Pledge and Security Agreement. UCC-1 Financing Statements,
together with any and allrelated documents in connection with
the I .oan(collectively, the "Loan Documents")
Borrower: 82-02 45th Ave. Corp.,.Iames Kwang Lee, and Soon Lee
Property: 82-02 45th Avenue, Elmhurst, New York 11373 (Queens
County, Block 1536, Lot 201) and all personal property assets
and collateral of Borrower
Dear Mr. Lee and Mr. Kim:
This firm represents the Lender, Central Penn Capital Management, LLC, as successor and
assign of Customers Bank, with respect to the Loan and Loan Documents referenced above. This
lettersupplements the Lender's prior letters to Barrower dated September 27, 2021. November 16,
NEW JERSEY NEW YORK
4862-4694-6848v1
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FILED: QUEENS COUNTY CLERK 07/19/2022 04:44 PM INDEX NO. 712364/2022
NYSCEF
FILED:DOC. NO. 41
UEENS COUNTY CLERK 06 13 20 2 10:43 RECEIVED INDEXNYSCEF:
NO. 712364/2022
07/19/2022
NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 06/13/2022
82-02 45th Ave. Corp.
May 6, 2022
Page 2
Notice"
2021, and April I2, 2022 (each a "Default and collectively, with this letter,the "Default
Notices"). Capitalized terms not otherwise defined herein shall have the same meaning as in the
Default Notices and Loan Documents. We write for several reasons.
First, all communications from Borrower or itsrepresentatives concerning the I .oan and/or
Property must be directed to the undersigned attorney for the Lender. Borrower and itsrepresentatives
shall not communicate with Lender directly, except as otherwise provided herein (regarding e-mail
requests for wire transfers, as further explained below). Borrower's communications with the
Lender's undersigned counsel inust be inwriting (letteror email) rather than by phone call.We further
understand that Mr. Kim does not represent Borrower presently. When Borrower retains counsel, if
at all,then the parties may communicate through counset
Second, we write to remind Borrower that the Loan remains in default and accelerated as set
forth in the Default Notices. Interestcontinues to accrue on theaccelerated Debt at the Default Rate
of twenty-four percent (24%) per annum until the accelerated Debt is indefeasibly paid in full.
Third, we write to provide notice of the occurrence of additional Events of Default under the
Loan. Borrower has failed and refused to place new or updated insurance on the Property, satisfactory
LLC"
to Lender in allrespects, naming "Central Penn Capital Management, as firstmortgagce, loss
payee, and where applicable, additional insured. Borrower has ignored the Lender's April I2, 2022,
Default Notice. 1 ender, therefore, is compelled to procure, at Borrower's sole cost and expense, a
place"
"forced policy of insurance naming Lender as the sole loss payee for the Property. Borrower's
failure and refusal tocomply with the insurance provisions of Paragraph 6 ofthe Mortgage constitutes
an additional Event of Default. Lender's protective advance to obtain a forced place policy of
insurance will be added to the accelerated Debt with interestaccruing at the Default Rate.
Founh, to the extent Borrower elects to remit Partial Payments on the accelerated Debt,
Borrower has two options. Option I isto send a personal check or bank check made payable to cither
Servicing" I.LC"
"Noble Loan or "Central Penn Capital Management, (referencing "Loan #
L2200028"
in the memo section of the check) and mailing the check to:
Noble Loan Servicing
I817 Olde Homestead Lane, Suite 101
Lancaster, Pennsylvania 17601
Attn: Alyssa Cassler, Servicer
Alternatively, Option 2 is to transmit a wire transfer. For each wire transfer, please send an e-mail
request to Tonya L. l-laynes, Loan Specialist, so that the wire transfer verification process may be
initiated.Ms. Haynes's e-mail address isthaynes@nobleweb.corn. The email request to Ms. Haynes
must include: (i)the wire transfer amount; (ii)Loan // 028: and, (iii)the transferor's full name.
e-mail address, and cell phone number. Lender's third-party vendor, CertifiD, will securely send the
wire transfer instructions to Borrower andfor Borrower's financial institution.Lender will deny any
wire transfer request that does not comply with the e-mail prerequisite described above.
4862-4694-6848v1
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FILED: QUEENS COUNTY CLERK 07/19/2022 04:44 PM INDEX NO. 712364/2022
NYSCEF NO.
