Preview
FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023
NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023
SUPREME COURT OF THE STATE OF NEW YORK Index No.
COUNTY OF SUFFOLK
______________________........_______.--------------------------------x
MARIE HOLDINGS, INC.
Plaintiff,
-against-
AFFIDAVIT
BRUCE KENNEDY and BRUCE KENNEDY, P.C.,
Defendants.
___-._________________________________________________..............-x
THOMAS deposes and states:
GUBITOSI, being duly sworn,
1. I am the President and sole shareholder of Marie Holdings, Inc.,
Plaintiff herein, and as such I am fully familiar with the facts and circumstances of
this case.
2. In September 2021, Defendant Bruce Kennedy, Esq. and/or his firm,
Bruce Kenney, P.C., acted as escrow agent for Ira Sumkin and/or his business
entities in connection with partially paying down a loan owed by Mr. Sumkin's
businesses to Marie Holdings.
3. Pursuant to a forbearance agreement, Mr. Sumkin and/or his business
entities were to make a payment to Marie Holdings, Inc. in the sum of $890,870.00
on or before September 17, 2021. My understanding from discussions with Mr.
Sumkin and the related correspondence between our attorneys was that the
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FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023
NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023
payment would be made through Mr. Kennedy, who was holding the funds in
escrow.
4. The morning of September 17, 2021, I provided Mr. Kennedy with wire
instructions for transmission of the $890,870.00 he was holding in escrow to Marie
Holdings, Inc.
5. To date, the $890,870.00 Mr. Kennedy was holding in escrow for
delivery to Marie Holdings, Inc. on September 17, 2021 has not been received.
6. My understanding is that Mr. Kennedy inadvertently wired the funds
he had been entrusted with to the wrong recipient and could not recover them.
When Mr. Sumkin and Mr. Kennedy (and/or his insurance carrier) were unable to
promptly resolve the issue of the lost funds, Plaintiff commenced a foreclosure
action, which is pending under Suffolk County Index No. 207843/2022, and Mr. Sumkin
and his businesses commenced a malpractice action against Mr. Kennedy and his firm, which is
pending under Suffolk Co. Index No. 623483/2021. Notwithstanding two mediations
with Mr. Kennedy and his malpractice carrier, Mr. Sumkin's malpractice action has
not been resolved and does not appear to be near resolution. Accordingly, Plaintiff
intends to move forward in pursuing its remedies in foreclosure and has,
additionally, commenced this action directly against Mr. Kennedy and his firm to
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FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023
NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023
recover and credit the payment that should have been made on the borrower's
behalf, with interest.
ZÉlfomas Gubitosi
Sworn before me this 2
y-
Day of Cotcht , 2023
Tracy A. ailman
NOTARY PUBLIC, STATE OF NEW YORK
Registration No. 01GI6089308
Qualifie6 in Suffolk County an
Commission Expires March 24.2025
.---
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FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023
NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023
Scott Kreppein
From: Thomas Gubitosi
Sent: Friday, September 17, 2021 7:12 AM
To: bkennedypc@aol.com
Cc: Scott Kreppein
Subject: Marie Holdings -IRA Sumkin
Attachments: 20210917_Executed-_FORBEARANCE AGREEMENT.pdf
See attached executed Agreement, My wire instructions are Citibank Routing # 021000089 Marie Holdings Inc. 38 Sterns
court Farmingdale NY 11735. Act# 03764209. As discussed with IRA , a check is acceptable but a per diem will be
charged until the check clears my account. Thank You Tom.
1
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FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023
NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023
Scott Kreppein
From: Scott Kreppein
Sent: Thursday, September 9, 2021 11:04 AM
To: 'Bkennedypc'
Cc: 'Thomas Gubitosi'
Subject: Sumkin and Marie Holdings - 2021 Forbearance Agreement
Attachments: 2021 FORBEARANCE AGREEMENT.pdf
Bruce,
Attached, please find a forbearance agreement for Mr. Sumkin’s (Alexander Holdings’s) 2018 loan with Marie Holdings.
Please have Mr. Sumkin return the executed agreement to Mr. Gubitosi, with payment of $884,750, plus $360.00 per
diem from 9/1 forward.
