COMMERCIAL REVOLVING AND CONSTRUCTION LOAN AGREEMENTRevolving and Construction Loan Agreement • March 15th, 2005 • Wellsford Real Properties Inc • Real estate investment trusts
This Commercial Revolving and Construction Loan Agreement (“Agreement”) is entered into as of December 23, 2004, by and between Bank and Borrower. This Agreement applies to the loan or loans (individually and collectively, the “Loan”) evidenced by one or more promissory notes of even date herewith or other notes or letters of credit subject hereto, as modified from time to time (whether one or more, the “Note”) and all Loan Documents. The terms “Loan Documents” and “Obligations,” as used in this Agreement, are defined in the Note. The term “Security Instrument” means the mortgage encumbering the Property and securing the Loan. Relying upon the covenants, agreements, representations and warranties contained in this Agreement, Bank is willing to extend credit to Borrower upon the terms and subject to the conditions set forth herein, and Bank and Borrower agree as follows: LOAN. Bank will make a loan in the principal amount of up to $21,176,995.00, consisting of two (2) components
UNCONDITIONAL GUARANTYWellsford Real Properties Inc • March 15th, 2005 • Real estate investment trusts
East Lyme Housing Ventures, LLC c/o Wellsford Real Properties, Inc. 535 Madison Avenue New York, New York 10022 (Hereinafter referred to as “Borrower”) Wellsford Real Properties, Inc. 535 Madison Avenue New York, New York 10022 (Hereinafter referred to as “Guarantor”) Wachovia Bank, National Association 300 Main Street Stamford, Connecticut 06901 (Hereinafter referred to as “Bank”) To induce Bank to make, extend or renew loans, advances, credit, or other financial accommodations to or for the benefit of Borrower, and in consideration of loans, advances, credit, or other financial accommodations made, extended or renewed to or for the benefit of Borrower, which are and will be to the direct interest and advantage of the Guarantor, Guarantor hereby absolutely, irrevocably and unconditionally guarantees to Bank and its successors, assigns and affiliates the timely payment and performance of all liabilities and obligations of Borrower to Bank and its affiliates, relating to
