HomeMy WebLinkAboutL 13142 P 944 1111111 1111 11111 11111 11111 11111!!!I!!1111 VIII IIII IIII
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SUFFOLK COUNTY CLERK
RECORDS OFFICE
RECORDING PAGE
Type of Instrument: ASSIGNMENT OF LEASES / RENTS Recorded: 02/15/2022
Number of Pages : 11 At: 04 : 01 : 05 PM
Receipt Number : 22-0025273
MORTGAGE NUMBER: DM065166
LIBER: D00013142
PAGE : 944
District: Section: Block: Lot:
1001 004 . 00 07 . 00 010 . 000
EXAMINED AND CHARGED AS FOLLOWS
Received the Following Fees For Above Instrument
Exempt Exempt
Page/Filing $55 . 00 NO Handling $20 . 00 NO
COE $5 . 00 NO NYS SRCHG $15 . 00 NO
Affidavit $5 . 00 NO TP-584 $0 . 00 NO
Notation $0 .50 NO Cert.Copies $0 . 00 NO
RPT $200 . 00 NO
Fees Paid $300 . 50
THIS PAGE IS A PART OF THE INSTRUMENT
THIS IS NOT A BILL
JUDITH A. PASCALE
County Clerk, Suffolk County
RECORDED
2022 Feb 15 04:01:05 Ptl ill
JUDITH A. PASCALE
CLERK OF
SUFFOLK COUNTY
Number of pages L D00013142
P 944
DNO65166
This document will be public
record. Please remove all
Social Security Numbers
prior to recording.
Deed/Mortgage Instrument Deed/Mortgage Tax Stamp Recording/Filing Stamps
3 FEES gn(7tGbO,00
Page/Filing Fee 0 D Mortgage Amt.
1.Basic Tax
Handling 20. 00
2. Additions! Tax
TP-584 Sub Total
Notation i) D
Spec./Asslt.
OP
EA-52 17(County) Sub Total_ � Spec./Add.
EA-5217(State) TOT.MTG.TAX
R.P.T.S.A. �A Dual Town Dual County
Held forAppointment
Comm.of Ed. 5. 00 Transfer Tax
ffidavi ass cS'D A Mansion Tax
Certified Copy The property covered by this mortgage is
or will be improved by a one or two
NYS Surcharge 15. 00 family dwelling only.
Sub Total YES orNO
Other
Grand Total If NO, see appropriate tax clause on
page ft of this Instrument.
1U 161
4 Dist.10(' 1 5 Community Preservation Fund
4757007 iooi 00400 0700 03.0000
Real Property 'I{I Consideration Amount$
Tax Service p T
Agency R CA IIWCPF Tax Due $
LA IIII W�III
Verification Y7-JAN
Improved
6 Satisfaction»unrnargesLnereases'GstPropertyOwne�sMeil!FgAddress
RECORD&RETURN TO: Vacant Land
TD
Record&Return to:
CB Title Agency of NY,LLC TD
140 Mountain Ave.,Suite 101
Springfield, NJ 07081 . TD
Mail to:Judith A.Pascale,Suffolk County Clerk 7 1 Title Company Information
310 Center Drive, Riverhead, NY 11901 Co.Name CB Title Agency of NY, LLC
www.suffoikcountyny.gov/clerk Title p
CBNY-7130
81 Suffolk County Recording & Endorsement Page
This page forms part of the attached Collateral Assignment of Leases and Rents made
by: (SPECIFY TYPE OF INSTRUMENT)
GP 401 LLC The premises herein is situated in
SUFFOLK COUNTY,NEW YORK.
TO In the TOWN of Southold
Dime Community Bank In the VILLAGE
or HAMLET of Greenport
BOXES 6 THRU 8 MUST BE TYPED OR PRINTED IN BLACK INK ONLY PRIOR TO RECORDING OR FILING.
over
- r1 13 6
-bdfr,ai- !oo! , '
S-eGhon 009 . 00 COLLATERAL ASSIGNMENT OF LEASES AND RENTS
/3/,,CK .O.7, 0 0
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This Assignment made as of this 151 day of October, 2021, by and between GP 401 LLC, a New
York limited liability company,having a business address at 401 Main Street, Greenport,New York 11944
("Assignor") and DIME COMMUNITY BANK, with an office at 898 Veterans Memorial Highway,
Suite 560, Hauppauge,New York 11788 ("Assignee");
WITNESSETH :
Assignor is the fee owner of the premises located at 401 Main Street. Greenport, New York 11944.