Yours,
Scott J. Kreppein | Counsel
50 Route 111, Suite 314
Smithtown, NY 11787
Ph: 631-724-8833
Cell: 631-840-7473
Toll Free: 866-851-1123
Fax: 631-724-8010
Email Website
From: Bkennedypc
Sent: Monday, August 16, 2021 3:16 PM
To: Scott Kreppein
Subject: Re: Marie Holdings from Sumlen Realty (Sumkin), 24 Maple Place and 29 Albany Avenue
Scott:
I have been trying to contact you by telephone as Sumkin Realty wants to pay down the captioned mortgage by
$800,000.00 in exchange for a partial release of mortgaged premises for two (2) of the lots covered by said mortgage
(845 and 873 Merrick Hwy., Copiague, NY).
Please discuss with your client and advise.
Thank you,
Bruce
Bruce Kennedy, PC
1
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31 Greene Ave.
Amityville, NY 11701
631-691-0100
-----Original Message-----
From: Scott Kreppein
To: bkennedypc@aol.com
Sent: Tue, Jun 8, 2021 2:23 pm
Subject: Marie Holdings from Sumlen Realty (Sumkin), 24 Maple Place and 29 Albany Avenue
Dear Mr. Kennedy:
Attached, subject to my client’s approval, please find drafts of the note, mortgage, and PG for the above-referenced loan,
as well as copies of the title reports, and an information statement and disbursement sheet to be completed. I have to
double check with my client to confirm the description of the outstanding loan referred to in the disbursement
sheet. There’s some outstanding taxes, and the UCCs in favor of Mr. Baxter will need to be addressed. I’m available to
close this week, either in person at my office or we can do it remotely.
Yours,
Scott J. Kreppein | Counsel
50 Route 111, Suite 314
Smithtown, NY 11787
Ph: 631-724-8833
Cell: 631-840-7473
Toll Free: 866-851-1123
Fax: 631-724-8010
Email Website
2
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FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023
NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023
September , 2021
FORBEARANCE AQREEMENT
WHEREAS, on or about October 11, 2018, to ALEXANDER HOLDINGS, LLC,
with its principal place of business located at 725 Montauk Hwy, Copiague, NY 11726,
ALEXANDER HOLDINGS II, LLC, with its principal place of business at 55 Albany Avenue,
Amityville, NY 11701, and IRA SUMKIN, residing at 110 Sherman Avenue, Rockville Centre,
NY 11570 ("Borrower"), executed a Note, Mortgage, and other related loan documents
in favor of MARIE HOLDINGS, INC. ("Lender") 38 Stern Court, Farmingdale, NY
11735, evidencing and securing a loan from Lender to Borrower in the principal sum
ONE-MILLION FIVE-HUNDRED AND SEVENTY-FIVE THOUSAND DOLLARS
recorded with the Office of the Nassau Clerk on 10/31/2018 at Liber M-
($1,575,000.00), County
VI-43132, Page 811, and with the Office of the Suffolk County Clerk on 1/6/2019 at Liber
M0023002, Page 252 (the "Mortgage"), with interest accruing thereon at the rate of 12%
per annum, payable in full on or before December 1, 2019 (the "Loan"), said Mortgage
securing Borrower's obligations under the Note and related loan documents as
against certain properties, including those located at:
" 745-745A Montauk NY (Sec. Blk.
Hwy, Copiague, 180, 4, Lots
98 - 99)
" 755-755A NY (Sec.
Montauk Hwy, Copiague, 180, Blk. 4, Lots
100 - 101)
" 725 and 725A 735 Montauk NY (Sec.
