Preview
FILED: MONTGOMERY COUNTY CLERK 04/24/2023 04:56 PM INDEX NO. EF2022-477
NYSCEF DOC. NO. 189 RECEIVED NYSCEF: 04/24/2023
EXHIBIT M
FILED: MONTGOMERY COUNTY CLERK 04/24/2023 04:56 PM INDEX NO. EF2022-477
NYSCEF DOC. NO. 189 ElEx,Eo
RECEIVED . ,R2 04/24/2023
NYSCEF: o2 2 77
.: 6
#7 g 90 is o at CEMVEP MEesFE: 0996 Pi M3
THIS MORTGAGE EXTENSION AGREEMENT ("Agreement"), made this day of
January, 2022, by and among ROB1NHOOD PROPERTIES, LLC, a New York limited liability
company with an address at c/o Cor Holdings, LLC, 200 South Middle Neck Road, Unit 5, Great
Neck, NY
1l021, LITTLE FALLS GARDEN LLC, APARTMENTS limited a New York
liability company with an address at c/o Cor Holdings, LLC, 200 South Miçldle Neck Road, Unit
5, Great Neck, NY 11021 and BROOKVIEW TOWN HOUSES LLC, a New York limited
liability cornpany 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 its offices 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 the Mortgagee in the principal sum
of TWO MILLION TWO HUNDRED FIFTY THOUSAND AND XX/100 DOLLARS
($2,250,000.00) lawfulmoney of the United States of America (the "Debt"), as aforesaid, with
interest thereon based on the terms of the Note (as hereinafter defmed) secured by the notes and
the mortgages, the terrns of which are evidenced in that 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 forth in 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 the Mortgaged Property and the mutual
covenants and agreements of the parties and the sum of Ten and 00/100 ($10.00) to each Dollars
party by the other in hand paid, the receipt and sufficiency of which 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 theNote and Mortgage from the present Maturity
Date of January 8, 2022, to and including July 8, 2022 (the "Extended Maturity Date") for a
fee of TWENTY-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 04/24/2023 04:56 PM INDEX NO. EF2022-477
.
NYSCEF DOC. NO. 189 6 JMLNYSCEF:
RECEIVED go.Em2377
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p§ F C,. )p.. 7150 RBMMDNM BO 9†Û f@p§3
(.01%) of the Debt provided that Mortgagor shall continue to pay interest on the amount owing
on the Note and Mortgage at the rate of Thirteen (13.00%) percent per annum.
2. Past Due Default Interest. As of January 10, 2022, Mortgagor was in
default of its interest payment obligations under On January 10, 2022, Mortgagar
the Note. paid
Mortgagee SVENTY-FIVE THOUSAND AND XX/100 DOLLARS ($75,000.00) towards past
due defaulted interest due under the Note. Mortgagee is willing 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 the Extended Maturity Date. If the Loan is
not repaid by the Extended Maturity Date or Mortgagor otherwise defaults under the terms of the
Loan, Mortgagor shall have the right to charge the full arnount of defaulted interest due under the
Note.
3. Late Fees. Mortgagor owes a total of THIRTEEN THOUSAND EIGHT
HUNDRED DOLLARS ($13,800.00) for the period of time Mortgagor was in default of its
interest payment 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 total of EIGHTEEN
THOUSAND SIX HUNDRED AND EIGHTY-SEVEN DOLLARS AND FIFTY CENTS
(318,687.50) at note rate interest for twenty-three days interest payment for the balance of the
month of January 2022. That sum shall be paid to Mortgagee simultaneous to the signing of this
Agreement.
5. Mortgagee's to Provide Information.
Obligation During the term of this
Agreement, Mortgagee shall provide
the following to Mortgagor: (a) notice of submission ofRent
Compatibility Studies and any subsequentincreases to rents at any of the Properties; and (b) notice
of delivery of 2020 and 2021 financials to HUD and notice of the release of monies being withheld
by HUD.
