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a plications have not been ruled upon, the Initial Payment Date
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.~yk-be extended until the earlier of the third anniversary of this
Note or issuance of the first such building permit.
Interest on the Initial Principal Sum at the rate of
seven and one half percent (7.5$) per annum shall be payable on
the Sth day of each March and September beginning September 5,
1981. Ort the Initial Payment Date, any accrued but unpaid
interest on the Initial Principal Sum shall be due and payable in
addition to the Initial Principal Sum.
On the Ini~ial Payment Date, the Initial Principal Sum
shall be adjusted as follows, automatically and without necessity
of notice or action by the holder of this Note:
(i) If as of the Initial Payment Date Governmental
Approvals have been issued for construction on the
Property of fewer than 2,0(30 residential units, the
Initial Principal Sum shall be reduced by Four Thousand
and No/100 Dollars ($4,000.00) multiplied by the
difference between 2,000 and the number of units for
which Governmental Approvals have been issued, but in no
event shall the Initial Principal Sum be reduced below
Seven Million and No/100 Dollar's (S7,000,000.00).
(ii) If as of the Initial Payment Date Governmental
Approvals have been issued for construction on the
Property of more than 2,000 residential unfts, the
Initial Principal Sum shall be increased by Three
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