described as Suffolk County Tax Map No.: District 1001, Section 004.00, Block 07.00, Lot 010.000
("Premises"), and has agreed to (i) enter into a Loan Agreement, dated October 1, 2021, with Assignee
for a mortgage loan of $900,000.00, pursuant to that certain Loan Agreement, dated October 1, 2021
("Loan Agreement") and (ii) make a mortgage note to Assignee in the amount of$900.000.00 (`'Note")
n secure by a mortgage in like amount secured by the Premises ("Mortgage"), dated October 1, 2021 and
t/
t&-bt corded in the Suffolk County Clerk's Office, (the Loan Agreement, Note, Mortgage and all other
documents executed by Assignor in connection therewith are collectively referred to as "Loan
Documents"), dated October 1, 2021, and4o&-ecorded in the Suffolk County Clerk's Office.
L�b�►—a�
As a condition to making such a' loan to Assignor pursuant to the Loan Documents, Assignee
requires %ssignor to execute and deliver this Collateral Assignment of Leases and Rents further securing
Assignor's indebtedness to Assignee.
NOW THEREFORE, in order to.better secure the payment to the Assignee of the principal
amount due under the Loan Documents, with interest now due or hereafter to become due, and of all
monetary obligations of the Assignee under and pursuant to the Loan Documents, the Assignor hereby
assigns to the Assignee all of the rents, profits and issues due and to become due from the Premises,
together with all documents, leases, agreements, service contracts and insurance policies affecting the
Premises.
1. RENTS
Upon Assignor's default under the Loan Documents, Assignee shall have the power and authority
to enter upon and take possession of the Premises and to demand. collect and receive from the miants,
lessees or parties in possession of the Premises or part thereof, rents runt due or to become due; to endorse
Assignor's name or any subsequent owner of the Premises, on any checks, notes or any other instruments
for the payment of money; to deposit same in Assignee's accounts; to give any and all Instruments in
connection thereto in Assignor's name or in the name of Assignee; to institute, prosecute, settle or
discontinue any summary or other legal proceedings for the recovery of rents or profits or to recover the
whole or part of the Premises; to institute, prosecute, settle or discontinue any other legal proceeding for
the protection and security of the Premises, for damages sustained to the Premises or from any other cause
or for,the abatement of any nuisance thereon. Assignee shall also have the right and power to defend any
legal proceeding brought against Assignor or any subsequent owner of the Premises arising out of the
operation of the Premises.
1
2. AUTHORITY TO LEASE
Upon the default by Assignor under the Loan Documents, Assignee shall have the right, power
and authority to lease or rent the Premises or any part thereof; to employ an agent to manage and rent the
Premises, to make any and all improvements to the Premises deemed solely by Assignee to be necessary
for the leasing of the Premises, to maintain and keep the Premises in a rentable condition and in a good
state of repair, to purchase any and all supplies, materials and equipment deemed necessary by Assignee
in the continued operation and maintenance of the Premises, to pay all utilities, taxes and assessments for
the Premises now due and to become due which are or may become liens against the Premises, to pay the
principal and interest which are or may become due under the Loan Documents, to pay the premiums on
all insurance policies affecting the Premises which are or may become due, to comply with all orders or
notices of any governmental authority having jurisdiction over the Premises, to discharge Mechanic's
Liens or any other interests or liens filed against the Premises either by payment to the lienor or by filing
with the appropriate court a bond pursuant to court order, and to pay all charges and expenses incurred in
the operation of the Premises.
3. EXPENSES
The Assignee shall have the authority, which is expressly given by Assignor, to pay for all matters
from the rents and revenues collected from the Premises. These costs and expenses and any other payment
made by Assignee in connection with the operation of the Premises, including reasonable attorneys' fees,
shall be a charge to Assignor and for any and all purposes shall be deemed to be secured by the Loan
Documents and may be deducted from the rents and profits received from the operation of the Premises.
4. ASSIGNEE'S LIABILITY
Except for the willful malfeasance or gross negligence of Assignee,the Assignee shall not be liable
for any act or omission but shall only be liable to account for moneys received by Assignee.
