Preview
BER-L-006761-21 11/17/2023 9:05:29 AM Pg 1 of 5 Trans ID: LCV20233405381
COHN LIFLAND PEARLMAN
HERRMANN & KNOPF LLP
Jeffrey W. Herrmann, Esq. (019311976)
Christina N. Stripp, Esq. (239692017)
Attorneys for Plaintiff
Park 80 West - Plaza One
250 Pehle Avenue, Suite 401
Saddle Brook, New Jersey 07663
(201) 845-9600
Our File: 40,420-14
SUPERIOR COURT OF NEW JERSEY
CENTRA CAPITAL INVESTMENTS, LAW DIVISION: BERGEN COUNTY
LLC,
DOCKET NO. L-6761-21
Plaintiff,
v. CIVIL ACTION
TAPESTRY COOPER RIVER LLC,
PLAINTIFF’S
JESAL PATEL and KAMLESH MODH,
IN LIMINE MOTIONS
Defendants
IN LIMINE MOTION # 1
DEFENDANTS MUST BE BARRED FROM INTRODUCING PAROL EVIDENCE TO
CONTRADICT THE CLEAR LANGUAGE OF THE PARTIES’ CONTRACT
Defendants may argue that the Court should consider extrinsic evidence in the form of an
email dated August 4, 2021, wherein Ramesh Patel stated that the Loan Commitment would be
executed with the specific understanding that Defendant Tapestry Cooper River, LLC, would only
be liable for the Commitment Fee if the loan failed to close because of Tapestry’s conduct. Counsel
Cert., Exhibit K. However, this evidence should be disregarded pursuant to the parole evidence
rule.
The Loan Commitment is a fully integrated and unambiguous contract which expressly
supersedes prior or outside agreements:
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Exhibit A, Centra Capital 00006.
Exhibit A, Centra Capital 00019.
The Loan Commitment unambiguously states that the Commitment Fee is deemed non-
refundable and owed as of the effective date of the Loan Commitment. As such the “parol evidence
rule comes into play to prohibit the introduction of extrinsic evidence to vary the terms of the
contract.” Conway v. 287 Corp. Ctr. Assocs., 187 N.J. 259, 270 (2006); 6 Corbin on Contracts §
25.3 (2023) (the parol evidence rule “purports to exclude testimony . . . when it is offered for the
purpose of ‘varying or contradicting’ the terms of an ‘integrated’ contract.”).
As such, the August 3, 2021 email from Ramesh Patel should not be allowed into evidence
(directly or indirectly) as it attempts to alter the clear language of the parties’ integrated agreement.
Conway v. 287 Corp. Ctr. Assocs., 187 N.J. 259, 268 (2006) (“In general, the parol evidence rule
prohibits the introduction of evidence that tends to alter an integrated written document.”).
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IN LIMINE MOTION # 2
DEFENDANTS SHOULD BE ESTOPPED FROM SEEKING A JURY TRIAL
The Loan Commitment, an enforceable contract between the parties, which are two
commercial entities, contained (in three separate places) a clear and unequivocal waiver of any
right to a trial by jury.
Exhibit A, Centra Capital 00012. This waiver explicitly states that counterclaims were considered
and included in the jury trial waiver.
Exhibit A, Centra Capital 00019.
In fact, Plaintiff expressly agreed to delay receiving payment of the Commitment Fee,
which now forms the basis for the instant complaint, until the closing of the loan in exchange for
Defendants’ agreement as to contract clauses such as the jury waiver.
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Exhibit A, Centra Capital 00009.
Despite these unequivocal and clear statements, upon which Plaintiff relied to its detriment,
Defendants included a demand for a jury in its answer and has refused to waive that demand now
that trial approaches. Defendants must now be equitably estopped from walking back on its
promise to not seek a jury trial on these commercial contract claims. Knorr v. Smeal, 178 N.J. 169,
178 (2003) (“to establish equitable estoppel, plaintiffs must show that defendant engaged in
conduct, either intentionally or under circumstances that induced reliance, and that plaintiffs acted
or changed their position to their detriment.”).
Our courts have long looked upon jury waivers as enforceable. See LaManna v.
Proformance Ins. Co., 184 N.J. 214, 226 (2005) ("[P]arties in a civil action may waive their right
to a jury trial[.]"); see also Franklin Discount Co. v. Ford, 27 N.J. 473, 492 (1958) (holding that
"[p]laintiff's contractual right to a non-jury trial is an affirmative right which may be asserted at
the subsequent trial" on remand); see also Jung Sook Lee v. Tenafly Assocs. LLC, 2012 N.J. Super.
Unpub. LEXIS 1292, at *14 (App. Div. June 8, 2012) (“Parties may choose to waive juries in order
to expedite trials and reduce litigation costs. They may also waive a jury because they believe a
judge would be more dispassionate than a jury, and perhaps more familiar with the complexities
of law presented in a case. . . . Enforcement of civil jury waivers would be consistent with our pro-
arbitration policy.”); Inv'rs Sav. Bank v. Waldo Jersey City, LLC, 418 N.J. Super. 149, 160 (App.
Div. 2011) (enforcing a contractual jury waiver that was written “in large and bold type” and
stating that “there is no public policy hostile to jury trial waivers, . . . and agreements to waive the
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right to trial by jury are viewed no differently than waivers resulting from the parties' failure to
make a jury trial demand in their pleadings.”).
As such, Defendants’ jury demand must be stricken, and the instant matter should proceed
as a bench trial.
CONCLUSION
For the reasons set forth herein, Plaintiff’s motions in limine should be granted.
Respectfully submitted,
COHN LIFLAND PEARLMAN
HERRMANN & KNOPF LLP
Attorneys for Plaintiff
BY: /s/Jeffrey W. Herrmann
Jeffrey W. Herrmann
A Member of the Firm
DATED: November 17, 2023
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COHN LIFLAND PEARLMAN
HERRMANN & KNOPF LLP
Jeffrey W. Herrmann, Esq. (019311976)
Christina N. Stripp, Esq. (239692017)
Attorneys for Plaintiff
Park 80 West - Plaza One
250 Pehle Avenue, Suite 401
Saddle Brook, New Jersey 07663
(201) 845-9600
Our File: 40,420-14
SUPERIOR COURT OF NEW JERSEY
CENTRA CAPITAL INVESTMENTS, LAW DIVISION: BERGEN COUNTY
LLC,
DOCKET NO. L-6761-21
Plaintiff,
CIVIL ACTION
v.
TAPESTRY COOPER RIVER LLC,
ORDER ON PLAINTIFF’S
JESAL PATEL and KAMLESH MODH,
IN LIMINE MOTIONS
Defendants
THIS MATTER having come before the Court by Cohn Lifland Pearlman Herrmann &
Knopf LLP, attorneys for Plaintiff Centra Capital Investments, LLC (Jeffrey W. Herrmann, Esq.,
& Christina N. Stripp, Esq., appearing); upon notice to Brown McGarry Nimeroff, LLC, attorneys
for Defendants, Tapestry Cooper River LLC, Jesal Patel, and Kamlesh Modh. (Patrick J. Brennan,
Esq., appearing); and the Court having read the papers submitted, if any, and for good cause shown;
IT IS on this _____ day of ____________________, 2023, hereby ORDERED:
1. Plaintiff’s motion in limine #1, seeking to bar Defendants from introducing parol
evidence in the form of the August 4, 2021 email from Ramesh Patel to contradict the clear
language of the parties’ contract is hereby GRANTED;
2. Plaintiff’s motion in limine #2, seeking to bar Defendants from seeking a jury trial,
is hereby GRANTED;
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3. The Court provides a copy of this Order to all counsel of record on this date via
eCourts Civil.
_________________________________
HON. , J.S.C.
This Motion was:
Opposed
Unopposed
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COHN LIFLAND PEARLMAN
HERRMANN & KNOPF LLP
Jeffrey W. Herrmann, Esq. (019311976)
Christina N. Stripp, Esq. (239692017)
Attorneys for Plaintiff
Park 80 West - Plaza One
250 Pehle Avenue, Suite 401
Saddle Brook, New Jersey 07663
(201) 845-9600
Our File: 40,420-14
SUPERIOR COURT OF NEW JERSEY
CENTRA CAPITAL INVESTMENTS LAW DIVISION: BERGEN COUNTY
LLC,
DOCKET NO. L-6761-21
Plaintiff,
CIVIL ACTION
v.
TAPESTRY COOPER RIVER LLC,
JESAL PATEL and KAMLESH MODH, CERTIFICATION OF COUNSEL IN SUPPORT
OF PLAINTIFF’S MOTION FOR SUMMARY
Defendants JUDGMENT
JEFFREY W. HERRMANN, ESQ. does hereby certify and say that:
1. I am an attorney-at-law of the State of New Jersey and a member of the firm Cohn
Lifland Pearlman Herrmann & Knopf LLP, attorneys for Plaintiff in the above-captioned matter.
I am one of the attorneys charged with the care, responsibility, and management of the within
action and am fully familiar with the facts contained herein. I make this Certification in support of
Plaintiff’s motions in limine.
2. Annexed hereto as Exhibit A is a true and accurate copy of the Loan Commitment
Letter dated August 3, 2021, Bates Stamped Centra Capital 00006-00021.
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I certify that the foregoing statements made by me are true. I understand that if any of the
foregoing statements made by me are willfully false, I am subject to punishment.
/s/Jeffrey W. Herrmann
Jeffrey W. Herrmann, Esq.
A Member of the Firm
Date: November 17, 2023
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EXHIBIT A
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. \ '
Centra Capital lnv~stments LLC ·.
336 W. Passaic St; Suite 310 Rochelle Park, NJ 07662 P: 201-898-0977-• .
c~<&
August 3;2021.
