docket# cv-14-6046337-s superior court judicial district of new haven ...
DOCKET# CV-14-6046337-S
SUPERIOR COURT JUDICIAL DISTRICT OF
WEBSTER BANK NA NEW HAVEN
v.
AT NEW HAVEN
PAMELA WALL, ADMINISTRATRIX
JUNE 3, 2015
MOTION TO OPEN JUDGMENT AND EXTEND SALE DATE
1.
On March 2, 2015, a judgment of foreclosure by sale entered.
2.
On April 10, 2015, a purchase and sale agreement to sell the subject property to Pamela Wall was executed. (A copy of the purchase and sales agreement is attached hereto.)
3.
On May 6, 2015, the Court of Probate ordered and decreed that the subject property be sold to Pamela Wall for $143,000 .. (A copy of the Court Order is attached hereto.)
4.
On May 21, 2015, Pamela Wall received a committment letter from Plaatsdale Associates, LLC to borrow $130,000 so that she may consummate the sale.
5.
There is substantial equity in the property whereby the Plaintiff will not be prejudiced.
6.
The Administratrix, Pamela Wall, seeks to sell the property to Pamela Wall so that creditors of the probate estate may be paid.
ORAL ARGUMENT REQUESTED TESTIMONY NOT REQUIRED
WHEREFORE, the Defendant, Pamela Wall, Administratrix, respectfully request that this court open the judgment and extend the sale date so that Pamela Wall may purchase the subject property. The Defendant, Pamela Wall Adminsitratrix
~
-
by: .c: MiRK~TTER Comm. of the Superior Court Law Offices of Mark M. Kratter, LLC 71 East Avenue, Siote 0 Norwalk, CT 06851 (203) 203-853-2312 Juris# 423853 [email protected]
DOCKET# CV-14-6046337-S
SUPERIOR COURT JUDICIAL DISTRICT OF
WEBSTER BANK NA NEW HAVEN
v.
AT NEW HAVEN
PAMELA WALL ADMINISTRATRIX
The foregoing motion having been presented to the Court, it is hereby ORDERED ....................................................... GRANTED/DENIED;
BY THE COURT, (Dated:
)
Judge/Assistant Clerk
DOCKET# CV-14-6046337-S
SUPERIOR COURT JUDICIAL DISTRICT OF
WEBSTER BANK NA NEW HAVEN
v.
AT NEW HAVEN
PAMELA WALL AMINISTRATRIX
JUNE 6,2015
CERTIFICATION A copy of the foregoing motion and order has been mailed via first class U.S. Mail to all counsel and prose parties of record as follows:
P-01
WEBSTER BANK NA Attorney:
••ke'U""~""'"' recogni'e
Co&. CW\~
21.
Cool l'.nb6 l?.J
~
as the Listing Broker and_
as the Selling Broker in this transaction.
Additional Provisions. - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
22. Modifications. Acceptance. Date of Acceptance. We, the parties hereto, each declare that this instrument contains the entire agreement between us, subject to no understandings, conditions, or representations other than those expressly stated herein. This Agreement may not be changed, modified or amended in whole or in part except in writing, signed by all parties. The "Date of Acceptance of this Agreement" shall be the latest date noted below on which a party accepts the Agreement.
WITNESS the signatures of the parties below on the date(s) set forth beside their respective names. Acceptance by Seller:
S-.,ciJt Date
Buyer
e:-. ~ R<w. 09/0ll: 07/10; 08/ll: 07n2;3/14; 3/JS
-- IB OPPOllTGlllTY
@2005-2014Connoc:ticlltAssaciltionof~.Inc.
Poge6of6
REALTOR®
DECREE FOR SALE OR MORTGAGE OF REAL PROPERTY PC-460 REV. 3/03
. STATE OF CONNECTICUT
RECORDED
COURT OF PROBATE
COURT OF PROBATE, Hamden - Bethany Probate District
DISTRICT NO. PD37
ESTATE OF Nadine H. Kostenko,
(I 0-0300)
At a court of probate held at the place and time of hearing set by the Court, together with any continuances thereof, as ofrecord appears, on the fiduciary's application for authority to sell real property the fiduciary being the buyer, all as in said application more fully appears. PRESENT: Hon. Edward C. Burt, Jr., Judge After due hearing, THE COURT FINDS that: The allegations of said application are proved, and there is reasonable cause for granting the same, and to grant said application will be in the best interest of the parties in interest. Notice was given in accordance with any order of notice previously entered. The fiduciary desires to be the purchaser of said real property, and the legal notice so provided.
