This Mortgage Agreement involves
Title: FIRST MODIFICATION OF PROMISSORY NOTE, MORTGAGE DEED AND SECURITY AGREEMENT AND OTHER LOAN DOCUMENTS
Governing Law: Connecticut Date: 2/10/2011
Industry: Retail (Home Improvement) Sector: Services
FIRST MODIFICATION OF PROMISSORY NOTE, MORTGAGE DEED
AND SECURITY AGREEMENT AND OTHER LOAN DOCUMENTS
THIS AGREEMENT, made as of the 27th day of October, 2010, by and between RIVERBEND CROSSINGS III HOLDINGS LLC , a Pennsylvania limited liability company, having a principal office and mailing address at c/o Griffin Land & Nurseries, Inc., 204 West Newberry Road, Bloomfield, Connecticut 06002 (the “ Grantor ”) and NEWALLIANCE BANK , a Connecticut banking corporation having an office at 195 Church Street, New Haven, Connecticut 06510 (the “ Grantee ”).
R E C I T A L S
A. The Grantor and the Grantee entered into a loan transaction in the original principal amount of $4,300,000.00 (the “ Loan ”), which is evidenced by a Promissory Note in said amount dated January 27, 2010 (the “ Note ”).
B. The Note is secured by, among other things, a Mortgage Deed and Security Agreement dated January 27, 2010 (the “ Mortgage ”), recorded February 3, 2010 with the Lehigh County Recorder of Deeds as Instrument Number 2010003016, which Mortgage affects certain property known as 871 Nestle Way, Breinigsville, Pennsylvania (the “ Property ”), as more particularly described therein; (2) a Collateral Assignment of Leases and Rentals dated January 27, 2010 (the “ Assignment of Leases ”) recorded February 3, 2010 with the Lehigh County Recorder of Deeds as Instrument Number 2010003017; (3) a Security Agreement dated January 27, 2010 (the “ Security Agreement ”); (4) an Assignment of Contracts, Warranties, Permits and Approvals dated January 27, 2010 (the “ Assignment of Contracts ”); and (5) an Environmental Compliance and Indemnity Agreement dated January 27, 2010 (the “ Environmental Indemnity ”). The Note, the Mortgage, the Security Agreement, the Assignment of Leases, the Assignment of Contracts and the Environmental Indemnity are referred to collectively herein as the “ Loan Documents ”).
C. The Grantor has requested that the Grantee reduce the interest rate applicable to the Loan.
D. As a condition to reducing the interest rate applicable to the Loan, the Grantee requires that the Grantor enter into this Agreement.
NOW, THEREFORE, in consideration of the foregoing and for One Dollar ($1.00) and other valuable consideration received to their mutual satisfaction, the Grantor and the Grantee hereby agree as follows:
1. Modification of Note . The Note is hereby modified as follows:
(a) The current monthly payment of principal and interest in the amount of $29,281.67 shall be due and payable on November 1, 2010. Notwithstanding anything to the contrary contained in the Note, commencing as of November 1, 2010, the Interest Rate on the outstanding principal balance of the Note shall be a fixed rate of five and one-quarter percent (5.25%) per annum for the balance of the term. Commencing on the first day of December, 2010, and continuing to, but not including the Maturity Date, principal and interest at the Interest Rate shall be due and payable on the first day of each month, based on a 291 month amortization schedule. As a result, commencing with the payment due December 1, 2010, monthly payments of principal and interest in the amount of $26,023.07 shall be due and payable on the first day of each month.
(b) All references in the Note to the term “Mortgage” shall mean said instrument as modified hereby and as it may be further modified or amended in the future. All references in the Note to the term “Loan Documents” shall mean the Loan Documents as modified hereby and as they may be further modified or amended in the future.
2. Modification of Mortgage . The Mortgage is hereby modified as follows:
(a) All references in the Mortgage to the term “Note&rdqu