Messrs..Patel and Modh
Tapestry Cooper Riv.er LLC
.510 l North Park Drive .
Pennsa~en, Ni 08109
Re; ·. -Conditional Loan Commitment in the amount.of$4,.000,00~.
Dear-Messrs. Patel and Modh-:
Centra Capital Partners LLC ("CCf' or ''Lenders") is pleas.ed to advis~ you of our ~o~itment to .-
provide :financing. · This Cotmnitment supersedes a1i previous communications · ·and
., correspo.t).denc.e without limita~ion•. The,.t~rms ~f this l.,oan ¢o~itment.are as_follows; . . .
BORROWER: Tapestry Cooper River LLC
5101 North Park Drive ·
Pennsauken,NJ 08109
GUARANTOR: Jesal Patel i
! Kamlesh Modh
13 Joel Avenue l 89 Stone $11 Rd • • • • I
Edison, NJ 08837 I Colts Nt,ck, NJ 07722
!
!.
SSN: SSN:
I
DOB: DOB:
I
I •
'COLLATERAL/PROJECT
A ffrs~ and paramount lien oil the Collateral as described in ~che~ule "C 11 •
.. I
FINANCING REQUEST I - . ·.
You have·requested-a Loan. of Four Million dollars ($4,00Q,00O). which will include.all 'fees. and ...
costs in accordance with Schedule "A" attached I . · · . -
• l • •
TERM '. ·
The_ term of the Loan s~all be two (2) years· from th~ date .of cloijpg. rhe :closing shall U).ke.place
_.no later than September 7~ 2021, time.of the essence. · ·: · · -~-
. ·~
cu
. -~
EXHIBIT
P-r
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r
!.
I
_.Centra·Cap'i~al .Inye~t;Inents·LLC ·
•r Fee is .co~tingent µpo~. informatiqn supmitted to CCI.. If new.infonnation i.s d.iscovere·d .during¢.~. , ·.
to
du~ <:iilig~nc.e period that is deemed a material adverse ·effect,. :CCI reserves tht, right increase ·. ·
the fees .by up to Thre~ Percent (3%). ..
INTEREST. .
· ~ The.interest rate for the first ye~.of.the term ofthefoan shall be Twelve (12%) .. ·
• • • • i • • •
' . .B. Th¢ inter~st· r~te for the second ·year ofthe te~m of 111:e loaµ shall be. Thirt~en percent
. (13%).' . . . .- .. · . .· .
C. _.Monthly paYJ?lents of interest ~n1y on the unpaid b~ance shall be due on the first .day o_f· ··... · ·
e~h _month f9r the prior month's interest until the maturity. date, ·at which time·the entjre; ·
. balance of principal and accrued atJ.d unpaid interest thereon shall be due -and ·pay~ble i;n · · ...
full.
~ •. Monthly interest payments will be computeq based on actual days in a 360 day.year. :
E.. Interest from the-date of closing to the end ~f the month in which the qlosing talces place.
. shall be paid at the tune· of the closing: .. . .
DISCRETIONARY EXTENSION OF LOAN TERM: .
·Borrower lfiay, upon written· notice to CCI, request ~ extensfon of .the term of the ioan 'for two
additional six (6) month p~riods (each a "Six-Month Extension"). Notices fpr·~aid extensions:shall
be _given· not less than ninety (90) day~ prior to the ·~xpiration .of: (i) the term of the Lo?Ui if said
~otic~ is. for the first Six-Month Extension, or (iii) the fit'.st Six-Month Extension in .the· case -said
notice is for. the sec6nci Six-Month Extension. · · · ·
It is -yvithin CCI's sole and absolute discretjoti to approve a request for any'one of the Six-Mo~th.
Extensions.
In the·event that CCI_.approves Borrower's request £or an ext~nsion of the term ofthe._L~an, th~
annual interest rate applicable to the Extension period shall be Fifteen·percent {15%). ·
. USURY .
Notwit~tap.ding anything to the. contrary contained. herein, in no event ~hall. the inte,:est rate·.
· COD:tracted.for, charged, or received excee4 the maxn:n,uni rate allowed by law. . -· · .
FUNDING FEE
A Fundin~ Fee equal to NIA (0%) of the Loan Amowit shall ·be paid by Borrower at Closing~
REPAYMENT .
The Loan may be prepaid in full or in ·part without pep.alty except there shall be no refund the for
. Funding ;Fe~, Commitment Fee, attorney fees arid th:e like.·, The unused portion of any .Mo.nthly ·
Prepaid-. Interest is _refundable. ·· · ~., .
336 W. Passaic ~t., Suite 310 Rochelle Park, NJ 07652 P: 201-.898-0.977
Centra Capital 00007
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Centra. (:ap.ital Inve~tments LLC
LEGAL MATTERS ·. .
The interests··of the Borrower(s) and Lender are or may be different and may copflict,. The Leµder'~- .. ·
attorney represents only the Lender and not ih~ Borrower(s) or- Guarantors . . The Borrow~r(s)-i~,-
therefore, advised to einpfoy art attorney of the Borro~er1s· choice licen~ed-to '.(jractice-in.the S~ate· ·
of New Jersey to repre~ent the int~res~. of the Borro~er(s). . . .
· The Borrower(s) s~l .be required .to pay to the Lender's attorney, reasonable legal fe~s and:
expenses .of Lender's attorney for s~rvi.9es provided to Lendel'. in connection with_th~s trEmsa.ctfon·.
· The. l~gal fees of Lender's attorney shall be cailpulated on· a time ·spent basis; .b ~ed>upqn· .t11e --
standard ho~ly rates of Lender's attorney generally charged to clients of that fimd~or .similar- . .
matters. The legal fee of Lender's attorn~y yvhich Borrower(s) will be required_to pay her~und~r .
· shall. be actual and reasonable. · . : · .·
A~ closing, Borrower's attorney shall furnish Lender with an opi~on-(the "Legal OpWo~") of.art.
Approved Attorney or Approyed Law Firm (as. defined below) which. ·shall .cover the. follo'3/filg·
matters:
_(i) the- due authoriz.ation, execution, validity, binding effect and enforceability 9f. th~ ·
Loan Documents in accordance with their terms; ··
(ii) -the perfection of Lender's security interests in collateral;
(iii) that the Loan complies with all federal, state, ·and local laws including_u~ury .Jaws;
(iv) the·due organization, valid legal existence, and good sta:nclli;lg of Borrower and· of
any entity which is a co]lltrolling shareholder, general partner ·or member of
Borrower; · ··
(v) · · the existence of, or the nonexistence of, any requirement for -any c_onse~t of any .
governmental authority in connection with the execution, delivery or perfoima,ic.e_
of the Loan Documents; . .
(vi) the fact that the Loan Documents and the performance of the ol;,1igations ~ereunder ··
d0 not conflict with or violate any applicable laws, agreements or restrictions;· aj;id-:
(vii) . Sµ.ch other matters incidental to the. transactions contemplated by this com:rni~ent
as Lender may request. ·
An "Approved Attorney" or an "Approved Law Firm" shall mean an attom~y or a law firm (as .
applicable) selected by Borrower to -repres~nt Borrower in the closing of-the loan and StJch-attorney· ·
or law firm (i) shall carry malpractice insurance policy in an amount that is equal to. or .greater than
the ioan amount provided in the Loan Offer to Borrower; ~d (ii) shall have be~n preapproved.-by ·
Lender. Evidence of sa}d malpractice insurance policy shall be provided to CCI upon reqµest. for
satne.
·-DOCUMENTATION . .
CCI's Commi~ent to provide t~e Loan is subject to the negotiation, ex~ution, an~ .delivery .~f
definitive Loan and security agreements, mo~gages ot· deeds of. trust, notes, and other .
.documentation, customary certificates and Legal Opinion .(collectively, the ·11Loan Document~"),
which.in each case will be in form, substance, and enforceability satisfactory to CCI and its counsel
in their sol~ discretion. . .
336W. Passaic St., Suite_310 Rochelle Park, NJ 07652
Centra Capital 00008
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ce·ntra -Capital Investments LLC
ACCEPTANCE OF C.OMMlTMENT ··
: T~e Com.iriitment -~d-all of 1ts.terms arid ~onditions will becomQ ¥ffective only upo11: delivery: to·: ·
~$ of~ce of 0: signed copy ofthi_s Commitment, duly accepteq._by the BOtr(?Wer(s), acconipamed'
with'•the ·Conunitrhent Fee in.the amount of Three Percent {3%) of the Amount of Loan (more
parti~tjlarly-described.above), which amount is non-refundable and shall be· deemed earned. by_ c·c1
as of.the .da~e upon which this Commitment becomes effective, ·for, among other things, ·ccts··
cotiimitment to provide funds to BprrQwer. . . .
Notwith~nding the requirement in th~ preceding paragraph obligating Borrower to pay to .CCI_.
the Commitment Fee upon Borrower's execution her~of, as :-~onsideration for_ ·the. parties'., ·
·unconditio:pal and irrevocable waiver of all tights to a trial-by jury and the partj.es agr~~ing t<;>:·the_
Choice _of Forum and Limitation ofDam.ag~s cl~uses, CCI will acc~pt payment of the· ~o~i~nt •_:
Fee at the closing of the loan. · ·- ·
DETERMINATION OFLOAN AMOUNT .
in ac~ord.an~e ·with'the agreement by and between the parties, Borrower(s) and Lender·agre_e·.tha:t'
the purpose of this Loan is to P!Ovide funds for improvements to the Collat~ral and't4at the ba.sis.
of this.Loan is the ''as is" quick sale value of the real estate·Collateral and the quick ·sa1e·v~ue· of
the real estate Collateral It as compl~t~d!' ·by CCI Loan proceeds. Quick s~e value is defmed as ll-
three (3) to six (6) month s~e to a cash buyer. The Borrower(s) ~derstand~ that CCI. will i~spe~t
tQ.e Colla:teral and, in its.sole ver:time to multiple potential buyers.· Borrower(s) understands that tliis.apprQa~h
may,· ·therefore, ·involve _appropriate discounts resulting. in. a pQtentially signipcant .: .differ~nce.
between CCl's and Borrower's .dete~tion ·of the "as is" value. By initialing:_ helow,_
Borrower(s) acknowledges this provisio:q:.
