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� ': ' 9� 106 � 22 repayment of the new total Principal Balance over an extended length of time at variable rates of interest. TERMS AND CONDITIONS NOW, THEREFORE, for and in consideration of the mutual promises herein contained, the sufficiency of which are hereby acknowledged, the parties do hereby agree that the Note shall be extended and modified as follows: 1 . Principal Amount. It is understood by the parties that the Note is hereby modified to reflect a principal balance of $530, 847 . 70, consisting of the unpaid amount of the previous principal balance under the Note and the Unsecured Note as referred to above. 1. 1 Interest. The rates of interest payable by Maker to Payee under the Note are as follows : 1 . 1 . 1 From the date of this Agreement, until the 24th day of the 12th calendar month following the date hereof, interest shall accrue and be payable on the principal balance from time to time outstanding at the rate of seven and one half percent (7 . 5%) per annum. 1. 1.2 From the 24th day of the 12th calendar month following the date of this Agreement and beginning with each and every anniversary date of 24th day of said 12th calendar month (said 24th day af said 12th calendar month and each such anniversary date begin hereinafter referred to as the "Change Date" ) , interest shall accrue and be payable on the principal balance from time to time outstanding at a rate (the "Variable Interest Rate" ) of interest, per annum, established by Payee in accordance with paragraph 1 . 1 . 3 . 1. 1 . 3 Variable Interest Rate. From each Change Date, interest shall accrue and be payable on the principal balance from time to time outstanding at a rate of interest, per annum, established by Payee for each twelve month period following each Change Date by Payee' s adding up to (as it determines) two percentage points to Payee' s Cost of Funds . Payee' s Cost of Funds is the weighted average annual rate of interest, determined by Payee on a date selected by it, payable on such of its outstanding investment and other obligations as shall be determined by Payee pursuant to Payee' s lending procedures as in effect from time to time. 1.2 Amounts and Due Dates of Installments . The amounts and due dates of installments of principal and interest due and payable under the Note shall be determined as below set forth: 1.2 . 1 Beginning with the 24th day of the first month following the date of this Agreement, Maker shall pay to Payee installments of principal and interest upon