Town of Hempstead Industrial Development Agency

• Issue Currency: United States of America Dollars
• Announcement Date: 10-Aug-2017
• News: UMB Bank, N.A. is the duly-appointed and acting successor Trustee (the""Trustee"") with respect to the Bonds. Reference is hereby made to (i) that certain Indenture of Trust dated as of March 1,2007 (as amended and supplemented from time to time, the `olndenture"") by and between Town of Hempstead Industrial Development Agency (Town of Hempstead, New York) (the ""Issuer"") and The Bank of New York, as predecessor trustee (the ""Predecessor Trustee""), (ii) that certain Installment Sale Agreement, dated as of Marchl,2007 (as amended and supplemented from time to time, the ""Installment Sale Agreement"") by and between the Issuer and Circulo De La Hispanidad. Inc. (the ""Company""), and (iii) that certain Mortgage and Security Agreement (Construction Costs) and that certain Mortgage and Security Agreement (Project Costs), each dated as of March 1,2007, by a4d among the Issuer, the Company and the Predecessor Trustee (collectively, the "" Mort gage s"").1 Notice is hereby given that several defaults and Events of Default have occurred and are continuing under the Bond Documents. Indeed, as is noted in the Company`s Independent Auditor`s Report dated September 16, 2016, the Company has been in payment default since at least February of 2012.2 The continuing defaults and Events of Default include, without limitation, the following: 1. 2. The failure by the Company to transmit to the Trustee, when due, amounts necessary to fund interest and principal payments on the Bonds, as required by sections 5.03 and 8.01(a) of the Indenture, sections 5.2(b), 5.3(a), 5.3(b), 5.3(e), 5.4 and 10.1(a)(D of the Installment Sale Agreement, section 13(a) of the Mortgages, and section 4.1 of the Guaranty. The failure by the Company to satisfy the Current Ratio Covenant, the Debt Service Coverage Ratio Covenant, the Days Cash on Hand Covenant, the Accounts Payable Covenant, and the Short-Term Indebtedness Covenant pursuant to section 8.23 of the Installment Sale Agreement for each of the testing dates and time periods prescribed therein (historic and current).

• Issue Currency: United States of America Dollars
• Announcement Date: 15-Aug-2018
• News: UMB Bank, N.A. is the duly-appointed and acting successor Trustee (the Trustee) with respect to the Bonds. Reference is hereby made to (i) that certain Indenture of Trust dated as of March 1, 2007 (as amended and supplemented from time to time, the Indenture) by and between Town of Hempstead Industrial Development Agency (Town of Hempstead, New York) (the Issuer) and The Bank of New York, as predecessor trustee (the Predecessor Trustee), (ii) that certain Installment Sale Agreement, dated as of March 1, 2007 (as amended and supplemented from time to time, the Installment Sale Agreement) by and between the Issuer and Circulo De La Hispanidad. Inc. (the Company), and (iii) that certain Mortgage and Security Agreement (Construction Costs) and that certain Mortgage and Security Agreement (Project Costs), each dated as of March 1, 2007, by and among the Issuer, the Company and the Predecessor Trustee (collectively, the Mortgages). PAYMENT OF INTEREST IN THE AGGREGATE AMOUNT OF $250,000 WILL BE MADE ON AUGUST 15, 2018 At the direction of the sole holder of the Bonds, the Trustee will pay $250,000 at a rate of $17.30104 per $1,000 in interest on the Bonds. The amount of interest due on the Bonds is $505,750.00 and the principal outstanding on the Bonds is $14,450,000. Trustee Held Funds As of August 1, 2018, the Trustee holds $ -0- in the Debt Service Reserve. Miscellaneous Prior to any distribution of funds to holders of the Bonds, funds held or received by the Trustee under the Indenture are to be used first for payment of the fees and costs incurred or to be incurred by the Trustee in performing its duties, as well as for any indemnities owing or to become owing to the Trustee. This includes, but is not limited to, compensation for Trustee time spent, and the fees and costs of counsel and other agents it employs, to pursue remedies or other actions to protect the security or other interests of holders of the Bonds. Recent Notices to Holders, the Official Statement and other information concerning the Bonds can be found on the Municipal Securities Rulemaking Board (MSRB) website at www.emma.msrb.org. Holders with questions about this notice should direct them to Lorna Gleason, Senior Vice President, UMB Bank, Corporate Trust & Escrow Services, 120 South Sixth Street, Minneapolis, MN 55402. Ms. Gleasons telephone number is (816) 213-4547 and her email address is lorna.gleason@umb.com. The Trustee may conclude that a specific response to particular inquiries from individual holders is not consistent with equal and full dissemination of information to all holders. Holders should not rely on the Trustee as their sole source of information. The Trustee makes no recommendations and gives no legal or investment advice.