OTHER
CCI hereby acknowledges-receipt of Seventy Four Hundred dollars ($7 ,400)-for.the preparatiqn ~f .. -.
this Loan Comtµitment document, site inspection, and initial monetary commitment, ··w~i~h is. not .
refundab_le upon acceptance of this C01.nrt1i!ment. · .
EXPENSES
Borrower(s).agrees that the Loan shall ~e without cost to CCI. Bq~ower(s) assumes liabil~tyfor
. and will pay all cqsts and expenses required to satisfy the conclitiqns he~e9f ~d the making9_f ~e
· Loan without limitation including but not limited to appraisers' fees, broker's fees or commissioris, .
legal fee~ of CCI' s counsel, all recording costs and .filing fees, .all title/litigatiori/tax lien _
search
fees, ~d all .title :µisurance premiurils. CCI shall not bear ~y. out-of-pocket costs. or expense_s
whatsoever in connection with the Commitment, Loan or _any litigation arising .o_ut of ~ither...Buch
costs and :expenses shall be paid at or prior to the Loan c~osirig, or upon demand if the Loan does . :
.
not.. close_--ox if this
.
Commitment is terminated. Such obligation
.
shall survive. terminatj.on. · · ·
'. '
RELEASES
During tµe terin. of the Loan, provided all payments of principal and interest on-the Lo~.shEµl be.
current ·on the date ofthe sale and at the time of the sale and tliere:are no uncured.default~ or events
of:Ul):~ur~d d~faults 1mder-the Loan Documents, Borrpwer(s)· ~ay _sell for ca$h .individtiai parcels .·-
of the .Qollateral. CCI agr~es to r~lease such sold parcels provicle_d that qct receives· the ~eleas~ •·
Pn<;e for such parcel. The Rele~se price will be th(? _greater of:
33·6 W. Passai~ St, ~uite 310 Rochelle Park, NJ 07652 P: 201-898-0977 lm
-·tta()C)·
CA -- . - (CV·
~ .
Centra Capital 0001 O.
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Centra Capital IIlvestmentsLLC
(i) 80% of the net sale price of.the parcel taking into a~count reason8;ble and customazy- ·: .. ·
closing adjustme;nts and custom~ry sal~s commissions; . .. . .
(il) 75% of the gros_s sale price of the par.ce~; . · ·. . _.
(iii) The· minimum release -~mount as agreed to on a sc~edµle to be approveq by ..CCI . .:~ .
prior-to closing. . . . .
.(~e greater of_the above three ~ounts being ~he '.'Release Price".}
.- COUNTERPARTS .
T1;11s.:Cmnmitinent may be executed in ·counterparts which, take~ tog~th~r, shall ·consti~te one_· .
original. · · ·
NO ASSIGNMENT . .
This ·qonimitm~nt is for the benefit of the Borrower(s) ohly and may not·Qe assigned exc~pt iipon. ;
the -prior written consent of CCI, which consent may:be-withheld for any reas_on or. ·1_10 reason~-·
or
CCI's sole discretion. No party other tli~ Borrower(s) a permitted assignee niay rely upop. the .·.
terms ·~d ·conditions of this Comprltment. . . . .
GOVERNING-LAW
This Connni~ent will be governed by and constrµed in accordance wit:4 the laws of the -~tate of
N~w Jers~y without regard to the principles of conflicts of laws thereof. · ·
WAIVER _ . .
No failure.on th~ part of Lender to exercise and no delay in exercising any rights widerthe·Loati ·
Documents shall.operate as a waiver thereof, nor shall any.~ingle or parli;il exercise by· Lei;lder ~f
any right under the Lpan Documents pre~lude any further exercise thereof, or the. exercise.of ~y
other right. Each-and every right or remedy granted under the· Loan Documents or ·und~:r. -~Y. ·
do~ument deliv~r~d thereunder or in connection therewith or allowed to CCI in law or:equity. shall
.be dee~ed· cumulative- and may be exercised from tim,e :to time. . .
This Commitment is executed by an indiyidual strictly it). his capacity as a representative of the_
Lender. By the· acceptance of this ··Commitment, Borrower(s) agrees that no repre~erifative,.
member,·partner, shareholder, employee, or ~gent of the Lender shali be.-per$onally Hable.for ~e
_payme~t of any claim or the performance of any obligations hei;eunder. . .
INDEMNIFICATIQN
The Borro-~er agrees to inden1i1ify and ~old harmless CCI and each of. its controlling. p~rsons,.
affiliates-and their members directors, office,s> employees, advisors, participants and agents.{each,
an ''Indemnified Party") from and again$t (and will reimburse each Indem.m.fied Party for) ~-'~d
~l losses, claims, damages, liabilities, and. expenses (in~luding, with.out_ limitation, the fees au4
. ·.expenses· of C01U1$el} that may be incurred by or asserted. or awarded.against any Indenmifi.ed-_Party, .
in each case arising out of or in connectiqn with or·by reason of(includi_ng, without limitation, in ·
co~ection with. a:p.y -investigatipn; litigation or proceeding or preparation of a defense. ·in
~onnection therewith) any matters contemplated by this Commitment, any related transacti,on; the
Lo~ or·~y use 111:ade or proposed tq .be made with the_proceeds ~ereof, unless.and oilly the- . to·
.extent that, . as. to any Indemnified Party~ it shall be detennined in a final, non-appealable judgment
or
by ~:i' ~<:>urt of.~ompetent jurisdiction ~at such losses, claims, damages, liabilitiesi expenses . . ·
336.'W. Passaic St., Suite 310 Rochelle Park, N10765-2 P: 201-898-0~77
Centra Capital 00011
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Centra _Capital Investments LLC ·
..
' ·.
~. .... .
res'Qlte4·primarily from the gross negligence or willful miscondu;ct of st:ich Indemnified.Party. ·.Th~---
Bof!O\.Yet agrees that no Indemnifi~d Party shall have any liability for any indirect or-co~equept1af: ··
damages_in c9n,nection:with the Loan. . ..
·'.The. Borrower agrees that the indemnification and ·reimbursement 9.omm1tments s·et- fortp. abpve-- . . · .:. .-
shali .apply whether or 1,1ot CCI. is a formal party to any lawsuit, .acti_o~ investigatiop.; cl~im; ·qr .: >. . ·.
. otlier pr~c~eqing~_ .The. B(?lTOWe~ fQrther ~grees that, without .ccrs -p~ior wr-itt~n ·con~e~fit."w{ij- ·, .. ·:..·. . _. ..
. not erit~r int9 any setq.ement .- or compromise of, consent to -the ~ntzy o_f any judgm~~f. in oi. . .. ·:·· . . .
-othe,;wis.e -seek to terminate any lawsui~, action,, investigatio~, claim. or ~ther p:r9ceeditig· :8:fi-sirtg · -:.· · - ..
·.out of the transactions co1;1templated by this Agre.einent unles~ such.settle:rp.ent includes_.an explicit . . · · .··. ; · . :;.
·. aiid° unconditional release from the party_ bringing -such.lawsuit~ claim ·or other pr~c~·eding· of a11 ·. ·. . .
Inde~fied·.Pa:rties and do.es not contain· any ·admission or fault .or culpability on b·ehalf°.of_su~h ·..
Indemnified P_arties. · · · ·
. .·t~~rr~~:~=.LITY TO BQRROWER(S), ORANY.OTHERENTq'Y:OR" .
. ~E:J{SON,. lJNDJR. ANY T~ORY OF-- LAW -OR EQUITY .FOR ANY AMOUN':( IN.·. ·
.EXCESS. ·OF _"THE· ·.PAID· PORTION OF ·tJIE . COMMITMENT FEE~ LESS.
c.oMPENsAr10N· Fo~ TIME, EXPENSES ·AND .t\TToRNEY FEES. -BORROWER(~)·
ACKNOWLEDGES.· THAT. ·nns LIMITATION OF DAMAGES . CLAUSE , lS·,
REA~ONABLE. BO~OWER(S).AG;REES NpT TO PURSUE ANY CLAIM-IN .EXCE~.S _-:· .-
OF THE.ABOVE.SUM. . .
WAIVER OF TRIAL BY JURY
. BOJ{ROWER(S). AND . CCI EACH ·HE.REBY UNCONDITIONALLY AND ·
I~VO~ABLY WAIVE ANY AND ALL RIGBT-TO TRIAL BY:JURY IN_.t\NY·SUIT,
CQUNTE;RCLAIM, OR CROSS-CLAIM AlUSING IN <;ONNECTION ·WITa, our ot, ...
. OR :(j:fliERWI$E· RELATING TO rms COMMITMENT, THE . OTHER. LOAN··
l)QCV.MENTS, THE OBLiGATION, THE. COLLATE~, OR; ANY- RELATE.t>·
TIµ.NS,?\CTION. .
»9RRQWER(S) UNJ)ERSTANDS nJAT CCI. ·dANNOT AND. WOULD NOT -ENTtR ..
iNTO.-- ·T.ins· COMMITMENT WITHOUT. BORROWER'S ..AGREEMENT° TO. TDK\-· .
LIMITAT•QN ·oF »AMAG'.ES, .c1to1CE OF FORUM, AND. WAIVER or TRIAL· -;e_v
· JpRY CLAUSES.CONTAINED JIERElN.. .
