Item 1.01 Conclusion of a Material Definitive Agreement.

At August 19, 2021, NETREIT DUBOSE MODEL HOME REIT, LP, a Delaware limited partnership (“NetREIT Dubose”), NETREIT MODEL HOMES, INC., a Delaware
company, formerly NETREIT MODEL HOMES, LLC (“NMH”), DUBOSE MODEL HOME INVESTORS # 202 LP, a California limited partnership (“Dubose # 202”), DUBOSE MODEL HOME INVESTORS # 203 LP, a California limited partnership (“Dubose # 203”), DUBOSE MODEL HOME INVESTORS # 204, LP, a California limited partnership (“Dubose # 204”), DUBOSE MODEL HOME INVESTORS # 205, LP, a California limited partnership (“Dubose # 205”), and DUBOSE MODEL HOME INVESTORS # 206, LP, a California limited partnership (“Dubose # 206”, and together with NetREIT Dubose, NMH, Dubose # 202, Dubose # 203, Dubose # 204 and Dubose # 205 collectively, “Borrowers”), and
IBERIA BANK, a division of First Horizon Bank (“Lender”) entered into the ninth rider (“Rider”) to its loan agreement, dated Feb. 26, 2016, which was previously amended by the first eight amendments dated March 14, 2016,
June 29, 2016, April 11, 2017, Feb. 20, 2018, April 11, 2018, April 11, 2019, May 22, 2020 and June 26, 2020 (as amended, the “Loan Agreement”).

Under the Loan Agreement, PRESIDIO REAL ESTATE TRUST, INC., a Maryland
company, formerly NETREIT, INC. (the “Company”) signed a guarantee agreement dated Feb. 26, 2016 (the “Guarantee Agreement”) by virtue of which it guaranteed to the Lender the payment and performance of the obligations under the Loan Agreement.

The amendment provides for a $ 30 million loan, less the principal amount outstanding under this separate loan agreement as of February 15, 2021
between the lender and NMH. The Loan relates to the principal unpaid of any advance bears interest before maturity at a fixed rate per year equal to the lesser of (a) the maximum rate authorized under Texas law, or (b) the greater of (i) three percent (3.00%) per annum and (ii) the sum of the index rate then in effect on the date the borrower directs the lender to fix the interest rate for an impending advance plus two and a quarter percent (2.25%); provided, however, that such fixing of the interest rate is not effective for more than thirty (30) days and upon the expiration of such thirty (30) day period, the index rate will be reset. five (5) working days before the date of this advance. The amendment provides for a termination date of August 17, 2022.

Under the terms of the Loan Agreement, the Lender agrees to make periodic advances to the Borrower from time to time with the proceeds of such advances being used for the borrower’s purchase of model homes approved by the Lender at its reasonable discretion. Principal amounts under the loan agreement will be amortized over a period of 20 years. Each advance made by the Lender to the Borrower will be equal to or less than: (a) 70% of the lesser of the appraisal or purchase price of the Model Home purchased by the Borrower with the proceeds of that advance, and (b) the amount which would cause the lease payment coverage ratio (as defined in the loan agreement) for such an advance to be equal to (but not less than) 1.25 to 1.00. For each advance made by the Lender to the Borrower, the Borrower will pay an origination charge of 1.0% of the amount of such advance. The Borrower will give the Lender a first priority lien on each Model Home or the lease of each Model Home as part of the advance to the Borrower to acquire such Model Home.

If an Event of Default occurs, the Lender will have the right to take various actions, including a late interest rate, acceleration of amounts due under the loan, and foreclosure of any lien granted to the Lender to secure the loan. payment and performance of obligations under the loan agreement. .

The above summary of the Loan Agreement and the Addendum is qualified in its entirety by reference to the Loan Agreement and the Addendum, copies of which are attached hereto as Schedules 1.1 and 1.2. and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

Information set out in response to Item 1.01 of this Form 8-K is incorporated by reference in response to this Item 2.03.

Item 8.01 Other Events.


A copy of the press release issued by the Company announcing the Amendment is included as Exhibit 99.1 of this current report on Form 8-K.

Item 9.01 Financial statements and supporting documents.


(d) Exhibits



Exhibit No.   Description

1.1             Ninth Amendment to Loan Agreement singed August 19, 2021.
1.2             Loan Agreement dated February 26, 2016, together with Second
              Amendment to Loan Agreement dated as of June 29, 2016, Third
              Amendment to Loan Agreement dated as of April 11, 2017, Joinder and
              Fourth Amendment to Loan Agreement dated as of February 20, 2018,
              Fifth Amendment to Loan Agreement dated as of April 11, 2018,
              Joinder and Sixth Amendment to Loan Agreement dated as of April 11,
              2019, Joinder and Seventh Amendment to Loan Agreement dated as May
              22, 2020 and Eighth Amendment to Loan Agreement dated as of June 26,
              2020.
99.1            Press Release, dated August 20, 2021.
104           Cover Page Interactive Data File (embedded within the Inline XBRL
              document)

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