Item 1.01 Entry into a Material Definitive Agreement.
(a) On February 2, 2022, Hubilu Venture Corporation ("the Company"), through its
subsidiary, Mopane Investments, LLC, a Wyoming Limited Liability Company
("Mopane") entered into a non-binding purchase agreement ("the 37th Place
Agreement") with Omari Mack ("Property Seller") to acquire real property located
at 1733 W. 37th Place in Los Angeles. The acquisition for $630,500 closed on
March 25, 2022.
The foregoing description of the acquisition of the 37th Place Agreement and the
transaction contemplated thereby contained herein is qualified in its entirety
by reference to the 37th Place 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 25, 2022, the Company, through its subsidiary, Mopane Investments,
LLC, closed on the acquisition of the real property located at 1733 W. 37th
Place in Los Angeles. The property was vacant at the time of purchase. The
acquisition was for $630,500. The Mopane purchase is subject to two loans as
follows: (1) $576,450 first position note owing by Mopane 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 7.50% per annum.
Interest only payable in monthly installments of $3,546.56 or more on the 1st
day of each month beginning on the 1st day of May 2022 and continuing until the
22rd day of March 2023, at which time the entire principal balance together with
interest due thereon, shall become due and payable. (2) A $100,000 second
position note owing by Mopane to Belladonna Lily Investments, Inc.
("Belladonna"), whose terms of payments due were interest only, payable on
unpaid principal at the rate of 6% per annum. Interest only payable in monthly
installments of $500.00 or more on the 1st day of each month beginning on the
1st day of May 2022 and continuing until the 31st day of March 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 37th Place Agreement and the
transaction contemplated thereby contained herein is qualified in its entirety
by reference to the 37th Place 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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