Hwy, Copiague, 180,
Blk. 4, Lots 62, 63)
" 735 Montauk Hwy, Copiague, NY (Sec. 180, Blk. 4, Lot 64)
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NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023
Forbearance Agreement
Alexander Holdings, LLC, and others
Page 2 of 6
Borrower defaulted upon the above-referenced Note and Mortgage
WHEREAS,
on November 11, 2019;
WHEREAS, Borrower and Lender entered into a prior forbearance agreement
on December 18, 2019 wherein Borrower acknowledged a balance due and owing as
of December 20, 2019 in the sum of $1,608,441.86 and agreed to make certain
payments by specified deadlines, and Lender agreed to not to exercise its default
rights provided Borrower complied with the terms of said forbearance agreement and
further agreed to release the lien of the mortgage as against certain properties; and
WHEREAS, Borrower has defaulted on the December 18, 2019 Forbearance
Agreement;
IT IS HEREBY AGREED, by and between the undersigned, as follows:
1. Borrower acknowledges that it is in default on the October 11, 2018
Note, and that the sum due and owing to Lender as of December 20, 2019 was
$1,608,441.86, with default interest accruing thereon at the rate of $1,035.62 per day,
less payments made after December 20, 2019 (other than the Forbearance Fee and
Attorney'
Lender's Fee in connection with the December 18, 2019 Forbearance
Agreement).
2. Borrower acknowledges that it has no defense to its default on the Loan.
3. Borrower has requested, and Lender has agreed, to forbear on Lender's
right to, among other things, commence an action to foreclose the subject mortgage,
provided that no later than September 17, 2021 the Borrower returns an executed
copy of this agreement and pays to Lender:
Borrower Initial: -
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NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023
Forbearance Agreement
Alexander Holdings, LLC, and others
Page 8 of 6
a. $857,850, which shall be credited towards the indebtedness
of the loan; plus
b. $360.00 per day for each day between September 1, 2021
and the date lender receives the payments call for under
this paragraph;
c. $26,900, which consists of fees in connection with this
forbearance, and is not a payment towards the underlying
indebtedness, specifically including: $21,900.00
forbearance fee; $3,000 appraisal fee; and $2,000 in
attorneys'
fees;
4. Upon receipt of an executed copy of this forbearance agreement and the
above-referenced Leader agrees to release from the lien of the above-
payments,
referenced mortgage the properties known as:
a. 845 Merrick Road, Copiague, NY (Sec. 193, Blk. 1, Lot
83.002); and
b. 873 Menick Road, Copiague, NY (Sec. 193, Blk. 1, Lots 76,
77, 80)
. 5. Provided Borrower is not in default of its obligations under this
forbearance agreement, Borrower's remaining principal balance shall be deemed
TWO-HUNDRED AND SEVENTY THOUSAND DOLLARS ($270,000) ('Modified
Principal Balance"), which Borrower shall pay in full, with of any interest or fees
accrued, plus a $350.00 satisfaction fee, no later than October 1, 2022 ("Extended
Final Payment Date");
Borrower Initial: \
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NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023
Forbearance Agreement
Alexander Holdings, LLC, and others
Page 4 of 6
6. the term of this forbearance, Borrower shall make monthly
During
interest-only payments in the sum of TWO-THOUSAND SEVEN-HUNDRED
DOLLARS ($2,700) per month, representing 12% annual interest calculated based
upon the Modified Principal Balance, with the first such payment due on or before
October 1, 2021 and subsequent payments due on or before the first day of each month
thereafter, pursuant to the terms of the October 11, 2018 Note except as expressly
modified herein;
7. Borrower's October 1, 2021 payment will be pro-rated such that
Borrower's interest-only payment.for October 1, 2021 will be $88.77 per day for each
date between when Lender receives the payments call for under Paragraph 3
hereinabove and October 31, 2021.
8. In the event there are any outstanding real estate taxes owed with
respect to any of the remaining real property securing the above-referenced loan, or
in the event there has been any other encumbrance or municipal violation against
any said properties, then all outstanding real estate taxes shall be paid and any other
encumbrance or violation shall be removed no later than October 15, 2021. Failure
to pay outstanding taxes or remove any encumbrances or violations shall constitute
a default under this forbearance agreement.
9. Upon Borrower's performance of all conditions set forth hereinabove,
including full and timely payment of all sums due to the Lender as set forth herein,
the Loan shall be deemed satisfied and paid in full, and Lender shall provide
Borrower with a Satisfaction of Mortgage. Borrower understands and acknowledges
Borrower Initial: _3.