6. Payment of Debt and Incorporation of Covenants, Conditions and
Agreements. Mortgagor shall pay all monthly installments of interest and principal as provided
for in the Note and shall repay the Debt on or before the Extended Maturity Date, at the time and
in the manner provided in the Note and in this Mortgage. All the covenants, conditions and
agreements contained in (a) the Note and (b) all and any of the. documents including, without
limitation, the Note and this Mortgage now or hereafter executed by Mortgagar and/or others and
by or in favor 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 this Mortgage, guarantees and agreements (the "Loan Documents") are hereby made a
part of this Agreement to the same extent and with the same force as if fully set forth herein. The
Note is evidence of that certain loan made to the Mortgagor by the Mortgagee (the "Loan").
7. Controlling Agreement. It is expressly stipulated and agreed to be the
.intent of Mortgagor, and Mortgagee at all times to comply with applicable state law or applicable
FILED: MONTGOMERY COUNTY CLERK 04/24/2023 04:56 PM INDEX NO. EF2022-477
ugp-DOC. NO. 189 RR&x20. -
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Y$CEF DOC, 50.. 750 Mgypgjp @ gj@ : 09N Wé M3
United States federal law (to the extent that it permits to contract
Mortgagee for, charge, take,
reserve, or receive a greater amount of interest than under state law) and that this Paragraph 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 if Mortgagee's exercise of the
option to accelerate the maturity of the Note, or if any prepayment by Mortgagar 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 all excess amounts theretofore collected by
Mortgagee shall be credited on the principal balance of the Note and all other Debt, and the
provisions of the Note and the other Loan
Documents immediately be deemed reformed and the
amounts thereafter collectible and thereunder
hereunder reduced, without the necessity of the
execution of any new documents, so as to comply with the applicable law, but so as to permit the
recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or
agreed to be paid to Mortgagee for the use, forbearance, or detention of the Debt shall, to the extent
permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full
stated term of the Debt until payment in full so that the rate or amount of interest on account of the
Debt does not exceed the maximum lawful rate from time to time in effect and applicable to the
Debt forso long as the Debt is outstanding. Notwithstanding anything to the contrary contained
herein or in any of the other Loan Documents, it is not the intention of Mortgagee to accelerate the
maturity of any interest that has not accrued at the time of such acceleration or to collect unearned
interest at the time 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 04/24/2023 04:56 PM INDEX NO. EF2022-477
NYSCEF DOC.
.: NO. 189 : 6 RECEIVED .
NYSCEF:
1»UDEXE 02 4 A77
04/24/2023
1W IF IMAC,. 1 .· 7150 R§§§§W§DNyy§§pF:0 .pf 3
[tNTENTIONALLY LEPT BLANK, SIGNATURE PAGE TO FOLLOW]
instrument
IN WITNESS W1tEREOF, Mortgagor and Mortgagee have execute'd this
the day and year lirst above written.
MORTGAGOR:
ROBINHOOD PROPERTIES LLC.
By: Car Holdings, LLC, sole member
Name:
Title:
GARDEN APARTMENTS
LITTLE FALLS
LLC
member
By: Cor Holdings, LLC, sole
By:
Name
Thle:
.
BROOKVIEW TOWN HOUSES LLC
member i
By: Cor Holdings, LLC, sole
By
Name:
Title:
i
MORTGAGEE
INVESTMENT .
REALFI REAL ESTATE
TRUST ELC,
a Delaware limited liability company
Name: Anthony Balbo
Title: Authorized Signatory
FILED: MONTGOMERY COUNTY CLERK 04/24/2023 04:56 PM INDEX NO. EF2022-477
NYSCEF DOC.
e NO. 189 .:
EP,x NYSCEF:
RECEIVED no.530p-477
04/24/2023
Schedule A
Mortga ge 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 liability company,
LITTLE FALLS OARDEN 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 RBAL ESTATE
INVESTMENT TRUST LLC, a Delaware Jimited liability company, having its place
of business at 707 Westchester
Avenue, Suite 304, White Plains, NY 10604 as
mortgagee, in the principal sum of $2,250,000.00 and recorded in the: (i) Office of the
Clerk of the County of Washington on November 3, 2020 as Instrument Number 2020-
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 liability company, ROBINHOOD PROPERTIES L.L.C, a
New York limited liability cornpany, LITTLE FALLS GARDEN APARTMENTS
LLC, a New York limited liability company, and BROOKVIEW TOWN HOUSES
LLC, a New York limited liability company, collectively as maker to REALFI REAL
ESTATE INVESTMENT TRUST LLC, a Delaware limited liability company,
having its place of business at 707 Westchester Avenue, Suite
. . .