~(?rrower(s) acknowledges t~t Schedule "B" aiµiexe.d hereto represents. conditions of the .Lpan · · .
Co~tm~t required by Lender and t~attlii~ document would.not be exeQuted by Lend~r "\\jtl_iout ·
B_orrower's agreement ~ereto. · · . l. · ..
336 'o/: _PassB:ic.St., ·suite 310 Rochelle Park, NJ 0?652 P: 201-898~0977
Inltia)~ .·
· : : · ~ .. ~
¥--:iJ ·
Centra Capital 00.0-12
BER-L-006761-21 11/17/2023 9:05:29 AM Pg 11 of 19 Trans ID: LCV20233405381
Centra Capital-Investmen~s ·LLC
. ·This document is an arm length ahd n~gotiated agreement. ·It shall be c~nstrued without.an; ;e~ard· ·· . .. ..
. t~··ap.y ptesurhptf~,n or rule requiring ·construction against the party c·ausing such instrunient·.or-"~y ,:.-· .· . ·. . · · ·-·: ...
portio11-the:teof to be µrafted. · ·· . · · ·.
Sincerely~
C~ntra .Capital Investments, LLC.
BY:
David Hecht, President
DATE:.
----------------
COMtvfiTMENT ACCEPTED: ·
:SY: DATE: ~1'0~~i
•
BY: DATE: gfJ/~z,
BY: DATE: ~\~\@&,·.·
.·BY: DATE: wn~d
by Borrower(s). · · ·· ·
7. Approval of Lender's Counsel: The title in the project and th,e .form and substance of .
each and every ·dQcument evidencip.g the Loan· and the securitj,.tliereof or inc~dent-thereto,.
must be satisf~tory to and approved by Counsel io the Lender in:'its sole discretion. .:_. .
·- s. Approval of.Borrower's C~unsel, Etc.: Borrower(s) acknowledge~ that it has con~:ulted
with counsel ofits choice and with such other exp~rts and advisot15.as.-it deemed n~cessary.
in :connection .with the negotiation, execution, .and de.livery of this · Commitm,ent.-and .
of
Borrower(s) ·acknowledg~s _that it will consult with courtsef its choice and. with· such .
.other experts -and advisors as it deems necessary in connecti•n with· the ·
negotia#_6~,.
execution and delivery of th~ other Loan Documents. This Co:inmitinent an.d ·the. otb.¢r
Loan Doquments shall be· construed without regard to any presum.ption or. rule r~quiring· .
th,atthey be,oonstrued against~e party causing !;hem, or any part of~em., to be dr~e.d~·.
· 9. . Representati.rities having_ jwis~ic~icm, ··
including, . but riot limited to.subdivision and site plan approvals, ·tp.e-_Depaftrr:i.ent of
·. •·· Environmental Protection and its several sub-departments as they-pertain.to potahl.e ·: .. ·
water .. supply, sewage discharge and :sewa;ge connecti~:n., use ·of septic ·Janks ot .· ·
alternatives. The Lender. shall ··require ·prio;r to closing, evidence .satisfac~ry to it •
. and its-Co1µ1sel of-full compliance with_'all~nvironrnental Clean-Up ~esponsi~ility
Acts and that no action is pending -~r lie~ imposed under any 'Spill Coinpepsation ·
.'and/or'- Control Acts. . . .
c. During the term ofthe Loan, there shall be no additional financing.nor any _transfet
of_title, not conte;mplated :in the.Loan Documents ·without the_prior written approval ..
of the ~ender which °Le~der will not ~nreasonably withhpld..
d. Execution by the Borrower(s) of such .Loan Docui;nents including, b_ut not lhnite~:l. .. .
to, a mortgage and mprtgage-note,.satisfactory in form an:4 substance to tlw'Lericl:~r . ·
and its. Counsel, including a pro4ibition ·against the transfer of tit\e. of any of the -·
Collateral not contemplated in the Loan Documents, and if th~ Borrower(s) is a _
corpor~tion or partnership, a change in.the management or. co_ntrolling -intere~t in ·
the Borrower(s). Borrower(s) may prep~y the Lender at any time,.-in.whole or.in_
part, without penalty except for all of the FEE which is .consid~r~d e~ed at the.
time of closing.
e. - ]¥s Commi1ment is subje~t to the accutacy of all information, representations,.
exhibits ~d other materials submitted with or in S"Qpport of the Loan reque~t an<:i, _. ...
there must be no adverse change in the set of facts prior to. th~ clisburserfients of
fund_s. or during the term.of the Loan. This Co~tm.ent may be terminated bf CCI
and the Commitment Fee shall be •:h-mnediately due to CCI in· the ,evenf of th~
following: .
i. If the Borrower(s) shall fail to comply with any of the terms .or- conditions
· hereof. ·
ii. In the event of a .sale, conveyance .or other disposition of any of -th~
_Collateral. ·
iii. In the event of a materially adverse change .ii;i the financial condition of the
Borrower(s) or any Guarantor. · · :
iv. Any fraudulent material misrepresentation or ;my Qmission or.concealment ;
by the Borrower(~) or any Guarantor of any material fact.
f. The Borrower(s) has the obligation, to dJsclose all material _facts, past an4•preseµt~
·related to the Borrower(s), Guarantors, the C~llateral, the tr~action, et~.· ·
g. The Borrower(s) specifically aclm0wledges and agrees that CCI and/or Lender rely ·
on counsel opinion letters rel~ting to, -among other items, usury. This Commit.men~_
33.6 W -Passaic St., Suite 310
• Rochelle Park, NJ 07652 P: 201-898-..0977
Centra Capital: boo 17 ·
BER-L-006761-21 11/17/2023 9:05:29 AM Pg 16 of 19 Trans ID: LCV20233405381
Centra Capi~al Investme~ts LLG-
_is subject to the ~xpress c~mdition tp.a~ at no time vvill the Borrower(s). be·obligate4·
orrequited to pay inter(?st.at arate which could subject-CCI.and/ 9r Lender-to ~ith~r :
.civH or criminal liability ·as a.result of being in excess for th~ maxi.mum rat¢ whi_ch-. ·
·the Borrower(s) is pennitted by law to contract or agree to pay. If, by>th,e term~ ·of· .
-this-Commitment or-the Loan DocumC;?nts the Bortpwer(s) is.at any time !~quire·d · . .·. · ·-·: _..•.
. : .
or oblig~ted to. pay interest' at .a rate in ~xcess of such maxim~ rat~, the .rate of
interest shall be deemed to be immediately reduced to.such maxim1µ11 rate:at the
portion, if any, of all pri_or interest paymen~s in exce_s~· rate shall b~ applie4 m1:d shall: ·
be deeme_d to have been p~yments in reduction of the principal b~ance~ · . . · ···
11.. Valid~ty of ~oan: The Loan and the closing ther_e of shall in all r~sp~.cts ._be legal: and not·
violate any applicable. law or', other req~ements _of any governmental authority. The··
. Borrow~r(s}will submit to the Lender at closing a current written opinion by .·an. App~oved ·
Attorney or an Approved Law Firm, to the effect, among .other thing~, that alLLoan .
Documents are valid and binding upon·th~ 'Borrower(~) and any _otl!er mortgagor $l.TtD.BY: .
DATE: ~\:_,\~\
DATE: 'it/-' I '2-oZ I
DAlE::f)m~\-
BY·~
~es~ P ~ iv'id:uJ
& as -~uarantor
DATE: flj:> I 2;,()i- (.
33-6:-W. Passaic St, Suite 310. . Rochelle Park, NJ 07652 P: 201.,898~0977 Inltlal:-f;@ ..
Centra Capital 00Q2~)
BER-L-006761-21 11/17/2023 9:05:29 AM Pg 19 of 19 Trans ID: LCV20233405381
Ce.ntra Capital Investments LLC
SCHEJlULE "C"
(COLL~T~RAL ( P~OJECT DESCRlfTION TO BE PROYJDED -~YBORRQ~R~S)·_ ·
Size. and S~ape
Gross Buildir;ig Area (Squar.~ .Feet): 95,000
Number-of Buildings: 1
Bas.emeht:.No
Stories: 1
BU!ldlng Shape: Square
. Unit Access: Via fully heated and co9led Interior hallways
·Living. u·nit· Finish and Mechanicals ·
Floor Surfaces: Car.p~t and'tile
~athroom_: One bathr.oom per tmit with sink, toilet and walk-in
shower · ·
. Kitchen: Full kitchem~1 kitchenettes or no kitchen areas·
Close.ts:. On~ per bedroom·
Commo·n Area Ftnish and Mechanicals-
. 9ommon Area· Room Types: 'Offic;:es·, lounge·are~s. activity room, commercial
kitch~n, beauty salon, dining room and library ·
Floor' ·surfaces: C~rp·et and tile
Elevators: NIA·
.Safety and Health Qare
Fire Protect10n:· Fire sprinkler system with alarms
·Mamoty .Care Security: 30-units are "secure'1 to prevent residents.with
.. memory care. issues frortr wandering.outside of the'
building :c;>r d.~sJgnated exterior areas. Doors are
equippedwfth keypad~ for entry and exit.
Other Improvements
Other- StructtJres: No·ne
Parking Spaces(#): NIA
Slgriage:. Mo_ri~ment sign at .front of site
•' -.