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Forbearance Agreement
Alexander Holdings, LLC, and others
Page 5 of 6
that payments must be received by the Lender on or before the dates set forth
hereinabove, that each Interest Only must be received by the Lender on or
including
before the first of each month to be considered timely. Borrower shall be solely
responsible for all filing fees and costs associated with filing said Satisfaction.
10. In the event Borrower fails to satisfy any condition set forth
hereinabove, including but not limited to failure to timely make any of the Interest
Only Payments, failure to pay any outstanding taxes or remove any encumbrances or
violations on any properties securing this Loan, or upon breach of this agreement or
the happening of any other or additional Event of Default as defined in the Note,
Mortgage, and related loan documents: the forbearance granted by Lender hereunder
shall terminate; Lender may exercise all rights permissible at law or equity, including
but not limited to commencement of an action to foreclose the mortgage; and
Borrower shall be liable to Lender for the full amount due and payable pursuant to
the Note, Mortgage, and related loan documents, as if no forbearance had been
granted, plus all attorneys fees, disbursements, and other Costs of Collection, with
credit for payments made as provided for hereinabove.
11. Except as specifically modified herein, all terms and conditions of the
October 11, 2018 Note, Mortgage, and all related loan documents, shall remain in full
force and effect.
In Witness Whereof, this Forbearance Agreement has been duly signed,
acknowledged and delivered by Borrower on the day and year first above written.
Borrower Initial:
h
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NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023
Forbearance Agreement
Alexander Holdings, LLC, and others
Page 6 of 6
ALEXANDER LDINGS, LLC,
By: 41 S(mkin, President IRAJSUMKIN,tdividually
ALEXANDER HOL INGS II, LLC MARIE H GS, .
By: umkin/üsident omas GuWPresident
ACKNOWLEDGMENT
STATE OF NEW YORK )
COUNTY OFÓ )ss.:
On the /3
day of -
ef
An in the year A , before me, the
undersigned, a Notary Public in and for said State, personally appeared IRA SUMKIN
personally
known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose
name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the
instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed
the instrument.
Notary Pubfic
MARY KAISER
New York
Notary Public. State of
Registration #01KA4693464
Qualified In Suffolk County
Commission Expires Mar. 13,
Borrower Initial:
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Preview
FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023 SUPREME COURT OF THE STATE OF NEW YORK Index No. COUNTY OF SUFFOLK ______________________........_______.--------------------------------x MARIE HOLDINGS, INC. Plaintiff, -against- AFFIDAVIT BRUCE KENNEDY and BRUCE KENNEDY, P.C., Defendants. ___-._________________________________________________..............-x THOMAS deposes and states: GUBITOSI, being duly sworn, 1. I am the President and sole shareholder of Marie Holdings, Inc., Plaintiff herein, and as such I am fully familiar with the facts and circumstances of this case. 2. In September 2021, Defendant Bruce Kennedy, Esq. and/or his firm, Bruce Kenney, P.C., acted as escrow agent for Ira Sumkin and/or his business entities in connection with partially paying down a loan owed by Mr. Sumkin's businesses to Marie Holdings. 3. Pursuant to a forbearance agreement, Mr. Sumkin and/or his business entities were to make a payment to Marie Holdings, Inc. in the sum of $890,870.00 on or before September 17, 2021. My understanding from discussions with Mr. Sumkin and the related correspondence between our attorneys was that the 1 of 12 FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023 payment would be made through Mr. Kennedy, who was holding the funds in escrow. 4. The morning of September 17, 2021, I provided Mr. Kennedy with wire instructions for transmission of the $890,870.00 he was holding in escrow to Marie Holdings, Inc. 5. To date, the $890,870.00 Mr. Kennedy was holding in escrow for delivery to Marie Holdings, Inc. on September 17, 2021 has not been received. 