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Contract analysis / email-fairchild-to-nordstrom-repricing-response.eml
email-fairchild-to-nordstrom-repricing-response.eml
1021-00007 · 7 clauses
High · 0 Medium · 1 Standard · 1
From: Douglas Fairchild <dfairchild@calderwoodharkness.com>
From: Douglas Fairchild <dfairchild@calderwoodharkness.com> To: Philip Tarrant Corporation <pnordstrom@whitfordbaines.com> Cc: Grace Nakamura <gnakamura@calderwoodharkness.com> Date: Mon, 30 Jan 2023 04:47:00 -0000 Subject: Coral Palms Grand Resort & Spa — Response to Revised Loan Terms
We acknowledge receipt of the revised pricing and restructured terms delivered by Pinnacle
We acknowledge receipt of the revised pricing and restructured terms delivered by Pinnacle Atlantic Capital, LLC ("PAC") on January 27, 2023, in connection with the proposed $160,000,000 first mortgage loan to our client, Coral Palms Resort Holdings LLC (the "Borrower"), as contemplated by the Commitment Letter dated December 9, 2022, between the Borrower and PAC (the "Commitment Letter"). We understand that the revi
Having carefully reviewed the revised terms, we note the following modifications to the or Standard
⚑ Commercial term
Having carefully reviewed the revised terms, we note the following modifications to the original commitment: (i) a reduction of the loan amount from $160,000,000 to $139,000,000, representing a loan-to-value ratio of approximately 72.5% based on the appraised value; (ii) an increase in the fixed interest rate from 5.35% to 6.90% per annum, an increase of 155 basis points; (iii) a conversion of the guaranty structure
VHG and the Borrower expressly reserve all rights and remedies under the Commitment Letter Medium
⚑ Liability cap to check against exposure
VHG and the Borrower expressly reserve all rights and remedies under the Commitment Letter, the side letter relating to deposit and rate lock provisions, and applicable law, including but not limited to all rights with respect to the refundability of the $1,600,000 good faith deposit and the $800,000 rate lock deposit, both of which are currently held in escrow by Meridian Title & Escrow, Inc. Nothing in this corresp
VHG and its advisors are currently evaluating the revised terms and their commercial and l
VHG and its advisors are currently evaluating the revised terms and their commercial and legal implications. VHG intends to respond with a counter-proposal and expects to be in a position to do so in the near term. In the interim, we respectfully request that PAC and your firm refrain from taking any action with respect to the deposits or the Commitment Letter pending VHG's response.
I am available to discuss any of the foregoing by telephone at your convenience. Please do
I am available to discuss any of the foregoing by telephone at your convenience. Please do not hesitate to reach out.
Douglas Fairchild
Douglas Fairchild Partner, Real Estate Calderwood & Harkness LLP 100 Southeast Second Street, Suite 3800 Miami, FL 33131 T: (305) 554-6200 E: dfairchild@calderwoodharkness.com