HomeMy WebLinkAbout0939 one-half of one percent (1/2 of the then outstanding principal
balance of the loan, which notice and payment shall be delivered
to Lender prior to April 20, 1985. Provided there is no default `
under the terms of this Note or any of the Loan Documents
securinq this Note, Maker, at Maker's option, may extend the
maturity date of this Note for a second period of three (3)
months (the "Second Option") until November 20, 1985, by qivinq
Lender written notice of its intent to exercise its Second Option
and simultaneously payinq to Lender an amount equal to one half
of one percent (1/2 8) of the then outstandinq principal balance
of the loan, which notice and payment shall be delivered to
Lender prior to July 20, 1985. If Maker shall exercise either or
bo~h of its options as stated hereinabove all terms and
conditions of this Note shall remain the same during such
exten3ion period.
All delinquent payments of principal and interest shall bear
interest after the due date until paid at the "Default Rate" as
said term is hereinafter defined, and, in addition thereto, a
late charge of five cents ($.05) for each dollar of any install-
ment of interest in arrears shal~l be due and payable immediately
upon the demand of the holder hereof and shall be secured by the
Mortgage. As used herein, the term "Default Rate" shall mean a
per annum interest rate equal to twenty-five percent (25$) per
annum. .
Maker does further covenant and promise well and truly to~
abide by and comply with each and every covenant and condition
set forth in this Note, the Mortgage securinq_ this Note (the
"Mortgaqe"), the Proceeds Agreement and the Loan Agreement, all
of even date herewith, given by Maker to Lender, toqether with
all other documents given by Maker to Lender in connection with
the Loan (collectively, the "Loan Documents") and agrees that any
default under any of the Loan Documents shall also be a default
hereunder. The terms and provisions of the Loan Documents are
incorporated herein by reference.
Nothing herein contained, nor any transaction related
; ~ hereto, shall be construed or so operate as to require Maker, or
i any other person liable for repayment of same, to pay interest at
~ a greater rate than is now lawful in such case to contract for,
; or to make any payment, or to do any act contrary to law. Should
C any interest or other charges paid by Maker, or parties liable
~ for the payment of this Note, in connection with the Loan, or the .
€ Mortgage securing the payment of this Note, or any other document -
- delivered in connection with the Loan, result in the computation
~ or earning of interest in excess of the maximum rate of interest
~ which is legally permitted under the laws of the applicable
~ jurisdiction, then any and all excess shall be and the same is.
hereby waived by Lender or the holder hereof, and any and all
` such excess shall be automatically credited against and in
~ reduction of the balance due under this indebtedness, and the '
~ portion of said excess which exceeds the balance due under this '
~ indebtedness shall be paid by Lender or the holder hereof to
~ Maker and parties liable for the payment of this Note. If any
clause or provision herein contained shall be unenforceable under
~ applicable law, in whole L= in part, then such clause or provi-
~ sion or part thereof shall only be held for naught as though not
~ contained herein and the remainder of this Note shall remain
opera*_ive and in full force and effect.
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~ In the even~ of any default hereunder or under any of the
Loan Documents, the entire principal indebtedness evidenced
hereby, together with all arrearages of interest hereon and other
sums due hereunder and under the Loan Documents shall, at the
option of Lender or the holder hereof, become due and payable
immediately, without presentation, demand or further action of
" any kind, anything herein or in any of the Loan Documents or
' other instruments or aqreements between Lender and Maker
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