6. My understanding is that Mr. Kennedy inadvertently wired the funds he had been entrusted with to the wrong recipient and could not recover them. When Mr. Sumkin and Mr. Kennedy (and/or his insurance carrier) were unable to promptly resolve the issue of the lost funds, Plaintiff commenced a foreclosure action, which is pending under Suffolk County Index No. 207843/2022, and Mr. Sumkin and his businesses commenced a malpractice action against Mr. Kennedy and his firm, which is pending under Suffolk Co. Index No. 623483/2021. Notwithstanding two mediations with Mr. Kennedy and his malpractice carrier, Mr. Sumkin's malpractice action has not been resolved and does not appear to be near resolution. Accordingly, Plaintiff intends to move forward in pursuing its remedies in foreclosure and has, additionally, commenced this action directly against Mr. Kennedy and his firm to 2 of 12 FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023 recover and credit the payment that should have been made on the borrower's behalf, with interest. ZÉlfomas Gubitosi Sworn before me this 2 y- Day of Cotcht , 2023 Tracy A. ailman NOTARY PUBLIC, STATE OF NEW YORK Registration No. 01GI6089308 Qualifie6 in Suffolk County an Commission Expires March 24.2025 .--- 3 of 12 FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023 Scott Kreppein From: Thomas Gubitosi Sent: Friday, September 17, 2021 7:12 AM To: bkennedypc@aol.com Cc: Scott Kreppein Subject: Marie Holdings -IRA Sumkin Attachments: 20210917_Executed-_FORBEARANCE AGREEMENT.pdf See attached executed Agreement, My wire instructions are Citibank Routing # 021000089 Marie Holdings Inc. 38 Sterns court Farmingdale NY 11735. Act# 03764209. As discussed with IRA , a check is acceptable but a per diem will be charged until the check clears my account. Thank You Tom. 1 4 of 12 FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023 Scott Kreppein From: Scott Kreppein Sent: Thursday, September 9, 2021 11:04 AM To: 'Bkennedypc' Cc: 'Thomas Gubitosi' Subject: Sumkin and Marie Holdings - 2021 Forbearance Agreement Attachments: 2021 FORBEARANCE AGREEMENT.pdf Bruce, Attached, please find a forbearance agreement for Mr. Sumkin’s (Alexander Holdings’s) 2018 loan with Marie Holdings. Please have Mr. Sumkin return the executed agreement to Mr. Gubitosi, with payment of $884,750, plus $360.00 per diem from 9/1 forward. Yours, Scott J. Kreppein | Counsel 50 Route 111, Suite 314 Smithtown, NY 11787 Ph: 631-724-8833 Cell: 631-840-7473 Toll Free: 866-851-1123 Fax: 631-724-8010 Email Website From: Bkennedypc Sent: Monday, August 16, 2021 3:16 PM To: Scott Kreppein Subject: Re: Marie Holdings from Sumlen Realty (Sumkin), 24 Maple Place and 29 Albany Avenue Scott: I have been trying to contact you by telephone as Sumkin Realty wants to pay down the captioned mortgage by $800,000.00 in exchange for a partial release of mortgaged premises for two (2) of the lots covered by said mortgage (845 and 873 Merrick Hwy., Copiague, NY). Please discuss with your client and advise. Thank you, Bruce Bruce Kennedy, PC 1 5 of 12 FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023 31 Greene Ave. Amityville, NY 11701 631-691-0100 -----Original Message----- From: Scott Kreppein To: bkennedypc@aol.com Sent: Tue, Jun 8, 2021 2:23 pm Subject: Marie Holdings from Sumlen Realty (Sumkin), 24 Maple Place and 29 Albany Avenue Dear Mr. Kennedy: Attached, subject to my client’s approval, please find drafts of the note, mortgage, and PG for the above-referenced loan, as well as copies of the title reports, and an information statement and disbursement sheet to be completed. I have to double check with my client to confirm the description of the outstanding loan referred to in the disbursement sheet. There’s some outstanding taxes, and the UCCs in favor of Mr. Baxter will need to be addressed. I’m available to close this week, either in person at my office or we can do it remotely. Yours, Scott J. Kreppein | Counsel 50 Route 111, Suite 314 Smithtown, NY 11787 Ph: 631-724-8833 Cell: 631-840-7473 Toll Free: 866-851-1123 Fax: 631-724-8010 Email Website 2 6 of 12 FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023 September , 2021 FORBEARANCE AQREEMENT WHEREAS, on or about October 11, 2018, to ALEXANDER