AND it is ORDERED AND DECREED that: The real property described in said application be sold, and the fiduciary is hereby empowered to sell and convey the same at private sale to Pamela Wall for the sum of $143,000, payable in cash at the time of transfer.
Dated at Hamden, Connecticut, this 6 day of May, 2015.
·As used in this decree, the word fiduciary includes the plural, where the context so requires. DECREE FOR SALE OR MORTAGE OF REAL PROPERTY PC-460
CERTIFICATION/ MAILING OF DECREE PC-152 NEW 7/13
STATE OF CONNECTICUT
RECORDED:
COURT OF PROBATE DISTRICT NO. PD37
COURT OF PROBATE, Hamden - Bethany Probate District
ESTATE OF/IN THE MATTER OF Nadine H. Kostenko (I 0-0300) PETITION FOR:
DATE OF DECREE:
Continued Sale of Real Estate
5/6/2015
CERTIFICATION
S=-i,/'"""'~...._.1_1_)_ _ _ to the following as
The undersigned hereby certifies that a copy of the above decree was mailed on _ _ provided in the Probate Court Rules of Procedure, section 8.2:
Name and Address Fred D. Sette, Esq. (attorney for Pamela Wall), Sette & Parnoff, P.C., 2324 Whitney Avenue, P 0 Box 185366, Hamden, CT 06518 Pamela Wall, 606 Post Road East, Suite 645, Westport, CT 06880 Helen Kostenko, Hewitt Health and Rehabilitation Center, 45 Maltby Street, Shelton, CT 06484 Petro, Inc., 520 Broadhollow Road, Suite 200W, Melville, NY I 1747 Gerald S. Knopf, Esq. (attorney for Petro, Inc.), 350 Bedford Street, Sutie 403, Stamford, CT 06901 Paul E. Whitaker, Esq., 3074 Whitney Avenue, Building 2, Second Floor, Hamden, CT 06518
fttdge/Clerk
CERTIFICATION/MAILING OF DECREE .
PC- 152
Plaatsdale Associates, LLC 540 East Main Street, Suite 12 Branford, CT 06405 203 481-8945 * Fax 481-2924 21 May2015 Pamela J Wall 1062 Jackson Street The Villages, FL
Commitment Letter Commercial Mortgage # 15-001 Dear Ms. Wall, After reviewing the information that has been provided on the above referenced property, we have outlined the general terms under which Plaatsdale Associates, LLC, (the "Lender") would consider proceeding with the underwriting of the proposed loan (the "Loan"). If after reviewing these business terms, the undersigned ("Applicants") are interested in proceeding, kindly have them sign and return this term sheet along with the Deposit (defined below).
Property:
1125 Sherman Avenue, Hamden, CT
The closing of this Loan is subject to the following terms and conditions:
Maximum Loan Amount:
$130,000
Initial Advance:
$130,000
Borrower:
Pamela J. Wall
Lender:
Plaatsdale Associates, LLC, Trustee.
Interest Rate:
The rate of interest will be fixed at 12%. Interest shall accrue on the Gross Loan Amount plus any unpaid amounts including, interest, late fees, penalty interest, assessments for real estate taxes, insurance, etc., as may be paid by the Lender and then charged to the Borrowers all of which assume a priority position in a default.
Loan Term:
The term of this Loan will be three months (3 months). At Borrowers discretion, the Loan may be extended for one additional three-month term for an additional fee of $5,000. At the maturity of this Loan, any accrued interest and unpaid principal shall be due and payable in full.
1
Borrower#!
Pfmrtsdale AsMN.~iates,
u.c
Purpose:
To purchase the property from an estate sale to renovate and resell.
Application Fee:
$175 (already received).
Origination Fee:
5.0 points to Plaatsdale Associates, LLC.
