HomeMy WebLinkAboutL 13014 P 943 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I
I l l l l l l l l l l l l l l l l l l l l l l l l
SUFFOLK COUNTY CLERK
RECORDS OFFICE
RECORDING PAGE
Type of Instrument: ASSIGNMENT OF LEASES / RENTS Recorded: 06/10/2019
Number of Pages : 7 At: 03 :23 : 16 PM
Receipt Number : 19-0109529
MORTGAGE NUMBER: DKO07744
LIBER: D00013014
PAGE : 943
District: Section: Block: Lot:
1001 005 . 00 04 . 00 005 .000
EXAMINED AND CHARGED AS FOLLOWS
Received the Following Fees For Above Instrument
Exempt Exempt
Page/Filing $35.00 NO Handling $20 .00 NO
COE $5. 00 NO NYS SRCHG $15.00 NO
Affidavit $0 . 00 NO TP-584 $5 .00 NO
Notation $1 . 00 NO Cert.Copies $0 .00 NO
RPT $200 . 00 NO
Fees Paid $281 .00
THIS PAGE IS A PART OF THE INSTRUMENT
THIS IS NOT A BILL
JUDITH A. PASCALE
County Clerk, Suffolk County
T �
FT 71
RECORDED
2019 Jun 10 03:23:16 PP1
1
Number of pages JUDITH A. PASCALE
CLERK OF
SUFFOLK" COUNTY
L D00013014
This document will be public P 943
record,Please remove all DKO07744
Social Security Numbers
prior to recording.
Deed/Mortgage Instrument Deed/Mortgage Tax Stamp Recording/Filing Stamps
3 1 FEES
a
Page/Filing Fee e Amt.
I Mortgage 9
1.Basic Tax
Handling 20. 00 2. Additional Tax
TP-584 Sub Total
Notation ZW Spec./Assit.
or
EA-52 17(County) _ Sub Total Spec./Add.
EA-5217(State) TOT.MTG.TAX
?x�,� Dual Town Dual County
R.P.T.S.A. �CfJU Held for Appointment
Comm.of Ed. 5. 00 Transfer Tax
Affidavit Mansion Tax
Certified Copy The property covered by this mortgage is
or will be improved by a one or two
NYS Surcharge 15. 00 Z� family dwelling only.
Sub Total YES or NO
Other
Grand Total I If NO, see appropriate tax clause on
e� page# of this instrument.
4 Dist. 3883723 1001 00500 0400 005000 000 5 Community Preservation Fund
Real Proper p T S IN111111111111111111111111111 Consideration Amount$
Tax Service R DTY A
Agency 07-JUN-19 CPF Tax Due S
Verificatior
Improved
6 Satisfactions/Discharges/Releases List Property Owners Mailing Address
RECORD&RETURN TO: Vacant Land
JENNIFER A LOFARO, ESQ. TD
131-EAKLEY PLATT& SHCMIDT, LLP TD
ONE NORTH LEXINGTON AVE
WHITE PLAINS,NEW YORK 10601, TD
Mail to:Judith A. Pascale,Suffolk County Clerk 7 Title Company Information
310 Center Drive, Riverhead, NY 11901 Co.Name
www.suffolkcountyny.gov/clerk
Title#
8 Suffolk County Recording & Endorsement Page
This page forms part of the attached ASSIGNMENT OF LEASES AND RENTS made ,
by. (SPECIFY TYPE OF INSTRUMENT)
FROND&THIRD LLC The premises herein is situated in
SUFFOLK COUNTY,NEW YORK.
TO In the TOWN of SOUTHOLD _
LAUREL ROAD BANK In the VILLAGE
orHAMLETof GREENPORT
BOXES 6 THRU 8 MUST BE TYPED OR PRINTED IN BLACK INK ONLY PRIOR TO RECORDING OR FILING.
over
Y
FRONT do THIRD LLC
(Assignor)
to
LAUREL ROAD BANK
(Assignee)
ASSIGNMENT OF LEASES AND RENTS
Dated: May 1, 2019
Section: 5
Block: 4
Lot(s): 5
Address: 207 Front Street
Village: Greenport
Town: Southold
County: Suffolk
State: New York
RECORD AND RETURN TO:
Jennifer A. Lofaro, Esq.
Bleakley Platt& Schmidt, LLP
One North Lexington Avenue
White Plains,New York 10601
ASSIGNMENT OF LEASES AND RENTS
KNOW ALL MEN BY THESE PRESENTS THAT FRONT & THIRD LLC, a
limited liability company,organized and existing under the laws of the State of New York,having an
office located at 207 Front Street,Greenport,New York 11944,hereinafter called the"Assignor",in
consideration of One Dollar paid by LAUREL ROAD BANK,a banking corporation duly organized
and existing under and pursuant to the laws of the state of Connecticut,and having its principal place
of business at 138 Rowayton Avenue, Rowayton, Connecticut 06853, hereinafter called the
"Assignee", hereby conveys, transfers and assigns unto the assignee, its successors and assigns, all
the rights,interest and privileges,which the Assignor,as Lessor,has and may have in the leases now
existing or hereafter made and affecting the real property described in Schedule A, attached hereto
and made a part hereof, as said leases may have been, or may from time to time be hereafter,
modified,extended and renewed,with all rents,income and profits due and becoming due therefrom.
The Assignor will, on request of the Assignee, execute assignments of any future leases affecting
any part of said premises.
This Assignment is made as additional security for the payment of the sum of FIVE
MILLION AND 00/100($5,000,000.00)DOLLARS,evidenced by a certain Amended and Restated
Credit Line Mortgage Note(the "Note")made by the Assignor dated May 1, 2019,and secured by a
certain Amended and Restated Credit Line Mortgage of even date (the "Mortgage") and which
Mortgage is being presented for recording in the Office of the Clerk of the County of Suffolk, State
of New York simultaneously herewith encumbering the premises and property described in said
Schedule A,and the acceptance of this Assignment and the collection of rents or the payments under
the leases hereby assigned shall not constitute a waiver of any rights of the Assignee under the terms
of the Note and Mortgage. And it is expressly understood and agreed by the parties hereto that
before default occurs and continues beyond any applicable notice and cure periods under the terms of
the.Note or Mortgage,Assignor shall have the right to collect said rents,income and profits from the
aforementioned leases and to retain, use and enjoy the same, provided, however, that even before
default occurs no rent not due for more than thirty (30) days under the terms of any of said leases
shall be collected or accepted without the prior written consent of the Assignee. Anything to the
contrary notwithstanding,Assignor hereby assigns to Assignee any award made hereafter to it in any
court procedure involving any of the lessees in any bankruptcy, insolvency, or reorganization
proceedings in any state or Federal court; and any and all payments made by lessees in lieu of rent
Assignor hereby appoints Assignee as its irrevocable attorney in fact to appear in any action and/or to
collect any such award or payment.
The Assignor,in the event of default beyond any applicable notice and cure periods in
the performance of any of the terms and conditions of the Note or Mortgage,hereby authorizes the
Assignee, at its option, to enter and take possession of the mortgaged premises and to manage and
operate the same, to collect all or any rents accruing therefrom and from said leases, to let or re-let
said premises or any part thereof,to cancel and modify leases,evict tenants,bring or defend any suits
in connection with the possession of said premises in its own name or Assignor's name,make repairs
as Assignee reasonably deems appropriate, and perform such other acts in connection with the
I
management and operation of said premises as the Assignee,in its reasonable discretion,may deem
proper.
The receipt by the Assignee of any rents,issues or profits pursuant to this instrument
after the institution of foreclosure proceedings under the Mortgage shall not cure such default nor
affect such proceedings or any sale pursuant thereto.
Assignee shall not be obligated to perform or discharge any obligation or duty to be
performed or discharged by Assignor under any of said leases, and the Assignor hereby agrees,
except in the event of Assignee's gross negligence or willful misconduct,to indemnify the Assignee
for, and to save it harmless from, any and all liability arising from any of said leases or from this
assignment, and, except in the event of Assignee's gross negligence or willful misconduct, this
assignment shall not place responsibility for the control,care,management or repair of said premises
upon the Assignee, or make the Assignee responsible or liable for any negligence in the
management,operation,upkeep,repair or control of said premises resulting in loss or injury or death
to any tenant, licensee, employee or stranger.
