Preview
FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024
NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024
Exhibit A
FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024
NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024
BUILDING LOAN AGREEMENT
Dated as of July $, 2018
between
CATHAY BANK,
a California banking corporation,
as Lender
having an office at:
235 Fifth Avenue, New York, New York 10016
and
SHANGRI-LA ASTORIA INC.
a New York corporation
as Borrower
Address of Borrower:
3626 Main Street, Suite 3A, Flushing, New York 11354
LOCATION OF PREMISES:
32nd
Street Address : 37-21 Street
County of : Queens
City of : New York
State of : New York
Block : 374
Lots : 12
After recording, please return to:
Hahn & Hessen LLP
488 Madison Avenue
New York, New York 10022
Attention: Rhona J. Kisch, Esq.
175017/003-6944602.6
FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024
NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024
TABLE OF CONTENTS
Page
ARTICLE I. PARTICULAR TERMS, DEFINITIONS AND RULES
OF CONSTRUCTION ............................................................................ 1
Section 1.01. Particular Terms.......................................................................... 1
Section 1.02. Rules of Construction................................................................ 11
ARTICLE II. LOAN ADVANCES ................................................................................ 11
Section 2.01. Purpose; Advances Generally.................................................... 11
Section 2.02. Certification and Verification of Costs........................................ 12
Section 2.03. Procedures for Advances. .......................................................... 13
Section 2.04. Held-Back Amounts, Advances for Indirect Costs After
Completion............................................................................... 13
Section 2.05. Contract Deposits; Stored Materials........................................... 13
Section 2.06. Contingencies. .......................................................................... 14
Section 2.07. Reallocation of Amounts on Project Cost Statement. ................. 14
Section 2.08. Certain Limitations on Advances............................................... 14
Section 2.09. Term of Building Loan.............................................................. 15
Section 2.10. Principal, Interest, and Fees....................................................... 15
Section 2.11. Payment Terms; Interest Reserve............................................... 16
Section 2.12. Intentionally Omitted................................................................ 17
Section 2.13. Intentionally Omitted................................................................ 17
Section 2.14. Increased Costs ......................................................................... 17
Section 2.15. Intentionally Omitted................................................................ 18
Section 2.16. Prepayment............................................................................... 18
Section 2.17. Extension of Stated Maturity Date............................................. 19
ARTICLE III. CONDITIONS PRECEDENT................................................................ 20
Section 3.01. Conditions Precedent to Initial Advance.................................... 20
Section 3.02. Conditions to Advances After the Initial Advance...................... 26
Section 3.03. Conditions to Last Direct Costs Advance................................... 27
ARTICLE IV. REPRESENTATIONS AND WARRANTIES........................................ 28
Section 4.01. Due Formation, Power and Authority. ...................................... 28
Section 4.02. Legally Enforceable Agreements................................................ 28
Section 4.03. Financial Statements. ................................................................ 28
Section 4.04. Compliance With Laws; Payment of Taxes................................ 29
Section 4.05. Litigation.................................................................................. 29
Section 4.06. No Conflicts or Defaults............................................................ 29
Section 4.07. Solvency. .................................................................................. 29
Section 4.08. Governmental Regulation. ........................................................ 29
Section 4.09. Insurance. ................................................................................. 29
Section 4.10. ERISA...................................................................................... 29
Section 4.11. Section 22. ................................................................................ 30
Section 4.12. No Defaults. ............................................................................. 30
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Section 4.13. Accuracy of Information, Full Disclosure. ................................. 30
Section 4.14. Separate Tax and Zoning Lot; Encroachments........................... 30
Section 4.15. Requisition as Reaffirmation. .................................................... 31
Section 4.16. Plans and Improvements. .......................................................... 3I
Section 4.17. Utility Services.......................................................................... 31
Section 4.18. Creation of Liens....................................................................... 31
Section 4.19. Roads. ...................................................................................... 31
Section 4.20. Construction Prior to Closing. ................................................... 31
Section 4.21. Compliance with Anti-Terrorism, Embargo, Sanctions and
Anti-Money Laundering Laws................................................... 32
Section 4.22. Other Contracts......................................................................... 32
Section 4.23. Leases....................................................................................... 32