INDEXNYSCEF: 712364/2022
FILED: DOC. NO. 41
UEENS COUNTY CLERK 06 13 2022 10: 3 RECEIVED 07/19/2022
NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 06/13/2022
82-02 45th Ave. Corp.
May 6, 2022
Page 3
Neither thisnotice, any prior Default Notice, nor any discussions by and between Lender and
Borrower or their representatives, nor Lender's acceptance of any Partial Payment, shall be deemed
or construed to constitute(a) a cure ofany default under the Loan Documents, (b) a waiver by Lender
of any default under the Loan Documents, whether or not referred to herein or in any prior or
subsequent notice of default,(c) an election of remedies by Lender with respect to any such default,
all rights and remedies reserved by Lender under law and under the Loan Documents, (d) a waiver,
modification, relinquishment or forbearance by Lender of any right or remedy under the Loan
Documents or under law, allof which are reserved by Lender, (e) a reinstatement of the Loan, or (f)
a modification of any of the Loan Documents. Lender expressly reserves allrights, remedies, claims,
and defenses under the Loan Documents and applicable law. Be further advised thatLender expects,
and hereby demands, strictcompliance by Borrower with cach and all of itsduties and obligations
under the Loan Documents.
Very truly yours,
/s/Michael R. Caruso
M 1CHAEL R. CARUSO
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Preview
FILED: QUEENS COUNTY CLERK 07/19/2022 04:44 PM INDEX NO. 712364/2022 NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 07/19/2022 EXHIBIT E FILED: QUEENS COUNTY CLERK 07/19/2022 04:44 PM INDEX NO. 712364/2022 NYSCEF INDEX NO. 712364/2022 FILED:DOC. NO. 41 UEENS COUNTY CLERK 06 1 2022 10:43 RECEIVED NYSCEF: 07/19/2022 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 06/13 /2022 CHIESA SHAHINIAN & GIANTOMASI PC 11 TIMES SQUARE, 34TH FLOOR NEW YORK, NY 10036 esgtaw.com GCS ATTORNEY5 AT LAW MICHAEL R. CARUSO Incaruso@csglaw.corn (0) 973 530.2109 (F) 973 530.2309 May 6, 2022 B Y E-MA IL & FEDERAL EXPRESS 82-02 45th Ave. Corp. Daniel Kim, Esq. 19 Gilbert Rd., Law Offices of Daniel D. Kim 23"I Great Neck, N.Y. 11024-1421 5 Pe nn Plaza, Fl. Attn: James Kwang Iee, President and Secretary New York, N.Y. l0001 E-mail: betterone1td(h)aol.com E-mail: danicidkimlaw@gmail.com James Kwang Lee & Soon Lee 19 Gilbert Rd., GreatNeck, N.Y. I1024-1421 NOTICE OF ADDITIONAL EVENTS OF DEFAULT, CONTINUED A CCELERA TION, AND RESERVATION OF RIGHTS Re: Lender: Central Penn Capital Management, LLC Loan: Loan # 028 evidenced by a certain Amended Restated and Consolidated Promissory Note dated May 31, 2018, as amended from time to time, in the original principal amount of $6.100,000.00, which Loan is secured by a certain Amended, Restated and Consolidated Mortgage, Assignment ofI,easeand Rents, Security Agreement and Fixture Filing (the "Mortgage"), encumbering certain Property (defined below). as further secured by a separate Assignment of Leases and Rents, Pledge and Security Agreement. UCC-1 Financing Statements, together with any and allrelated documents in connection with the I .oan(collectively, the "Loan Documents") Borrower: 82-02 45th Ave. Corp.,.Iames Kwang Lee, and Soon Lee Property: 82-02 45th Avenue, Elmhurst, New York 11373 (Queens County, Block 1536, Lot 201) and all personal property assets and collateral of Borrower Dear Mr. Lee and Mr. Kim: This firm represents the Lender, Central Penn Capital Management, LLC, as successor and assign of Customers Bank, with respect to the Loan and Loan Documents referenced above. This lettersupplements the Lender's prior letters to Barrower dated September 27, 2021. November 16, NEW JERSEY NEW YORK 4862-4694-6848v1 175 of 180 FILED: QUEENS COUNTY CLERK 07/19/2022 04:44 PM INDEX NO. 712364/2022 NYSCEF FILED:DOC. NO. 41 UEENS COUNTY CLERK 06 13 20 2 10:43 RECEIVED INDEXNYSCEF: NO. 712364/2022 07/19/2022 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 06/13/2022 82-02 45th Ave. Corp. May 6, 2022 Page 2 Notice" 2021, and April I2, 2022 (each a "Default and collectively, with this letter,the "Default Notices"). Capitalized terms not otherwise defined herein shall have the same meaning as in the Default Notices and Loan Documents. We write for several reasons. First, all communications from Borrower or itsrepresentatives concerning the I .oan and/or