SEC Contract Filing

Filing Date: 2021-08-04

Document Content:
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<TYPE>EX-10.B
<SEQUENCE>3
<FILENAME>cptp-ex10b_9.htm
<DESCRIPTION>EX-10.B
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10 (b)</p>
<p style="text-align:center;margin-top:11pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">LOAN AGREEMENT</font></p>
<p style="margin-top:11pt;margin-bottom:0pt;text-indent:7.74%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">THIS LOAN AGREEMENT ("Agreement") is made this 30<sup style="font-size:85%;line-height:120%;vertical-align:top">th</sup> day of March, 2021, by and between <font style="font-weight:bold;">Bank Rhode Island, </font>a financial institution chartered under the laws of the State of Rhode Island, having a place of business at One Turks Head Place, Providence, Rhode Island 02903, Attn: Commercial Real Estate Lending (the "Bank"), and <font style="font-weight:bold;">Capital Properties, Inc., </font>a Rhode Island corporation, having a principal place of business located at 5 Steeple Street, Unit 303, Providence, Rhode Island 02903 (the "Borrower").</p>
<p style="text-align:center;margin-top:11pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">W IT NE S S E TH:</font></p>
<p style="margin-top:11pt;margin-bottom:0pt;text-indent:7.74%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, Borrower desires to obtain from Bank and Bank desires to extend to Borrower a line of credit in accordance with the terms set forth herein.</p>
<p style="margin-top:11pt;margin-bottom:0pt;text-indent:7.74%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and promises herein contained, the parties hereto agree as follows:</p>
<p style="margin-top:11pt;margin-bottom:0pt;text-indent:7.74%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">DEFINITIONS</font></p>
<p style="margin-top:11pt;margin-bottom:0pt;text-indent:15.48%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">When used herein, the terms set forth below shall be defined as follows:</p>
<p style="margin-top:11pt;margin-bottom:0pt;text-indent:15.48%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.1<font style="margin-left:36pt;"></font>"Advance" shall mean each borrowing by Borrower pursuant to <font style="text-decoration:underline;">Section </font>11-hereof.</p>
<p style="margin-top:11pt;margin-bottom:0pt;text-indent:15.48%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.2<font style="margin-left:36pt;"></font>"Authorized Signer" individually and "Authorized Signers" shall mean Susan Johnson and/or such other persons as Borrower shall designate in writing to Bank.</p>
<p style="margin-top:11pt;margin-bottom:0pt;text-indent:15.48%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.3<font style="margin-left:36pt;"></font>"Borrower Debt Service Coverage Ratio" shall be defined as the ratio of Borrower's Net Operating Income to interest payments due with respect to any obligations of Borrower for the period in question.</p>
<p style="margin-top:11pt;margin-bottom:0pt;text-indent:15.48%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.4<font style="margin-left:36pt;"></font>"Business Day" shall mean any day which is not a Saturday or a Sunday and on which banks in the State of Rhode Island are not authorized or required to close.</p>
<p style="margin-top:11pt;margin-bottom:0pt;text-indent:15.48%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.5<font style="margin-left:36pt;"></font>"Environmental Law" individually and "Environmental Laws" collectively shall mean any and all applicable foreign, federal, state and local environmental, health or safety statutes, laws, regulations, rules, ordinances, policies and rules or common law (whether now existing or hereafter enacted or promulgated), of all governmental agencies, bureaus or departments which may now or hereafter have jurisdiction over Borrower and all applicable judicial and administrative and regulatory decrees, judgments and orders, including common law rulings and determinations, relating to injury to, or the protection of, real or personal property or human health or the environment, including, without limitation, all requirements pertaining to reporting, licensing, permitting, investigation, remediation and removal of emissions, discharges, releases or threatened releases of Hazardous Materials (as hereinafter defined), chemical substances, pollutants or contaminants whether solid, liqu