Prepayment:
If this Loan is prepaid within the first three months, the interest due for the three full months will still be due to the Lender as a prepayment penalty.
Payment Procedure:
All interest payments will be made electronically, with Plaatsdale initiating an ACH transaction on the first business day of each month the loan is outstanding.
Late Fees:
There is no grace period. The loan documents shall provide for a five percent (5%) late charge on the total payment due for payments made after their due date. Note: Late payments that are created by an error or errors of either Plaatsdale or Plaatsdale's bank do not negatively affect the Borrowers.
Extension of Term:
Payoff is expected at the end of the three-month term of this loan. However, in this particular case, Lender and Borrowers have agreed that in exchange for the payment of an additional $5,000.00, paid to Lender at the end of the three-month initial term, Borrowers have the right to extend term for an additional three months at the same interest rate as applies in the first term.
Exit Fee:
None, unless time period is extended. If loan is not paid at the end of three months (or six months if properly extended), there will be an exit fee of $1,000 per month for each month or partial month until full payoff has been made.
Payoff:
Payoff funds must be Fed-wired directly to our account as directed in the pay-off letter that you will receive a few days before the final payoff of the Loan. Please note that the Lender does not accept cash, certified checks, attorney's checks, etc.
Default Rate:
The default rate on the Loan shall be three percent (3%) above the note rate.
Insurance:
Plaatsdale Associates, LLC must be named as "Additional Insured" and "Loss Payee" on your liability insurance policy, and as "Additional InsuredMortgagee" and "Loss Payee" on your property insurance. You must email or fax Acord Certificates to our office before the closing, and bring the physical certificate for each type of coverage to the closing. Full insurance coverage must be maintained for the duration of the loan. Any lapse in coverage is an immediate default. In addition, if Plaatsdale becomes aware of any lapse in coverage, it will immediately purchase insurance coverage and bill charges and penalties to Borrower that are immediately due and payable.
2
Borrower
All insurance policies must be fully paid in advance with cleared funds before the closing. If not done prior to meeting for closing, closing will be postponed and there will be a $300 per day rescheduling fee, plus fees to cover additional attorney's expenses. All Building Policies must be written to 100% of the replacement cost of any structures; meaning there will be no deduction allowance for depreciation, and any changes in building codes will be covered.
Subordinated Debt:
None permitted.
Collateral:
A mortgage on the real property located at 1125 Sherman Road, Hamden, CT, including, and without limitations, all buildings and other improvements and fixtures located thereon, and an assignment of leases and rents on terms and conditions acceptable to the Lender.
Appraisal:
Appraisal prepared April 08, 2015 by Joseph Violetta with an appraised amount of$143,000 has been accepted by Plaatsdale Associates.
Interest:
Interest is charged including the day of closing until the day that Plaatsdale has "good funds" in our bank account to repay our investors.
Change of Management: Any change in the current owner/manager status, such as, but not limited to, the contracting out of the owner/manager position, or the hiring of a general manager to assume day-to-day operations, will be considered a default on this loan unless prior approval has been granted in writing by the lender. Environment:
Borrowers will indemnify the Lender from any environmental claims or concerns that may exist now or in the future
Zoning:
Borrowers shall furnish evidence satisfactory to the Lender that the premises are in compliance with all applicable zoning and other laws, ordinances, rules, regulations, and restrictive covenants.
Documentation:
The loan documents specified herein, and other such documents which the Lender or its counsel may deem necessary in connection with this Loan, will contain terms and conditions which are customary for similar mortgage financing, but which are not expressly set forth in this letter. Documentation shall include, but is not limited to, the Note, Mortgage Deed, Title Insurance Policy and Hazard Insurance Policy - each naming the Lender as Loss Payee, Assignment of Leases and Rents, Borrowing Resolution and Opinion of Counsel, etc. Upon request of Lender, the Borrowers will submit any other reasonable documents.
Expenses:
Borrowers are responsible for all expenses incurred with respect to origination, closing, and collection of this Loan, including, but not limited to,
3
Borrower
legal fees, title insurance, commitment fees, environmental fees or expenses, and recording fees, whether this Loan is closed or not.
