Item 1.01 Entry into a Material Definitive Agreement.
(a) On July 21, 2021, Hubilu Venture Corporation ("the Company"), through its
subsidiary, Lantana Investments LLC, a Wyoming Limited Liability Company
("Lantana") entered into a non-binding purchase agreement ("the Ruthelen
Agreement") with Evalyn H. Forster and Avrumie Schnitzer ("Property Sellers") to
acquire real property located at 3777 Ruthelen Avenue in Los Angeles. The
acquisition for $699,000 closed on October 6, 2021.
The foregoing description of the acquisition of the Ruthelen Agreement and the
transaction contemplated thereby contained herein is qualified in its entirety
by reference to the Ruthelen Agreement, a copy of which is attached hereto as
Exhibit 10.1 and incorporated into this Item 1.01 by reference.
(b) On August 17, 2021, Hubilu Venture Corporation ("the Company"), through its
subsidiary, Boabab Investments, LLC, a Wyoming Limited Liability Company
("Boabab") into a non-binding purchase contract ('the Orchard Agreement") with
Letictia Elder ("Property Seller") to acquire real property located at 4505
Orchard Avenue in Los Angeles CA. The acquisition for $675,000 closed September
30, 2021.
The foregoing description of the acquisition of the Orchard Agreement and the
transaction contemplated thereby contained herein is qualified in its entirety
by reference to the Orchard Agreement, a copy of which is attached hereto as
Exhibit 10.2 and incorporated into this Item 1.01 by reference.
(c) On November 11, 2021, Hubilu Venture Corporation ("the Company"), through
its subsidiary, Boabab Investments, LLC, a Wyoming Limited Liability Company
("Boabab") into a non-binding purchase contract ('the 41st Place Agreement")
with Gertrude M. Williams and GM Williams Living Trust ("Property Sellers") to
acquire real property located at 2029 W. 41st Place in Los Angeles CA. The
acquisition for $720,000 closed January 20, 2022.
The foregoing description of the acquisition of the 41st Place Agreement and the
transaction contemplated thereby contained herein is qualified in its entirety
by reference to the 41st Place Agreement, a copy of which is attached hereto as
Exhibit 10.3 and incorporated into this Item 1.01 by reference.
(d) On December 6, 2021, Hubilu Venture Corporation ("the Company"),, through
its subsidiary, Boabab Investments, LLC, a Wyoming Limited Liability Company
("Boabab") into a non-binding purchase contract ('the Normandie Agreement")
Magnum Property Investments, LLC ("Property Seller") to acquire real property
located at 3791 S. Normandie Avenue in Los Angeles CA. The acquisition for
$640,000 closed January 7, 2022.
The foregoing description of the acquisition of the Normandie Agreement and the
transaction contemplated thereby contained herein is qualified in its entirety
by reference to the Normandie Agreement, a copy of which is attached hereto as
Exhibit 10.4 and incorporated into this Item 1.01 by reference.
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Item 2.01 Completion of Acquisition of Assets.
(a) October 1, 2021, the Company, through its subsidiary Boabab Investments LLC,
a Wyoming Limited Liability Company, completed the acquisition of the real
property located 4505 Orchard Avenue in Los Angeles. The property was vacant at
the time of purchase. The acquisition was for $675,000. The Boabab purchase is
subject to one loan as follows: (1) A $675,000 first position note owing by
Boabab to Belladonna Lily Investments, Inc. ("Belladonna"), whose terms of
payments due were interest only, payable on unpaid principal at the rate of
5.00% per annum. Interest only payable in monthly installments of $2,812.50 or
more on the 22nd day of each month beginning on the 22nd day of October 2021 and
continuing until the 1st day of October 2029, at which time the entire principal
balance together with interest due thereon, shall become due and payable.
The foregoing description of the acquisition of the Orchard Agreement and the
transaction contemplated thereby contained herein is qualified in its entirety
by reference to the Orchard Agreement, a copy of which is attached hereto as
Exhibit 10.2 and incorporated into this Item 1.01 by reference.
