HomeMy WebLinkAbout1772 until all the outstanding Unsecured Notes hive been paid in
full, and then to the unpaid principal amount of the Secured
Notes pYo rata to all outstanding Secured Votes according to the
respective unpaid principal mount thereof. All prepay:nerts of
principal on this Note shall be applied to the installments of
principal specified above in their order of maturity.
MA.3DATORY PREPAYMENTS
The Compan.~ convenants and agrees that so long as
t:~e Notes or any portion hereof are outstanding, the Comoany-
will prepay on June 30, 1982 a principal amount of tha
Notes calculated by multiplying the number of condominium
units ir_ excess of 475 sold and closed by the Company since its
incorporation through June 30, 1982 by 55,000 U.S.; and there-
of ter will prepay on June 30 and Dece:~ber 3t of each year
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commencing on December 31 , 1982 a principal amount of the `Iotes
calculated by multiplying the number of condominium units sold
€ and closed by the Co:~pany during the six montF period encino
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on each such date of prepayment by 57,500 U.S. All ?repayments
shall be appliefl first to the Unsecurec Notes pro rata to x.11
outstanding Unsecured Notes according to the respective unpaid
erincipal amounts thereof until all the Unsecured :cotes have
beer. Raid is full, and then to the Secured Notes pro =ata to all
outstanding Secu=ed Notes according to the rzspective uroaid
principal a?~ounts thereof. AlI areaay:nents of principal on
this Vote shall be apo_lien to the i:.stalhents of orinci~aZ
s:.ecifiec above is t'ne order of their ;natcrity.
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