Financial Condition:
The financial condition of each of the Borrowers is of material significance to the Lender, and the Lender shall have the right not to close the Loan in the event there shall be any such adverse changes between the date of the submittal of the application for the Loan, and the closing date of said Loan.
Litigation, Arbitration, or Mediation: Any pending or continuing litigation, arbitration, or mediation, against either the subject property, any property that is used as collateral, or against any guarantors or signatories to this loan, is deemed to be significant and must be disclosed to us immediately. Other Conditions:
The mortgage shall contain provisions in form and substance satisfactory to the Lender, providing that in the event that during the term of the Loan the Borrowers shall convey, transfer, assign, or sell the real property (or any part thereof or interest therein) encumbered by the mortgage, or that there shall be any change of ownership of the Borrowers (other than a change caused by the death of one of the owners), then the Lender shall have the right, at its sole option, to declare the entire outstanding balance with interest accrued thereon immediately due and payable. The mortgage shall also prohibit any subordinate liens or encumbrances on the mortgaged premises without the prior specific written approval of the Lender. Borrowers shall indemnify and hold the Lender harmless from any and all claims of any brokers or anyone else claiming a right to any fees or commissions in connection with the purchase of this property or the arranging for the financing of this Loan. This letter evidences our proposal to make the Loan described above, and your agreement to borrow the amount indicated, subject to the terms and conditions described herein. This commitment will remain in effect for five days from the date hereof. If the terms and conditions of this letter are acceptable to you, please sign and date and return it along with your check to our above stated address as soon as possible so we may proceed to the closing. The Borrowers shall obtain and deliver to the Lender at the closing a Lender's title insurance policy in the amount of the loan showing the Lender to be a valid first mortgage with no other liens or encumbrances. The title insurance policy shall contain such endorsements as Lender's counsel may require. The Borrowers shall execute at the closing such other instruments and documents as shall be required by counsel for the Lender.
Contact Information: It is the obligation of the borrower to keep Plaatsdale Associates advised of current contact information including all telephone numbers, (office, cell, and residence), email addresses, and complete home and office addresses of all 4
Borrower
principals of the Borrowers.
Patriot Act:
Compliance with the US Patriot Act is required of all borrowers.
Additional Conditions:
May be required within the final documents as prepared by counsel.
Closing Procedure:
Closing will take place at Lender's attorney's office. Please have your attorney contact Bill Nathanson as soon as you have signed and returned this Term Sheet.
**** Note: Closing will not be scheduled until our attorney has all requested documents in hand. Nathanson, Cipriano & Gambardella, PC 60 Washington Avenue Hamden, CT 06518
Closing Date: Confidentiality:
203 288-1333 - Fax 287-0048 email: [email protected]
The closing date for this loan will be on or about June 3, 2015. This Commitment Letter is being delivered with the understanding that neither it nor its substance will be disclosed to any third person, except to those who are in confidential relationships to Applicant (i.e., Applicant's principals, counsel, accountants, and other retained business advisors) or as may be required by law. In the event of such disclosure, this agreement shall be voidable at the option of the lender. This term sheet shall be governed by and construed and interpreted in accordance with the internal laws of the State of Connecticut, without regard to principals of conflicts of laws. Applicant submits to the exclusive jurisdiction of the courts of Connecticut for the resolution of any dispute in connection with this term sheet. Both parties waive any right to a jury trial. Applicant acknowledges that Lender will be relying on information provided by Applicant and to disclose all material information concerning the Borrowers, or any of its principals, the Property or any of the tenants on the Property, which may affect the Lenders decision to proceed with this term sheet.
Your Next Move:
Please have initial the bottom of pages 1 through 5, and filgn page # 6. Return Commitment Letter to Plaatsdale. Please make sure your attorney gets this Commitment Letter so s/he can contact our attorney immediately to prepare for closing. Plaatsdale will not proceed toward closing until we have received this fully-signed letter.
We welcome this opportunity to work with you, and wish you good luck in your venture.
5
Borrower
Sincerely, Plaatsdale Associates, LLC
(?flt~ By: Brian M. Miller Above terms and conditions are understood, accepted, and agreed upon by: Borrower:
Pamela J. Wall
By:
Date: Pamela J. Wall
6 Borrower
SUPERIOR COURT JUDICIAL DISTRICT OF
WEBSTER BANK NA NEW HAVEN
v.