Preview
FILED: MONTGOMERY COUNTY CLERK 04/24/2023 04:56 PM INDEX NO. EF2022-477 NYSCEF DOC. NO. 189 RECEIVED NYSCEF: 04/24/2023 EXHIBIT M FILED: MONTGOMERY COUNTY CLERK 04/24/2023 04:56 PM INDEX NO. EF2022-477 NYSCEF DOC. NO. 189 ElEx,Eo RECEIVED . ,R2 04/24/2023 NYSCEF: o2 2 77 .: 6 #7 g 90 is o at CEMVEP MEesFE: 0996 Pi M3 THIS MORTGAGE EXTENSION AGREEMENT ("Agreement"), made this day of January, 2022, by and among ROB1NHOOD PROPERTIES, LLC, a New York limited liability company with an address at c/o Cor Holdings, LLC, 200 South Middle Neck Road, Unit 5, Great Neck, NY 1l021, LITTLE FALLS GARDEN LLC, APARTMENTS limited a New York liability company with an address at c/o Cor Holdings, LLC, 200 South Miçldle Neck Road, Unit 5, Great Neck, NY 11021 and BROOKVIEW TOWN HOUSES LLC, a New York limited liability cornpany 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 its offices 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 the Mortgagee in the principal sum of TWO MILLION TWO HUNDRED FIFTY THOUSAND AND XX/100 DOLLARS ($2,250,000.00) lawfulmoney of the United States of America (the "Debt"), as aforesaid, with interest thereon based on the terms of the Note (as hereinafter defmed) secured by the notes and the mortgages, the terrns of which are evidenced in that 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 forth in 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 the Mortgaged Property and the mutual covenants and agreements of the parties and the sum of Ten and 00/100 ($10.00) to each Dollars party by the other in hand paid, the receipt and sufficiency of which 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 theNote and Mortgage from the present Maturity Date of January 8, 2022, to and including July 8, 2022 (the "Extended Maturity Date") for a fee of TWENTY-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 04/24/2023 04:56 PM INDEX NO. EF2022-477 . NYSCEF DOC. NO. 189 6 JMLNYSCEF: RECEIVED go.Em2377 04/24/2023 p§ F C,. )p.. 7150 RBMMDNM BO 9†Û f@p§3 (.01%) of the Debt provided that Mortgagor shall continue to pay interest on the amount owing on the Note and Mortgage at the rate of Thirteen (13.00%) percent per annum. 2. Past Due Default Interest. As of January 10, 2022, Mortgagor was in default of its interest payment obligations under On January 10, 2022, Mortgagar the Note. paid Mortgagee SVENTY-FIVE THOUSAND AND XX/100 DOLLARS ($75,000.00) towards past due defaulted interest due under the Note. Mortgagee is willing 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 the Extended Maturity Date. If the Loan is not repaid by the Extended Maturity Date or Mortgagor otherwise defaults under the terms of the Loan, Mortgagor shall have the right to charge the full arnount of defaulted interest due under the Note. 3. Late Fees. Mortgagor owes a total of THIRTEEN THOUSAND EIGHT HUNDRED DOLLARS ($13,800.00) for the period of time Mortgagor was in default of its interest payment 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 total of EIGHTEEN THOUSAND SIX HUNDRED AND EIGHTY-SEVEN DOLLARS AND FIFTY CENTS (318,687.50) at note rate interest for twenty-three days interest payment for the balance of the month of January 2022. That sum shall be paid to Mortgagee simultaneous to the signing of this Agreement. 5. Mortgagee's to Provide Information. Obligation During the term of this Agreement, Mortgagee shall provide the following to Mortgagor: (a) notice of submission ofRent Compatibility Studies and any subsequentincreases to rents at any of the Properties; and (b) notice of delivery of 2020 and 2021 financials to HUD and notice of the release of monies being withheld by HUD. 6. Payment of Debt and Incorporation of Covenants, Conditions and Agreements. Mortgagor shall pay all monthly installments of interest and principal as provided for in the Note and shall repay the Debt on or before the Extended Maturity Date, at the time and in the manner provided in the Note and in this Mortgage. All the covenants, conditions and agreements contained in (a) the Note and (b) all and any of the. documents including, without limitation, the Note and this Mortgage now or hereafter executed by Mortgagar and/or others and by or in favor 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 this Mortgage, guarantees and agreements (the "Loan Documents") are hereby made a part of this Agreement to the same extent and with the same force as if fully set forth herein. The Note is evidence of that certain loan made to the Mortgagor by the Mortgagee (the "Loan"). 