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201302752
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201302752
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Last modified
8/19/2014 2:22:43 PM
Creation date
4/8/2013 8:37:07 AM
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DEEDS
Inst Number
201302752
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201302752 <br />d. No Cross - Default. During the term of the Third Party Loan, Third Party Lender will <br />not exercise any cross - default, "deem at- risk," or any other provisions in documents evidencing <br />the Third Party Loan or Third Party Lender Lien which allow Third Party Lender to make demand <br />prior to maturity unless the loan is in default. <br />e. Maturity and Balloon Payments. The Third Party Loan has a term of at least 7 years <br />when the 504 loan is for a term of 10 years and 10 years when the 504 loans is for 20 years. If <br />there is more than one Third Party Loan, an overall loan maturity must be calculated, taking into <br />account the maturities and amounts of each loan. If there is a balloon payment, it must be clearly <br />identified in the Authorization. <br />f. Reason hle Tnteres Rate. The Third Party Loan has a reasonable interest rate which <br />does not and will not exceed the maximum interest rate for Third Party Loans from commercial <br />financial institutions as published periodically by SBA in the Federal Register and in effect as of the <br />date of this agreement. <br />6. No Preference. No Third Party Lender shall establish a preference beyond its rights as a <br />senior lender on the Third Party Loan without the prior written consent of CDC /SBA. <br />See 13 C.F.R. §120.10 for a definition of preference. If the Third Party Lender does take additional <br />collateral or otherwise have a preference, in the case of liquidation, any proceeds received as a result <br />of a preference must be applied to the Third Party Lender's debt prior to the proceeds from the <br />liquidation of the common collateral held by the CDC /SBA and the Third Party Lender. <br />7. Notice of Default under the Third Party Loan. In the event of a default under the Third <br />Party Loan or Third Party Lien, Third Party Lender must give CDC and SBA written notice, <br />referencing the loan number for the 504 loan, of such default within thirty (30) days of the event of <br />default and at least sixty (60) days prior to Third Party Lender's foreclosure upon the Common <br />Collateral. <br />8. Certification as to Default Interest Rate as Against Borrower. Third Party Lender <br />may not escalate the rate of interest upon default to a rate greater than the maximum rate published <br />by SBA in the Federal R egj ster from commercial financial institutions in effect as of the date of this <br />Agreement. SBA will only pay the interest rate on the note in effect before the date of Borrower's <br />default. <br />SBA Form 2287 (September 2010) <br />3 <br />
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