Section 4.24. Usury........................................................................................ 32
Section 4.25. Condemnation .......................................................................... 32
Section 4.26. Casualty.................................................................................... 32
Section 4.27. Payment for Materials and Labor............................................... 32
Section 4.28. Hazardous Materials ................................................................. 33
Section 4.29. EB-5 ......................................................................................... 33
ARTICLE V. COVENANTS OF BORROWER............................................................. 33
Section 5.01. Compliance with Laws, Payment of Taxes................................. 34
Section 5.02. Leases....................................................................................... 35
Section 5.03. Continuing Accuracy of Representations and Warranties. .......... 35
Section 5.04. Covenants, Restrictions and Easements. .................................... 35
Section 5.05. Inspection and Cooperation....................................................... 35
Section 5.06. Payment of Costs. ..................................................................... 35
Section 5.07. Brokers. .................................................................................... 36
Section 5.08. Construction of Improvements. ................................................. 36
Section 5.09. Project Publicity and Signage..................................................... 36
Section 5.10. Building Loan Trust Account. ................................................... 37
Section 5.11. Certain Materials to be Submitted.............................................. 37
Section 5.12. Correction of Defects and Departures from Plans....................... 37
Section 5.13. Change Orders.......................................................................... 37
Section 5.14. Regarding Construction Contracts. ............................................ 37
Section 5.15. Security of Site.......................................................................... 37
Section 5.16. Loan Amount. .......................................................................... 37
Section 5.17. Re-Appraisal............................................................................. 38
Section 5.18. Compliance with Anti-Terrorism, Embargo, Sanctions and
Anti-Money Laundering Laws................................................... 38
Section 5.19. Reports and Testing; Environmental Site Assessment................. 39
Section 5.20. Additional Indebtedness ............................................................ 39
Section 5.21. Amendments to Organizational Documents............................... 40
Section 5.22. Financial Covenants.................................................................. 40
Section 5.23. No Bulk Sales............................................................................ 40
Section 5.24. EB-5 Investors........................................................................... 40
Section 5.25. EB-5 Loan. ............................................................................... 40
11
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Section 5.26. Notice of Litigation ................................................................... 41
Section 5.27. Shareholder Loans .................................................................... 41
Section 5.28. Loans, Acquisitions and Guarantees.......................................... 41
Section 5.29. Merger, Consolidation, Transfer of Assets.................................. 41
Section 5.30. No Pledge Of All Borrower's Assets or Acceleration Of Debt ..... 42
Section 5.31. Dividends; Distributions............................................................ 42
ARTICLE VI. GENERAL CONDITIONS AND PROVISIONS.................................... 42
Section 6.01. Loan Balancing......................................................................... 42
Section 6.02. Advance Not Waiver................................................................. 42
Section 6.03. No Third Party Beneficiaries. .................................................... 43
Section 6.04. Authorization to Make Direct Advances.................................... 43
Section 6.05. Authorization to Advance for Interest........................................ 43
Section 6.06. Letters of Credit and Financial Security Agreements. ................. 43
Section 6.07. Concerning Irrevocable Authorizations...................................... 44
Section 6.08. Ratification of Requisition by Acceptance of Advance................ 44
Section 6.09. Documentation Etc. Satisfactory; Further Assurances. ............... 44
Section 6.10. Lender's Determination Conclusive........................................... 45
Section 6.11. Notices. .................................................................................... 45
Section 6.12. Entire Agreement, Amendments and Waivers............................ 45
Section 6.13. Setoff. ....................................................................................... 46
Section 6.14. Successors and Assigns.............................................................. 46
Section 6.15. Severability. .............................................................................. 46
Section 6.16. Non-Waiver, Remedies Cumulative.......................................... 46
Section 6.17. Certain Waivers. ....................................................................... 47
Section 6.18. Expenses; Indemnification......................................................... 47
Section 6.19. Counterparts. ............................................................................ 49
Section 6.20. Transfers of Interests in Loan..................................................... 49
Section 6.21. Lender's Right to Terminate...................................................... 50
Section 6.22. Governing Law; Jurisdiction. .................................................... 50
