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89-� 103812 of principal with interest accruing in arrears on the Partial Principal at the rate of Champlain Valley cost of funds plus two and one -half percent (2.54), amortized over a twenty -five (25) year periad, plus escrow payments of one - twelfth (1/12) of the real estate taxes assessed or which may be assessed against the Property. 5. All remaining Modified Frincipal, except as otherwise provided herein, interest and other charges due under the Note shall be paid in full on or before July 1, 1994. 6. In the event of a default by Teak under the terms of this Agreement, the Note as modified, or the Deed of Trust, interest shall accrue and be due and payable on the entire Modified Principal balance at the default rate of three percent (3 %) in excess of the then current interest rate, adjusted concurrently with changes in the interest rate as provided herein. Such default rate shall automatically and without the necessity of prior notice-by Champlain Valley accrue from and after the date of any such default. 7. The amount of the monthly escrow payment shall be estimated initially and at least annually by Champlain Valley based upon actual assessments and reasonable estimates of future assonomonts. All escrow funds for taxes shall be held by Champlain Valley which; shall apply.- the funds to pay all taxes as they become due provided that Teak is not in breach of any nava"Ant n1' AOVV -A%J% RA*f!- iw ♦i► ai ♦•_ .... ..a ..i T ...a. ......a s �t —.a Champlain Valle shall make no -cha � -� va .r....., as aavaaa :asv. �P Y charge for holding and applying the funds and shall pay no interest to Teak on such funds. Champlain Valley shall gives to Teak. without cha�rga; an ann- �� 1 accounting of the funds, in'its usual format, showing credits and debits to the. escrow account. The funds are hereby pledged as additional security for the indebtedness secured by the Note and Deed of Trust, as modified. If the amount of the funds held -by Champlain Valley at. the time.,of,an accounting *hail exceed the amount necessary by Champlain. Valley to provide ,for the payment .of taxes as they fall due,: such excess shall be held•by'Champlain Valley to be applied to tAkes paid in the next succeeding year. If at any time the amount of the funds held by Champlain Valley shall be less than the amount deemed necessary by it tol'pay taxes 'a¢ they fall due, Teak shall pay to Champlain Valley arty amount necessary to make up the deficiency within thirty (34) days after written notice frox Champlain Valley to Teak requesting payment therepf. 8. In the event of h default under the terms bf . the Note or Deed of Trust, as-. nodifed, or in any terms or conditions of this•Agreement, Champlain Valley shall be entitled to immediately declare- the full Modified Frincipal balance of mine Hundred Thousand Dollars ($900,000.00), less any principal paid by Teak fully due and payable, with interest at the default rate and - 3 - J Lim rm