Preview
FILED: KINGS COUNTY CLERK 03/05/2024 04:51 PM INDEX NO. 506522/2024
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 03/05/2024
EXHIBIT H
FILED: KINGS COUNTY CLERK 03/05/2024 04:51 PM INDEX NO. 506522/2024
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 03/05/2024
Richard Y. Im
+1 (212) 551-8435
rim@rosenbergestis.com
February 8, 2024
VIA FEDERAL EXPRESS AND EMAIL
LINDEN OWNER LLC
266 Broadway, Suite 602
Brooklyn, New York 11211
-and-
1820 Swarthmore Ave Unit 499
Lakewood NJ 08701-8422
Gary Kassirer (Gary@livingresi.com)
c/o Emerald Equity Group
1 Battery Park Plaza, Suite 3100
New York, New York 10004
-and-
14 Oliver St
Lakewood NJ 08701-1456
Isaac Kassirer (Isaac@livingresi.com)
c/o Emerald Equity Group
1 Battery Park Plaza, Suite 3100
New York, New York 10004
-and-
1162 58th St
Brooklyn NY 11219-4525
Re: Notice of Maturity Default and Demand for Payment
Premises: 255-265 Linden Street, Brooklyn, NY
Dear Mr. Kassirer:
This firm represents ConnectOne Bank, successor by merger to Bank of New Jersey
(“Lender”) in connection with the subject Loan.
Reference is hereby made to that certain mortgage loan in the principal amount of
$9,300,000.00 (the “Loan”), made as of December 20, 2018 by Lender to Linden Owner LLC
(“Borrower”), which Loan is evidenced by that certain Modification of Promissory Note, dated as of
January 1, 2022, which modified that certain Modification and Extension of Promissory Note, dated
April 1, 2020, and that certain Mortgage Note, dated as of December 20, 2018 (as modified and
RE\19006\0009\5370431v1
FILED: KINGS COUNTY CLERK 03/05/2024 04:51 PM INDEX NO. 506522/2024
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 03/05/2024
February 8, 2024
LINDEN OWNER LLC
Page 2
extended, the “Note”), secured by that certain Consolidation, Extension and Modification Agreement
and Consolidated Mortgage and Security Agreement, dated as of December 20, 2018 (the
“Mortgage”), encumbering the premises located at 255-265 Linden Street, Brooklyn, NY (the
“Mortgaged Property”), and that certain Assignment of Leases and Rents, dated December 20, 2018
(the “ALR”), and the Indemnity Agreement, dated as of January 1, 2022 (the “Indemnity Agreement”),
executed by Gary Kassirer (“Indemnitor”) in favor of Lender. The Note, Mortgage, ALR, Indemnity
Agreement, and all other documents executed in connection with the Loan, shall hereinafter be referred
to as collective, the “Loan Documents.”
Pursuant to the terms of the Note and the Loan Documents, the maturity date of the Loan was
January 1, 2024 (the “Maturity Date”). Section 22 of the Mortgage enumerates and specifies various
“Events of Default” under the Loan, including the failure to repay the Loan in full on the Maturity
Date. In addition, Borrower is required to pay all real estate taxes, water rates and other charges (the
“Taxes”) in connection with the Mortgaged Property.
Moreover, pursuant to Section 7 of the Mortgage and the ALR, Borrower has a revocable
license to collect Rents and shall hold all Rents in trust for use in payment of the Loan, and such Rents
are absolutely and unconditionally assigned to Lender and shall be promptly paid over to Lender upon
any default and upon notice of such revocation.
NOTICE IS HEREBY GIVEN that Events of Default (as defined in the Loan Documents)
have occurred by reason of, among other things, Borrower’s failure to pay the outstanding principal
and outstanding accrued and unpaid interest thereon that matured and became due and payable in full
under the Loan on the Maturity Date.
FURTHER NOTICE IS HEREBY GIVEN that Borrower has failed to pay outstanding real
estate taxes of $159,485.03 and outstanding water charges of $162,534.41 which sums are past due
and outstanding on the Mortgaged Property, and that Borrower’s license to collect Rents has been
revoked by reason of the foregoing Events of Default.
ACCORDINGLY, DEMAND IS HEREBY MADE for Borrower and Indemnitor to (a)
immediately pay the outstanding real estate taxes, water and sewer charges, outstanding balance of
principal and interest, and all other amounts due under the Loan Documents, (b) turn over all Rents to
Lender, and (c) provide Lender with evidence of payment of all real estate taxes and water charges
and the books and records, or an accounting of all Rents received and expenses paid to date, on the
Mortgaged Property within fifteen (15) days hereof.