AT NEW HAVEN
PAMELA WALL, ADMINISTRATRIX
JUNE 3, 2015
MOTION TO OPEN JUDGMENT AND EXTEND SALE DATE
1.
On March 2, 2015, a judgment of foreclosure by sale entered.
2.
On April 10, 2015, a purchase and sale agreement to sell the subject property to Pamela Wall was executed. (A copy of the purchase and sales agreement is attached hereto.)
3.
On May 6, 2015, the Court of Probate ordered and decreed that the subject property be sold to Pamela Wall for $143,000 .. (A copy of the Court Order is attached hereto.)
4.
On May 21, 2015, Pamela Wall received a committment letter from Plaatsdale Associates, LLC to borrow $130,000 so that she may consummate the sale.
5.
There is substantial equity in the property whereby the Plaintiff will not be prejudiced.
6.
The Administratrix, Pamela Wall, seeks to sell the property to Pamela Wall so that creditors of the probate estate may be paid.
ORAL ARGUMENT REQUESTED TESTIMONY NOT REQUIRED
WHEREFORE, the Defendant, Pamela Wall, Administratrix, respectfully request that this court open the judgment and extend the sale date so that Pamela Wall may purchase the subject property. The Defendant, Pamela Wall Adminsitratrix
~
-
by: .c: MiRK~TTER Comm. of the Superior Court Law Offices of Mark M. Kratter, LLC 71 East Avenue, Siote 0 Norwalk, CT 06851 (203) 203-853-2312 Juris# 423853 [email protected]
DOCKET# CV-14-6046337-S
SUPERIOR COURT JUDICIAL DISTRICT OF
WEBSTER BANK NA NEW HAVEN
v.
AT NEW HAVEN
PAMELA WALL ADMINISTRATRIX
The foregoing motion having been presented to the Court, it is hereby ORDERED ....................................................... GRANTED/DENIED;
BY THE COURT, (Dated:
)
Judge/Assistant Clerk
DOCKET# CV-14-6046337-S
SUPERIOR COURT JUDICIAL DISTRICT OF
WEBSTER BANK NA NEW HAVEN
v.
AT NEW HAVEN
PAMELA WALL AMINISTRATRIX
JUNE 6,2015
CERTIFICATION A copy of the foregoing motion and order has been mailed via first class U.S. Mail to all counsel and prose parties of record as follows:
P-01
WEBSTER BANK NA Attorney:
••ke'U""~""'"' recogni'e
Co&. CW\~
21.
Cool l'.nb6 l?.J
~
as the Listing Broker and_
as the Selling Broker in this transaction.
Additional Provisions. - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
22. Modifications. Acceptance. Date of Acceptance. We, the parties hereto, each declare that this instrument contains the entire agreement between us, subject to no understandings, conditions, or representations other than those expressly stated herein. This Agreement may not be changed, modified or amended in whole or in part except in writing, signed by all parties. The "Date of Acceptance of this Agreement" shall be the latest date noted below on which a party accepts the Agreement.
WITNESS the signatures of the parties below on the date(s) set forth beside their respective names. Acceptance by Seller:
S-.,ciJt Date
Buyer
e:-. ~ R<w. 09/0ll: 07/10; 08/ll: 07n2;3/14; 3/JS
-- IB OPPOllTGlllTY
@2005-2014Connoc:ticlltAssaciltionof~.Inc.
Poge6of6
REALTOR®
DECREE FOR SALE OR MORTGAGE OF REAL PROPERTY PC-460 REV. 3/03
. STATE OF CONNECTICUT
RECORDED
COURT OF PROBATE
COURT OF PROBATE, Hamden - Bethany Probate District
DISTRICT NO. PD37
ESTATE OF Nadine H. Kostenko,
(I 0-0300)
At a court of probate held at the place and time of hearing set by the Court, together with any continuances thereof, as ofrecord appears, on the fiduciary's application for authority to sell real property the fiduciary being the buyer, all as in said application more fully appears. PRESENT: Hon. Edward C. Burt, Jr., Judge After due hearing, THE COURT FINDS that: The allegations of said application are proved, and there is reasonable cause for granting the same, and to grant said application will be in the best interest of the parties in interest. Notice was given in accordance with any order of notice previously entered. The fiduciary desires to be the purchaser of said real property, and the legal notice so provided.
