Extract to table
Pull the structured facts out of a document: parties, dates, amounts, obligations.
Extract to table / existing-loan-review-memo.docx
existing-loan-review-memo.docx
Parties
Harkness LLP
Coral Palms Resort Holdings LLC
Verimark Hospitality Group Inc
Bayfront Specialty Insurance Corp
Castlegate Risk Advisors LLC
Dates
November 2, 2022
June 1, 2019
March 15, 2022
March 1, 2023
October 15, 2022
June 1, 2022
June 30, 2023
June 1, 2021
March 3, 2024
June 1, 2024
Amounts
$160,000,000
$125,000,000
$118,500,000
$1,185,000
$38
$6,500,000
$47
$200,000
$250,000
$2,000
Obligations
202219087643) must be terminated via a UCC-3 termination statement filed with the Florida Secured Transaction Registry upon payoff of the Existing Loan
The existing Mortgage must be satisfied and discharged of record in the Public Records of Monroe County, Florida, at or in connection with the closing of the new PAC loan
Specifically, the Loan Agreement provides that failure to consummate the prepayment within five (5) business days following the noticed prepayment date shall constitute a monetary default, subject to the standard five business day cure period for monetary defaults
To effect a defeasance, the Borrower must: (i) deliver to Tidewater a defeasance collateral pledge agreement in form and substance satisfactory to Tidewater; (ii) purchase and pledge to Tidewater U
The Loan Agreement conditions the Borrower's right to defease upon satisfaction of the following requirements: (i) No event of default, and no event which with the passage of time or giving of notice (or both) would constitute an event of default, shall exist under the Existing Loan documents at the time the defeasance notice is delivered or at the time the defeasance is consummated; (ii) The Borrower shall deliver to Tidewater a defeasance collateral pledge agreement, in form and substance satisfactory to Tidewater, pledging the Defeasance Collateral as substitute collateral for the Existing Loan; (iii) The Borrower shall deliver an opinion of counsel, from nationally recognized counsel experienced in defeasance transactions, confirming that the Defeasance Collateral is sufficient to provide funds equal to or in excess of all remaining scheduled payments of principal and interest through maturity; (iv) If the Existing Loan has been securitized or included in a REMIC trust, the Borrower shall deliver a REMIC opinion confirming that the defeasance will not cause the trust to fail to qualify as a REMIC
2, the Borrower must deliver written notice of its intent to prepay at least thirty (30) calendar days prior to the proposed prepayment date