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<br /> EXHTHIT "!l"
<br /> LUTSERAH CHURCH EXTENSION Ftl1�D-MIS$OURI 8Y2�lOD
<br /> 1393 Sout�► Kirkwood Road, 8�. Lo�is, MO 63122-729 5
<br /> PROI9IS$ORY NUTE �O1Z P�RMANENT LOAN
<br /> $1,03a,Q12.2S t3rand ialand, IVebraska
<br /> Dated as o� September 8, 19�4
<br /> 1. FOtt VALUE RLCEiVED, the undersigned PEACF LUTBFRAN CHURCH OF
<br /> GRAND IBLAND, NEBFlA9KA (the "Maker"), a non-p�afit cocporat�on
<br /> � pxgan�issed under, the lawa.,oP th� i3tate of Nebraska, promieea to pay
<br /> ��•��� � � to the order o� LUTHER.AN CSiiRCH �XTENSION FUND-MISSOURI SYNOD (the
<br /> At+�S .,�1� ,.
<br /> "Payee"), a Miaeouri not-for-profit aorporati�n, the principal sum
<br /> oE One Mi111on Thirty-FOUr Thoueand Tweive and 25/100 Doliara
<br /> ($1,034,012.25), tagether with interest thareon, as Eollowas
<br /> �� ��.�
<br /> 1.1 intereat. ThQ rates of inrQreat payable by Maksr to Payee �s� °°?
<br /> hereunder are ae Pollowss
<br /> �,=r�
<br /> 1.1.1 initial Intereat Rate.. From the dato hereof until the ;��±;�,
<br /> firat Chanqe Date (as defined in 14.1� , intereat ahall acarue ��
<br /> and be payable on the principal balance from time to time
<br /> outstanding at the rate of 3even and Five-Ei.ghths percent
<br /> (7.6258) per annum. ,;,
<br /> :+�:,
<br /> .�
<br /> 1.1.2 Variable interest Rate. From each Change Date,
<br /> interest shall accrue and be payable on the principal balance "`"'
<br /> from time to tfine outstanding at a rate of interest, per
<br /> annum, estabiished by Payee for each three month period �U'
<br /> �'•- followfng eacla Change Date by Payee's adding up to (as it
<br /> �,
<br /> !�',,:
<br /> determ�nes) two percentage pointa to Payee's Cost of Funds as �
<br /> , .
<br /> X���� determined by it on the twenty-third day of the second
<br /> �'� calen8ar month ofc the calendar quarter preceding the calendar
<br /> ��=�^ �� quarter of saah Change Date. Payee's Cost of Funda on such
<br /> ," day shal.l be determined by computing an anticipated twelve
<br /> ', � �,:..
<br /> �. •�rT•..
<br /> ,�,,��C�� (12) month average annual rate of interest payable on the
<br /> '�"�� total balance, then outstanding, of Payee's Investment
<br /> x" y� ��
<br /> µ �T 9 y pport Dollars. The
<br /> �r.",�-,���;v Obli ations, exclusive of Pa ee's Su
<br /> �.;�,�� , resulting percentaqz, per annum, rounded to the nearest 1/8 of
<br /> F�`��� one percent, f e Payee's Coat of Funds. For purposes of auch
<br /> computation, "Investment Obliqatiorts" means the total
<br /> . ' principal value of all acc�unts payable to investora on •
<br /> ; - ^�-�`:`:'���'`'
<br /> ° � ���k' �� Payee's term notes and fle:cible inveatment certificates, and
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<br /> , v..i.iw•� �--•=�e=a mccsi�o ocsc i.vi.di t7i aii inv@siAlenL
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<br /> ' ' �� ^ Oblf ationa held b cor orationa directl a
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<br /> Or
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<br /> �Li��:��;�?`;' controlled by �he Lutheran Church-Missouri Synod, as
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<br /> •`" identified in the Constitution and H laws of The Lutheran �
<br /> ' -�;:-<:s� y
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<br /> ••�w.,,,�;���,;,.�: Church-Miasouri Synod.
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