SEC Contract Filing

Filing Date: 2020-08-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>2
<FILENAME>pei-ex106_7.htm
<DESCRIPTION>EX-10.6
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.6</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;letter-spacing:-0.1pt;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">FORBEARANCE AGREEMENT</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;letter-spacing:-0.1pt;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">THIS FORBEARANCE AGREEMENT <font style="font-weight:normal;">(this &#8220;</font><font style="text-decoration:underline;font-weight:normal;">Agreement</font><font style="font-weight:normal;">&#8221;) is made effective as of July&#160;1, 2020, by and among </font>PR CHERRY HILL STW LLC<font style="font-weight:normal;">, a Delaware limited liability company (&#8220;</font><font style="text-decoration:underline;font-weight:normal;">PR Cherry Hill</font><font style="font-weight:normal;">&#8221;), and </font>CHERRY HILL CENTER, LLC<font style="font-weight:normal;">, a Maryland limited liability company (&#8220;</font><font style="text-decoration:underline;font-weight:normal;">Cherry Hill Center</font><font style="font-weight:normal;">&#8221;; PR Cherry Hill and Cherry Hill Center and referred to herein individually and collectively, as the context may require, as &#8220;</font><font style="text-decoration:underline;font-weight:normal;">Borrower</font><font style="font-weight:normal;">&#8221;), </font>PREIT ASSOCIATES, L.P.<font style="font-weight:normal;">, a Delaware limited partnership (&#8220;</font><font style="text-decoration:underline;font-weight:normal;">Guarantor</font><font style="font-weight:normal;">&#8221;), </font>NEW YORK LIFE INSURANCE COMPANY<font style="font-weight:normal;">, a New York mutual insurance company (&#8220;</font><font style="text-decoration:underline;font-weight:normal;">Co-Lender A-1</font><font style="font-weight:normal;">&#8221;), and </font>TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA<font style="font-weight:normal;">, a New York corporation (&#8220;</font><font style="text-decoration:underline;font-weight:normal;">Co-Lender A-2</font><font style="font-weight:normal;">&#8221;; Co-Lender A-1 and Co-Lender A-2, together with their successors and assigns, are referred to herein individually as &#8220;</font><font style="text-decoration:underline;font-weight:normal;">Co-Lender</font><font style="font-weight:normal;">&#8221; and collectively as &#8220;</font><font style="text-decoration:underline;font-weight:normal;">Lender</font><font style="font-weight:normal;">&#8221;).</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;letter-spacing:-0.1pt;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">RECITALS:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;letter-spacing:-0.1pt;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><font style="font-weight:bold;">WHEREAS</font>, Lender made a loan (the &#8220;<font style="text-decoration:underline;">Loan</font>&#8221;) to Borrower in the original principal amount of Three Hundred Million Dollars ($300,000,000.00), as evidenced by that certain Promissory Note A-1 dated August 15, 2012, made by Borrower and payable to Co-Lender A-1, in the original principal amount of One Hundred Fifty Million Dollars ($150,000,000.00) (&#8220;<font style="text-decoration:underline;">Note A-1</font>&#8221;) and that certain Promissory Note A-2 dated August 15, 2012, made by Borrower and payable to Co-Lender A-2, in the original principal amount of One Hundred Fifty Million Dollars ($150,000,000.00) (&#8220;<font style="text-decoration:underline;">Note A-2</font>&#8221;; Note A-1 and Note A-2 are referred to herein individually and collectively, as the context may require, as the &#8220;<font style="text-decoration:underline;">Note</font>&#8221;);</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;letter-spacing:-0.1pt;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><font style="font-weight:bold;">WHEREAS</font>, Borrower&#8217;s obligations under the Note are secured by, among other things, that certain Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing made on August 9, 2012 and effective as of August 15, 2012, from Borrower to Lender, recorded on August 24, 2012 in Book 09648, at Page 0640 in the Public Records of Camden County, New Jersey<font style="font-weight:bold;"> (</font>the &#8220;<font style="text-decoration:underline;">Security Instrument</font>&#8221;), covering certain real property and improvements thereon, more particularly described therein (the &#8220;<font style="text-decoration:underlin