Pennsylvania Real Estate Investment Trust File (8-K) Discloses Execution of Material Definitive Agreement – ​​InsuranceNewsNet

Item 1.01 Execution of Material Final Contracts.

upon August 31, 2022, PR Cherry Hill STW LLC When Cherry Hill Center, LLCboth
is a subsidiary of Pennsylvania Real Estate Investment Trust (
“trust”) Cherry Hill Mall (“borrower”), PREIT Associates, LP,
guarantor under the Note (defined below), and New York Life
with the insurance company National Teachers Insurance and Retirement AssociationWho
is the lender of the loan as evidenced by the note (“Lender”);
Entered into a loan extension and modification agreement (“Extension and
(i) $150 million Promissory note with
new york life insurance company date August 15, 2012and (ii) $150 million
Promissory note with National Teachers Insurance and Retirement Association Outdated
August 15, 2012 (collectively “notes”).Extensions and modifications
By contract, the maturity date of the bond is September 1, 2022 To
October 1, 2022meet the prerequisites for the extension and
Execute the Amendment Agreement and activate the Extended Maturity Date
note, borrower paid $1,000,000 of principal balance
Paid an extension fee equal to 0.10% of the outstanding principal amount of the note
The balance of the bond and the payment of certain expenses borne by the lender
Relations with Extensions and Amendments, Other Terms and Conditions

Extension and Amendment Agreements include:
The borrower further sets the maturity date of each note to November 1, 2022
For addition $500,000 of each unpaid principal balance
The note will be paid and an extension fee equal to 0.10% of the outstanding amount will be paid.
Among other conditions, the principal balance of each note is paid,

The foregoing description of Extensions and Amendments
Qualify in its entirety by referencing the full text of the extension
Amendment Agreement Filed as Exhibit to Trust
Quarterly Report on Form 10-Q Filed in the Closed Quarter September 30

Borrowers and lenders also
A mortgage that secures a bond to extend the term of the mortgage
Matches the duration of the note.

————————————————– ——————————

Pursuant to the requirements of the Securities Exchange Act of 1934,
The Registrant hereby certifies on behalf of the Registrant that:
Sign duly approved.

                                             PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

Date: September 7, 2022                      By:   /s/ Lisa M. Most
                                                   Lisa M. Most
                                                   Executive Vice President, Secretary
                                                   and General Counsel

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *