COMMERCIAL REVOLVING AND CONSTRUCTION LOAN AGREEMENTCommercial Revolving 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