,336 W. ·r.as~aic St, Suite 310
r-V.Q,~
Rochelle Park, NJ.07652 P: ~01-.898-0977 Initi~l& -
Centra Capital 00021
BER-L-006761-21 11/17/2023 9:05:29 AM Pg 1 of 2 Trans ID: LCV20233405381
COHN LIFLAND PEARLMAN
HERRMANN & KNOPF LLP
Jeffrey W. Herrmann, Esq. (019311976)
Christina N. Stripp, Esq. (239692017)
Attorneys for Plaintiff
Park 80 West - Plaza One
250 Pehle Avenu
Preview
BER-L-006761-21 11/17/2023 9:05:29 AM Pg 1 of 5 Trans ID: LCV20233405381 COHN LIFLAND PEARLMAN HERRMANN & KNOPF LLP Jeffrey W. Herrmann, Esq. (019311976) Christina N. Stripp, Esq. (239692017) Attorneys for Plaintiff Park 80 West - Plaza One 250 Pehle Avenue, Suite 401 Saddle Brook, New Jersey 07663 (201) 845-9600 Our File: 40,420-14 SUPERIOR COURT OF NEW JERSEY CENTRA CAPITAL INVESTMENTS, LAW DIVISION: BERGEN COUNTY LLC, DOCKET NO. L-6761-21 Plaintiff, v. CIVIL ACTION TAPESTRY COOPER RIVER LLC, PLAINTIFF’S JESAL PATEL and KAMLESH MODH, IN LIMINE MOTIONS Defendants IN LIMINE MOTION # 1 DEFENDANTS MUST BE BARRED FROM INTRODUCING PAROL EVIDENCE TO CONTRADICT THE CLEAR LANGUAGE OF THE PARTIES’ CONTRACT Defendants may argue that the Court should consider extrinsic evidence in the form of an email dated August 4, 2021, wherein Ramesh Patel stated that the Loan Commitment would be executed with the specific understanding that Defendant Tapestry Cooper River, LLC, would only be liable for the Commitment Fee if the loan failed to close because of Tapestry’s conduct. Counsel Cert., Exhibit K. However, this evidence should be disregarded pursuant to the parole evidence rule. The Loan Commitment is a fully integrated and unambiguous contract which expressly supersedes prior or outside agreements: 1 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 2 of 5 Trans ID: LCV20233405381 Exhibit A, Centra Capital 00006. Exhibit A, Centra Capital 00019. The Loan Commitment unambiguously states that the Commitment Fee is deemed non- refundable and owed as of the effective date of the Loan Commitment. As such the “parol evidence rule comes into play to prohibit the introduction of extrinsic evidence to vary the terms of the contract.” Conway v. 287 Corp. Ctr. Assocs., 187 N.J. 259, 270 (2006); 6 Corbin on Contracts § 25.3 (2023) (the parol evidence rule “purports to exclude testimony . . . when it is offered for the purpose of ‘varying or contradicting’ the terms of an ‘integrated’ contract.”). As such, the August 3, 2021 email from Ramesh Patel should not be allowed into evidence (directly or indirectly) as it attempts to alter the clear language of the parties’ integrated agreement. Conway v. 287 Corp. Ctr. Assocs., 187 N.J. 259, 268 (2006) (“In general, the parol evidence rule prohibits the introduction of evidence that tends to alter an integrated written document.”). 2 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 3 of 5 Trans ID: LCV20233405381 IN LIMINE MOTION # 2 DEFENDANTS SHOULD BE ESTOPPED FROM SEEKING A JURY TRIAL The Loan Commitment, an enforceable contract between the parties, which are two commercial entities, contained (in three separate places) a clear and unequivocal waiver of any right to a trial by jury. Exhibit A, Centra Capital 00012. This waiver explicitly states that counterclaims were considered and included in the jury trial waiver. Exhibit A, Centra Capital 00019. In fact, Plaintiff expressly agreed to delay receiving payment of the Commitment Fee, which now forms the basis for the instant complaint, until the closing of the loan in exchange for Defendants’ agreement as to contract clauses such as the jury waiver. 3 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 4 of 5 Trans ID: LCV20233405381 Exhibit A, Centra Capital 00009. Despite these unequivocal and clear statements, upon which Plaintiff relied to its detriment, Defendants included a demand for a jury in its answer and has refused to waive that demand now that trial approaches. Defendants must now be equitably estopped from walking back on its promise to not seek a jury trial on these commercial contract claims. Knorr v. Smeal, 178 N.J. 169, 178 (2003) (“to establish equitable estoppel, plaintiffs must show that defendant engaged in conduct, either intentionally or under circumstances that induced reliance, and that plaintiffs acted or changed their position to their detriment.”). Our courts have long looked upon jury waivers as enforceable. See LaManna v. Proformance Ins. Co., 184 N.J. 214, 226 (2005) ("[P]arties in a civil action may waive their right to a jury trial[.]"); see also Franklin Discount Co. v. Ford, 27 N.J. 473, 492 (1958) (holding that "[p]laintiff's contractual right to a non-jury trial is an affirmative right which may be asserted at the subsequent trial" on remand); see also Jung Sook Lee v. Tenafly Assocs. LLC, 2012 N.J. Super. Unpub. LEXIS 1292, at *14 (App. Div. June 8, 2012) (“Parties may choose to waive juries in order to expedite trials and reduce litigation costs. They may also waive a jury because they believe a judge would be more dispassionate than a jury, and perhaps more familiar with the complexities of law presented in a case. . . . Enforcement of civil jury waivers would be consistent with our pro- arbitration policy.”); Inv'rs Sav. Bank v. Waldo Jersey City, LLC, 418 N.J. Super. 149, 160 (App. Div. 2011) (enforcing a contractual jury waiver that was written “in large and bold type” and stating that “there is no public policy hostile to jury trial waivers, . . . and agreements to waive the 4 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 5 of 5 Trans ID: LCV20233405381 right to trial by jury are viewed no differently than waivers resulting from the parties' failure to make a jury trial demand in their pleadings.”). As such, Defendants’ jury demand must be stricken, and the instant matter should proceed as a bench trial. CONCLUSION For the reasons set forth herein, Plaintiff’s motions in limine should be granted. Respectfully submitted, COHN LIFLAND PEARLMAN HERRMANN & KNOPF LLP Attorneys for Plaintiff BY: /s/Jeffrey W. Herrmann Jeffrey W. Herrmann A Member of the Firm DATED: November 17, 2023 5 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 1 of 2 Trans ID: LCV20233405381 COHN LIFLAND PEARLMAN HERRMANN & KNOPF LLP Jeffrey W. Herrmann, Esq. (019311976) Christina N. Stripp, Esq. (239692017) Attorneys for Plaintiff Park 80 West - Plaza One 250 Pehle Avenue, Suite 401 Saddle Brook, New Jersey 07663 (201) 845-9600 Our File: 40,420-14 SUPERIOR COURT OF NEW JERSEY CENTRA CAPITAL INVESTMENTS, LAW DIVISION: BERGEN COUNTY LLC, DOCKET NO. L-6761-21 Plaintiff, CIVIL ACTION v. TAPESTRY COOPER RIVER LLC, ORDER ON PLAINTIFF’S JESAL PATEL and KAMLESH MODH, IN LIMINE MOTIONS Defendants THIS MATTER having come before the Court by Cohn Lifland Pearlman Herrmann & Knopf LLP, attorneys for Plaintiff Centra Capital Investments, LLC (Jeffrey W. Herrmann, Esq., & Christina N. Stripp, Esq., appearing); upon notice to Brown McGarry Nimeroff, LLC, attorneys for Defendants, Tapestry Cooper River LLC, Jesal Patel, and Kamlesh Modh. (Patrick J. Brennan, Esq., appearing); and the Court having read the papers submitted, if any, and for good cause shown; IT IS on this _____ day of ____________________, 2023, hereby ORDERED: 1. Plaintiff’s motion in limine #1, seeking to bar Defendants from introducing parol evidence in the form of the August 4, 2021 email from Ramesh Patel to contradict the clear language of the parties’ contract is hereby GRANTED; 2. Plaintiff’s motion in limine #2, seeking to bar Defendants from seeking a jury trial, is hereby GRANTED; 1 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 2 of 2 Trans ID: LCV20233405381 3. The Court provides a copy of this Order to all counsel of record on this date via eCourts Civil. _________________________________ HON. , J.S.C. This Motion was: Opposed Unopposed 2 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 1 of 19 Trans ID: LCV20233405381 COHN LIFLAND PEARLMAN HERRMANN & KNOPF LLP Jeffrey W. Herrmann, Esq. (019311976) Christina N. Stripp, Esq. (239692017) Attorneys for Plaintiff Park 80 West - Plaza One 250 Pehle Avenue, Suite 401 Saddle Brook, New Jersey 07663 (201) 845-9600 Our File: 40,420-14 SUPERIOR COURT OF NEW JERSEY CENTRA CAPITAL INVESTMENTS LAW DIVISION: BERGEN COUNTY LLC, DOCKET NO. L-6761-21 Plaintiff, CIVIL ACTION v. TAPESTRY COOPER RIVER LLC, JESAL PATEL and KAMLESH MODH, CERTIFICATION OF COUNSEL IN SUPPORT OF PLAINTIFF’S MOTION FOR SUMMARY Defendants JUDGMENT JEFFREY W. HERRMANN, ESQ. does hereby certify and say that: 1. I am an attorney-at-law of the State of New Jersey and a member of the firm Cohn Lifland Pearlman Herrmann & Knopf LLP, attorneys for Plaintiff in the above-captioned matter. I am one of the attorneys charged with the care, responsibility, and management of the within action and am fully familiar with the facts contained herein. I make this Certification in support of Plaintiff’s motions in limine. 