filed: rockland county clerk 04/24/2012
INDEX NO. 032168/2012
FILED: ROCKLAND COUNTY CLERK 04/24/2012
NYSCEF DOC. NO. 1
RECEIVED NYSCEF: 04/24/2012
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF ROCKLAND
In the Matter of the Application of
Yeshiva of Spring Valley Inc.. ,
a New York Religious Corporation,
For Leave to Mortgage Petitioner’s Property
At 142 Grandview Avenue, Monsey, NY 10952
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 10952.
2. 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,
1944. 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 510-511 and Religious Corporation Law Section 12 for leave to mortgage its real
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 10952 and is more particularly described on Exhibit “C” (hereinafter
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 10952 (the “Boys
Building”) and is currently constructing a new campus at 121 College Road, Monsey, NY
10952 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 $1,000,000.00 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 10952. A copy of both the Term Sheet and the Commitment are annexed as Exhibit
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.
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, 2012. 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.
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
Dated: April ______
YESHIVA OF SPRING VALLEY BOARD
8 Underwood Road Monsey, NY 10952
Chairman of The Board
55 Lyncrest Drive Monsey, NY 10952
28 Parker Boulevard Monsey, NY 10952
5 Langeries Drive Monsey, NY 10952
22 Parker Blvd Monsey, NY 10952
5 Woodwind Lane New Hempstead, NY 10977
7 Tauber Terrace Monsey, NY 10952
8 Barrie Drive Spring Valley, NY 10977
43 Mariner Way Monsey, NY 10952
3 Bedford Road Monsey, NY 10952
9 Parker Blvd Monsey, NY 10952
Moshe Aron Newhouse
11 Moccasin Place Monsey, NY 10952
8 Voyager Court Monsey, NY 10952
45 Parker Boulevard Monsey, NY 10952
8 Parker Boulevard Monsey, NY 10952
5 Bridle Road Spring Valley, NY 10977
36 Skylark Drive Spring Valley, NY 10977
14 Tammy Road Spring Valley, NY 10977
15 Judith Lane Monsey, NY 10952
46 N Quince Ln Monsey, NY 10952-1528
38 Mariner Way Monsey, NY 10952
5 Amsterdam Avenue Monsey, NY 10952
Board of Directors