HomeMy WebLinkAbout1816 ~ MORTGAGE NO?E
~~j~(,fl ~ ,1974
54,000,000 , j
s
For Value Received, the undersigned, Warren A. McFadden and Mary Ann
McFadden, promise to pa~y on A~ril 1, 1977, to the order of KENTUCKY MORTGAGE
COMPANY, INCORPORATED, a Kentucky corporation, the principal sum of Four Million
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Dollars ($4,000,000), with interest on the unpaid pr~ncipal at the rate as set ~
out hereafter until fully paid with~ut defalcation. Principal and interest ~ ~
shall be paid by the undersigned at the principal office of KENTUCKY MORTGAGE
COMPANY, INCORPORA7ED, 2060 Idle Hour Center, Lexington, Kentucl~?, or at such
other place as the holder may designate in writing, in lawful money of the United
States of America, as follows:
Interest only shall be paid monthly on the first day of the month for
the prior month computed on the average daily outstanding balance of the loan.
7he computation of interest shall be made on the basis of a 360-day year for the
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actual number of da~ys ela~s~ Ring during such month. ~
The rate of interest shall be_determined by adding 4 percentage points
to the "Base Rate" for the month for which interest is being computed ( the
"Interest Period"). The Base Rate for an Interest Period shall be the higher
of the fol l owi ng :
A. The highest prime rate charged by the Manufacturers Hanover Trust
Company of New York to its best credit rated major com~rcial borrowers ~
(its "base rate"} during the month immediately preceding the Interes~ ~
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~ - Period; or
B. The highest "commercial paper (dealer, 90 day)" rate, during the
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r month immediately preceding the Interest Period, as reported by the
Federal Reserve System (H-9 Statistical Release).
Should the aforementioned statistical release be.discontinued, the terni ~
n unsecured corporate ~
"commercial paper (dealer, 90 day) shall be understood to mea ?
notes sold through comnercial paper dealers to investors on the open market and
which have the best credit rating issued by Standard & Poor's Corporation or
NCO/Moody's Investor Services. The rate shall be determined by a nationally
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recognized commercial paper dealer selected by Lender. In no event shall the
~ re than 15X er annum. The Payee shall
~ interest rate be less than 9~ nor mo P
~ rest reserve account on its books and shall credit to such account ~
~r establ~sh an ~nte
~ the sum of $300,000 from the~undisbursed partion of the loan. The amount so credited
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shall not bear interest until advanced for the Maker. Interest payments will be debited~
~ monthl a ainst said account and ~unds so advanced will be credited upon principal
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until the full amount of the reserve account shall hav ~~~P~~~~~ '
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