7. Controlling Agreement. It is expressly stipulated and agreed to be the .intent of Mortgagor, and Mortgagee at all times to comply with applicable state law or applicable FILED: MONTGOMERY COUNTY CLERK 04/24/2023 04:56 PM INDEX NO. EF2022-477 ugp-DOC. NO. 189 RR&x20. - NYSCEF RECEIVED g g2 p7 NYSCEF:gra04/24/2023 Y$CEF DOC, 50.. 750 Mgypgjp @ gj@ : 09N Wé M3 United States federal law (to the extent that it permits to contract Mortgagee for, charge, take, reserve, or receive a greater amount of interest than under state law) and that this Paragraph 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 if Mortgagee's exercise of the option to accelerate the maturity of the Note, or if any prepayment by Mortgagar 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 all excess amounts theretofore collected by Mortgagee shall be credited on the principal balance of the Note and all other Debt, and the provisions of the Note and the other Loan Documents immediately be deemed reformed and the amounts thereafter collectible and thereunder hereunder reduced, without the necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to Mortgagee for the use, forbearance, or detention of the Debt shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Debt until payment in full so that the rate or amount of interest on account of the Debt does not exceed the maximum lawful rate from time to time in effect and applicable to the Debt forso long as the Debt is outstanding. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is not the intention of Mortgagee to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time 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 04/24/2023 04:56 PM INDEX NO. EF2022-477 NYSCEF DOC. .: NO. 189 : 6 RECEIVED . NYSCEF: 1»UDEXE 02 4 A77 04/24/2023 1W IF IMAC,. 1 .· 7150 R§§§§W§DNyy§§pF:0 .pf 3 [tNTENTIONALLY LEPT BLANK, SIGNATURE PAGE TO FOLLOW] instrument IN WITNESS W1tEREOF, Mortgagor and Mortgagee have execute'd this the day and year lirst above written. MORTGAGOR: ROBINHOOD PROPERTIES LLC. By: Car Holdings, LLC, sole member Name: Title: GARDEN APARTMENTS LITTLE FALLS LLC member By: Cor Holdings, LLC, sole By: Name Thle: . BROOKVIEW TOWN HOUSES LLC member i By: Cor Holdings, LLC, sole By Name: Title: i MORTGAGEE INVESTMENT . REALFI REAL ESTATE TRUST ELC, a Delaware limited liability company Name: Anthony Balbo Title: Authorized Signatory FILED: MONTGOMERY COUNTY CLERK 04/24/2023 04:56 PM INDEX NO. EF2022-477 NYSCEF DOC. e NO. 189 .: EP,x NYSCEF: RECEIVED no.530p-477 04/24/2023 Schedule A Mortga ge 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 liability company, LITTLE FALLS OARDEN 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 RBAL ESTATE INVESTMENT TRUST LLC, a Delaware Jimited liability company, having its place of business at 707 Westchester Avenue, Suite 304, White Plains, NY 10604 as mortgagee, in the principal sum of $2,250,000.00 and recorded in the: (i) Office of the Clerk of the County of Washington on November 3, 2020 as Instrument Number 2020- 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 liability company, ROBINHOOD PROPERTIES L.L.C, a New York limited liability cornpany, LITTLE FALLS GARDEN APARTMENTS LLC, a New York limited liability company, and BROOKVIEW TOWN HOUSES LLC, a New York limited liability company, collectively as maker to REALFI REAL ESTATE INVESTMENT TRUST LLC, a Delaware limited liability company, having its place of business at 707 Westchester Avenue, Suite . . .