{"url_path":"/sec/mays/8-k/2026-05-15/item-1-01","section_key":"item-1-01","section_title":"Item 1.01 Entry into a Material Definitive Agreement.**","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/54187/0001206774-26-000284-index.html","accession_number":"0001206774-26-000284","cik":"0000054187","ticker":"MAYS","issuer_name":"MAYS J W INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/54187/0001206774-26-000284-index.html","primary_entity_key":"0000054187","primary_entity_name":"MAYS J W INC"},"word_count":638,"has_tables":true,"body_markdown":"**Item 1.01 Entry into a Material Definitive Agreement.**\n\n** **\n\nOn May 12, 2026, J.W. Mays, Inc. (the \"**Company**\") entered into\na loan agreement with Beacon Bank & Trust, a Massachusetts Trust Company (the “**Lender**”) wherein the Company has\nobtained a loan (the “**Loan**”) secured by a first lien mortgage on the Company’s property at Fishkill, New York\non Route 9 at Interstate Highway 84 (the “**Fishkill Property**”). The Company borrowed a principal amount of $8,000,000,\nor such lesser sum as shall have been advanced pursuant to that certain Non-Revolving Line of Credit and Building Loan Mortgage Note between\nthe Company and Lender, dated May 11, 2026 (the “**Mortgage Note**”), plus interest, in the amounts and in the manner as\ndescribed below.\n\n \n\nFrom May 12, 2026 through May 11, 2027 (the “**Advance Period**”),\nthe Company shall pay interest on the outstanding principal balance of the Loan (the “**Principal**”) from the date of\nadvance until the Principal is paid in full, at a floating interest rate equal to (i) the WSJ Prime Rate established by the Lender, as\nthe same may be adjusted from time to time (the “**Index**”) plus (ii) 100 basis points per annum (the “**Applicable\nInterest Rate**”), subject at all times to a “Minimum Interest Rate” of 7.25% per annum.\n\n \n\nCommencing on May 12, 2027 and terminating on May 1, 2036 (the “**Maturity\nDate**”), the Company shall pay principal and interest on the outstanding Principal advanced pursuant to the Loan Agreement amortized\nover 25 years until the Principal is paid in full, at the interest rate determined based upon an “**Index**.” The Index\nis determined by the weekly average yield on Federal Home Loan Bank of Boston Fixed Rate Advance Rate index adjusted to a constant maturity\nof five years. Before each Change Date, the Lender will determine the interest rate chargeable as of such Change Date by adding 225 basis\npoints to the Current Index (as defined in the Mortgage Note), subject at all times to a minimum interest rate of 6.00%. Interest is calculated\npursuant to the “Actual/360” method of interest calculation based on the actual number of calendar days during the month for\nwhich interest is being calculated.\n\n \n\nThe Company is required to maintain its business operating account and tenant\nsecurity accounts with the Lender with minimum required balances in the amount of $1,000,000 while the Loan remains outstanding. Furthermore,\nan interest reserve account was established at the closing with $350,000 deposited by the Company with the Lender to satisfy payments\nduring the Advance Period (the “**Interest Reserve**”). The Company is required to replenish the Interest Reserve if the\nbalance falls below $75,000. The Mortgage Note is subject to other customary covenants, representations and warranties.\n\n \n\nUpon an Event of Default (as defined in the Mortgage Note), the Company shall\nbe required to pay interest on the Principal at a rate equal to the Applicable Interest Rate plus 5.00%, or at the maximum rate permitted\nby law. The Principal may be prepaid in part or in whole, subject to a Prepayment Penalty ranging from 1.00% to 3.00% beginning May 11,\n2027 through the Maturity Date.\n\n \n\nThe Company was advanced an estimated $2,000,000 at closing of the Loan and\nintends to use the proceeds (less the Interest Reserve and transactions expenses) to construct expansion rentable space at the Fishkill\nProperty for an existing tenant. The Company cannot be certain if and when such proceeds will be applied. The Company expects to draw\ndown on the entire $8,000,000 before the Fishkill Property expansion project is completed. The Company cannot be certain of the timing\nand amounts of those draw downs.\n\n \n\nThe foregoing description does not purport to be complete and is qualified\nin its entirety by the Mortgage Note, which has been filed as Exhibit 10.1 attached hereto, and is hereby incorporated by reference into\nthis Item 1.01."}