2. Annexed hereto as Exhibit A is a true and accurate copy of the Loan Commitment Letter dated August 3, 2021, Bates Stamped Centra Capital 00006-00021. BER-L-006761-21 11/17/2023 9:05:29 AM Pg 2 of 19 Trans ID: LCV20233405381 I certify that the foregoing statements made by me are true. I understand that if any of the foregoing statements made by me are willfully false, I am subject to punishment. /s/Jeffrey W. Herrmann Jeffrey W. Herrmann, Esq. A Member of the Firm Date: November 17, 2023 2 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 3 of 19 Trans ID: LCV20233405381 EXHIBIT A BER-L-006761-21 11/17/2023 9:05:29 AM Pg 4 of 19 Trans ID: LCV20233405381 . \ ' Centra Capital lnv~stments LLC ·. 336 W. Passaic St; Suite 310 Rochelle Park, NJ 07662 P: 201-898-0977-• . c~<& August 3;2021. Messrs..Patel and Modh Tapestry Cooper Riv.er LLC .510 l North Park Drive . Pennsa~en, Ni 08109 Re; ·. -Conditional Loan Commitment in the amount.of$4,.000,00~. Dear-Messrs. Patel and Modh-: Centra Capital Partners LLC ("CCf' or ''Lenders") is pleas.ed to advis~ you of our ~o~itment to .- provide :financing. · This Cotmnitment supersedes a1i previous communications · ·and ., correspo.t).denc.e without limita~ion•. The,.t~rms ~f this l.,oan ¢o~itment.are as_follows; . . . BORROWER: Tapestry Cooper River LLC 5101 North Park Drive · Pennsauken,NJ 08109 GUARANTOR: Jesal Patel i ! Kamlesh Modh 13 Joel Avenue l 89 Stone $11 Rd • • • • I Edison, NJ 08837 I Colts Nt,ck, NJ 07722 ! !. SSN: SSN: I DOB: DOB: I I • 'COLLATERAL/PROJECT A ffrs~ and paramount lien oil the Collateral as described in ~che~ule "C 11 • .. I FINANCING REQUEST I - . ·. You have·requested-a Loan. of Four Million dollars ($4,00Q,00O). which will include.all 'fees. and ... costs in accordance with Schedule "A" attached I . · · . - • l • • TERM '. · The_ term of the Loan s~all be two (2) years· from th~ date .of cloijpg. rhe :closing shall U).ke.place _.no later than September 7~ 2021, time.of the essence. · ·: · · -~- . ·~ cu . -~ EXHIBIT P-r BER-L-006761-21 11/17/2023 9:05:29 AM Pg 5 of 19 Trans ID: LCV20233405381 r !. I _.Centra·Cap'i~al .Inye~t;Inents·LLC · •r Fee is .co~tingent µpo~. informatiqn supmitted to CCI.. If new.infonnation i.s d.iscovere·d .during¢.~. , ·. to du~ <:iilig~nc.e period that is deemed a material adverse ·effect,. :CCI reserves tht, right increase ·. · the fees .by up to Thre~ Percent (3%). .. INTEREST. . · ~ The.interest rate for the first ye~.of.the term ofthefoan shall be Twelve (12%) .. · • • • • i • • • ' . .B. Th¢ inter~st· r~te for the second ·year ofthe te~m of 111:e loaµ shall be. Thirt~en percent . (13%).' . . . .- .. · . .· . C. _.Monthly paYJ?lents of interest ~n1y on the unpaid b~ance shall be due on the first .day o_f· ··... · · e~h _month f9r the prior month's interest until the maturity. date, ·at which time·the entjre; · . balance of principal and accrued atJ.d unpaid interest thereon shall be due -and ·pay~ble i;n · · ... full. ~ •. Monthly interest payments will be computeq based on actual days in a 360 day.year. : E.. Interest from the-date of closing to the end ~f the month in which the qlosing talces place. . shall be paid at the tune· of the closing: .. . . DISCRETIONARY EXTENSION OF LOAN TERM: . ·Borrower lfiay, upon written· notice to CCI, request ~ extensfon of .the term of the ioan 'for two additional six (6) month p~riods (each a "Six-Month Extension"). Notices fpr·~aid extensions:shall be _given· not less than ninety (90) day~ prior to the ·~xpiration .of: (i) the term of the Lo?Ui if said ~otic~ is. for the first Six-Month Extension, or (iii) the fit'.st Six-Month Extension in .the· case -said notice is for. the sec6nci Six-Month Extension. · · · · It is -yvithin CCI's sole and absolute discretjoti to approve a request for any'one of the Six-Mo~th. Extensions. In the·event that CCI_.approves Borrower's request £or an ext~nsion of the term ofthe._L~an, th~ annual interest rate applicable to the Extension period shall be Fifteen·percent {15%). · . USURY . Notwit~tap.ding anything to the. contrary contained. herein, in no event ~hall. the inte,:est rate·. · COD:tracted.for, charged, or received excee4 the maxn:n,uni rate allowed by law. . -· · . FUNDING FEE A Fundin~ Fee equal to NIA (0%) of the Loan Amowit shall ·be paid by Borrower at Closing~ REPAYMENT . The Loan may be prepaid in full or in ·part without pep.alty except there shall be no refund the for . Funding ;Fe~, Commitment Fee, attorney fees arid th:e like.·, The unused portion of any .Mo.nthly · Prepaid-. Interest is _refundable. ·· · ~., . 336 W. Passaic ~t., Suite 310 Rochelle Park, NJ 07652 P: 201-.898-0.977 Centra Capital 00007 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 6 of 19 Trans ID: LCV20233405381 Centra. (:ap.ital Inve~tments LLC LEGAL MATTERS ·. . The interests··of the Borrower(s) and Lender are or may be different and may copflict,. The Leµder'~- .. · attorney represents only the Lender and not ih~ Borrower(s) or- Guarantors . . The Borrow~r(s)-i~,- therefore, advised to einpfoy art attorney of the Borro~er1s· choice licen~ed-to '.(jractice-in.the S~ate· · of New Jersey to repre~ent the int~res~. of the Borro~er(s). . . . · The Borrower(s) s~l .be required .to pay to the Lender's attorney, reasonable legal fe~s and: expenses .of Lender's attorney for s~rvi.9es provided to Lendel'. in connection with_th~s trEmsa.ctfon·. · The. l~gal fees of Lender's attorney shall be cailpulated on· a time ·spent basis; .b ~ed>upqn· .t11e -- standard ho~ly rates of Lender's attorney generally charged to clients of that fimd~or .similar- . . matters. The legal fee of Lender's attorn~y yvhich Borrower(s) will be required_to pay her~und~r . · shall. be actual and reasonable. · . : · .· A~ closing, Borrower's attorney shall furnish Lender with an opi~on-(the "Legal OpWo~") of.art. Approved Attorney or Approyed Law Firm (as. defined below) which. ·shall .cover the. follo'3/filg· matters: _(i) the- due authoriz.ation, execution, validity, binding effect and enforceability 9f. th~ · Loan Documents in accordance with their terms; ·· (ii) -the perfection of Lender's security interests in collateral; (iii) that the Loan complies with all federal, state, ·and local laws including_u~ury .Jaws; (iv) the·due organization, valid legal existence, and good sta:nclli;lg of Borrower and· of any entity which is a co]lltrolling shareholder, general partner ·or member of Borrower; · ·· (v) · · the existence of, or the nonexistence of, any requirement for -any c_onse~t of any . governmental authority in connection with the execution, delivery or perfoima,ic.e_ of the Loan Documents; . . (vi) the fact that the Loan Documents and the performance of the ol;,1igations ~ereunder ·· d0 not conflict with or violate any applicable laws, agreements or restrictions;· aj;id-: (vii) . Sµ.ch other matters incidental to the. transactions contemplated by this com:rni~ent as Lender may request. · An "Approved Attorney" or an "Approved Law Firm" shall mean an attom~y or a law firm (as . applicable) selected by Borrower to -repres~nt Borrower in the closing of-the loan and StJch-attorney· · or law firm (i) shall carry malpractice insurance policy in an amount that is equal to. or .greater than the ioan amount provided in the Loan Offer to Borrower; ~d (ii) shall have be~n preapproved.-by · Lender. Evidence of sa}d malpractice insurance policy shall be provided to CCI upon reqµest. for satne. ·-DOCUMENTATION . . CCI's Commi~ent to provide t~e Loan is subject to the negotiation, ex~ution, an~ .delivery .~f definitive Loan and security agreements, mo~gages ot· deeds of. trust, notes, and other . .documentation, customary certificates and Legal Opinion .(collectively, the ·11Loan Document~"), which.in each case will be in form, substance, and enforceability satisfactory to CCI and its counsel in their sol~ discretion. . . 