Section 6.23. WAIVER OF TRIAL BY JURY............................................... 50
Section 6.24. ADDITIONAL WAIVERS IN THE EVENT OF
ENFORCEMENT.................................................................... 50
Section 6.25. Limitation on Liability. ............................................................. 51
Section 6.26. USA PATRIOT Act.................................................................. 51
Section 6.27. Records..................................................................................... 51
Section 6.28. Commercial Purpose................................................................. 51
Section 6.29. Lien Law. ................................................................................. 51
Section 6.30. Keepwell................................................................................... 51
Section 6.31. Definitions Include Amendments. Definitions contained in this
Agreement which identify documents, including the other Loan
Documents, shall be deemed to include all amendments and
supplements to such documents entered into from time to time
with the consent of Lender. Reference to this Agreement in
any of the foregoing documents shall be deemed to include all
amendments and supplements to this Agreement. ...................... 52
iii
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ARTICLE VII. PARTICULAR PROVISIONS............................................................... 52
Section 7.01. CONTRACTORS, SUBCONTRACTORS, LABORERS,
MATERIALMEN AND SUPPLIERS ...................................... 52
Section 7.02. Deposit Accounts...................................................................... 52
Section 7.03. Release of Units ........................................................................ 53
ARTICLE VIII. Intentionally Omitted. ........................................................................... 54
ARTICLE IX. ASSIGNMENTS .................................................................................... 54
Section 9.01. Loan Party Assignment............................................................. 54
iv
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EXHIBIT A Legal Description of Premises
EXHIBIT B Project Cost Schedule
EXHIBIT C N.Y. Lien Law Statement
EXHIBIT D Borrower's Architect's or Engineer's Letter
Subcontractors'
EXHIBIT E General Contractor's and Major Letter
EXHIBIT F Pending Disbursements Clause
EXHIBIT G Authorization Letter
EXHIBIT H Required Contents of Borrower's Counsel Opinion
EXHIBIT I Schedule of Lender's Commitment, Address, and Wire Instructions
EXHIBIT J Minimum Release Price
FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024
NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024
BUILDING LOAN AGREEMENT (this "Agreement"), dated as of July Z 2018,
by and between SHANGRI-LA ASTORIA INC., a New York corporation, having an
address at 3626 Main Street, Suite 3A, Flushing, New York 11354 ("Borrower"), and
CATHAY BANK, a California banking corporation, having an office at 235 Fifth Avenue,
New York, New York 10016 ("Lender"), as Lender.
R E C I T A L S :
WHEREAS, Borrower desires that Lender extend credit as provided herein, and
Lender is prepared to extend such credit on the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual promises and agreements
herein contained, Borrower and Lender hereby agree as follows:
ARTICLE L
PARTICULAR TERMS, DEFINITIONS AND RULES OF CONSTRUCTION
Section 1.01. Particular Terms. As used in this Agreement, the following terms
shall have the respective meanings indicated opposite each of them; where the meaning of
any term is stated to be "None", provisions involving the application of that term shall be
disregarded.
Date" - Has
"Acceptance the meaning specified in Section 9.02.
"ADA" - The Americans with Disabilities Act of 1990, as amended from time
to time.
Indemnity"
"ADA and Environmental - That certain ADA and
Environmental Indemnity Agreement, of even date herewith, executed by Borrower and
Guarantor, for the benefit of Lender.
"Advance" "Advances" -
or The loans, advances and financial
accommodations made by the Lender hereunder including, without limitation, the Building
Loan made by the Lender hereunder.
"Affiliate" - As to any Person, any other Person that, directly or indirectly,
owns more than fifty (50%) percent of, is in control of, is controlled by or is under common
ownership or control with such Person or is a director or officer of such Person or of an
"control"
Affiliate of such Person. As used in this definition, the term shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the
management, policies or activities of a Person, whether through ownership of equity
interests, voting securities, by contract or otherwise.
Leases" - An
"Assigned assignment by Borrower in favor of Lender of leases
and rents relating to the Mortgaged Property whether now existing or hereafter occurring.
FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024
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Rents" - That
"Assignment of Leases and certain first priority Assignment of
Leases and Rents, of even date herewith, executed by Borrower, as assignor, for the benefit
of Lender, as assignee.
Letter"
"Authorization - A letter from Borrower to Lender in the form of
Exhibit G setting forth, among other things, the name of each person authorized to execute
Requisitions hereunder on Borrower's behalf.
Code" - Title
"Bankruptcy 11 of the United States Code Sections 101 et. seq.,
as the same may be amended from time to time, or any successor Law.
Architects" - Tan
"Borrower's Architect PC.
Equity" - That
"Borrower's portion of the Project Cost Statement for Hard
Costs to be funded by Borrower in advance of the Initial Advance (or simultaneously with
the funding of each Requisition), which sum shall be in an amount equal to $4,131,250, and
that portion of the Project Cost Statement for Soft Costs to be funded by Borrower in
advance of the Initial Advance (or simultaneously with the funding of each Requisition),
which sum shall be in an amount equal to at least $1,751,820.