Notwithstanding the foregoing, nothing herein contained shall be deemed to prejudice Assignee's rights
to institute and prosecute the foreclosure of the Mortgage or to enforce any lien on other collateral which
the Assignee has or to prejudice any other right of Assignee which may arise due to Assignor's default
under the Loan Documents.
5. ASSIGNMENT OF LEASES UPON DEFAULT
In the event of a default under the Loan Documents, Assignor hereby assigns and transfers to
Assignee all the leases and subleases, if any, made to the occupants of the Premises and all of its right,
title and interest to the security stated in those leases and subleases and the Assignor further authorizes
and empowers Assignee to honor the terms, conditions and provisions of the leases and subleases or to
rent any one or more of the units in the Premises upon such terms,conditions and provisions as Assignee,
in its sole discretion deems prudent and to execute any and all documents necessary to accomplish that
end. Assignee shall have the full power and authority to do any and all acts with respect to the Premises
as the Assignor might or be permitted to do, with full power and substitution and Assignor hereby
expressly ratifies and confirms those acts which might be done by Assignee.
2
G. LEASE MODIFICATION
Assignor will not, except if expressly permitted in the Loan Documents, without the prior written
consent of Assignee cancel, modify or surrender any lease now or in the future existing with respect to
any unit in the Premises; abate or reduce any rent due under any lease; modify, alter or amend any of the
terms, provisions and conditions of any lease; and/or execute any new lease for any unit in the Premises,
except that the Assignor may do so in the normal course of business, provided that Assignor is not then in
any uncured default past applicable notice and cure period(s) and provided that the Assignor provides
prior written notice of the same to the Assignee.
7. ACCOUNTABILITY
Assignee, except for its acts of gross negligence or willful misconduct, shall not be liable or
responsible in any way for the failure to account or fraud or defalcation of rents received by Assignee's
agent designated to manage the Premises or collect the rents. Assignee shall in no way be liable for its
failure or refusal to make repairs to the Premises nor for any debt incurred in connection with the operation
of the Premises.
8. DEFAULT
Notwithstanding anything to the contrary contained in this Collateral Assignment of Leases and
Rents, the default provisions contained in the Loan Documents shall in no way be affected by the terms,
provisions and conditions contained in this document.
9. ASSIGNEE'S RIGHT IN THE COLLATERAL
This Collateral Assignment of Leases and Rents supplements the Loan Documents. It is expressly
agreed by the parties hereto that the rights and powers given to Assignee contained in this document shall
in no way prejudice or estop the Assignee in the exercise of the rights afforded to it in the Loan Documents
or against any other collateral of Assignor that Assignee may have.
10. SURPLUS
Except as required by law, Assignee may but shall be under no obligation to do so, turn over to
the Assignor any surplus moneys which the Assignee may have after paying all expenses incurred in
connection with the operation of the Premises and establishing a reserve fund necessary for the payment
of fixed charges due or to become due for such time as Assignee, in its sole discretion deems reasonable.
The tender by Assignee to Assignor of surplus moneys on one occasion shall not obligate Assignee to
tender surplus moneys thereafter.
11. FURTHER ASSIGNMENT BY ASSIGNEE
The Assignee may assign all of its right, title and interest in and to this Collateral Assignment of
Leases and Rents to any person or entity to whom the Loan Documents are assigned and upon such
assignment, the holder of the Loan Documents shall have all the rights and powers contained herein as if
an original party hereto.
3
12. CONSENT
Should the Assignor be a corporation,the Assignor hereby expressly certifies that this Assignment
was approved and authorized by the board of directors of such corporation and that there is no requirement
under the corporation's certificate of incorporation or by-laws that require the consent of the shareholders.
Should the Assignor be a partnership, the execution and delivery of this Collateral Assignment of
Lease and Rents have been duly approved by its partners.
Should the Assignor be a limited liability company, the execution and delivery of this Collateral
Assignment of Leases and Rents have been duly approved pursuant to its operating agreement, or if none,
by its managing member.
13. DESCRIPTION OF PREMISES
The Premises are more particularly described on Schedule A which is attached hereto and made a
part hereof.