336W. Passaic St., Suite_310 Rochelle Park, NJ 07652 Centra Capital 00008 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 7 of 19 Trans ID: LCV20233405381 ce·ntra -Capital Investments LLC ACCEPTANCE OF C.OMMlTMENT ·· : T~e Com.iriitment -~d-all of 1ts.terms arid ~onditions will becomQ ¥ffective only upo11: delivery: to·: · ~$ of~ce of 0: signed copy ofthi_s Commitment, duly accepteq._by the BOtr(?Wer(s), acconipamed' with'•the ·Conunitrhent Fee in.the amount of Three Percent {3%) of the Amount of Loan (more parti~tjlarly-described.above), which amount is non-refundable and shall be· deemed earned. by_ c·c1 as of.the .da~e upon which this Commitment becomes effective, ·for, among other things, ·ccts·· cotiimitment to provide funds to BprrQwer. . . . Notwith~nding the requirement in th~ preceding paragraph obligating Borrower to pay to .CCI_. the Commitment Fee upon Borrower's execution her~of, as :-~onsideration for_ ·the. parties'., · ·unconditio:pal and irrevocable waiver of all tights to a trial-by jury and the partj.es agr~~ing t<;>:·the_ Choice _of Forum and Limitation ofDam.ag~s cl~uses, CCI will acc~pt payment of the· ~o~i~nt •_: Fee at the closing of the loan. · ·- · DETERMINATION OFLOAN AMOUNT . in ac~ord.an~e ·with'the agreement by and between the parties, Borrower(s) and Lender·agre_e·.tha:t' the purpose of this Loan is to P!Ovide funds for improvements to the Collat~ral and't4at the ba.sis. of this.Loan is the ''as is" quick sale value of the real estate·Collateral and the quick ·sa1e·v~ue· of the real estate Collateral It as compl~t~d!' ·by CCI Loan proceeds. Quick s~e value is defmed as ll- three (3) to six (6) month s~e to a cash buyer. The Borrower(s) ~derstand~ that CCI. will i~spe~t tQ.e Colla:teral and, in its.sole ver:time to multiple potential buyers.· Borrower(s) understands that tliis.apprQa~h may,· ·therefore, ·involve _appropriate discounts resulting. in. a pQtentially signipcant .: .differ~nce. between CCl's and Borrower's .dete~tion ·of the "as is" value. By initialing:_ helow,_ Borrower(s) acknowledges this provisio:q:. OTHER CCI hereby acknowledges-receipt of Seventy Four Hundred dollars ($7 ,400)-for.the preparatiqn ~f .. -. this Loan Comtµitment document, site inspection, and initial monetary commitment, ··w~i~h is. not . refundab_le upon acceptance of this C01.nrt1i!ment. · . EXPENSES Borrower(s).agrees that the Loan shall ~e without cost to CCI. Bq~ower(s) assumes liabil~tyfor . and will pay all cqsts and expenses required to satisfy the conclitiqns he~e9f ~d the making9_f ~e · Loan without limitation including but not limited to appraisers' fees, broker's fees or commissioris, . legal fee~ of CCI' s counsel, all recording costs and .filing fees, .all title/litigatiori/tax lien _ search fees, ~d all .title :µisurance premiurils. CCI shall not bear ~y. out-of-pocket costs. or expense_s whatsoever in connection with the Commitment, Loan or _any litigation arising .o_ut of ~ither...Buch costs and :expenses shall be paid at or prior to the Loan c~osirig, or upon demand if the Loan does . : . not.. close_--ox if this . Commitment is terminated. Such obligation . shall survive. terminatj.on. · · · '. ' RELEASES During tµe terin. of the Loan, provided all payments of principal and interest on-the Lo~.shEµl be. current ·on the date ofthe sale and at the time of the sale and tliere:are no uncured.default~ or events of:Ul):~ur~d d~faults 1mder-the Loan Documents, Borrpwer(s)· ~ay _sell for ca$h .individtiai parcels .·- of the .Qollateral. CCI agr~es to r~lease such sold parcels provicle_d that qct receives· the ~eleas~ •· Pn<;e for such parcel. The Rele~se price will be th(? _greater of: 33·6 W. Passai~ St, ~uite 310 Rochelle Park, NJ 07652 P: 201-898-0977 lm -·tta()C)· CA -- . - (CV· ~ . Centra Capital 0001 O. BER-L-006761-21 11/17/2023 9:05:29 AM Pg 9 of 19 Trans ID: LCV20233405381 Centra Capital IIlvestmentsLLC (i) 80% of the net sale price of.the parcel taking into a~count reason8;ble and customazy- ·: .. · closing adjustme;nts and custom~ry sal~s commissions; . .. . . (il) 75% of the gros_s sale price of the par.ce~; . · ·. . _. (iii) The· minimum release -~mount as agreed to on a sc~edµle to be approveq by ..CCI . .:~ . prior-to closing. . . . . .(~e greater of_the above three ~ounts being ~he '.'Release Price".} .- COUNTERPARTS . T1;11s.:Cmnmitinent may be executed in ·counterparts which, take~ tog~th~r, shall ·consti~te one_· . original. · · · NO ASSIGNMENT . . This ·qonimitm~nt is for the benefit of the Borrower(s) ohly and may not·Qe assigned exc~pt iipon. ; the -prior written consent of CCI, which consent may:be-withheld for any reas_on or. ·1_10 reason~-· or CCI's sole discretion. No party other tli~ Borrower(s) a permitted assignee niay rely upop. the .·. terms ·~d ·conditions of this Comprltment. . . . . GOVERNING-LAW This Connni~ent will be governed by and constrµed in accordance wit:4 the laws of the -~tate of N~w Jers~y without regard to the principles of conflicts of laws thereof. · · WAIVER _ . . No failure.on th~ part of Lender to exercise and no delay in exercising any rights widerthe·Loati · Documents shall.operate as a waiver thereof, nor shall any.~ingle or parli;il exercise by· Lei;lder ~f any right under the Lpan Documents pre~lude any further exercise thereof, or the. exercise.of ~y other right. Each-and every right or remedy granted under the· Loan Documents or ·und~:r. -~Y. · do~ument deliv~r~d thereunder or in connection therewith or allowed to CCI in law or:equity. shall .be dee~ed· cumulative- and may be exercised from tim,e :to time. . . This Commitment is executed by an indiyidual strictly it). his capacity as a representative of the_ Lender. By the· acceptance of this ··Commitment, Borrower(s) agrees that no repre~erifative,. member,·partner, shareholder, employee, or ~gent of the Lender shali be.-per$onally Hable.for ~e _payme~t of any claim or the performance of any obligations hei;eunder. . . INDEMNIFICATIQN The Borro-~er agrees to inden1i1ify and ~old harmless CCI and each of. its controlling. p~rsons,. affiliates-and their members directors, office,s> employees, advisors, participants and agents.{each, an ''Indemnified Party") from and again$t (and will reimburse each Indem.m.fied Party for) ~-'~d ~l losses, claims, damages, liabilities, and. expenses (in~luding, with.out_ limitation, the fees au4 . ·.expenses· of C01U1$el} that may be incurred by or asserted. or awarded.against any Indenmifi.ed-_Party, . in each case arising out of or in connectiqn with or·by reason of(includi_ng, without limitation, in · co~ection with. a:p.y -investigatipn; litigation or proceeding or preparation of a defense. ·in ~onnection therewith) any matters contemplated by this Commitment, any related transacti,on; the Lo~ or·~y use 111:ade or proposed tq .be made with the_proceeds ~ereof, unless.and oilly the- . to· .extent that, . as. to any Indemnified Party~ it shall be detennined in a final, non-appealable judgment or by ~:i' ~<:>urt of.~ompetent jurisdiction ~at such losses, claims, damages, liabilitiesi expenses . . · 336.'W. Passaic St., Suite 310 Rochelle Park, N10765-2 P: 201-898-0~77 Centra Capital 00011 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 10 of 19 Trans ID: LCV20233405381 Centra _Capital Investments LLC · .. ' ·. ~. .... . res'Qlte4·primarily from the gross negligence or willful miscondu;ct of st:ich Indemnified.Party. ·.Th~--- Bof!O\.Yet agrees that no Indemnifi~d Party shall have any liability for any indirect or-co~equept1af: ·· damages_in c9n,nection:with the Loan. . .. ·'.The. Borrower agrees that the indemnification and ·reimbursement 9.omm1tments s·et- fortp. abpve-- . . · .:. .- shali .apply whether or 1,1ot CCI. is a formal party to any lawsuit, .acti_o~ investigatiop.; cl~im; ·qr .: >. . ·. . otlier pr~c~eqing~_ .The. B(?lTOWe~ fQrther ~grees that, without .ccrs -p~ior wr-itt~n ·con~e~fit."w{ij- ·, .. ·:..·. . _. .. . not erit~r int9 any setq.ement .- or compromise of, consent to -the ~ntzy o_f any judgm~~f. in oi. . .. ·:·· . . . -othe,;wis.e -seek to terminate any lawsui~, action,, investigatio~, claim. or ~ther p:r9ceeditig· :8:fi-sirtg · -:.· · - .. ·.out of the transactions co1;1templated by this Agre.einent unles~ such.settle:rp.ent includes_.an explicit . . · · .··. ; · . :;. ·. aiid° unconditional release from the party_ bringing -such.lawsuit~ claim ·or other pr~c~·eding· of a11 ·. ·. . . Inde~fied·.Pa:rties and do.es not contain· any ·admission or fault .or culpability on b·ehalf°.of_su~h ·.. Indemnified P_arties. · · · · . .·t~~rr~~:~=.LITY TO BQRROWER(S), ORANY.OTHERENTq'Y:OR" . . ~E:J{SON,. lJNDJR. ANY T~ORY OF-- LAW -OR EQUITY .FOR ANY AMOUN':( IN.·. · .EXCESS. ·OF _"THE· ·.PAID· PORTION OF ·tJIE . COMMITMENT FEE~ LESS. c.oMPENsAr10N· Fo~ TIME, EXPENSES ·AND .t\TToRNEY FEES. -BORROWER(~)· ACKNOWLEDGES.· THAT. ·nns LIMITATION OF DAMAGES . CLAUSE , lS·, REA~ONABLE. BO~OWER(S).AG;REES NpT TO PURSUE ANY CLAIM-IN .EXCE~.S _-:· .