HomeMy WebLinkAbout0985 secondary market morning ofrecing rates in the United 3tates
foc three-month certifiaates of depoait of mq1or United
Stat~s money market banks. The CD Bate shall be
determined weekly by Payee on the basis of reports by
certifieate of deposit dealers to, and pub!:shed by, the
Federal Reserve Bank of New York or, ii such publlcation
shall be w?evailable, on the basis of any otfier sourcea
reasonably selected by Payee, in eithec case adjusted to the
nearest 1/100 of 1% or, if there is no nearest 1/100 of 19~6, to ,
the next highest 1/100 of 19i6. The CD Aate shall change '
Ciieciive iaonaay oi ~aci~ week, ii Peyee determines that the
average, for the three-week perlod ending during the
preceding week, has changed. In the event that the CD Rate
for any period cannot be equitably determined, in the judg-
ment of Payee, the interest rate shall be determined under
clause (a) above.
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 pcincipal sum to Maker,
and continuing on the fitst day of eaeh month thereafter.
Said interest shall be computed on a 360-day basis, but shall
be charged for the aetual number of days within the period
fvr which ir?terest is being charged. At sueh time as interest
is computed at the maximum rate allowed by law and as may
be am~ded from time to time interest shall be computed on
a 365-366 day basis.
During the period of any default or maturity, unuee the terms
of this Note, the interest rate on the entire indebtedness then
outstanding shall be at the rate of the Corporate Base Rate
of interest announced by the Payee from time to time plus
Five percent (59I6) pec annum whieh rate sha;l chat~ge when
and as said corporate base rate is changed (not to exceed the
maximum lawful rate) computed from the date of default
and/~ mgi~~rity An~t ~ntinuing until such default be cured or
the indebtedness evidenced by this Note is paid and sati.sfied
in full. I
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i 4. Mortgagor and Mortgagee have entered into an Agreement to Release
I~ to grant partial releases af Lhe Property encumbered by the Mortgage by abolishing
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~ certain previously agreed-to bases for s anting partial releases, and by agreeing to
grant partial releases on other bsses, all on the conditions and terms as stated therein,
1` to eliminate certain required prepayments of principal and to impose new
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~ requirements for prepayment of principal.
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~ 5. Mortgaga hereby agrees that said Mortgage constitutes a valid
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~ existing first lien upon the Property in favoc of Mortgagee.
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~ 6. The Property described in ihe above Matgage is and shall remain
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~ subject to the ficst and valid lien and encumbrance of said Mortgage, and nothing
~ herein conteined or done shall affect cx be construed ta affect the lien or
encumbrance of the Mortgage or the priority thereof over other liens or
~ encumbrances, or, except as herein eacpressly provided, to release or affect the
liability of any other party or parties whomsoever, who may now or hereafter be liable
~ under or on the accourtt of said Promissory Note and Seeond Promissory Note and/or
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~ the Mortgage.
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