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EXHIBIT "B" 200210890 <br />NOTE FORM 2 <br />ANNUAL CHANGE DATE <br />CONSTRUCTION/PERMANENT NOTE <br />(Revised 08/30/2002) <br />LUTHERAN CHURCH EXTENSION FUND - MISSOURI SYNOD <br />Sunset Corporate Center, 10733 Sunset Office Drive <br />St. Louis, Missouri 63127 -1219 <br />PROMISSORY NOTE FOR CONSTRUCTION <br />AND PERMANENT LOAN <br />Date: <br />$209,000.00 Grand Island, Nebraska <br />1. FOR VALUE RECEIVED, the undersigned TRINITY LUTHERAN CHURCH - <br />MISSOURI SYNOD, IN GRAND ISLAND, HALL COUNTY, NEBRASKA (the 'Borrower "), <br />a corporation organized under the laws of the State of Nebraska, promises to pay to the order of <br />LUTHERAN CHURCH EXTENSION FUND- MISSOURI SYNOD (the "Lender "), a Missouri <br />not- for - profit corporation, the principal sum of Two Hundred Nine Thousand and 001100 Dollars <br />($209,000.00), or so much thereof as has been disbursed by Lender pursuant to the Construction <br />Loan and Disbursement Agreement (as defined in 14.3), together with interest thereon, as <br />follows: <br />1.1 Interest. The rates of interest payable by Borrower to lender hereunder <br />are as follows: <br />1.1.1 Construction Interest Rate. From and including the date hereof <br />until the Closing Date (as defined in 14.2), interest shall accrue and be <br />payable on the principal balance from time to time outstanding at the rate <br />of Six and Seven Eighths percent (6.875 %) per annum. <br />1.1.2 Permanent Initial Interest Rate. From and including the Closing <br />Date until the first Change Date (as defined in 14.1), interest shall accrue <br />and be payable on the principal balance from time to time outstanding at <br />the rate of Five and Seven Eighths percent (5.875 %) per annum. <br />1.1.3 Variable Interest Rate. From and including each Change Date, <br />interest shall accrue and be payable on the principal balance from time to <br />1 <br />