- OF THE.ABOVE.SUM. . . WAIVER OF TRIAL BY JURY . BOJ{ROWER(S). AND . CCI EACH ·HE.REBY UNCONDITIONALLY AND · I~VO~ABLY WAIVE ANY AND ALL RIGBT-TO TRIAL BY:JURY IN_.t\NY·SUIT, CQUNTE;RCLAIM, OR CROSS-CLAIM AlUSING IN <;ONNECTION ·WITa, our ot, ... . OR :(j:fliERWI$E· RELATING TO rms COMMITMENT, THE . OTHER. LOAN·· l)QCV.MENTS, THE OBLiGATION, THE. COLLATE~, OR; ANY- RELATE.t>· TIµ.NS,?\CTION. . »9RRQWER(S) UNJ)ERSTANDS nJAT CCI. ·dANNOT AND. WOULD NOT -ENTtR .. iNTO.-- ·T.ins· COMMITMENT WITHOUT. BORROWER'S ..AGREEMENT° TO. TDK\-· . LIMITAT•QN ·oF »AMAG'.ES, .c1to1CE OF FORUM, AND. WAIVER or TRIAL· -;e_v · JpRY CLAUSES.CONTAINED JIERElN.. . ~(?rrower(s) acknowledges t~t Schedule "B" aiµiexe.d hereto represents. conditions of the .Lpan · · . Co~tm~t required by Lender and t~attlii~ document would.not be exeQuted by Lend~r "\\jtl_iout · B_orrower's agreement ~ereto. · · . l. · .. 336 'o/: _PassB:ic.St., ·suite 310 Rochelle Park, NJ 0?652 P: 201-898~0977 Inltia)~ .· · : : · ~ .. ~ ¥--:iJ · Centra Capital 00.0-12 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 11 of 19 Trans ID: LCV20233405381 Centra Capital-Investmen~s ·LLC . ·This document is an arm length ahd n~gotiated agreement. ·It shall be c~nstrued without.an; ;e~ard· ·· . .. .. . t~··ap.y ptesurhptf~,n or rule requiring ·construction against the party c·ausing such instrunient·.or-"~y ,:.-· .· . ·. . · · ·-·: ... portio11-the:teof to be µrafted. · ·· . · · ·. Sincerely~ C~ntra .Capital Investments, LLC. BY: David Hecht, President DATE:. ---------------- COMtvfiTMENT ACCEPTED: · :SY: DATE: ~1'0~~i • BY: DATE: gfJ/~z, BY: DATE: ~\~\@&,·.· .·BY: DATE: wn~d by Borrower(s). · · ·· · 7. Approval of Lender's Counsel: The title in the project and th,e .form and substance of . each and every ·dQcument evidencip.g the Loan· and the securitj,.tliereof or inc~dent-thereto,. must be satisf~tory to and approved by Counsel io the Lender in:'its sole discretion. .:_. . ·- s. Approval of.Borrower's C~unsel, Etc.: Borrower(s) acknowledge~ that it has con~:ulted with counsel ofits choice and with such other exp~rts and advisot15.as.-it deemed n~cessary. in :connection .with the negotiation, execution, .and de.livery of this · Commitm,ent.-and . of Borrower(s) ·acknowledg~s _that it will consult with courtsef its choice and. with· such . .other experts -and advisors as it deems necessary in connecti•n with· the · negotia#_6~,. execution and delivery of th~ other Loan Documents. This Co:inmitinent an.d ·the. otb.¢r Loan Doquments shall be· construed without regard to any presum.ption or. rule r~quiring· . th,atthey be,oonstrued against~e party causing !;hem, or any part of~em., to be dr~e.d~·. · 9. . Representati.rities having_ jwis~ic~icm, ·· including, . but riot limited to.subdivision and site plan approvals, ·tp.e-_Depaftrr:i.ent of ·. •·· Environmental Protection and its several sub-departments as they-pertain.to potahl.e ·: .. · water .. supply, sewage discharge and :sewa;ge connecti~:n., use ·of septic ·Janks ot .· · alternatives. The Lender. shall ··require ·prio;r to closing, evidence .satisfac~ry to it • . and its-Co1µ1sel of-full compliance with_'all~nvironrnental Clean-Up ~esponsi~ility Acts and that no action is pending -~r lie~ imposed under any 'Spill Coinpepsation · .'and/or'- Control Acts. . . . c. During the term ofthe Loan, there shall be no additional financing.nor any _transfet of_title, not conte;mplated :in the.Loan Documents ·without the_prior written approval .. of the ~ender which °Le~der will not ~nreasonably withhpld.. d. Execution by the Borrower(s) of such .Loan Docui;nents including, b_ut not lhnite~:l. .. . to, a mortgage and mprtgage-note,.satisfactory in form an:4 substance to tlw'Lericl:~r . · and its. Counsel, including a pro4ibition ·against the transfer of tit\e. of any of the -· Collateral not contemplated in the Loan Documents, and if th~ Borrower(s) is a _ corpor~tion or partnership, a change in.the management or. co_ntrolling -intere~t in · the Borrower(s). Borrower(s) may prep~y the Lender at any time,.-in.whole or.in_ part, without penalty except for all of the FEE which is .consid~r~d e~ed at the. time of closing. e. - ]¥s Commi1ment is subje~t to the accutacy of all information, representations,. exhibits ~d other materials submitted with or in S"Qpport of the Loan reque~t an<:i, _. ... there must be no adverse change in the set of facts prior to. th~ clisburserfients of fund_s. or during the term.of the Loan. This Co~tm.ent may be terminated bf CCI and the Commitment Fee shall be •:h-mnediately due to CCI in· the ,evenf of th~ following: . i. If the Borrower(s) shall fail to comply with any of the terms .or- conditions · hereof. · ii. In the event of a .sale, conveyance .or other disposition of any of -th~ _Collateral. · iii. In the event of a materially adverse change .ii;i the financial condition of the Borrower(s) or any Guarantor. · · : iv. Any fraudulent material misrepresentation or ;my Qmission or.concealment ; by the Borrower(~) or any Guarantor of any material fact. f. The Borrower(s) has the obligation, to dJsclose all material _facts, past an4•preseµt~ ·related to the Borrower(s), Guarantors, the C~llateral, the tr~action, et~.· · g. The Borrower(s) specifically aclm0wledges and agrees that CCI and/or Lender rely · on counsel opinion letters rel~ting to, -among other items, usury. This Commit.men~_ 33.6 W -Passaic St., Suite 310 • Rochelle Park, NJ 07652 P: 201-898-..0977 Centra Capital: boo 17 · BER-L-006761-21 11/17/2023 9:05:29 AM Pg 16 of 19 Trans ID: LCV20233405381 Centra Capi~al Investme~ts LLG- _is subject to the ~xpress c~mdition tp.a~ at no time vvill the Borrower(s). be·obligate4· orrequited to pay inter(?st.at arate which could subject-CCI.and/ 9r Lender-to ~ith~r : .civH or criminal liability ·as a.result of being in excess for th~ maxi.mum rat¢ whi_ch-. · ·the Borrower(s) is pennitted by law to contract or agree to pay. If, by>th,e term~ ·of· . -this-Commitment or-the Loan DocumC;?nts the Bortpwer(s) is.at any time !~quire·d · . .·. · ·-·: _..•. . : . or oblig~ted to. pay interest' at .a rate in ~xcess of such maxim~ rat~, the .rate of interest shall be deemed to be immediately reduced to.such maxim1µ11 rate:at the portion, if any, of all pri_or interest paymen~s in exce_s~· rate shall b~ applie4 m1:d shall: · be deeme_d to have been p~yments in reduction of the principal b~ance~ · . . · ··· 11.. Valid~ty of ~oan: The Loan and the closing ther_e of shall in all r~sp~.cts ._be legal: and not· violate any applicable. law or', other req~ements _of any governmental authority. The·· . Borrow~r(s}will submit to the Lender at closing a current written opinion by .·an. App~oved · Attorney or an Approved Law Firm, to the effect, among .other thing~, that alLLoan . Documents are valid and binding upon·th~ 'Borrower(~) and any _otl!er mortgagor $l.TtD.BY: . DATE: ~\:_,\~\ DATE: 'it/-' I '2-oZ I DAlE::f)m~\- BY·~ ~es~ P ~ iv'id:uJ & as -~uarantor DATE: flj:> I 2;,()i- (. 33-6:-W. Passaic St, Suite 310. . Rochelle Park, NJ 07652 P: 201.,898~0977 Inltlal:-f;@ .. Centra Capital 00Q2~) BER-L-006761-21 11/17/2023 9:05:29 AM Pg 19 of 19 Trans ID: LCV20233405381 Ce.ntra Capital Investments LLC SCHEJlULE "C" (COLL~T~RAL ( P~OJECT DESCRlfTION TO BE PROYJDED -~YBORRQ~R~S)·_ · Size. and S~ape Gross Buildir;ig Area (Squar.~ .Feet): 95,000 Number-of Buildings: 1 Bas.emeht:.No Stories: 1 BU!ldlng Shape: Square . Unit Access: Via fully heated and co9led Interior hallways ·Living. u·nit· Finish and Mechanicals · Floor Surfaces: Car.p~t and'tile ~athroom_: One bathr.oom per tmit with sink, toilet and walk-in shower · · . Kitchen: Full kitchem~1 kitchenettes or no kitchen areas· Close.ts:. On~ per bedroom· Commo·n Area Ftnish and Mechanicals- . 9ommon Area· Room Types: 'Offic;:es·, lounge·are~s. activity room, commercial kitch~n, beauty salon, dining room and library · Floor' ·surfaces: C~rp·et and tile Elevators: NIA· .Safety and Health Qare Fire Protect10n:· Fire sprinkler system with alarms ·Mamoty .Care Security: 30-units are "secure'1 to prevent residents.with .. memory care. issues frortr wandering.outside of the' building :c;>r d.~sJgnated exterior areas. Doors are equippedwfth keypad~ for entry and exit. Other Improvements Other- StructtJres: No·ne Parking Spaces(#): NIA Slgriage:. Mo_ri~ment sign at .front of site •' -. ,336 W. ·r.as~aic St, Suite 310 r-V.Q,~ Rochelle Park, NJ.07652 P: ~01-.898-0977 Initi~l& - Centra Capital 00021 BER-L-006761-21 11/17/2023 9:05:29 AM Pg 1 of 2 Trans ID: LCV20233405381 COHN LIFLAND PEARLMAN HERRMANN & KNOPF LLP Jeffrey W. Herrmann, Esq. (019311976) Christina N. Stripp, Esq. (239692017) Attorneys for Plaintiff Park 80 West - Plaza One 250 Pehle Avenu