Loan"
Preview
FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024 NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024 Exhibit A FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024 NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024 BUILDING LOAN AGREEMENT Dated as of July $, 2018 between CATHAY BANK, a California banking corporation, as Lender having an office at: 235 Fifth Avenue, New York, New York 10016 and SHANGRI-LA ASTORIA INC. a New York corporation as Borrower Address of Borrower: 3626 Main Street, Suite 3A, Flushing, New York 11354 LOCATION OF PREMISES: 32nd Street Address : 37-21 Street County of : Queens City of : New York State of : New York Block : 374 Lots : 12 After recording, please return to: Hahn & Hessen LLP 488 Madison Avenue New York, New York 10022 Attention: Rhona J. Kisch, Esq. 175017/003-6944602.6 FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024 NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024 TABLE OF CONTENTS Page ARTICLE I. PARTICULAR TERMS, DEFINITIONS AND RULES OF CONSTRUCTION ............................................................................ 1 Section 1.01. Particular Terms.......................................................................... 1 Section 1.02. Rules of Construction................................................................ 11 ARTICLE II. LOAN ADVANCES ................................................................................ 11 Section 2.01. Purpose; Advances Generally.................................................... 11 Section 2.02. Certification and Verification of Costs........................................ 12 Section 2.03. Procedures for Advances. .......................................................... 13 Section 2.04. Held-Back Amounts, Advances for Indirect Costs After Completion............................................................................... 13 Section 2.05. Contract Deposits; Stored Materials........................................... 13 Section 2.06. Contingencies. .......................................................................... 14 Section 2.07. Reallocation of Amounts on Project Cost Statement. ................. 14 Section 2.08. Certain Limitations on Advances............................................... 14 Section 2.09. Term of Building Loan.............................................................. 15 Section 2.10. Principal, Interest, and Fees....................................................... 15 Section 2.11. Payment Terms; Interest Reserve............................................... 16 Section 2.12. Intentionally Omitted................................................................ 17 Section 2.13. Intentionally Omitted................................................................ 17 Section 2.14. Increased Costs ......................................................................... 17 Section 2.15. Intentionally Omitted................................................................ 18 Section 2.16. Prepayment............................................................................... 18 Section 2.17. Extension of Stated Maturity Date............................................. 19 ARTICLE III. CONDITIONS PRECEDENT................................................................ 20 Section 3.01. Conditions Precedent to Initial Advance.................................... 20 Section 3.02. Conditions to Advances After the Initial Advance...................... 26 Section 3.03. Conditions to Last Direct Costs Advance................................... 27 ARTICLE IV. REPRESENTATIONS AND WARRANTIES........................................ 28 Section 4.01. Due Formation, Power and Authority. ...................................... 28 Section 4.02. Legally Enforceable Agreements................................................ 28 Section 4.03. Financial Statements. ................................................................ 28 Section 4.04. Compliance With Laws; Payment of Taxes................................ 29 Section 4.05. Litigation.................................................................................. 29 Section 4.06. No Conflicts or Defaults............................................................ 29 Section 4.07. Solvency. .................................................................................. 29 Section 4.08. Governmental Regulation. ........................................................ 29 Section 4.09. Insurance. ................................................................................. 29 Section 4.10. ERISA...................................................................................... 29 Section 4.11. Section 22. ................................................................................ 30 Section 4.12. No Defaults. ............................................................................. 30 i FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024 NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024 Section 4.13. Accuracy of Information, Full Disclosure. ................................. 30 Section 4.14. Separate Tax and Zoning Lot; Encroachments........................... 30 Section 4.15. Requisition as Reaffirmation. .................................................... 31 Section 4.16. Plans and Improvements. .......................................................... 3I Section 4.17. Utility Services.......................................................................... 31 Section 4.18. Creation of Liens....................................................................... 31 Section 4.19. Roads. ...................................................................................... 31 Section 4.20. Construction Prior to Closing. ................................................... 31 Section 4.21. Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws................................................... 32 Section 4.22. Other Contracts......................................................................... 32 Section 4.23. Leases....................................................................................... 