6.	Loans Payable

The Company secured a non-revolving credit line for up to

$3,000,000

(the “Original Line”) with a bank, which closed on

March 21, 2018.

The original line included an interest only phase for the

first

eight

months of the loan (as amended the “Interest-Only Phase”). The Company amended and extended the Original Line which included extending the conversion date of the Interest-Only Phase to the earlier of

April 30, 2021

or upon drawing down a total of

$3,000,000

after which it automatically converts to a permanent loan maturing on the earlier of

April 30, 2028

months after conversion to a permanent loan (the “Permanent Phase”). The interest rate, per the latest modification, during the Interest-Only Phase is a variable rate equal to the daily highest prime rate published by the Wall Street Journal plus

150

basis points (

1.5%

rounded up to the nearest

1/8

percent), adjusted daily, but shall

not

be less than

4.75%.

During the Permanent Phase, the Company will pay interest at a fixed rate based on the Federal Home Loan Bank rate for a

-year maturity as made available by the Federal Home Loan Bank of New York plus a margin of

200

basis points (

) rounded up to the nearest

1/8

percent, but shall

not

be less than

3.85%,

plus principal based on a

-year amortization period. The Permanent Phase interest rate currently would be

3.85%.

The

first

advance of

$1.1

million was used to finance the tenant improvements pursuant to the amended and expanded signed lease with Stony Brook University Hospital (“SBU Hospital”). An additional advance of

$1.1

million was drawn on

March 29, 2019

to finance the buildouts on leases signed through

December 31, 2018.

The balance of the loan can be drawn upon for improvements to be completed by the Company, as landlord, pursuant to future leases with the State University of New York or institutions affiliated with it (or other tenants subject to the bank's approval) anytime during the Interest-Only Phase.

To secure access to additional working capital through the final sale date of the Flowerfield industrial buildings, the Company secured a

second

loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to

$3,000,000,

which closed on

January 24, 2019.

This loan included an interest only phase for the

first

twenty-four

months of the loan (“Interest-Only Phase”) after which it automatically converts to a permanent loan maturing on

January 20, 2028 (

months after conversion to a permanent loan) (the “Permanent Phase”). The Company amended and extended the line which included extending the conversion date of the Interest-Only Phase to the earlier of

May 20, 2021

or upon drawing down a total of

$3,000,000

after which it automatically converts to a permanent loan maturing on the earlier of

May 20, 2028

months after conversion to a permanent loan. The interest rate during the Interest-Only Phase shall be a variable rate equal to the daily highest prime rate published by the Wall Street Journal plus

100

basis points (

rounded up to the nearest

1/8

percent), but in

event less than

4.75%.

During the Permanent Phase, the Company will pay interest at a fixed rate based on the Federal Home Loan Bank rate for a

-year maturity as made available by the Federal Home Loan Bank of New York plus a margin of

200

basis points (

) rounded up to the nearest

1/8

percent, but shall

not

be less than

3.85%,

plus principal based on a

-year amortization period. The Permanent Phase interest rate currently would be

3.85%.

Pursuant to the terms of the loan, the bank is in the process of converting the loan to a permanent loan following the drawdowns of

$1,580,068,

$1,000,000

and

$419,932

2019,

2020

and

January 2021,

respectively.

Both lines are secured by approximately

31.8

acres of the Flowerfield Industrial Park including the related buildings and leases. As of

December 31, 2020,

the Company is in compliance with the loan covenants. The Company anticipates modifying the terms of the loans following the completion of the subdivision so that the loans remain secured by the subdivided industrial park lot only.

To secure access to additional working capital, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”) secured a loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to

$2,500,000

which closed on

July 16, 2020.

The term is

months, with an option to extend for an additional

months. The interest rate is a variable rate equal to the daily highest prime rate published by the Wall Street Journal plus

100

basis points (

), rounded up to the nearest

1/8

percent, but in

event less than

four

and

three

quarters percent (

4.75%

). The terms of the loan originally limited access to certain amounts, contingent upon GSD Cortlandt securing purchase agreements for

one

or both Cortlandt Property lots. On

February 22, 2021,

the loan was amended to remove such limitation on draws. Advances of

$379,765

and

$670,235,

were drawn at closing and on

January 28, 2021,

respectively. Under the line, a balance of

$1,450,000

is available at the Lender's discretion.

The line is secured by the Cortlandt property (

13.8

acres) and cross collateralized by

31.8

acres of the Flowerfield Industrial Park including the related buildings and leases. The Company anticipates modifying the terms of the loans following the completion of the subdivision so that the loans remain cross collateralized by the subdivided industrial park lot only.

The loans payable mature upon the earlier of the sale of the Flowerfield Industrial Park or as follows:

Years Ending December 31,
2021	$	99,913
2022		545,562
2023		172,295
2024		179,046
2025		186,063
Thereafter		3,976,954
Total	$	5,159,833