Property must be directed to the undersigned attorney for the Lender. Borrower and itsrepresentatives shall not communicate with Lender directly, except as otherwise provided herein (regarding e-mail requests for wire transfers, as further explained below). Borrower's communications with the Lender's undersigned counsel inust be inwriting (letteror email) rather than by phone call.We further understand that Mr. Kim does not represent Borrower presently. When Borrower retains counsel, if at all,then the parties may communicate through counset Second, we write to remind Borrower that the Loan remains in default and accelerated as set forth in the Default Notices. Interestcontinues to accrue on theaccelerated Debt at the Default Rate of twenty-four percent (24%) per annum until the accelerated Debt is indefeasibly paid in full. Third, we write to provide notice of the occurrence of additional Events of Default under the Loan. Borrower has failed and refused to place new or updated insurance on the Property, satisfactory LLC" to Lender in allrespects, naming "Central Penn Capital Management, as firstmortgagce, loss payee, and where applicable, additional insured. Borrower has ignored the Lender's April I2, 2022, Default Notice. 1 ender, therefore, is compelled to procure, at Borrower's sole cost and expense, a place" "forced policy of insurance naming Lender as the sole loss payee for the Property. Borrower's failure and refusal tocomply with the insurance provisions of Paragraph 6 ofthe Mortgage constitutes an additional Event of Default. Lender's protective advance to obtain a forced place policy of insurance will be added to the accelerated Debt with interestaccruing at the Default Rate. Founh, to the extent Borrower elects to remit Partial Payments on the accelerated Debt, Borrower has two options. Option I isto send a personal check or bank check made payable to cither Servicing" I.LC" "Noble Loan or "Central Penn Capital Management, (referencing "Loan # L2200028" in the memo section of the check) and mailing the check to: Noble Loan Servicing I817 Olde Homestead Lane, Suite 101 Lancaster, Pennsylvania 17601 Attn: Alyssa Cassler, Servicer Alternatively, Option 2 is to transmit a wire transfer. For each wire transfer, please send an e-mail request to Tonya L. l-laynes, Loan Specialist, so that the wire transfer verification process may be initiated.Ms. Haynes's e-mail address isthaynes@nobleweb.corn. The email request to Ms. Haynes must include: (i)the wire transfer amount; (ii)Loan // 028: and, (iii)the transferor's full name. e-mail address, and cell phone number. Lender's third-party vendor, CertifiD, will securely send the wire transfer instructions to Borrower andfor Borrower's financial institution.Lender will deny any wire transfer request that does not comply with the e-mail prerequisite described above. 4862-4694-6848v1 176 of 180 FILED: QUEENS COUNTY CLERK 07/19/2022 04:44 PM INDEX NO. 712364/2022 NYSCEF NO. INDEXNYSCEF: 712364/2022 FILED: DOC. NO. 41 UEENS COUNTY CLERK 06 13 2022 10: 3 RECEIVED 07/19/2022 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 06/13/2022 82-02 45th Ave. Corp. May 6, 2022 Page 3 Neither thisnotice, any prior Default Notice, nor any discussions by and between Lender and Borrower or their representatives, nor Lender's acceptance of any Partial Payment, shall be deemed or construed to constitute(a) a cure ofany default under the Loan Documents, (b) a waiver by Lender of any default under the Loan Documents, whether or not referred to herein or in any prior or subsequent notice of default,(c) an election of remedies by Lender with respect to any such default, all rights and remedies reserved by Lender under law and under the Loan Documents, (d) a waiver, modification, relinquishment or forbearance by Lender of any right or remedy under the Loan Documents or under law, allof which are reserved by Lender, (e) a reinstatement of the Loan, or (f) a modification of any of the Loan Documents. Lender expressly reserves allrights, remedies, claims, and defenses under the Loan Documents and applicable law. Be further advised thatLender expects, and hereby demands, strictcompliance by Borrower with cach and all of itsduties and obligations under the Loan Documents. Very truly yours, /s/Michael R. Caruso M 1CHAEL R. CARUSO 4862-4694-6848.v1 177 of 180