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Thursday, May 19, 2022 9:18:11 PM
On May 16, 2022, the registrant, through certain of its wholly-owned subsidiaries, terminated the Loan and Security Agreement dated June 19, 2020, as amended, between such subsidiaries as borrowers or guarantor and City National Bank of Florida as lender. Neither the registrant nor any of its affiliates has any material relationship with the lender other than in respect of the agreement. The agreement set forth the terms of the Company’s $25,000,000 revolving line of credit, and was terminated by the registrant in connection with the sale of its residential real property located at 642 St. Cloud Road in Los Angeles, California, which was one of two properties that had served as collateral for the line of credit. No indebtedness under the line of credit was outstanding as of the date of termination and no early termination penalties were incurred by the registrant in connection with its termination of the agreement.
Item 2.01 – Completion of Acquisition or Disposition of Assets
On May 16, 2022, the registrant, through a wholly-owned subsidiary (collectively with the registrant, the “Company”), completed the sale of one of its real estate assets for a cash purchase price of $58,500,000. The asset, a residential real property located at 642 St. Cloud Road in Los Angeles, California, was sold to a private entity pursuant to a purchase and sale agreement dated October 21, 2021, as amended.
Neither the Company nor any of its affiliates, and neither any director or officer of the Company nor to the knowledge of the registrant any associate of any such director or officer, has any material relationship with the purchaser, other than in respect of the transaction.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1785494/000114036122019773/ny20004240x1_8k.htm
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