HOLDINGS, LLC, with its principal place of business located at 725 Montauk Hwy, Copiague, NY 11726, ALEXANDER HOLDINGS II, LLC, with its principal place of business at 55 Albany Avenue, Amityville, NY 11701, and IRA SUMKIN, residing at 110 Sherman Avenue, Rockville Centre, NY 11570 ("Borrower"), executed a Note, Mortgage, and other related loan documents in favor of MARIE HOLDINGS, INC. ("Lender") 38 Stern Court, Farmingdale, NY 11735, evidencing and securing a loan from Lender to Borrower in the principal sum ONE-MILLION FIVE-HUNDRED AND SEVENTY-FIVE THOUSAND DOLLARS recorded with the Office of the Nassau Clerk on 10/31/2018 at Liber M- ($1,575,000.00), County VI-43132, Page 811, and with the Office of the Suffolk County Clerk on 1/6/2019 at Liber M0023002, Page 252 (the "Mortgage"), with interest accruing thereon at the rate of 12% per annum, payable in full on or before December 1, 2019 (the "Loan"), said Mortgage securing Borrower's obligations under the Note and related loan documents as against certain properties, including those located at: " 745-745A Montauk NY (Sec. Blk. Hwy, Copiague, 180, 4, Lots 98 - 99) " 755-755A NY (Sec. Montauk Hwy, Copiague, 180, Blk. 4, Lots 100 - 101) " 725 and 725A 735 Montauk NY (Sec. Hwy, Copiague, 180, Blk. 4, Lots 62, 63) " 735 Montauk Hwy, Copiague, NY (Sec. 180, Blk. 4, Lot 64) 7 of 12 FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023 Forbearance Agreement Alexander Holdings, LLC, and others Page 2 of 6 Borrower defaulted upon the above-referenced Note and Mortgage WHEREAS, on November 11, 2019; WHEREAS, Borrower and Lender entered into a prior forbearance agreement on December 18, 2019 wherein Borrower acknowledged a balance due and owing as of December 20, 2019 in the sum of $1,608,441.86 and agreed to make certain payments by specified deadlines, and Lender agreed to not to exercise its default rights provided Borrower complied with the terms of said forbearance agreement and further agreed to release the lien of the mortgage as against certain properties; and WHEREAS, Borrower has defaulted on the December 18, 2019 Forbearance Agreement; IT IS HEREBY AGREED, by and between the undersigned, as follows: 1. Borrower acknowledges that it is in default on the October 11, 2018 Note, and that the sum due and owing to Lender as of December 20, 2019 was $1,608,441.86, with default interest accruing thereon at the rate of $1,035.62 per day, less payments made after December 20, 2019 (other than the Forbearance Fee and Attorney' Lender's Fee in connection with the December 18, 2019 Forbearance Agreement). 2. Borrower acknowledges that it has no defense to its default on the Loan. 3. Borrower has requested, and Lender has agreed, to forbear on Lender's right to, among other things, commence an action to foreclose the subject mortgage, provided that no later than September 17, 2021 the Borrower returns an executed copy of this agreement and pays to Lender: Borrower Initial: - 8 of 12 FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023 Forbearance Agreement Alexander Holdings, LLC, and others Page 8 of 6 a. $857,850, which shall be credited towards the indebtedness of the loan; plus b. $360.00 per day for each day between September 1, 2021 and the date lender receives the payments call for under this paragraph; c. $26,900, which consists of fees in connection with this forbearance, and is not a payment towards the underlying indebtedness, specifically including: $21,900.00 forbearance fee; $3,000 appraisal fee; and $2,000 in attorneys' fees; 4. Upon receipt of an executed copy of this forbearance agreement and the above-referenced Leader agrees to release from the lien of the above- payments, referenced mortgage the properties known as: a. 845 Merrick Road, Copiague, NY (Sec. 193, Blk. 1, Lot 83.002); and b. 873 Menick Road, Copiague, NY (Sec. 193, Blk. 1, Lots 76, 77, 80) . 