AND it is ORDERED AND DECREED that: The real property described in said application be sold, and the fiduciary is hereby empowered to sell and convey the same at private sale to Pamela Wall for the sum of $143,000, payable in cash at the time of transfer.
Dated at Hamden, Connecticut, this 6 day of May, 2015.
·As used in this decree, the word fiduciary includes the plural, where the context so requires. DECREE FOR SALE OR MORTAGE OF REAL PROPERTY PC-460
CERTIFICATION/ MAILING OF DECREE PC-152 NEW 7/13
STATE OF CONNECTICUT
RECORDED:
COURT OF PROBATE DISTRICT NO. PD37
COURT OF PROBATE, Hamden - Bethany Probate District
ESTATE OF/IN THE MATTER OF Nadine H. Kostenko (I 0-0300) PETITION FOR:
DATE OF DECREE:
Continued Sale of Real Estate
5/6/2015
CERTIFICATION
S=-i,/'"""'~...._.1_1_)_ _ _ to the following as
The undersigned hereby certifies that a copy of the above decree was mailed on _ _ provided in the Probate Court Rules of Procedure, section 8.2:
Name and Address Fred D. Sette, Esq. (attorney for Pamela Wall), Sette & Parnoff, P.C., 2324 Whitney Avenue, P 0 Box 185366, Hamden, CT 06518 Pamela Wall, 606 Post Road East, Suite 645, Westport, CT 06880 Helen Kostenko, Hewitt Health and Rehabilitation Center, 45 Maltby Street, Shelton, CT 06484 Petro, Inc., 520 Broadhollow Road, Suite 200W, Melville, NY I 1747 Gerald S. Knopf, Esq. (attorney for Petro, Inc.), 350 Bedford Street, Sutie 403, Stamford, CT 06901 Paul E. Whitaker, Esq., 3074 Whitney Avenue, Building 2, Second Floor, Hamden, CT 06518
fttdge/Clerk
CERTIFICATION/MAILING OF DECREE .
PC- 152
Plaatsdale Associates, LLC 540 East Main Street, Suite 12 Branford, CT 06405 203 481-8945 * Fax 481-2924 21 May2015 Pamela J Wall 1062 Jackson Street The Villages, FL
Commitment Letter Commercial Mortgage # 15-001 Dear Ms. Wall, After reviewing the information that has been provided on the above referenced property, we have outlined the general terms under which Plaatsdale Associates, LLC, (the "Lender") would consider proceeding with the underwriting of the proposed loan (the "Loan"). If after reviewing these business terms, the undersigned ("Applicants") are interested in proceeding, kindly have them sign and return this term sheet along with the Deposit (defined below).
Property:
1125 Sherman Avenue, Hamden, CT
The closing of this Loan is subject to the following terms and conditions:
Maximum Loan Amount:
$130,000
Initial Advance:
$130,000
Borrower:
Pamela J. Wall
Lender:
Plaatsdale Associates, LLC, Trustee.
Interest Rate:
The rate of interest will be fixed at 12%. Interest shall accrue on the Gross Loan Amount plus any unpaid amounts including, interest, late fees, penalty interest, assessments for real estate taxes, insurance, etc., as may be paid by the Lender and then charged to the Borrowers all of which assume a priority position in a default.
Loan Term:
The term of this Loan will be three months (3 months). At Borrowers discretion, the Loan may be extended for one additional three-month term for an additional fee of $5,000. At the maturity of this Loan, any accrued interest and unpaid principal shall be due and payable in full.
1
Borrower#!
Pfmrtsdale AsMN.~iates,
u.c
Purpose:
To purchase the property from an estate sale to renovate and resell.
Application Fee:
$175 (already received).
Origination Fee:
5.0 points to Plaatsdale Associates, LLC.