32 Section 4.24. Usury........................................................................................ 32 Section 4.25. Condemnation .......................................................................... 32 Section 4.26. Casualty.................................................................................... 32 Section 4.27. Payment for Materials and Labor............................................... 32 Section 4.28. Hazardous Materials ................................................................. 33 Section 4.29. EB-5 ......................................................................................... 33 ARTICLE V. COVENANTS OF BORROWER............................................................. 33 Section 5.01. Compliance with Laws, Payment of Taxes................................. 34 Section 5.02. Leases....................................................................................... 35 Section 5.03. Continuing Accuracy of Representations and Warranties. .......... 35 Section 5.04. Covenants, Restrictions and Easements. .................................... 35 Section 5.05. Inspection and Cooperation....................................................... 35 Section 5.06. Payment of Costs. ..................................................................... 35 Section 5.07. Brokers. .................................................................................... 36 Section 5.08. Construction of Improvements. ................................................. 36 Section 5.09. Project Publicity and Signage..................................................... 36 Section 5.10. Building Loan Trust Account. ................................................... 37 Section 5.11. Certain Materials to be Submitted.............................................. 37 Section 5.12. Correction of Defects and Departures from Plans....................... 37 Section 5.13. Change Orders.......................................................................... 37 Section 5.14. Regarding Construction Contracts. ............................................ 37 Section 5.15. Security of Site.......................................................................... 37 Section 5.16. Loan Amount. .......................................................................... 37 Section 5.17. Re-Appraisal............................................................................. 38 Section 5.18. Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws................................................... 38 Section 5.19. Reports and Testing; Environmental Site Assessment................. 39 Section 5.20. Additional Indebtedness ............................................................ 39 Section 5.21. Amendments to Organizational Documents............................... 40 Section 5.22. Financial Covenants.................................................................. 40 Section 5.23. No Bulk Sales............................................................................ 40 Section 5.24. EB-5 Investors........................................................................... 40 Section 5.25. EB-5 Loan. ............................................................................... 40 11 FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024 NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024 Section 5.26. Notice of Litigation ................................................................... 41 Section 5.27. Shareholder Loans .................................................................... 41 Section 5.28. Loans, Acquisitions and Guarantees.......................................... 41 Section 5.29. Merger, Consolidation, Transfer of Assets.................................. 41 Section 5.30. No Pledge Of All Borrower's Assets or Acceleration Of Debt ..... 42 Section 5.31. Dividends; Distributions............................................................ 42 ARTICLE VI. GENERAL CONDITIONS AND PROVISIONS.................................... 42 Section 6.01. Loan Balancing......................................................................... 42 Section 6.02. Advance Not Waiver................................................................. 42 Section 6.03. No Third Party Beneficiaries. .................................................... 43 Section 6.04. Authorization to Make Direct Advances.................................... 43 Section 6.05. Authorization to Advance for Interest........................................ 43 Section 6.06. Letters of Credit and Financial Security Agreements. ................. 43 Section 6.07. Concerning Irrevocable Authorizations...................................... 44 Section 6.08. Ratification of Requisition by Acceptance of Advance................ 44 Section 6.09. Documentation Etc. Satisfactory; Further Assurances. ............... 44 Section 6.10. Lender's Determination Conclusive........................................... 45 Section 6.11. Notices. .................................................................................... 45 Section 6.12. Entire Agreement, Amendments and Waivers............................ 45 Section 6.13. Setoff. ....................................................................................... 46 Section 6.14. Successors and Assigns.............................................................. 46 Section 6.15. Severability. .............................................................................. 46 Section 6.16. Non-Waiver, Remedies Cumulative.......................................... 46 Section 6.17. Certain Waivers. ....................................................................... 47 Section 6.18. Expenses; Indemnification......................................................... 47 Section 6.19. Counterparts. ............................................................................ 49 Section 6.20. Transfers of Interests in Loan..................................................... 49 Section 6.21. Lender's Right to Terminate...................................................... 50 Section 6.22. Governing Law; Jurisdiction. .................................................... 