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HomeMy WebLinkAboutL 13153 P 388 SUFFOLK COUNTY CLERK RECORDS OFFICE RECORDING PAGE Type of Instrument: ASSIGNMENT OF LEASES / RENTS Recorded: 04/26/2022 Number of Pages : 10 At: 11 :50 :56 AM Receipt Number : 22-0072228 MORTGAGE NUMBER: DNO05294 LIBER: D00013153 PAGE : 388 District: Section: Block: Lot: 1001 004 .00 06. 00 032 . 000 EXAMINED AND CHARGED AS FOLLOWS Received the Following Fees For Above Instrument Exempt Exempt Page/Filing $50 . 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 $400 . 00 NO Fees Paid $495.50 THIS PAGE IS A PART OF THE INSTRUMENT THIS IS NOT A BILL JUDITH A. PASCALE County Clerk, Suffolk County F1]F2 RECORDED Number of pages 2022 Apr 26 11.50:56 919 JUiDITH A. PASCALE CLERK OF This document will be public SUFFOLK COUNTY record.Please remove all L DOOO13153 Social Security Numbers P 388 prior to recording. DNO05294 Deed/Mortgage Instrument Deed/Mortgage Tax Stamp Recording/Filing Stamps 3 1 FEES Page/Filing Fee Mortgage Amt. 3 1.Basic Tax Handling 20, 00 2. Additional Tax TP-584 Sub Total Notation / Spec./Assit. �/�- or EA-52 17(County) Sub Total Spec,/Add. EA-5217(State) TOT.MTG.TAX I R.P.T.S.A. �-�oo Dual Town Dual County �" Held for Appointment Comm.of Ed. 5. 00 Transfer Tax Affidavi 0Mansion Tax M�`` �� The property covered by this mortgage is Certified Copy or will be improved by a one or two NYS Surcharge 15. 00 lfamily dwelling only. Sub Total YES or NO Other U �l Grand Total ` �f"`� If NO, see appropriate tax clause on page# of this instrument. 4 Dist. 100 )1-4820489 5 Community Preservation Fund Real Property T S �+ 111110 1111111111 lllll11111 Consideration Amount$ Tax Service R POL A I {I Ill Agency CPF Tax Due $ Verification 30-MAR- — — — - - --- -- Improved 6 Satisfactions/Discharges/Releases List Property Owners Mailing Address RECORD&RETURN TO: Vacant Land Dime Community Bank TD Attention: Commercial Loan Documentation 898 Veterans Memorial Highway Suite 560 TD Hauppauge,NY 11788 TD Mail to:Judith A. Pascale,Suffolk County Clerk 7 Title Company Information 310 Center Drive, Riverhead, NY 11901 Co.Name Bridge Abstract LLC www.suffolkcountyny.gov/clerk Title# BALRE5441 S 8 Suffolk County Recording & Endorsement Page This page forms part of the attached Assignment of Leases and Rents"57- made by: (SPECIFY TYPE OF INSTRUMENT) 110 South St Greenport Inc.and ❑ The premises herein is situated in 1 ❑ 112 South St Greenport Inc. SUFFOLK COUNTY,NEW YORK. TO In the TOWN of Southold Dime Community Bank In the VILLAGE F1 or HAMLET of Greenport BOXES 6 THRU 8 MUST BE TYPED OR PRINTED IN BLACK INK ONLY PRIOR TO RECORDING OR FILING. over T . . R Stat I©: 4820489 R POL A30-MAR-22 Tax Maps District Secton Block Lot School District, 1001 00400 0600 032000 GREENPORT 1001 00400 0600 034006 GREENPORT COLLATERAL ASSIGNMENT OF LEASES AND RENTS This Assignment made as of this 25th day of January, 2022, by and between 110 SOUTH ST GREENPORT INC., a New York corporation having a business address*PO,/Box 591, Shelter Island Heights, NY 11965 and 112 SOUTH ST GREENPORT INC., a New York corporation having a business address)4P0 Box 591, Shelter Island Heights, NY 11965 (the "Assignor") and DIME COMMUNITY BANK, having a place of business at 898 Veterans Memorial Highway, Suite 560, Hauppauge, New York("Assignee"); # -rl 40, H t b'W7 �/ "b WITNESSETH : r/ Assignor is the fee owner of premises known as 110 South Street, Greenport, New York 11944 & 112 South Street, Greenport, New York 11944 (the "Premises"), and has agreed to (i) enter into a Loan Agreement, dated January 25, 2022, with Assignee for the for mortgage loan of $1,575,000.00 ("Loan Agreement"), and (ii) make a mortgage note to Assignee in the amount of $1,575,000.00 ("Note") secured by a mortgage in like amount secured by the Premises ("Mortgage") dated January 25, 2022 and to be recorded in the Office of the Suffolk County Clerk (the Loan Agreement, Note, Mortgage and all other documents executed by Assignor in connection therewith are collectively referred to as "Loan Documents"). As a condition to making such a loan to Assignor pursuant to the Loan Documents, Assignee requires Assignor to execute and deliver this Collateral Assignment of Leases and Rents further securing Assignor's indebtedness to Assignee. (See attached Mortgage Schedule) 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 tenants, lessees or parties in possession of the Premises or part thereof, rents now 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. MORTGAGESCHEDULE 1. Mortgage in the principal amount of$1,330,000.00, made by 110 South St Greenport Inc. and 112 South St Greenport Inc., as Mortgagor, in favor of BNB Bank, as Mortgagee, dated August 13, 2020, and recorded in the Suffolk County Clerk's Office on October 28, 2020 at Liber 23189, Page 732 which has an outstanding principal balance of $1,289,326.39 (Mortgage Tax paid in the amount of $13,965.00), which has an outstanding principal balance of$1,289,326.39. 2. Mortgage in the principal amount of$285,673.61 made by 110 South St Greenport Inc. and 112 South St Greenport Inc., as Mortgagor, in favor of Dime Community Bank, successor by merger to BNB Bank, as Mortgagee, dated January 25, 2022, and which will be recorded in the Suffolk County Clerk's Office in connection herewith (on which mortgage tax in the amount of WAR will be paid upon recording). 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. S. 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. 6. 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. 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. S. 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 J 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. 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. Assignor 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. 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 WFG National Title Insurance Company Title Number: BALRE6441S v Page 1- SCHEDULE A DESCRIPTION Parcel ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and being in the Village of Greenport, Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a point on the northerly side of South Street distant 166.51 feet easterly from the corner formed by the intersection of the easterly side of 2"d Street and the northerly side of South Street; RUNNING THENCE North 07 degrees 04 minutes 00 seconds West, 71.97 feet; THENCE North 85 degrees 44 minutes 40 seconds East, 73.30 feet; THENCE South 06 degrees 59 minutes 10 seconds East, 71.97 feet to the northerly side of South Street; THENCE along the northerly side of South Street, South 85 degrees 44 minutes 50 seconds West, 73.20 feet to the point or place of BEGINNING. r WFG National Title Insurance Company Title Number: BALRE5441S Page 2 SCHEDULE A DESCRIPTION Parcel II ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and being in the Village of Greenport, Town of Southold, County of Suffolk and State of New York, bounded and described as follows: BEGINNING at a point on the northerly side of South Street distant 141.51 feet easterly from the corner formed by the intersection of the easterly side of 211 Street and the northerly side of South Street; RUNNING THENCE North 07 degrees 04 minutes 00 seconds West, 71.97 feet; THENCE North 85 degrees 44 minutes 40 seconds East, 25.00 feet; THENCE South 07 degrees 04 minutes 00 seconds East, 71.97 feet to the northerly side of South Street; THENCE along the northerly side of South Street, South 85 degrees 44 minutes 50 seconds West, 25.00 feet to the point or place of BEGINNING. 