Hubilu Venture Corp 8-K, filed May 10, 2024
Hubilu Venture Corp (HBUV)
About this 8-K
Hubilu Venture Corp filed this 8-K on May 10, 2024, reporting on events of May 9, 2024.
Items reported
- Item 1.01: Entered into a material agreement
- Item 2.01: Completed an acquisition or sale of assets
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Securities registered pursuant to Section 12(b) of the Act:
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| OTC Pink Sheet | ||||
| Preferred | N/A | N/A |
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “forecast” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts. Forward-looking statements are based on management’s current expectations or beliefs about the Company’s future, expectations and objectives. These forward-looking statements are not historical facts and are subject to risks and uncertainties that could cause the actual results to differ materially from those projected in these forward-looking statements including, the general economic climate; the supply of and demand for real properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or the costs may be greater than anticipated and other risk factors that may be described from time to time in the Company’s filings with the Securities and Exchange Commission. Readers of this release are cautioned not to place undue reliance on forward-looking statements contained herein, which speak only as of the date stated, or if no date is stated, as of the date of this Current Report. The Company undertakes no obligation to publicly update or revise the forward-looking statements contained herein to reflect changed events or circumstances after the date of this release, unless required by law.
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Item 1.01 Entry into a Material Definitive Agreement.
(a) On March 22, 2024, Hubilu Venture Corporation (“the Company”), through its subsidiary, Mopane Investments, LLC, a Wyoming Limited Liability Company (“Mopane”) entered into a non-binding purchase agreement (“the Budlong Agreement”) with Miles of Real Estate, Inc. (“Property Seller”) to acquire real property located at 4700 S. Budlong Avenue in Los Angeles. The acquisition for $649,000 closed on May 8, 2024.
The foregoing description of the acquisition of the Budlong Agreement and the transaction contemplated thereby contained herein is qualified in its entirety by reference to the Budlong Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated into this Item 1.01 by reference.
Item 2.01 Completion of Acquisition of Assets.
(a) On May 8, 2024, the Company, through its subsidiary, Mopane Investments, LLC, closed on the acquisition of the real property located at 4700 S. Budlong Avenue in Los Angeles. The property was vacant at the time of purchase. The acquisition was for $649,000. The Mopane purchase is subject to two loans as follows: (1) $594,150 first position note owing by Mopane to Center Street Lending VIII SPE, LLC. (“Center Street”), whose terms of payments due were interest only, payable on unpaid principal at the rate of 10.990% per annum. Interest only payable in monthly installments of $4,983.51 or more on the 1st day of each month beginning on the 1st day of June 2024 and continuing until the 15th day of April 2025, at which time the entire principal balance together with interest due thereon, shall become due and payable. (2) A $175,000 second position note owing by Mopane to Belladonna Lily Investments, Inc. (“Belladonna”), whose terms of payments due were interest only, payable on unpaid principal at the rate of 6% per annum. Interest only payable in monthly installments of $875.00 or more on the 1st day of each month beginning on the 1st day of May 2024 and continuing until the 31st day of March 2029, at which time the entire principal balance together with interest due thereon, shall become due and payable.
The foregoing description of the acquisition of the Budlong Agreement and the transaction contemplated thereby contained herein is qualified in its entirety by reference to the Budlong Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated into this Item 1.01 by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: May 9, 2024 | HUBILU VENTURE CORPORATION | |
| By: | /s/ David Behrend | |
| Name: | David Behrend | |
| Title: | Chief Executive Officer | |
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EXHIBIT INDEX
| Exhibit Number | Description | |
| 10.1 | Purchase Contract, dated March 22, 2024 among Mopane Investments, LLC and Miles of Real Estate, Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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Exhibit 10.1