Prepayment:
If this Loan is prepaid within the first three months, the interest due for the three full months will still be due to the Lender as a prepayment penalty.
Payment Procedure:
All interest payments will be made electronically, with Plaatsdale initiating an ACH transaction on the first business day of each month the loan is outstanding.
Late Fees:
There is no grace period. The loan documents shall provide for a five percent (5%) late charge on the total payment due for payments made after their due date. Note: Late payments that are created by an error or errors of either Plaatsdale or Plaatsdale's bank do not negatively affect the Borrowers.
Extension of Term:
Payoff is expected at the end of the three-month term of this loan. However, in this particular case, Lender and Borrowers have agreed that in exchange for the payment of an additional $5,000.00, paid to Lender at the end of the three-month initial term, Borrowers have the right to extend term for an additional three months at the same interest rate as applies in the first term.
Exit Fee:
None, unless time period is extended. If loan is not paid at the end of three months (or six months if properly extended), there will be an exit fee of $1,000 per month for each month or partial month until full payoff has been made.
Payoff:
Payoff funds must be Fed-wired directly to our account as directed in the pay-off letter that you will receive a few days before the final payoff of the Loan. Please note that the Lender does not accept cash, certified checks, attorney's checks, etc.
Default Rate:
The default rate on the Loan shall be three percent (3%) above the note rate.
Insurance:
Plaatsdale Associates, LLC must be named as "Additional Insured" and "Loss Payee" on your liability insurance policy, and as "Additional InsuredMortgagee" and "Loss Payee" on your property insurance. You must email or fax Acord Certificates to our office before the closing, and bring the physical certificate for each type of coverage to the closing. Full insurance coverage must be maintained for the duration of the loan. Any lapse in coverage is an immediate default. In addition, if Plaatsdale becomes aware of any lapse in coverage, it will immediately purchase insurance coverage and bill charges and penalties to Borrower that are immediately due and payable.
2
Borrower
All insurance policies must be fully paid in advance with cleared funds before the closing. If not done prior to meeting for closing, closing will be postponed and there will be a $300 per day rescheduling fee, plus fees to cover additional attorney's expenses. All Building Policies must be written to 100% of the replacement cost of any structures; meaning there will be no deduction allowance for depreciation, and any changes in building codes will be covered.
Subordinated Debt:
None permitted.
Collateral:
A mortgage on the real property located at 1125 Sherman Road, Hamden, CT, including, and without limitations, all buildings and other improvements and fixtures located thereon, and an assignment of leases and rents on terms and conditions acceptable to the Lender.
Appraisal:
Appraisal prepared April 08, 2015 by Joseph Violetta with an appraised amount of$143,000 has been accepted by Plaatsdale Associates.
Interest:
Interest is charged including the day of closing until the day that Plaatsdale has "good funds" in our bank account to repay our investors.
Change of Management: Any change in the current owner/manager status, such as, but not limited to, the contracting out of the owner/manager position, or the hiring of a general manager to assume day-to-day operations, will be considered a default on this loan unless prior approval has been granted in writing by the lender. Environment:
Borrowers will indemnify the Lender from any environmental claims or concerns that may exist now or in the future
Zoning:
Borrowers shall furnish evidence satisfactory to the Lender that the premises are in compliance with all applicable zoning and other laws, ordinances, rules, regulations, and restrictive covenants.
Documentation:
The loan documents specified herein, and other such documents which the Lender or its counsel may deem necessary in connection with this Loan, will contain terms and conditions which are customary for similar mortgage financing, but which are not expressly set forth in this letter. Documentation shall include, but is not limited to, the Note, Mortgage Deed, Title Insurance Policy and Hazard Insurance Policy - each naming the Lender as Loss Payee, Assignment of Leases and Rents, Borrowing Resolution and Opinion of Counsel, etc. Upon request of Lender, the Borrowers will submit any other reasonable documents.
Expenses:
Borrowers are responsible for all expenses incurred with respect to origination, closing, and collection of this Loan, including, but not limited to,
3
Borrower
legal fees, title insurance, commitment fees, environmental fees or expenses, and recording fees, whether this Loan is closed or not.
