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Item
1.01
Entry into a Material Definitive Agreement
On April 20, 2017, our wholly-owned subsidiary, Lex-Gen Woodlands, L.P. (“Lex-Gen Woodlands”), entered into a Sixth Amendment to Loan and Security Agreement and to Other Loan Documents (the “Amendment”) with iStar Lex Lender LLC (“Lender”), amending the terms of the Loan and Security Agreement, dated April 21, 2004, between Lex-Gen Woodlands and iStar Financial, Inc. (“iStar”), as previously amended (the “Loan Agreement”)
and certain other related agreements. The rights and obligations of iStar under the Loan Agreement had previously been assigned to Lender.
The Amendment (a) extends the maturity date of the mortgage on our facilities in The Woodlands, Texas from April 2017 to April 2018, (b) obligates us to make certain exit interest payments in the event we prepay the mortgage loan prior to October 10, 2017 and (c) provides that we will maintain liquid assets of at least $50 million. Under the Amendment, the mortgage loan’s monthly payment amount and fixed interest rate are each unchanged and a balloon payment of $13.4 million will be due in April 2018 in lieu of the balloon payment of $15.2 million which was previously due in April 2017.
Item
9.01
Financial Statements and Exhibits
(d) Exhibits
Exhibit No.
Description
10.1
Sixth Amendment to Loan and Security Agreement and to Other Loan Documents, dated April 20, 2017, between Lex-Gen Woodlands, L.P. and iStar
Lex Lender LLC
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Sixth Amendment to Loan and Security Agreement and to Other Loan Documents, dated April 20, 2017, between Lex-Gen Woodlands, L.P. and iStar Lex Lender LLC
Dates Referenced Herein and Documents Incorporated by Reference