{"url_path":"/sec/eltp/10-k/2026/item-2","section_key":"item-2","section_title":"Item 2 PROPERTIES**","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-29","source_url":"https://www.sec.gov/Archives/edgar/data/1053369/0001493152-26-031070-index.html","accession_number":"0001493152-26-031070","cik":"0001053369","ticker":"ELTP","issuer_name":"ELITE PHARMACEUTICALS INC /NV/","edgar_url":"https://www.sec.gov/Archives/edgar/data/1053369/0001493152-26-031070-index.html","primary_entity_key":"0001053369","primary_entity_name":"ELITE PHARMACEUTICALS INC /NV/"},"word_count":457,"has_tables":true,"body_markdown":"**ITEM\n2. PROPERTIES**\n\n \n\nWe\nown a facility located at 165 Ludlow Avenue, Northvale, New Jersey (“165 Ludlow”) which contains approximately 15,000 square\nfeet of floor space. This real property and the improvements thereon are encumbered by a mortgage in favor of the New Jersey Economic\nDevelopment Authority (“NJEDA”) as security for a loan through tax-exempt bonds from the NJEDA to Elite. The mortgage contains\ncertain customary provisions including, without limitation, the right of NJEDA to foreclose upon a default by Elite. The NJEDA has declared\nthe payment of this bond to be in default (for more information on the NJEDA Bonds, see Part II, Item 7 “Management’s Discussion\nand Analysis of Financial Condition and Results of Operations; Liquidity and Capital Resources; NJEDA Bonds”). We are currently\nusing the facility as a laboratory, manufacturing, storage, distribution, and office space.\n\n \n\nWe\nown a facility located at 135-137 Ludlow Avenue, Northvale, New Jersey (“135 Ludlow”) which contains approximately 35,000\nsquare feet of floor space. This real property and the improvements thereon are encumbered by a mortgage in favor of East West Bank.\n\n \n\nIn\nOctober 2020, the Company entered into an operating lease for office space in Pompano Beach, Florida (the “Pompano Office Lease”).\nThe Pompano Office Lease is for approximately 1,275 square feet of office space, with Elite taking occupancy on November 1, 2020. The\nPompano Office includes a three month abatement from November 2020 through February 2021 and had an original term of three years, ending\non October 31, 2023. The Pompano Office Lease was extended for one additional year to October 31, 2024. The Pompano Office Lease expired\non October 31, 2024.\n\n \n\nIn\nOctober 2024, the Company entered into an operating lease for office space in Pompano Beach, Florida, at a different location than the\nproperty related to the Pompano Office Lease (the “Pompano Office 2 Lease”). The Pompano Office 2 Lease is for approximately\n1,270 square feet of office space, with the Company taking occupancy on October 1, 2024. The Pompano Office 2 Lease has a term of three\nyears, ending on September 30, 2027.\n\n \n\nThe\nCompany has entered into a lease agreement for approximately 35,000 square feet of floor space in a building located at 144 Ludlow Avenue,\nNorthvale, New Jersey (the “144 Ludlow Ave. Lease”). The 144 Ludlow Ave. Lease began on January 22, 2024, and has a term\nof five years. The 144 Ludlow Ave. Lease will expire on December 31, 2028. The lease terms also include a Company option to extend the\nterm by two years.\n\n \n\nProperties\nused in our operation are considered suitable for the purposes for which they are used, at the time they are placed into service, and\nare believed adequate to meet our needs for the reasonably foreseeable future."}