Financial Condition:
The financial condition of each of the Borrowers is of material significance to the Lender, and the Lender shall have the right not to close the Loan in the event there shall be any such adverse changes between the date of the submittal of the application for the Loan, and the closing date of said Loan.
Litigation, Arbitration, or Mediation: Any pending or continuing litigation, arbitration, or mediation, against either the subject property, any property that is used as collateral, or against any guarantors or signatories to this loan, is deemed to be significant and must be disclosed to us immediately. Other Conditions:
The mortgage shall contain provisions in form and substance satisfactory to the Lender, providing that in the event that during the term of the Loan the Borrowers shall convey, transfer, assign, or sell the real property (or any part thereof or interest therein) encumbered by the mortgage, or that there shall be any change of ownership of the Borrowers (other than a change caused by the death of one of the owners), then the Lender shall have the right, at its sole option, to declare the entire outstanding balance with interest accrued thereon immediately due and payable. The mortgage shall also prohibit any subordinate liens or encumbrances on the mortgaged premises without the prior specific written approval of the Lender. Borrowers shall indemnify and hold the Lender harmless from any and all claims of any brokers or anyone else claiming a right to any fees or commissions in connection with the purchase of this property or the arranging for the financing of this Loan. This letter evidences our proposal to make the Loan described above, and your agreement to borrow the amount indicated, subject to the terms and conditions described herein. This commitment will remain in effect for five days from the date hereof. If the terms and conditions of this letter are acceptable to you, please sign and date and return it along with your check to our above stated address as soon as possible so we may proceed to the closing. The Borrowers shall obtain and deliver to the Lender at the closing a Lender's title insurance policy in the amount of the loan showing the Lender to be a valid first mortgage with no other liens or encumbrances. The title insurance policy shall contain such endorsements as Lender's counsel may require. The Borrowers shall execute at the closing such other instruments and documents as shall be required by counsel for the Lender.
Contact Information: It is the obligation of the borrower to keep Plaatsdale Associates advised of current contact information including all telephone numbers, (office, cell, and residence), email addresses, and complete home and office addresses of all 4
Borrower
principals of the Borrowers.
Patriot Act:
Compliance with the US Patriot Act is required of all borrowers.
Additional Conditions:
May be required within the final documents as prepared by counsel.
Closing Procedure:
Closing will take place at Lender's attorney's office. Please have your attorney contact Bill Nathanson as soon as you have signed and returned this Term Sheet.
**** Note: Closing will not be scheduled until our attorney has all requested documents in hand. Nathanson, Cipriano & Gambardella, PC 60 Washington Avenue Hamden, CT 06518
Closing Date: Confidentiality:
203 288-1333 - Fax 287-0048 email: [email protected]
The closing date for this loan will be on or about June 3, 2015. This Commitment Letter is being delivered with the understanding that neither it nor its substance will be disclosed to any third person, except to those who are in confidential relationships to Applicant (i.e., Applicant's principals, counsel, accountants, and other retained business advisors) or as may be required by law. In the event of such disclosure, this agreement shall be voidable at the option of the lender. This term sheet shall be governed by and construed and interpreted in accordance with the internal laws of the State of Connecticut, without regard to principals of conflicts of laws. Applicant submits to the exclusive jurisdiction of the courts of Connecticut for the resolution of any dispute in connection with this term sheet. Both parties waive any right to a jury trial. Applicant acknowledges that Lender will be relying on information provided by Applicant and to disclose all material information concerning the Borrowers, or any of its principals, the Property or any of the tenants on the Property, which may affect the Lenders decision to proceed with this term sheet.
Your Next Move:
Please have initial the bottom of pages 1 through 5, and filgn page # 6. Return Commitment Letter to Plaatsdale. Please make sure your attorney gets this Commitment Letter so s/he can contact our attorney immediately to prepare for closing. Plaatsdale will not proceed toward closing until we have received this fully-signed letter.
We welcome this opportunity to work with you, and wish you good luck in your venture.
5
Borrower
Sincerely, Plaatsdale Associates, LLC
(?flt~ By: Brian M. Miller Above terms and conditions are understood, accepted, and agreed upon by: Borrower:
Pamela J. Wall
By:
Date: Pamela J. Wall
6 Borrower