(b) On October 6, 2021, the Company, through its subsidiary, Lantana
Investments, LLC, closed on the acquisition of the real property located at 3777
Ruthelen Street, Los Angeles. The property was vacant at the time of purchase.
The acquisition was for $699,000. The Lantana purchase is subject to one loan as
follows. (1) A first position note with interest only for $699,000 owing by
Lantana to Belladonna, whose terms of payments due were interest only, payable
on unpaid principal at the rate of 5.00% per annum. Interest only payable in
monthly installments of $2,912.50 or more on the 1st day of each month beginning
on the 1st day of November 2021 and continuing until the 1st day of October
2029, at which time the entire principal balance together with interest due
thereon, shall become due and payable.
The foregoing description of the acquisition of the Ruthelen Agreement and the
transaction contemplated thereby contained herein is qualified in its entirety
by reference to the Ruthelen Agreement, a copy of which is attached hereto as
Exhibit 10.1 and incorporated into this Item 1.01 by reference.
(c) January 7, 2022, the Company, through its subsidiary Boabab Investments LLC,
a Wyoming Limited Liability Company, completed the acquisition of the real
property located 3791 S. Normandie Avenue in Los Angeles. The property was
vacant at the time of purchase. The acquisition was for $640,000. The Boabab
purchase is subject to two loans as follows: (1) A $576,000 first position note
owing by Boabab to Center Street Lending VIII SPE, LLC. ("Center Street"), whose
terms of payments due were interest only, payable on unpaid principal at the
rate of 8.50% per annum. Interest only payable in monthly installments of
$4,080.00 or more on the 1st day of each month beginning on the 1st day of
February 2022 and continuing until the 29th day of December 2022, at which time
the entire principal balance together with interest due thereon, shall become
due and payable. (2) A $75,000 second position note owing by Boabab to
Belladonna Lily Investments, Inc. ("Belladonna"), whose terms of payments due
were interest only, payable on unpaid principal at the rate of 5.00% per annum.
Interest only payable in monthly installments of $312.50 or more on the 5th day
of each month beginning on the 5th day of February 2022 and continuing until the
4th day of January 2029, at which time the entire principal balance together
with interest due thereon, shall become due and payable.
The foregoing description of the acquisition of the Normandie Agreement and the
transaction contemplated thereby contained herein is qualified in its entirety
by reference to the Normandie Agreement, a copy of which is attached hereto as
Exhibit 10.4 and incorporated into this Item 1.01 by reference.
(d) January 20, 2022, the Company, through its subsidiary Boabab Investments
LLC, a Wyoming Limited Liability Company, completed the acquisition of the real
property located 2029 W. 41st Place in Los Angeles. The property was vacant at
the time of purchase. The acquisition was for $720,000. The Boabab purchase is
subject to two loans as follows: (1) A $648,000 first position note owing by
Boabab to Center Street Lending VIII SPE, LLC. ("Center Street"), whose terms of
payments due were interest only, payable on unpaid principal at the rate of
8.50% per annum. Interest only payable in monthly installments of $4,590.00 or
more on the 1st day of each month beginning on the 1st day of March 2022 and
continuing until the 6th day of January 2023, at which time the entire principal
balance together with interest due thereon, shall become due and payable. (2) A
$84,950 second position note owing by Boabab to Belladonna Lily Investments,
Inc. ("Belladonna"), whose terms of payments due were interest only, payable on
unpaid principal at the rate of 5.00% per annum. Interest only payable in
monthly installments of $361.38 or more on the 18th day of each month beginning
on the 18th day of February 2022 and continuing until the 17th day of January
2029, at which time the entire principal balance together with interest due
thereon, shall become due and payable.
The foregoing description of the acquisition of the 41st Place Agreement and the
transaction contemplated thereby contained herein is qualified in its entirety
by reference to the 41st Place Agreement, a copy of which is attached hereto as
Exhibit 10.3 and incorporated into this Item 1.01 by reference.
The Company intends, if applicable, to amend this Form 8-K to include the
required Item 9.01 financial statements prepared pursuant to Rule 3-14 of
Regulation S-X relating to the acquisition of Ruthelen, Orchard, 41st Place, and
Normandie, which is significant within the meaning of Rule 3-14.
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