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89'' 103812 other charges and expenses due and unpaid. Champlain Valley will have the right to require that any reinstatement of the Note. and Deed of Trust after default include payment by Teak of all default interest Which, has accrued through the date of cure, plus all attorneys* fees and costs incurred. None of the foregoing shall impose any obligation or duty upon Champlain Valley to offer, agree to or accept a reinstatement after default. 9. Teak shall furnish to Champlain Valley monthly operatinq statement@ on the Property showing monthly income and expenses for the previous month and cumulative for year to date. In additt6n, within sixty (60) days from the and of each calendar year, Tikak will supply Champlain Valley with annual review statements` prepared by a certified public accountant of income and expenses upon ;the Property. All monthly operating statements AW annual review- Oatexents shall be certified by Teak as fair and accurate statements of income and expense. 10- William Boy`s: Smith, President of Teak, shall cOntemporanecusly : herewith execute and deliver to Champlgiae Walley a separate.,.Guaranty Agreement guarantying payment of Six. Hundred Fifty Thousand Dollars ($650,000.00) of the Modified Principal plus a pro -rata share of contract interest, default interest and late charges accruing thereon'. Any principal reductions accruing by virtue of payments made-by Teak shall-'for purposes of the ' Odaranty, be credited , only . against. the Modified. Principal and shall not reduce the gVaraintied obligations of William Boyd smith. - iA. Tweak - sbaii not charge, take or ' 'otherwise pay any management fees: an the Property before July 1, 1991 and thereafter only Upon such terms and conditions as are approved by a plain "11-y - in writing. No,&wiLnGtt iltij"q the fartagoi;tg, iii no event shall Teak pay any management fees from and after July 1, 1991 which are in excess of fair market rates paid in similar arms - length transactions. 12. If at any t during the term of the Note and Deed of Trust, as modified:,,.. ;or. 'at any time following a declaration of default or the 6cscvatrrence and passage of the due date, Teak; ' William Boyd SmitD, a Real Estate of North America, Inc., or ny other entity related to any of the foregoing by ownership of any direct or indirect,'. beneficial interests in such entity, sells or conveys any interest in the Property, or a refinance of the loan closes, Champlain Valley shall be paid the sum of the Partial Principal balance (less principal previously paid) and all accrued interest and other charges plus.-.the first Twenty -Five Thousand Dollars .($25,000.00) of net proceeds- in excess of.' the then existing Partial Principal balance -and accrued interest and other charges. Teak or "the then owner of the property shall receive the next Twenty -Five Thousand Dollars ($25,000.:00) of net proceeds and the balance thereof, if any, shall be paid seventy- - 4 -