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HomeMy WebLinkAbout1707 1 i SCHEDULE B SECOND REPLACEMENT NOTE DUE JUNE 1G, 1982 (Subject to extension to June 10, 1983) T&E UNDERSIGNED (collectively the "Makers"), for value received, hereby promise to pay to MIDLANTIC NATIONAL BANR, a national banking association (the "Payee"), or order on or before June 10, 1982 (the "Original Maturity Date") _ the principal sum of One Million Eighty Nine Thousand Eight Hundred Seventeen and 31/100 Dollars (51,089,817.31) and to pay interest on the unpaid principal amount hereof from the . date hereof 'to maturity at the rate of 8$ per annum, and to pay interest on any overdue principal and interest at a rate f interest per annum equal to the "prime rate" charged from :.ime to time by Payee on 90 day loam to its .most credit worthy customers but in no event to exceed the maximum rate allowed by law (the "Overdue Interest Rate"), in each case- computed as if each full calendar year consisted of 360 days and each full calendar month consisted of 30 days. Such principal and interest shall be payable at the offices of the Payee at 744 Broad Street, Newark, New Jersey 07102, marked: "Costa Loan" or at such other place as the holder may from time to time designate in writing, in lawful money of the United States of America, as follows: (a) interest accrued on the unpaid principal amount of this Second Replacement Note from the d ate hereof shall be payable on , October 1, 1980 and on the first day of each consecutive month thereafter to and including June 1, 1982 and (b) a final payment. of interest and principal shall be payable on the Original Maturity Date, in such amount as to fully pay ' the unpaid balance of the principal amount of this Second ` Replacement Note together with accrued interest thereon, provided however, that if as of the Original Maturity Date no event o~ault hereunder or under the Mortgage referred to below shall have occurred and be continuing and Payee ~ shall have received as a prepayment of this Second Replace- ment Note a sum of not less than 5700,000, then, in such event, the Original Maturity Date shall automatically be extended from June 10, 1982 to and including June 10, 1983 (the "Extension Period") and during- such Extension Period all of the terms and conditions contained in this Second Replacement Note and in the Mortgage referred to below shall remain in full force and effect, except that the Makers hereby promise to pay to Payee during the Extension Period ~ interest on the unpaid principal amount hereof at a rate equal to two percent (28) above the Overdue Interest Rate, such interest to be payable on July 1, 1982 and on the first. day of each consecutive month thereafter to and including ~ June 1, 1983. I Each payment, when paid, shall be applied, first, I BOK~~ PAGE~,~ t .