Item 1.01 Entry into a Material Definitive Agreement.
(a) On January 4, 2022, Hubilu Venture Corporation ("the Company"), through its
subsidiary, Trilosa Investments, LLC, a Wyoming Limited Liability Company
("Trilosa") entered into a non-binding purchase agreement ("the Orchard
Agreement") with Blackwell Nadine H O Trust ("Property Seller") to acquire real
property located at 4517 Orchard Avenue in Los Angeles. The acquisition for
$605,000 closed on March 2, 2022.
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 10.1 and incorporated into this Item 1.01 by reference.
Item 2.01 Completion of Acquisition of Assets.
(a) On March 2021, the Company, through its subsidiary, Trilosa Investments,
LLC, closed on the acquisition of the real property located at 4517 Orchard
Avenue in Los Angeles. The property was vacant at the time of purchase. The
acquisition was for $605,000. The Trilosa purchase is subject to two loans as
follows: (1) A first position note with payment on principal balance of $484,000
issued by Trilosa, owing to lender, Visio Financial Services, Inc, whose terms
of payments due are principal and interest, on unpaid principal at the rate of
5.225% per annum. 30-year fixed rate. Principal and interest payable in monthly
installments of $2,665.18 or more starting on May 1, 2022, and continuing until
the 1st day of April 2052, at which time the entire principal balance together
with interest due thereon, shall become due and payable. (2) A $158,000 second
position note owing by Trilosa to Belladonna Lily Investments, Inc.
("Belladonna"), whose terms of payments due were interest only, payable on
unpaid principal at the rate of 5.225% per annum. Interest only payable in
monthly installments of $687.95 or more on the 1st day of each month beginning
on the 1st day of April 2022 and continuing until the 28th day of February 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 10.1 and incorporated into this Item 1.01 by reference.
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