October 18, 2017 11:36 AM ET

Real Estate Management and Development

Company Overview of Comstock Industrial LLC

Company Overview

Comstock Industrial LLC owns and operates real estate property. The company was incorporated in 2016 and is based in Virginia City, Nevada. Comstock Industrial LLC operates as a subsidiary of Comstock Mining, Inc.

1200 American Flat Road

P.O. Box 1118

Virginia City, NV 89440

United States

Founded in 2016

Key Executives for Comstock Industrial LLC

Comstock Industrial LLC does not have any Key Executives recorded.

Comstock Industrial LLC Key Developments

Comstock Industrial LLC Enters into $3.25 Million Loan Agreement

On July 25, 2016, Comstock Industrial LLC consummated a purchase of 98 acres of land and over 257 acre-feet of senior priority water rights in Silver Springs, Nevada. for $3,200,000 and entered into a Loan Agreement, pursuant to which it obtained a loan from the lender in the amount of $3,250,000 for the purpose of purchasing the real property and water rights. The indebtedness under the Loan Agreement is secured by a deed of trust on the property purchased. The Loan Agreement has a term of two years. The indebtedness under the Loan Agreement accrues interest at a rate of 9% per annum for the first year post-closing, 12.5% per annum for the six months that follow the first anniversary of the Loan Agreement and 14% per annum thereafter until such indebtedness is paid in full. Proceeds from the sale of the property securing the loan must be used to repay the indebtedness under the Loan Agreement. In addition, to customary remedies for secured indebtedness on real property, the Loan Agreement allows the lender thereunder to convert the principal amount of the indebtedness into common stock of the Company upon a default. The Guaranty and the Environmental Indemnification and Release Agreement were provided as an inducement to the lender to extend credit to the Borrower. The Company, along with Comstock Mining LLC and Comstock Real Estate Inc., wholly owned subsidiaries of the Company entered into a Guaranty and an Environmental Indemnification and Release Agreement in connection with the Loan Agreement to provide for the absolute, unconditional guaranty of the indebtedness under the Loan Agreement and environmental obligations relating to the property secured thereby.

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