FILED: ROCKLAND COUNTY CLERK 04/24/2012 INDEX NO /2012 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 04/24/2012

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1 FILED: ROCKLAND COUNTY CLERK 04/24/2012 INDEX NO /2012 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 04/24/2012 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF ROCKLAND X In the Matter of the Application of Yeshiva of Spring Valley Inc.., a New York Religious Corporation, Petitioner, For Leave to Mortgage Petitioner s Property At 142 Grandview Avenue, Monsey, NY X Index No. VERIFIED PETITION TO THE SUPREME COURT OF THE STATE OF NEW YORK; The Petition of Yeshiva of Spring Valley Inc., a New York religious corporation, respectfully shows to this Court as follows: 1. The name of the petitioner is Yeshiva of Spring Valley Inc.., a Religious Corporation incorporated under the Religious Corporation Law of the State of New York. The principal place of business of said corporation is 230 Maple Avenue, Monsey, NY Petitioner is an Orthodox Jewish congregation, which holds religious and educational services and related activities. Petitioner was incorporated for religious purposes by Certificate of Incorporation filed in the Rockland County Clerk s Office on January 18, A copy of Petitioner s Certificate of Incorporation, as well as the by-laws, are annexed as Exhibit A. 3. Petitioner brings this proceeding pursuant to New York Not-for-Profit Corporation Law Section and Religious Corporation Law Section 12 for leave to mortgage its real property.

2 4. The names of Petitioner s officers and trustees are attached hereto as Exhibit B. 5. The real property of Petitioner, which it desires to mortgage, is known as 142 Grandview Avenue, Monsey, NY and is more particularly described on Exhibit C (hereinafter the Premises ). 6. Petitioner operates an elementary school and has separate campuses for boys and girls. The boys are located in a leased campus at 230 Maple Avenue, Monsey, NY (the Boys Building ) and is currently constructing a new campus at 121 College Road, Monsey, NY to replace the Boys Building. Petitioner is in need of funds to complete the construction and anticipates receiving an interest-free loan from The Avichai Foundation. One of the requirements of such interest-free loan is for Petitioner to obtain a commercial Letter of Credit. Petitioner had originally obtained a term sheet (the Term Sheet ) and has since obtained a Commitment for a Letter of credit (the Commitment ) from Chase Bank (the Lender ) dated April 19, 2012, under which Lender has agreed to extend a Letter of credit to Petitioner in the sum of $1,000, for a term of 6 years, at a rate of 0% interest, secured by the owner-occupied commercial building at 142 Grandview Avenue, Monsey, NY A copy of both the Term Sheet and the Commitment are annexed as Exhibit D. 7. Additionally, Petitioner will incur the expenses of mortgage closing costs, title company charges, recording fees, attorneys fees and other legal costs and expenses in connection with securing funds from Lender.

3 8. A statement of Petitioner s assets and liabilities is annexed as Exhibit E. 9. A special meeting of the Board of Trustees of the Petitioner was held on March 11, 2012 upon due notice and 16 of a total 22 Trustees were present. At the meeting, the resolution pertaining to the proposed mortgaging of the Premises was voted upon and 14 Trustees approved, 1 abstained, and 1 voted against. A copy of the minutes of the meeting of the Board of Trustees authorizing the mortgage is annexed as Exhibit F. The mortgaging of the Premises was then duly approved at a meeting of the membership of Petitioner at a meeting also held on March 11, A majority of the duly qualified voters of said organization were present and voted. Out of a total of 22 members, 16 members attended the meeting, being more than a quorum. At the meeting, 14 members voted in favor of the resolution, 1 abstained, and 1 voted against. A copy of the minutes of meeting is annexed hereto as Exhibit G. It should be noted that while resolutions were passed prior to the issuance of the Commitment, the Term Sheet reflected substantially the same deal. 10. Section 12 of the Religious Corporation Law of the State of New York has been complied with in all respects. 11. It is respectfully submitted that the proposed mortgaging of the Premises is fair and reasonable to the Petitioner, and it would be in the best interest of the Petitioner herein that the within application be granted. 12. No dissolution of Petitioner is intended by this application.

4 13. No previous application for the relief being sought herein has been made. WHEREFORE, your Petitioner respectfully prays for a Court Order: A. Authorizing Petitioner to secure funds by way of a mortgage in the sum of One Million ($1,000,000.00) Dollars pursuant to the terms thereof B. Authorizing Petitioner through its officers or trustees to execute the mortgage documents and closing instruments, and to pay out of the mortgage proceeds the closing costs, attorney fees, title company charges and all other incidental expenses and disbursements in connection with the mortgage on the aforesaid Premises. C. Granting Petitioner such other and further relief as to this Court may seem just and proper. Dated: April, 2012

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6 EXHIBIT A

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32 EXHIBIT B

33 YESHIVA OF SPRING VALLEY BOARD President Yisroel Orzel 8 Underwood Road Monsey, NY Chairman of The Board Leibi Grohman 55 Lyncrest Drive Monsey, NY Vice Presidents Nathan Schwab 28 Parker Boulevard Monsey, NY Yitzchak Sperka 5 Langeries Drive Monsey, NY Treasurer Uri Koenig 22 Parker Blvd Monsey, NY Secretary Motty Shulman 5 Woodwind Lane New Hempstead, NY Executive Board Shmuel Englard 7 Tauber Terrace Monsey, NY Yisroel Hartman, 8 Barrie Drive Spring Valley, NY Yosef Himy 43 Mariner Way Monsey, NY David Newman 3 Bedford Road Monsey, NY Board of Directors Asher Anisfeld 9 Parker Blvd Monsey, NY Daniel Breiner 11 Moccasin Place Monsey, NY Tuly Buchinger 8 Voyager Court Monsey, NY Shmuel Epstein 45 Parker Boulevard Monsey, NY Ezzy Katz 8 Parker Boulevard Monsey, NY Moshe Lazarus 5 Bridle Road Spring Valley, NY Moshe Mindick 36 Skylark Drive Spring Valley, NY Moshe Aron Newhouse 14 Tammy Road Spring Valley, NY Tuvia Rotberg 15 Judith Lane Monsey, NY Meir Silberberg 46 N Quince Ln Monsey, NY Aryeh Weinreb 38 Mariner Way Monsey, NY Nechemiah Zweig 5 Amsterdam Avenue Monsey, NY 10952

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