The Assignor covenants and represents that said Assignor has full right and title to
assign said leases and the rents, income and profits due or to become due thereunder,that the terms
of said leases have not been changed from the terms in the copies of said leases submitted to the
Assignee for approval,other than any modifications to said lease that are currently pending,that no
other assignment of any interest therein has been made, that, to the best of Assignor's knowledge,
there are no existing defaults under the provisions thereof,and that,unless a default shall exist under
a lease, said Assignor will not hereafter cancel, surrender or terminate such lease except upon a
default by tenant, exercise any option which might lead to such termination or change, alter or
modify them or consent to the release of any party liable thereunder or to the assignment of lessees'
interest in them without the prior written consent of the Assignee, which consent shall not be
unreasonably withheld, conditioned or delayed.
In the event of a default beyond any applicable notice and cure periods in the
performance of the terms and conditions of the Note or Mortgage, Assignor hereby authorizes the
Assignee to give notice in writing of this assignment at any time to any tenant under any of said
leases.
Violation of any of the covenants,representations and provisions contained herein by
the Assignor shall be deemed a default under the terms of the Note and Mortgage, subject to any
applicable notice and cure periods provided thereunder.
Any material default by the Assignor under any of the terms of the leases assigned
herein shall be deemed a default under the terms of the Note and Mortgage. Any expenditures made
by the Assignee in curing such a default on the Assignor's behalf,with interest thereon at five(S%)
percent in excess of the then applicable rate charged on the unpaid principal balance under the Note
and Mortgage from the date of such advance to the date of repayment shall become part of the debt
secured by these presents.
2
The full performance of the obligations under the Note and Mortgage and the duly
recorded release or reconveyance of the property described therein shall render this assignment void.
The net proceeds collected by the Assignee under the terms of this instrument shall be
applied in reduction of the entire indebtedness from time to time outstanding on the Note and
secured by the Mortgage.
This assignment applies to and binds the parties hereto and their respective successors
and assigns, as well as any assignee of the Note and Mortgage referred to herein.
SIGNATURE PAGE TO FOLLOW
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3
IN WITNESS WHEREOF,the said Assignor has signed and sealed this instrument
this 1St day of May, 2019.
FRONT & THIRD LLC,
a New York limited liability company,
BY: TELLUS CAPITAL LLC,
a New York imited liability company,
Name: Danie . Pennessi
Title: Managing Member
STATE OF NEW YORK }
ss..
COUNTY OF WESTCHESTER }
On the I"day of May, 2019, before me,the undersigned,a Notary Public in and for
said State,personally appeared DANIEL J.PENNESSI personally known to me or proved to me on
the basis of satisfactory evidence to be the individual whose name is subscribed to the within
instrument and he acknowledged to me that he executed the same in his capacity, and that by his
signature on the instrument,the individual,or the person upon behalf of which the individual acted,
executed the instrument.
Notary Public
Tahesha R. LeFevre
Notary Public, State of New York
No. 01LE6274391
Qualified in Westchester County
Commission Expires January 7, 2021
4
SCHEDULE A
ALL that certain plot, piece or parcel of land, situate, lying and being in Green port in the Town of
Southold, County of Suffolk and State of New York, bounded and described as follows:
BEGINNING at a point on the southerly side of Front Street which is 39.5 feet easterly from the
corner formed by the southerly side of Front Street and the easterly side of Third Street;
RUNNING THENCE along the said southerly line of Front Street,North 84033'30"East,37.50 Feet
to land n/o/f of Theater Property Associates, Ltd. (former Greenport Play House, Inc.);
THENCE along the last described land,South 04°51'20"East, 141.78 feet to the land n/o/f of Burton
Potter Post American Legion;
THENCE along lands last above mentioned formerly being land of Flora Z.Morrissey and Henry G.