2 SCHEDULE B Existing Leases: -Property- 110 South Street, Greenport, New York -Apt/unit# Name Lease ends 110 Apt A Megan Sheppard 2/28/2022 110 Apt B Alex Olinkiewicz 6/30/2022 110 Office 1 Gifts N That Inc 12/31/2022 110 Office 2 Justin Bales 3/31/2022 110 Basement Elaine Milovich& Georgia Charland 8/31/2022 Property- 112 South Street,Greenport, New York Apt/unit# Name Lease ends 112 Apt A Dedrick Hutley 2/28/2022 112 Apt B Water Dynamics Corp 6/30/2022 112 Unit 1 Carolyn Smith 6/30/2022 112 Unit 2 James Olinkiewicz Realty Inc 6/30/2022 The Parties have reviewed the leases identified above, are familiar with the contents thereof, and agree that the contents of all such leases are incorporated into this Collateral Assignment of Leases and Rents by refer , as if attached hereto and fully set forth herein. Initial: 110 South St Greenport Inc., Assignor -112 South St Greenport Inc., Assignor Dime Community Bank, Assignee rents pledged as collateral pursuant to, and shall be subject to the terms and conditions of, this Assignment Agreement. IN WITNESS WHEREOF, the Assignor has executed this Collateral Assignment of Leases and Rents the date and year first written above. ASSIGNEE: DIME COMMUNITY B By: Name: an y L. Me r Title: Vice Preside ASSIGNOR: 110 SOUTH REENPORT C. By: Na mes linkiewicz Z;• President 114SOU EN T INC. B alinkiewicz itle: President STATE OF NEW YORK ) ss.. COUNTY OF SUFFOLK ) On the 25th day of January in the year 2022, before me, the undersigned personally appeared James Olinkiewicz, 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 acknowledged to me that he/she executed the same in his/her capacity and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. No ary blic MARGARET HORQWiTZ NOTARY PUBLIC,STATE OF NEW YORK STATE OF NEW YORK ) Registration No.01HO6307050 ouaiified in Suffolk Courtly ss.: Commission Expires June 30,2022 COUNTY OF SUFFOLK ) On the 25th day of January in the year 2022, before me, the undersigned personally appeared Nancy L. Messer, 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 acknowledged to me that he/she executed the same in his/her capacity and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. . - wy, jA Notary Pu MARGAREE HOROWITZ NOTARY PUBLIC,STATE OF NEW YORK Registration No.01 H06307056 Qualified in Suffolk County Commission Expires June 30,2022 AFFIDAVIT MADE PURSUANT TO ARTICLE 11, §255 OF THE TAX LAW STATE OF NEW YORK ) ) ss.: COUNTY OF SUFFOLK ) James Olinkiewicz, being duly sworn, deposes and says: That he is the President of 110 SOUTH ST GREENPORT INC. and 112 SOUTH ST GREENPORT INC. (collectively, 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: That the mortgages described on Exhibit "A" have been recorded or are submitted'for recording simultaneously herewith (collectively, the "Mortgages".) on which all required mortgage tax was paid. 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 January 25, 2022, 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. s Olinkiewicz Sworn to before me thisCD R� 25th day of January, 2022 3D lwrz) All � nmm) CD -ocam-, rte'- M" C-; Notat Public gid , � � M m70 AR HOROWITZ ca za m z r NOTARY PUMJC,STATE OF NEW YORK G� C`- �No.01HO&W7056 r-0- rn In Sulblk Caunry m a, CmmmhWm .gine 30 2022 EXHIBIT "A" LIST OF EXISTING MORTGAGES 1. Mortgage in the principal amount of$1,330,000.00, made by 110 South St Greenport Inc. and 112 South St Greenport Inc.,as Mortgagor, in favor of BNB Bank,as Mortgagee,dated August 13, 2020, and recorded in the Suffolk County Clerk's Office on October 28, 2020 at Liber 23189, Page 732 which has an outstanding principal balance of$1,289,326.00 (Mortgage Tax paid in the amount of$13,965.00), which has an outstanding principal balance of$1,289,326.39. 2. Mortgage in the principal amount of$285,674.00, made by 110 South St Greenport Inc. and 112 South St Greenport Inc., as Mortgagor, in favor of Dime Community Bank, successor by merger to BNB Bank, as Mortgagee, dated January 25, 2022, and which will be recorded in the Suffolk oun5y Clerk's Office in connection herewith (on which mortgage tax in the amount of will be paid upon recording). SECTION 255 AFFIDAVIT