CREDIT AGREEMENTCredit Agreement • August 15th, 2023 • Clipper Realty Inc. • Real estate investment trusts
CREDIT AGREEMENT (this “Agreement”) dated as of August 10, 2023, by and among DEAN OWNER LLC, a Delaware limited liability company, having an office at 4611 Twelfth Avenue, Suite 1L, Brooklyn, New York 11219 (“Borrower”), the lenders party hereto (together with their respective assigns, the “Lenders”, each a “Lender”) and VALLEY NATIONAL BANK, as administrative agent for the benefit of itself as a Lender and other Lenders (in such capacity, the “Administrative Agent”), having an office at 1 Pennsylvania Plaza, 46th Floor, New York, New York 10119.
MEZZANINE LOAN AGREEMENT Dated as of August 10, 2023 by and among BADF 953 DEAN STREET LENDER LLC, as Administrative Agent c/o Aviv Arava Management LLC New York, New York 10003 (“Administrative Agent”), the lenders party hereto (the “Lenders”), and...Mezzanine Loan Agreement • August 15th, 2023 • Clipper Realty Inc. • Real estate investment trusts
MEZZANINE LOAN AGREEMENT (the “Agreement”), dated as of the 10th day of August, 2023 by and among BADF 953 DEAN STREET LENDER LLC, as Administrative Agent for the Lenders hereinafter defined, having an office c/o Aviv Arava Management LLC, 123 5th Avenue, 4th Floor, New York, New York 10003 (together with its successors and assigns, “Administrative Agent”), the lenders party hereto (together with their respective assigns, the “Lenders”; each a “Lender”), and DEAN MEMBER LLC, a Delaware limited liability company, having an office at 4611 12th Avenue, Suite 1L, Brooklyn, New York 11219 (“Borrower”).
LINE OF CREDIT NOTELine of Credit Note • August 15th, 2023 • Clipper Realty Inc. • Real estate investment trusts • New York
FOR VALUE RECEIVED, CLIPPER REALTY INC. (the “Borrower”), a corporation organized under the laws of the State of Maryland, with its principal place of business at 4611 Twelfth Avenue, Suite 1L, Brooklyn, New York 11219 promises to pay to the order of VALLEY NATIONAL BANK (the “Bank”), in lawful money and in immediately available funds, at its offices at 1 Pennsylvania Plaza, 46th Floor, New York, New York 10119, or at such other place as the holder hereof may designate, the principal sum of Five Million and 00/100 Dollars ($5,000,000.00), or such lesser amount as may be advanced and be outstanding to or for the benefit of the Borrower hereunder, together with interest accruing thereon from the date advanced until paid in full, as set forth herein.
ACQUISITION LOAN NOTEAcquisition Loan Note • August 15th, 2023 • Clipper Realty Inc. • Real estate investment trusts • New York
FOR VALUE RECEIVED, the undersigned, DEAN OWNER LLC, a Delaware limited liability company, having an office at 4611 Twelfth Avenue, Suite 1L, Brooklyn, New York 11219 (the “Borrower”), promises to pay to VALLEY NATIONAL BANK (the “Lender”), at the offices of Valley National Bank, as administrative agent (the “Administrative Agent”) at 1 Pennsylvania Plaza, 46th Floor, New York, New York 10119 or at such other place as the holder hereof may from time to time appoint in writing, the Principal Amount as hereinafter provided, together with interest thereon as provided herein. Defined terms used in this Acquisition Loan Note (the “Note”) shall have the meanings ascribed thereto in Section 12 hereof or if not defined in Section 12 hereof, in the Credit Loan Agreement.
BUILDING LOAN NOTEBuilding Loan Note • August 15th, 2023 • Clipper Realty Inc. • Real estate investment trusts • New York
FOR VALUE RECEIVED, the undersigned, DEAN OWNER LLC, a Delaware limited liability company, having an office at 4611 Twelfth Avenue, Suite 1L, Brooklyn, New York 11219 (the “Borrower”), promises to pay to VALLEY NATIONAL BANK (the “Lender”), at the offices of Valley National Bank, as administrative agent (the “Administrative Agent”) at 1 Pennsylvania Plaza, 46th Floor, New York, New York 10119 or at such other place as the holder hereof may from time to time appoint in writing, the Principal Amount as hereinafter provided, together with interest thereon as provided herein. Defined terms used in this Building Loan Note (the “Note”) shall have the meanings ascribed thereto in Section 12 hereof or if not defined in Section 12 hereof, in the Building Loan Agreement.
PROJECT LOAN NOTEProject Loan Note • August 15th, 2023 • Clipper Realty Inc. • Real estate investment trusts • New York
FOR VALUE RECEIVED, the undersigned, DEAN OWNER LLC, a Delaware limited liability company, having an office at 4611 Twelfth Avenue, Suite 1L, Brooklyn, New York 11219 (the “Borrower”), promises to pay to VALLEY NATIONAL BANK (the “Lender”), at the offices of Valley National Bank, as administrative agent (the “Administrative Agent”) at 1 Pennsylvania Plaza, 46th Floor, New York, New York 10119 or at such other place as the holder hereof may from time to time appoint in writing, the Principal Amount as hereinafter provided, together with interest thereon as provided herein. Defined terms used in this Project Loan Note (the “Note”) shall have the meanings ascribed thereto in Section 12 hereof or if not defined in Section 12 hereof, in the Project Loan Agreement.
