BY VIRTUE OF DEFAULT under those loans in the aggregate principal amount of up to $84,250,000.00 (collectively, the “Loan”), as evidenced by that certain Consolidated, Amended and Restated Note (the “Land Loan Note”), the Building Loan Note (the “Building Loan Note”), the Project Loan Note (the “Project Loan Note”, together with the Land Loan Note and Building Loan Note, collectively, the “Note”), the Consolidated, Amended and Restated Mortgage and Security Agreement (the “Land Loan Mortgage”), the Building Mortgage and Security Agreement (the “Building Loan Mortgage”), the Project Mortgage and Security Agreement (the “Project Loan Mortgage”, together with the Land Loan Mortgage and Building Loan Mortgage, collectively, the “Mortgage”), as secured by (i) that certain Ownership Interests Pledge and Security Agreement (the “Pledge Agreement 1”), pledging the membership interest (the “Pledged Interests 1”) and defined in Pledge Agreement 1 as the “Pledged Interests”, duly executed on February 10, 2020, by 206 Kent Investor II LLC (the “Pledgor 1”), and in accordance with its rights as holder of the security, G4 18201 LLC (the “Secured Party”), by virtue of possession of that certain share certificate held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”) and by that certain UCC1 Filing Statement in favor of Secured Party all in accordance with Article 9 of the Code, and (ii) that certain Ownership Interests Pledge and Security Agreement (the “Pledge Agreement 2”, and together with the Pledge Agreement 1, collectively, the “Pledge Agreement”), pledging the membership interest (the “Pledged Interests 2”) and defined in Pledge Agreement 2 as the “Pledged Interests”, duly executed on February 10, 2020, by 206 Kent Holdings LLC (the “Pledgor 2”), and in accordance with its rights as holder of the security, Secured Party, by virtue of possession of that certain share certificate held in accordance with Article 8 of the Code and by that certain UCC1 Filing Statement in favor of Secured Party all in accordance with Article 9 of the Code, Mannion Auctions, LLC (“Mannion”), under the direction of Matthew D. Mannion (the “Auctioneer”), will conduct a public sale consisting of the Pledged Interests 1 (as set forth in Schedule A below, but excluding the Pledged Interests 2, which is excluded from the sale1), via online bidding, on February 21, 2024 at 3:30pm, in satisfaction of an indebtedness in the approximate amount of $141,958,829.78, including principal, interest on principal and reasonable fees and costs, plus default interest through February 21, 2024, subject to open charges and all additional costs, fees and disbursements permitted by law. The Secured Party reserves the right to credit bid.
Online bidding will be made available via Zoom Meeting:
Meeting link: https://bit.ly/KentUCC
Meeting ID: 863 6836 2226
Passcode: 663883
One Tap Mobile: +16469313860,,86368362226#,,,,*663883# US
Dial by your location: +1 646 931 3860 US
Bidder Qualification Deadline: Interested parties who intend to bid on the Pledged Interests 1 must contact Greg Corbin (“Corbin”), at Northgate Real Estate Group, 433 Fifth Avenue, 4th Floor, New York, NY 10016, (212) 419-8101, [email protected], to receive the Terms and Conditions of Sale and bidding instructions by February 16, 2024 at 3:30pm. Upon execution of a standard confidentiality and non-disclosure agreement, additional documentation and information will be available. Interested parties who do not contact Corbin and qualify prior to the sale will not be permitted to enter a bid.
Pledged Interests 1 | ||
PLEDGOR 1
206 Kent Investor II LLC, a New York limited liability company |
ISSUER 1
206 Kent Investor LLC, a New York limited liability company |
INTERESTS PLEDGED
100% membership interest |
The UCC1 was filed on February 12, 2020 with the New York Department of State under the following Initial Filing No.: #202002120098402. |
KRISS & FEUERSTEIN LLP
Attn: Jerold C. Feuerstein, Esq.
Attorneys for Secured Party
360 Lexington Avenue, Suite 1200
New York, New York 10017
(212) 661-2900
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