14. SATISFACTION OF UNDERLYING DEBT
Upon the payment in full of all indebtedness secured by the Loan Documents, Assignee shall
execute and deliver, in recordable form, a release of this Collateral Assignment of Leases and Rents.
15. ASSIGNOR'S COLLECTION OF RENTS
Provided that Assignor is not in default under the Loan Documents, Assignor shall have the right
to collect,but not more than thirty(30)days prior to accrual,all rents, issues and profits from the Premises
and to retain, use and enjoy same.
16. AGREEMENT BINDING
This Collateral Assignment of Leases and Rents shall be binding on the Assignor and its successors
and assigns and shall inure to the benefit of Assignee, its successors and assigns. This Collateral
Assignment of Leases and Rents may not be changed orally but only by an agreement in writing signed
by the parties hereto.
17. LAW GOVERNING
The terms, conditions and provisions of this Collateral Assignment of Leases and Rents shall be
governed by the laws of the State of New York without regard to conflicts of law principles.
18. PRIOR ASSIGNMENT
Assignor represents and warrants that it is the owner in fee of the Premises and has not executed
any prior assignment or pledge of any of its rights,nor are its rights encumbered,with respect to the leases
assigned hereunder, or any of the rents, income or profits due or to become due from the Premises, except
as are encumbered by the Loan Documents. Assigner further represents and warrants that it shall not
assign, pledge or encumber the leases to any party or entity during the terms of this Collateral Assignment
of Leases and Rents.
4
19. LEASES
Annexed hereto and made a part hereof as Schedule B are the existing leases for the Premises.
Any and all future leases executed by Assignor for the Premises shall also be included in the leases and
rents pledged as collateral pursuant to,and shall be subject to the terms and conditions of,this Assignment
Agreement.
[SIGNATURE PAGE TO FOLLOW]
5
IN WITNESS WHEREOF, the Assignor has executed this Collateral Assignment of Leases and
Rents the date and year first written above,
ASSIGNEE: ASSIGNOR:
DIME COMMUNITY BANK GP 401 LLC
By: By:.
Name: Hay y 01wiltale Name: Dina Bean
Title: Vice President "Title: n mugaL, A- AOZ 4 -Sfran
ACKNOWLEDGEMENT TAKEN IN NEW YORK ACKNOWLEDGEMENT TAKEN IN NEW YORK
STATE STATE
State of New York,County of Suffolk, ss: State of New York,County of Suffolk,ss:
On the,r day of&)Lin the year 2021,before me,the On theday of��G9-rn the year 2021,before me,the
undersigned, personally appeared h{ayley Orientale�personally undersigned, personally appeared Dina Bean', personally
known to me or proved to me on the basis of satisfactory known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose names) is (are) evidence to be the individual(s) whose name(s) is (are)
subscribed to the within instrument and acknowledged to me that subscribed to the within instrument and acknowledbed to me
he/she/they executed the same in his/her/their capacity(ies), and that helshe/they executed the same in his/her/their
that by his/her/their signatttre(s) on the instrument, the capacity(ies), and that by his/her/their signature(s) on the
individual(s), or the person upon behalf of which the instrument, the individual($), or the person upon behalf of
individual(s) acted,executed the instrument. which the individual(s)acted,executed the instrument.
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Notary P tc MARGARET HOROWITZ Notal cMARGARET HOROWITZ
NOTARY PUBLIC-STATE OF NEW YORK N 07ARY PUBLIC-STATE OF NEW YORK
No.01 H06307066 No.01 HO6307056
Qualified in Suffolk County Qualified in Suffolk County
(Notary Stamp) My Commission Expires 06-30-2022 (Notary Stamp) My commission Expires 06-30-2022
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DISTRICT: 1001
Title No.: CBNY-7130 SECTION: 004.00
BLOCK: 07.00
LOT: 010.000
GP 401 LLC COUNTY: Suffolk County,New York
TO
DIME COMMUNITY BANK
RETURN BY MAIL TO:
Dime Community Bank
898 Veterans Memoria ighway,Suite 560
Hauppauge,New Y 11788
Attn:Commercia oan Documents
1 �
Record & Return to:
CB Title Agency of NY, LLC
140 Mountain Ave., Suite 101
Springfield, NJ 07081
��--- -
7
SCHEDULE A
Lep_al Description
�f;r
s
q`.boa
p
Title
FIRST AMERICAN TITLE INSURANCE COMPANY
SCHEDULE A Description
Title Number,CBNY-7130
ALL that certain lot,piece or parcel of land,situate,lying and being In the Village of Greenport,Town of
Southold,County of Suffolk,and State of New York,bounded on the north by land formerly of Frank L.H.
