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until all the outstanding Unsecured Notes have been paid in
full, and then to the unpaid principal amount of the Secured
Notes pro rata to all outstanding Secured Motes according to the
respective unpaid principal amount thereof. All. prepayments of
principal on this Note shall be applied to the installments of
principal specified above in their order of maturity.
MANDATORY PREPAY?1ENTS
The Company convenants and agrees that so long as
the Notes or any portion hereof are outstanding, the Company
will prepay on.June 30, 1982 a principal amount of-the
Notes calculated by multiplying the number of condominium
units in excess of~476 sold and closed by the Company since its
incorporatior. through June 30, 1982 by $5,000 U.S.; and there-
~ after will prepay on June 30 and December 31 of each year
E
corimencirg on December 31, 1982 a principal amount of the notes
calculated by multiplying the number of condominium units sold
and closed by the Company during the six month period ending
on each such date of prepayment by $7,500 U.S. All ?repayments
shall be applied first to the Unsecured votes pro rata to all
outstanding Unsecured Notes according to the respective unpaid
principal amounts thereof until all the Unsecured Notes have
been paid in full, and then to the Secured tdotes fro rata to all
outstanding Secu=ed Votes according to the respective unpaid
orincipal amounts thereof. All orepay^~,ents of principal on
this No*_e shall be applied to the installments of orincipal
- -
soecified above in the order of their maturity.
-3- 80~K~~ ?ACE, IUO
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