AMREP CORPORATION (NYSE:AXR) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement.
Reference is made to Note 7 to the consolidated financial statements contained in the annual report on Form 10-K of AMREP Corporation for the year ended April 30, 2019, which was filed with the Securities and Exchange Commission on July 26, 2019, regarding the Business Loan Agreement entered into in July 2018 between Main Bank (“Lender”) and Hawksite 27 Development Company, LLC (“Borrower”), a subsidiary of AMREP Corporation, in which Lender agreed to lend up to $1,800,000 to Borrower on a non-revolving line of credit basis to partially fund the development of certain residential lots within the Hawk Site subdivision. Borrower has repaid all outstanding amounts due to Lender under such loan and, on August 23, 2019, the loan was terminated.
About AMREP CORPORATION (NYSE:AXR)
Amrep Corporation is a holding company. The Company, through its subsidiaries, operates through two segments: real estate operations and fulfillment services. The Company conducts its real estate business through AMREP Southwest Inc. (AMREP Southwest) and its subsidiaries, with its activities occurring primarily in the City of Rio Rancho and certain adjoining areas of Sandoval County, New Mexico. The real estate operations include land sales and lease activities. Its fulfillment services is offered through its subsidiary Palm Coast Data LLC (Palm Coast) and its affiliates. Its fulfillment services business performs fulfillment and contact center services, including subscriber list and database management, payment and order processing and accounting, subscriber mailing services, customer service and contact center management, data processing and business intelligence solutions, print and digital marketing solutions, and product fulfillment warehousing, processing and distribution.