You may contact the Lender’s representative, Lauren Eckleberry, at the Lender’s address
below for an updated statement of the amount of principal and outstanding and accrued interest and
all other amounts due and owing under the Loan, including but not limited to default interest, late
RE\19006\0009\5370431v1
FILED: KINGS COUNTY CLERK 03/05/2024 04:51 PM INDEX NO. 506522/2024
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 03/05/2024
February 8, 2024
LINDEN OWNER LLC
Page 3
charges, costs of collection and enforcement, attorneys’ fees, and/or other charges in accordance with
the Loan Documents.
Lender expressly reserves all its rights and remedies under the Loan Documents and available
to it at law, in equity or otherwise. Lender may exercise each right and remedy available to it from
time to time and as often and in such order as it may determine in its sole discretion, and the exercise
or beginning of the exercise of any such right or remedy shall not be construed as a waiver of the right
to exercise at the same time or thereafter any other right or remedy available to it. Any action or
inaction Lender determines in its sole discretion to take during the existence of any Event of Default
shall not operate as a waiver of any Event of Default (even if now existing and not specified above)
or any right or remedy under the Loan Documents, and will not be deemed to establish a course of
conduct or justify an expectation by any Borrower or any Indemnitor that Lender will take any further
action or continue to not take any action, and will not preclude Lender from exercising any and all
remedies available at any time thereafter.
You are advised that no oral communication from or on behalf of Lender by any party shall
constitute any agreement, commitment or evidence of any assurance or intention of Lender with
respect to any aspect of the Loan and that you may not rely on any such oral communication. Any
agreement, commitment, assurance or intention of Lender with respect to any aspect of the Loan shall
be effective only if in writing, duly executed and delivered by or on behalf of Lender.
Borrower and Indemnitor are further advised that the law firm of Rosenberg & Estis, P.C.
(Attn.: Richard Y. Im, Esq.) has been authorized to give notices and demands, and otherwise to
communicate with Borrower and Indemnitor on Lender’s behalf, and Borrower and Indemnitor should
hereafter rely on such notices, demands and communications as if given by Lender.
Very truly yours,
Richard Y. Im
cc: Via Federal Express and Email
Jeffrey Zwick, Esq.
Jeffrey Zwick & Associates
266 Broadway - Suite 403
Brooklyn, New York 11211
jeffrey@jzlegal.com
RE\19006\0009\5370431v1
FILED: KINGS COUNTY CLERK 03/05/2024 04:51 PM INDEX NO. 506522/2024
NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 03/05/2024
February 8, 2024
LINDEN OWNER LLC
Page 4
Via Email:
ConnectOne Bank
2455 Morris Avenue
Union, NJ 07083
Attn.: Lauren Eckleberry
leckleberry@cnob.com
RE\19006\0009\5370431v1
Preview
FILED: KINGS COUNTY CLERK 03/05/2024 04:51 PM INDEX NO. 506522/2024 NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 03/05/2024 EXHIBIT H FILED: KINGS COUNTY CLERK 03/05/2024 04:51 PM INDEX NO. 506522/2024 NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 03/05/2024 Richard Y. Im +1 (212) 551-8435 rim@rosenbergestis.com February 8, 2024 VIA FEDERAL EXPRESS AND EMAIL LINDEN OWNER LLC 266 Broadway, Suite 602 Brooklyn, New York 11211 -and- 1820 Swarthmore Ave Unit 499 Lakewood NJ 08701-8422 Gary Kassirer (Gary@livingresi.com) c/o Emerald Equity Group 1 Battery Park Plaza, Suite 3100 New York, New York 10004 -and- 14 Oliver St Lakewood NJ 08701-1456 Isaac Kassirer (Isaac@livingresi.com) c/o Emerald Equity Group 1 Battery Park Plaza, Suite 3100 New York, New York 10004 -and- 1162 58th St Brooklyn NY 11219-4525 Re: Notice of Maturity Default and Demand for Payment Premises: 255-265 Linden Street, Brooklyn, NY Dear Mr. Kassirer: This firm represents ConnectOne Bank, successor by merger to Bank of New Jersey (“Lender”) in connection with the subject Loan. Reference is hereby made to that certain mortgage loan in the principal amount of $9,300,000.00 (the “Loan”), made as of December 20, 2018 by Lender to Linden Owner LLC (“Borrower”), which Loan is evidenced by that certain Modification of Promissory Note, dated as of January 1, 2022, which modified that certain Modification and Extension of Promissory Note, dated April 1, 2020, and that certain Mortgage Note, dated as of December 20, 2018 (as modified and RE\19006\0009\5370431v1 FILED: KINGS COUNTY CLERK 03/05/2024 04:51 PM INDEX NO. 506522/2024 NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 03/05/2024 February 8, 2024 LINDEN OWNER LLC Page 2 extended, the “Note”), secured by that certain Consolidation, Extension and Modification Agreement and Consolidated Mortgage and Security Agreement, dated as of December 20, 2018 (the “Mortgage”), encumbering the premises located at 255-265 Linden Street, Brooklyn, NY (the “Mortgaged Property”), and that certain Assignment of Leases and Rents, dated December 20, 2018 (the “ALR”), and the Indemnity Agreement, dated as of January 1, 2022 (the “Indemnity Agreement”), executed by Gary Kassirer (“Indemnitor”) in favor of Lender. The Note, Mortgage, ALR, Indemnity Agreement, and all other documents executed in connection with the Loan, shall hereinafter be referred to as collective, the “Loan Documents.” Pursuant to the terms of the Note and the Loan Documents, the maturity date of the Loan was January 1, 2024 (the “Maturity Date”). Section 22 of the Mortgage enumerates and specifies various “Events of Default” under the Loan, including the failure to repay the Loan in full on the Maturity Date. In addition, Borrower is required to pay all real estate taxes, water rates and other charges (the “Taxes”) in connection with the Mortgaged Property. Moreover, pursuant to Section 7 of the Mortgage and the ALR, Borrower has a revocable license to collect Rents and shall hold all Rents in trust for use in payment of the Loan, and such Rents are absolutely and unconditionally assigned to Lender and shall be promptly paid over to Lender upon any default and upon notice of such revocation. NOTICE IS HEREBY GIVEN that Events of Default (as defined in the Loan Documents) have occurred by reason of, among other things, Borrower’s failure to pay the outstanding principal and outstanding accrued and unpaid interest thereon that matured and became due and payable in full under the Loan on the Maturity Date. FURTHER NOTICE IS HEREBY GIVEN that Borrower has failed to pay outstanding real estate taxes of $159,485.03 and outstanding water charges of $162,534.41 which sums are past due and outstanding on the Mortgaged Property, and that Borrower’s license to collect Rents has been revoked by reason of the foregoing Events of Default. ACCORDINGLY, DEMAND IS HEREBY MADE for Borrower and Indemnitor to (a) immediately pay the outstanding real estate taxes, water and sewer charges, outstanding balance of principal and interest, and all other amounts due under the Loan Documents, (b) turn over all Rents to Lender, and (c) provide Lender with evidence of payment of all real estate taxes and water charges and the books and records, or an accounting of all Rents received and expenses paid to date, on the Mortgaged Property within fifteen (15) days hereof. You may contact the Lender’s representative, Lauren Eckleberry, at the Lender’s address below for an updated statement of the amount of principal and outstanding and accrued interest and all other amounts due and owing under the Loan, including but not limited to default interest, late RE\19006\0009\5370431v1 FILED: KINGS COUNTY CLERK 03/05/2024 04:51 PM INDEX NO. 506522/2024 NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 03/05/2024 February 8, 2024 LINDEN OWNER LLC Page 3 charges, costs of collection and enforcement, attorneys’ fees, and/or other charges in accordance with the Loan Documents. Lender expressly reserves all its rights and remedies under the Loan Documents and available to it at law, in equity or otherwise. Lender may exercise each right and remedy available to it from time to time and as often and in such order as it may determine in its sole discretion, and the exercise or beginning of the exercise of any such right or remedy shall not be construed as a waiver of the right to exercise at the same time or thereafter any other right or remedy available to it. Any action or inaction Lender determines in its sole discretion to take during the existence of any Event of Default shall not operate as a waiver of any Event of Default (even if now existing and not specified above) or any right or remedy under the Loan Documents, and will not be deemed to establish a course of conduct or justify an expectation by any Borrower or any Indemnitor that Lender will take any further action or continue to not take any action, and will not preclude Lender from exercising any and all remedies available at any time thereafter. You are advised that no oral communication from or on behalf of Lender by any party shall constitute any agreement, commitment or evidence of any assurance or intention of Lender with respect to any aspect of the Loan and that you may not rely on any such oral communication. Any agreement, commitment, assurance or intention of Lender with respect to any aspect of the Loan shall be effective only if in writing, duly executed and delivered by or on behalf of Lender. Borrower and Indemnitor are further advised that the law firm of Rosenberg & Estis, P.C. (Attn.: Richard Y. Im, Esq.) has been authorized to give notices and demands, and otherwise to communicate with Borrower and Indemnitor on Lender’s behalf, and Borrower and Indemnitor should hereafter rely on such notices, demands and communications as if given by Lender. Very truly yours, Richard Y. Im cc: Via Federal Express and Email Jeffrey Zwick, Esq. Jeffrey Zwick & Associates 266 Broadway - Suite 403 Brooklyn, New York 11211 jeffrey@jzlegal.com RE\19006\0009\5370431v1 FILED: KINGS COUNTY CLERK 03/05/2024 04:51 PM INDEX NO. 506522/2024 NYSCEF DOC. NO. 9 RECEIVED NYSCEF: 03/05/2024 February 8, 2024 LINDEN OWNER LLC Page 4 Via Email: ConnectOne Bank 2455 Morris Avenue Union, NJ 07083 Attn.: Lauren Eckleberry leckleberry@cnob.com RE\19006\0009\5370431v1