50 Section 6.23. WAIVER OF TRIAL BY JURY............................................... 50 Section 6.24. ADDITIONAL WAIVERS IN THE EVENT OF ENFORCEMENT.................................................................... 50 Section 6.25. Limitation on Liability. ............................................................. 51 Section 6.26. USA PATRIOT Act.................................................................. 51 Section 6.27. Records..................................................................................... 51 Section 6.28. Commercial Purpose................................................................. 51 Section 6.29. Lien Law. ................................................................................. 51 Section 6.30. Keepwell................................................................................... 51 Section 6.31. Definitions Include Amendments. Definitions contained in this Agreement which identify documents, including the other Loan Documents, shall be deemed to include all amendments and supplements to such documents entered into from time to time with the consent of Lender. Reference to this Agreement in any of the foregoing documents shall be deemed to include all amendments and supplements to this Agreement. ...................... 52 iii FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024 NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024 ARTICLE VII. PARTICULAR PROVISIONS............................................................... 52 Section 7.01. CONTRACTORS, SUBCONTRACTORS, LABORERS, MATERIALMEN AND SUPPLIERS ...................................... 52 Section 7.02. Deposit Accounts...................................................................... 52 Section 7.03. Release of Units ........................................................................ 53 ARTICLE VIII. Intentionally Omitted. ........................................................................... 54 ARTICLE IX. ASSIGNMENTS .................................................................................... 54 Section 9.01. Loan Party Assignment............................................................. 54 iv FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024 NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024 EXHIBIT A Legal Description of Premises EXHIBIT B Project Cost Schedule EXHIBIT C N.Y. Lien Law Statement EXHIBIT D Borrower's Architect's or Engineer's Letter Subcontractors' EXHIBIT E General Contractor's and Major Letter EXHIBIT F Pending Disbursements Clause EXHIBIT G Authorization Letter EXHIBIT H Required Contents of Borrower's Counsel Opinion EXHIBIT I Schedule of Lender's Commitment, Address, and Wire Instructions EXHIBIT J Minimum Release Price FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024 NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024 BUILDING LOAN AGREEMENT (this "Agreement"), dated as of July Z 2018, by and between SHANGRI-LA ASTORIA INC., a New York corporation, having an address at 3626 Main Street, Suite 3A, Flushing, New York 11354 ("Borrower"), and CATHAY BANK, a California banking corporation, having an office at 235 Fifth Avenue, New York, New York 10016 ("Lender"), as Lender. R E C I T A L S : WHEREAS, Borrower desires that Lender extend credit as provided herein, and Lender is prepared to extend such credit on the terms and conditions hereinafter set forth. NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained, Borrower and Lender hereby agree as follows: ARTICLE L PARTICULAR TERMS, DEFINITIONS AND RULES OF CONSTRUCTION Section 1.01. Particular Terms. As used in this Agreement, the following terms shall have the respective meanings indicated opposite each of them; where the meaning of any term is stated to be "None", provisions involving the application of that term shall be disregarded. Date" - Has "Acceptance the meaning specified in Section 9.02. "ADA" - The Americans with Disabilities Act of 1990, as amended from time to time. Indemnity" "ADA and Environmental - That certain ADA and Environmental Indemnity Agreement, of even date herewith, executed by Borrower and Guarantor, for the benefit of Lender. "Advance" "Advances" - or The loans, advances and financial accommodations made by the Lender hereunder including, without limitation, the Building Loan made by the Lender hereunder. "Affiliate" - As to any Person, any other Person that, directly or indirectly, owns more than fifty (50%) percent of, is in control of, is controlled by or is under common ownership or control with such Person or is a director or officer of such Person or of an "control" Affiliate of such Person. As used in this definition, the term shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management, policies or activities of a Person, whether through ownership of equity interests, voting securities, by contract or otherwise. Leases" - An "Assigned assignment by Borrower in favor of Lender of leases and rents relating to the Mortgaged Property whether now existing or hereafter occurring. FILED: QUEENS COUNTY CLERK 02/27/2024 08:12 PM INDEX NO. 703084/2024 NYSCEF DOC. NO. 12 RECEIVED NYSCEF: 02/27/2024 Rents" - That "Assignment of Leases and certain first priority Assignment of Leases and Rents, of even date herewith, executed by Borrower, as assignor, for the benefit of Lender, as assignee. Letter" "Authorization - A letter from Borrower to Lender in the form of Exhibit G setting forth, among other things, the name of each person authorized to execute Requisitions hereunder on Borrower's behalf. Code" - Title "Bankruptcy 11 of the United States Code Sections 101 et. seq., as the same may be amended from time to time, or any successor Law. Architects" - Tan "Borrower's Architect PC. Equity" - That "Borrower's portion of the Project Cost Statement for Hard Costs to be funded by Borrower in advance of the Initial Advance (or simultaneously with the funding of each Requisition), which sum shall be in an amount equal to $4,131,250, and that portion of the Project Cost Statement for Soft Costs to be funded by Borrower in advance of the Initial Advance (or simultaneously with the funding of each Requisition), which sum shall be in an amount equal to at least $1,751,820. Loan"