5. Provided Borrower is not in default of its obligations under this forbearance agreement, Borrower's remaining principal balance shall be deemed TWO-HUNDRED AND SEVENTY THOUSAND DOLLARS ($270,000) ('Modified Principal Balance"), which Borrower shall pay in full, with of any interest or fees accrued, plus a $350.00 satisfaction fee, no later than October 1, 2022 ("Extended Final Payment Date"); Borrower Initial: \ 9 of 12 FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023 Forbearance Agreement Alexander Holdings, LLC, and others Page 4 of 6 6. the term of this forbearance, Borrower shall make monthly During interest-only payments in the sum of TWO-THOUSAND SEVEN-HUNDRED DOLLARS ($2,700) per month, representing 12% annual interest calculated based upon the Modified Principal Balance, with the first such payment due on or before October 1, 2021 and subsequent payments due on or before the first day of each month thereafter, pursuant to the terms of the October 11, 2018 Note except as expressly modified herein; 7. Borrower's October 1, 2021 payment will be pro-rated such that Borrower's interest-only payment.for October 1, 2021 will be $88.77 per day for each date between when Lender receives the payments call for under Paragraph 3 hereinabove and October 31, 2021. 8. In the event there are any outstanding real estate taxes owed with respect to any of the remaining real property securing the above-referenced loan, or in the event there has been any other encumbrance or municipal violation against any said properties, then all outstanding real estate taxes shall be paid and any other encumbrance or violation shall be removed no later than October 15, 2021. Failure to pay outstanding taxes or remove any encumbrances or violations shall constitute a default under this forbearance agreement. 9. Upon Borrower's performance of all conditions set forth hereinabove, including full and timely payment of all sums due to the Lender as set forth herein, the Loan shall be deemed satisfied and paid in full, and Lender shall provide Borrower with a Satisfaction of Mortgage. Borrower understands and acknowledges Borrower Initial: _3. 10 of 12 FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023 Forbearance Agreement Alexander Holdings, LLC, and others Page 5 of 6 that payments must be received by the Lender on or before the dates set forth hereinabove, that each Interest Only must be received by the Lender on or including before the first of each month to be considered timely. Borrower shall be solely responsible for all filing fees and costs associated with filing said Satisfaction. 10. In the event Borrower fails to satisfy any condition set forth hereinabove, including but not limited to failure to timely make any of the Interest Only Payments, failure to pay any outstanding taxes or remove any encumbrances or violations on any properties securing this Loan, or upon breach of this agreement or the happening of any other or additional Event of Default as defined in the Note, Mortgage, and related loan documents: the forbearance granted by Lender hereunder shall terminate; Lender may exercise all rights permissible at law or equity, including but not limited to commencement of an action to foreclose the mortgage; and Borrower shall be liable to Lender for the full amount due and payable pursuant to the Note, Mortgage, and related loan documents, as if no forbearance had been granted, plus all attorneys fees, disbursements, and other Costs of Collection, with credit for payments made as provided for hereinabove. 11. Except as specifically modified herein, all terms and conditions of the October 11, 2018 Note, Mortgage, and all related loan documents, shall remain in full force and effect. In Witness Whereof, this Forbearance Agreement has been duly signed, acknowledged and delivered by Borrower on the day and year first above written. Borrower Initial: h 11 of 12 FILED: SUFFOLK COUNTY CLERK 10/19/2023 10:16 AM INDEX NO. 625260/2023 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 10/19/2023 Forbearance Agreement Alexander Holdings, LLC, and others Page 6 of 6 ALEXANDER LDINGS, LLC, By: 41 S(mkin, President IRAJSUMKIN,tdividually ALEXANDER HOL INGS II, LLC MARIE H GS, . By: umkin/üsident omas GuWPresident ACKNOWLEDGMENT STATE OF NEW YORK ) COUNTY OFÓ )ss.: On the /3 day of - ef An in the year A , before me, the undersigned, a Notary Public in and for said State, personally appeared IRA SUMKIN personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. Notary Pubfic MARY KAISER New York Notary Public. State of Registration #01KA4693464 Qualified In Suffolk County Commission Expires Mar. 13, Borrower Initial: 12 of 12