Frankenbach, South 83°20'00" West, 62.50 feet to said easterly line of Third Street;
THENCE along said easterly line of Third Street North 06 40'00"West, 116.85 feet to the extreme
southwesterly end of the line first above mentioned which connects the easterly side of Third Street
with the southerly side of Front Street
THENCE North 42018'45" East, 39.09 feet to the southerly side of Front Street and the point or
place of BEGINNING.
Being Section 5,Block 4,Lot 5,Tax Map of the Village of Greenport,Town of Southold,County of
Suffolk.
5
44 AFFIDAVIT PURSUANT TO SECTION 255 OF
THE TAX LAW OF THE STATE OF NEW YORK
(Assignment of Leases and Rents)
STATE OF NEW YORK )
) ss..
COUNTY OF WESTCHESTER )
Daniel J. Pennessi, as the Manager Member of Tellus Capital LLC, as a Managing Member of
FRONT&THIRD LLC (the "Mortgagor"), being duly sworn, deposes and says:
1. The Mortgagor is the holder of a fee interest in the premises commonly known as 207
Front Street, Greenport, New York, situate in the Village of Greenport, Town of Southold, County of
Suffolk and State of New York(the "Premises"), more particularly described in a certain Amended and
Restated Mortgage of even date herewith (the "Mortgage"), and the undersigned are fully familiar with
the facts set forth herein.
2. The Mortgage, made by the Mortgagor to LAUREL ROAD BANK (the "Bank") on
May 1, 2019, in the principal sum of$5,000,000.00 (the "Loan"), has been recorded prior hereto and
no mortgage recording tax was paid in connection therewith because said tax was paid previously as
set forth on the attached mortgage schedule.
3. As further security for the Loan, Mortgagor has this day also executed and delivered an
Assignment of Leases and Rents (the "Assignment") encumbering the Premises, which Assignment is
also being offered herewith for recording. The Assignment is additional security for the Loan only and
secures no other or additional indebtedness of the Mortgagor to the Mortgagee.
4. Since the Assignment does not create or secure a new or further indebtedness beyond
the indebtedness, which is already secured, or which under any contingency may be secured by the
foregoing Mortgage, the Mortgagor respectfully requests exemption from further tax under Section
255 Article H of the Tax Law.
FRONT & THIRD LLC,
a New York limited liability company,
BY: TELLUS CAPITAL LLC,
a New York li ited liability company,
N
Name: Daniel Oennessi
Title: Managing Member '=
Q �
Sworn to before me thisn -I Z
151 day of a 2019. CD ° O 0 k-Jr �M s G
_
O
��- C,4Q 4
Notary Public 2
Tahesha R. LeFevre m m
Notary Public, State of New York „
No.01 LE6274391
Qualified in Westchester County
Commission Expires January 7,2021
EXHIBIT "B"
MORTGAGESCHEDULE
A certain Building Loan Mortgage made by Front & Third LLC to BNB Bank in the principal
sum of $3,087,000.00, dated March 8, 2018 and recorded on April 2, 20I8 in Liber 22913 at t
Page 683 in the Office of the Clerk of Suffolk County, New. York, upon which the proper
mortgage tax in the amount of$32,418.75 was paid.
1• A certain Building Loan Mortgage made by Front & Third LLC to BNB Bank in the
principal sum of $3,087.000.00, dated March 8, 2018 and recorded on April 2, 2018 in Liber
22913 at Page 683 in the Office of the Clerk of Suffolk County, New York (the "Existing
Mortgage"), upon which the proper mortgage tax in the amount of$32,418.75 was paid.
2. A certain Gap Mortgage made Front & Third to Laurel Road Bank in the principal sum of
$ 1191), o 4 dated Mav 1, 2019 and being recorded simultaneously herewith in the Office
of the Clerk of Suffolk County. New York (the "Additional Mortgage"), upon which the proper
mortgage recording tax of&2 Cf!- ZS is being paid simultaneously herewith.
The Existing Mortgage and the Additional Mortgage are hereby considered consolidated
into a single aggregate first lien in the principal sum of $5,000,000.00 by a certain Mortgage
Consolidation Extension and Modification Agreement dated the May 1, 2019 and being
presented for recording simultaneously herewith in the Office of the Clerk of Suffolk Couri
New York. ty,