Exhibit 10.2
NEW YORK LIFE INSURANCE COMPANY
51 Madison Avenue
New York, NY 10010
December 1, 2023
PR Cherry Hill STW LLC
Cherry Hill Center, LLC
c/o PREIT
2005 Market Street, Suite 1000 Philadelphia,
Pennsylvania 19103
Attn: Andrew Ioannou, EVP, Finance & Acquisitions
Extension of Maturity Date
Dear Andrew:
Reference is made to (i) that certain Promissory Note A-1 dated August 15, 2012, made by PR Cherry Hill STW LLC and Cherry Hill Center, LLC (collectively, “Borrowers”) and payable to New York Life Insurance Company (“Co-Lender A-1”), in the original principal amount of One Hundred Fifty Million Dollars ($150,000,000.00) (“Note A-1”) and (ii) that certain Promissory Note A-2 dated August 15, 2012, made by Borrower and payable to Teachers Insurance and Annuity Association of America (“Co-Lender A-2”; Co-Lender A-1 and Co-Lender A-2 are referred to herein collectively as “Lenders”), in the original principal amount of One Hundred Fifty Million Dollars ($150,000,000.00) (“Note A-2”; Note A-1 and Note A-2, as previously amended through the date hereof, are referred to herein collectively as the “Notes”). Capitalized terms not otherwise defined herein shall have the meanings set forth in the Notes.
The current Maturity Date of the Notes is December 1, 2023. Lenders are willing to grant an extension of the Maturity Date to December 8, 2023 (the “Extended Maturity Date”), provided that (i) Borrowers shall be required to make all monthly payments due under the Notes and other Loan Instruments on December 1, 2023 and (ii) all other terms and conditions contained within the Notes and other Loan Instruments shall continue to be in full force and effect. On the Extended Maturity Date, Borrowers shall pay to Lenders the entire unpaid principal balance of the Notes, together with all interest then accrued thereon pursuant to the Notes and all other Obligations then unpaid pursuant to the Loan Instruments.
The agreement of Lenders to extend the Maturity Date as provided herein shall not be deemed or construed as a course of dealing, a cure of any existing default under the Loan Instruments or a waiver of any rights and remedies of Lender arising under the Loan Instruments, at law or in equity, all of which rights and remedies are expressly reserved by Lenders. All communications with Lenders or any of their respective agents, employees or representatives remain subject to the terms and conditions of that certain pre-negotiation agreement dated as of April 22, 2020.
