HomeMy WebLinkAbout1744 Interest only at a rate per annum which shall be equal to the
corporate base rate of interest announced by the Payee from
time to time, which interest rate shall change when and as
said corporate base rate shall change, but in no event shall
interest be less than Thirteen percent (13916) per annum, and
in no event shall interest be more than Fifteen percent (15916)
per annum.
Interest shall be payable monthly in arrears on the first day
of each month, commencing on the first day of the month
ensuing after the first advance of the principal sum to Maker,
and continuing on the first day of each month thereafter.
Said interest shall be computed on a 360-day basis, but shall
be charged for the actual number of days within the period
for which interest is being charged. At such time as interest
is computed at the maximum rate allowed by law and as may
be amended from time to time interest shall be computed on
a 365-366 day basis.
During the period of any default or maturity, under the terms
of this Note and/or the Loan Agreement, the interest rate on
the entire indebtedness then outstanding shall be at the rate
of Fifteen percent (1590) per annum, computed from the date
of default and/or maturity and M?ntinuing until such default
be cured or the indebtedness evidenced by this Note is paid
and satisfied in full.
The entire unpaid principal balance of this Note and all
interest accrued thereon, not heretofore paid, and all other
sums payable hereunder, shad be due and payable in full on
the 1st day of December, 1981.
The Second Promissory Note provides for the identical rate described above.
7. Assuming Mortgagor hereby agrees that said Mortgage constitutes a
valid existing first lien upon the Property in favor of Mortgagee.
8. Assuming Mortgagor executes this instrument with full knowledge
and understanding that Mortgagee, by this instrument, releases said Mortgagor from
its respective liabilities for said obligations, and that such release does not and will
not in any way affect, impair or diminish Assuming ,Mortgagor's assumed liability for
said obligations or the validity of the lien thereof.
9. Assuming Mortgagor hereby assumes and agrees to pay and perform
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~ all of said indebtedness evidenced by the original Promissory Note and the Second
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~ Promissory Note, together with such amendments thereof, if any, as herein set forth.
10. The Mortgagee, in consideration of Assuming Mortgagor assuming the
payment of the Promissory Note and Second Promissory Note, and the rights, duties
and obligations as Borrower under the Loan Agreement and Loan Documents, does
hereby forever release and discharge from all liability and responsibility for the
payment of the aforesaid Promissory Note and Second Promissory Note, and Mortgage,
and the indebtedness represented thereby, and releases and discharges the Mortgagor
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3 and its General Partner, GORC, and its Limited partner from any of their obligations,
liabilities and duties under the Loan Agreement and Loan Documents. Assuming
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