Phillips,now of Levine;on the east by Main Street;on the south by South Street and on the west by land
of the Village of Greenport,New York,being more particularly bounded and described as follows:
BEGINNING at the corner formed by the Intersection of the westerly side of Main Street and the northerly
side of South Street;
RUNNING THENCE south 05 degrees 44 minutes 50 seconds west,131.44 feet;
THENCE north 7 degrees 38 minutes 40 seconds west,21.81 feet;
THENCE north 84 degrees 59 minutes east,131.37 feet to the westerly side of Main Street;
THENCE south 7 degrees 01 minute 40 seconds east,23.58 feet along the northerly side of Main Street to
the point or place of BEGINNING.
FOR CONVEYANCING ONLY,IF INTENDED TO BE CONVEYED:TOGETHER WITH ALL RIGHT,TITLE AND
INTEREST OF,IN AND TO ANY STREETS,ROADS,OR AVENUES ABUTTING THE ABOVE DESCRIBED
PREMISES,TO THE CENTER LINE THEREOF.
CB Title Agency of NY,LLC
14 Penn Plaza,Suite 1800
New York,NY 40122
R.212-2394789•F:212-2394675
a
4'
SCHEDULE R
Existing Leases
No Existing Leases at the time of closing
r
10
L7,s4. o o l RECORDED
`� inn OD 2022 Feb 15 04:01:05 PM
JUDITH A. PASCALE
Q/aG� a7, d CLERK OF
SUFFOLK COUNTY
AFFIDAVIT MADE PURSUANT TO L [00013142
ARTICLE 11, §255 OF THE TAX LAW R 944
DM065166
STATE OF NEW YORK )
ss..
COUNTY OF SUFFOLK )
Dina Bean, being duly sworn, deposes and says:
That she is the authorized signatory GP 401 LLC(the"Borrower"),the owner of the property which
is subject to the hereinafter described mortgages and the notes secured thereby and is familiar with the facts
set forth herein:
The Borrower has an existing mortgage with Dime Community Bank ("Mortgagee") securing a
loan in the total principal amount of NINE HUNDRED THOUSAND and 00/100 DOLLARS
($400,000.00), upon which all mortgage tax was paid.
Said loan is evidenced by a certain Loan Agreement from Borrower to Mortgagee dated October
1, 2021 and is secured by a Mortgage made by Borrowg o.Mortgagee covering the mortgaged property,
dated October 1,2021 (the"Mortgage"),which wA be recorded in the Office of the Suffolk County Clerk. v
6/7 ///a.�/a�o2l !n Li r a 3 3� g pa� 2 oa2.1
In connection with the foregoing Mortgage, there is herewith offered and presented to the Suffolk
County Clerk's Office of a Collateral Assignment of Leases and Rents between Mortgagor and Mortgagee
dated October 1, 2021, by which Mortgagee is assigned certain rights in rents and other moneys-relating
to the occupancy of the premises encumbered by the aforesaid Mortgage and as security collateral to such
mortgage.
Such Collateral Assignment of Leases and Rents neither creates nor secures any original, new or
further principal indebtedness or obligation in addition to or not already secured by or which under any
contingency may be secured by or which under any contingency may be secured by the aforesaid Mortgage.
This affidavit is submitted to the Office of the Suffolk County Clerk in support of the exemption
of the foregoing Collateral Assignment of Leases and Rents from the imposition or payment of mortgage
tax under Article 11 of the Tax Law pursuant to provisions of Section 255 of the Tax Law of the State of
New York.
A ( Id AA
Dina Bean
Sworn to before me this
I st day of October, 2021
C�r�a�- °r°u�v�'L
Notary lic MARG RowlTzJ�
NOTARY PUBLIC-STATE OF NEW YORK p (,r C� d
No.011405C07058 n 1 L/I
oualified in Sut101k County . O' r d ( 3 U.70�.�
My Commission Expires 06-30-2022 0 rr
y �o.xST 0 h C)cp , r-e-9 ab/3e,