Safe & Green Development Corp. Enters Material Agreement

TL;DR

SGMD just signed a big deal, could mean new debt or obligations.

AI Summary

Safe & Green Development Corp. entered into a material definitive agreement on April 3, 2024. This filing also indicates the creation of a direct financial obligation or an off-balance sheet arrangement for the registrant. The company is involved in real estate and construction.

Why It Matters

This filing signifies a new material agreement, which could impact the company's financial obligations and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or risks that are not yet fully disclosed.

Key Players & Entities

• Safe & Green Development Corp. (company) — Registrant
• April 3, 2024 (date) — Earliest event reported

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 SGD The Nasdaq Stock Market LLC I
• $5,000,000 — issory note, in the principal amount of $5,000,000 (the "LV Note"), issued by LV Holding p
• $50,000.00 — lding agreed to pay an extension fee of $50,000.00. Additionally, the Extension Agreement
• $1,000,000 — issory note, in the principal amount of $1,000,000 (the "2 nd Lien Note"), secured by a re

Filing Documents

• ea0203468-8k_safeand.htm (8-K) — 31KB
• ea020346801ex10-1_safeand.htm (EX-10.1) — 23KB
• ea020346801ex10-2_safeand.htm (EX-10.2) — 9KB
• ea020346801ex10-3_safeand.htm (EX-10.3) — 17KB
• ea020346801ex10-4_safeand.htm (EX-10.4) — 75KB
• ea020346801ex10-5_safeand.htm (EX-10.5) — 24KB
• ea020346801ex10-6_safeand.htm (EX-10.6) — 15KB
• 0001213900-24-031592.txt ( ) — 405KB
• sgd-20240403.xsd (EX-101.SCH) — 3KB
• sgd-20240403_lab.xml (EX-101.LAB) — 33KB
• sgd-20240403_pre.xml (EX-101.PRE) — 22KB
• ea0203468-8k_safeand_htm.xml (XML) — 4KB

01. Entry Into a Material Definitive

Item 1.01. Entry Into a Material Definitive Agreement. On April 3, 2024, LV Peninsula Holding, LLC ("LV Holding"), a Texas limited liability company and wholly owned affiliate of Safe and Green Development Corporation (the "Company"), entered into a Modification and Extension Agreement, effective as of April 1, 2024 (the "Extension Agreement"), to extend to April 1, 2025 the maturity date of the promissory note, in the principal amount of $5,000,000 (the "LV Note"), issued by LV Holding pursuant to a Loan Agreement, dated March 30, 2023. As consideration for the Extension Agreement, LV Holding agreed to pay an extension fee of $50,000.00. Additionally, the Extension Agreement provides for the LV Note's interest rate to be increased to a fixed rate of 17.00%. In addition, pursuant to a loan agreement dated April 3, 2024 (the "2nd Lien Loan Agreement"), LV Holding issued a promissory note, in the principal amount of $1,000,000 (the "2 nd Lien Note"), secured by a revised Deed of Trust and Security Agreement, dated April 3, 2024 (the "Revised Deed of Trust") on the Company's Lake Travis project site in Lago Vista, Texas, a Modification to Real Estate Mortgage, dated April 3, 2024 ("Mortgage Modification"), to the mortgage, dated March 30, 2023, on the Company's McLean site in Durant, Oklahoma,. The 2 nd Lien Note is subordinate to the LV Note. The 2 nd Lien Note requires monthly installments of interest only, is due in full on April 1, 2025, bears interest at fixed rate of 17.00% and may be prepaid by LV Holding at any time without interest or penalty. LV Holding's obligations under the 2 nd Lien Note have been guaranteed by the Company pursuant to a Guaranty, dated April 3, 2024 (the "Guaranty"). The foregoing description of the Extension Agreement, the 2 nd Lien Loan Agreement, the 2 nd Lien Note, Revised Deed of Trust, Mortgage Modification and the Guaranty are qualified in their entirety by reference to the full text of such agreements, copies of which are atta

03 Creation of a Direct Financial Obligation or an Obligation

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 above of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits The following exhibits are filed with this Current Report on Form 8-K: Exhibit Number Exhibit Description 10.1 Extension Agreement, effective April 1, 2024, between LV Peninsula Holding LLC and Austerra Stable Growth Fund, LP 10.2 Loan Agreement, dated April 3, 2024, between LV Peninsula Holding LLC and Austerra Stable Growth Fund, LP 10.3 Promissory Note, issued by LV Peninsula Holding LLC, dated April 3, 2024 10.4 Deed of Trust and Security Agreement, dated April 3, 2024 10.5 Modification to Real Estate Mortgage, dated April 3, 2024 10.6 Guaranty, dated April 3, 2024, as executed by the Company 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) 1

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: April 9, 2024 Safe and Green Development Corporation By: /s/ Nicolai Brune Name: Nicolai Brune Title: Chief Financial Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR