SEC Contract Filing

Filing Date: 2025-06-02

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ef20050074_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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 <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>EXHIBIT &#8211; 10.1</u></div>
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 <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><a name="z_Hlk154657106"></a><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>SENIOR PROMISSORY NOTE - $100,000</u></font></div>
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 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">FOR VALUE RECEIVED, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">AMBASE CORPORATION</font> (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">AmBase</font>&#8221; or the &#8220;Company&#8221;) promises to pay, without setoff, deduction or counterclaim of any kind or nature to <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">RICHARD A. BIANCO</font>, his heirs or assigns (collectively, &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Richard A. Bianco</font>&#8221;), the principal sum of <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">ONE HUNDRED THOUSAND NO/100 DOLLARS (US $100,000)</font>, or so much thereof as has been advanced and remains unpaid, to be paid in lawful money of the United States together with interest thereon at a rate
 equal to 6.50% per annum, as follows:</div>
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 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><u>Interest and Maturity Date</u></font>. Interest shall accrue on the outstanding
 principal balance due hereunder commencing on the date hereof and continue until this Promissory Note (the &#8220;Note&#8221;) has been paid in full. Interest shall be calculated on the basis of a year of 360 days and paid for the actual number of days elapsed
 (including the first day but excluding the last day). As used herein the term &#8220;business day&#8221; shall mean a day of the week that is not a Saturday, Sunday or Federal banking holiday. The entire outstanding principal balance due hereunder, all accrued
 interest, and any other charges or fees provided for by this Note shall be and become due and payable from AmBase to Richard A. Bianco upon the first to occur (the &#8220;Maturity Date&#8221;) of the following: (a) within one (1) week after the date the
 Company receives funds from any source, (but specifically <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>excluding</u></font> funds received by the Company by any litigation funding entity to fund any of the 111 West 57<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
 legal proceedings), sufficient to pay all amounts due under this this Note, including all accrued interest thereon, including without limitation, from a settlement of the 111 West 57<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> legal proceedings or (b) May 31, 2028.</div>
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 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><u>Prepayment</u>.</font> AmBase may, at any time and from time to time without premium, penalty or advance notice (written or otherwise) from AmBase to Richard A. Bianco, prepay to Richard A. Bianco all or any portion of the outstanding
 balance under this Note. Any partial prepayment shall not affect the obligation to continue to pay in full the amount outstanding hereunder until the entire unpaid principal balance hereof, along with all accrued interest, if any, and any other
 charges and fees, have been paid in full.</div>
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 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><u>Method and Application of Payment</u>.</font> AmBase shall pay all amounts payable under this Note in cash of immediately available funds: (a) by wire transfer to an account designated by Richard A. Bianco; or (b) if no account has
 been designated, by bank check delivered to Richard A. Bianco at the address for Richard A. Bianco set forth herein or at such other place as may be designated in writing by Richard A. Bianco. All such payments shall be made without setoff,
 deduction or counterclaim. All payments received by Richard A. Bianco under in connection with this Note shall be applied: first, to any charges or fees due under the Note; second, to accrued and unpaid interest; and third, to outstanding and
 unpaid principal due in connection with the Note. AmBase and Richard A. Bianco further agree that amounts due hereunder plus interest can be converted by Richard A. Bianco, at his option, into a litigation funding agreement pari-pasu with any
 litigation funding agreement entered into by the Company with a litigation funding entity.</div>
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