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Date Posted: Friday, July17, 12:13:pm
Author: In search of...
Subject: Re: Property disposition discussed at council work session
In reply to: and Again 's message, "Re: Property disposition discussed at council work session" on Friday, July17, 11:37:am

Mysteries of this episode:

1. Why would M&T let this happen? By not paying the minimal amount of taxes, they are essentially letting Carchietta walk away with however many millions from the mortgages.

2. Unless the properties had not actually been foreclosed upon yet - those proceedings were in progress, but had a judgment been rendered?

3. But assuming that they were foreclosed, and the city took em for taxes, what does this mean about the status of Carchietta's other properties? Remember, he bundled them together! Is the city now in ownership of more???

Document 4: Mortgage Consolidation Modification and Extension Agreement between 132 Broadway Associates, LLC; Gemma Development Company, LLC; 10 Johnston Street Associates, LLC; RAC Development of Newburgh, LLC; the City of Newburgh Industrial Development Agency AND Manufacturers and Traders Trust Company
File #20060082553, M AG/BK 12218 PG 0565, Recorded/Filed 07/31/2006/14:31:07 [Bold emphasis below is added by The Newburgh Advocate]

WITNESSETH:

WHEREAS, the Mortgagee is the owner and holder for the value of the following Mortgages, together with the notes or other evidences of indebtedness secured thereby, to wit:

1. Mortgage made by Mortgagor to Manufacturers and Traders Trust Company, in the principal sum of $30,000.00 dated May 24, 2005 and recorded in the Orange County Clerk’s Office on June 6, 2005, in Liber 11866 of Mortgages at Page 377, on which there is now due and owing the unpaid principal sum of $30,000.00.

2. Mortgage made by Mortgagor to Manufacturers and Traders Trust Company, in the principal sum of $293,500.00 dated June 23, 2004 and recorded in the Orange County Clerk’s Office on July 14, 2004, in Liber 11554 of Mortgages at Page 911, on which there is now due and owing the unpaid principal sum of $293,500.00.

3. Mortgage made by Mortgagor to Manufacturers and Traders Trust Company, in the principal sum of $293,500.00 dated June 23, 2004, and recorded in the Orange County Clerk’s Office on July 14, 2004, in Liber 11554 of Mortgages at Page 911, on which there is now due and owing the unpaid principal sum of $293,500.00.

4. Mortgage given by the Mortgagor to 132 Broadway Associates, LLC bearing even date herewith in the principal sum of $1,483,000.00 which is intended to be recorded simultaneously herewith.

WHEREAS, the Mortgagor has executed and delivered to the Mortgagee its Restated Non-Revolving Grid Note in the principal sum of $2,100,000.00 which Note is secured by the mortgages referred to and consolidated herein, with interest as stated in said Note and to be paid in accordance with said Note…

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements of the parties, and for the purpose of carrying out the intention above expressed, the Mortgages and the Mortgagor hereby mutually covenant and agree as follows:

That the liens of the said Mortgages, hereinabove mentioned, hereby are spread, consolidated and coordinated so that from and after the date hereof the same are hereby consolidated into one Mortgage covering the premises herein described, running concurrently as one Mortgage, and constituting a single first lien upon the premises mortgage in the amount of $2,100,000.00…

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