200210890 - Laserfiche WebLink

Browse

200210890 time outstanding at the Variable Interest Rate established in accordance with 14.6 for the period beginning with such Change Date and ending with and including the date immediately preceding the next Change Date. 1.2 Amounts and Due Dates of Installments. The amounts and due dates of installments of principal and interest due and payable hereunder shall be determined as below set forth: 1.2.1 Interest Only Installments. Upon the first day of the first calendar month following the date of this Promissory Note and upon the first day of each and every calendar month thereafter, until and including the first day of the month in which the Closing Date occurs and upon the Closing Date, Borrower shall pay to Lender all interest then accrued and unpaid on the principal sum from time to time outstanding hereunder, which has been disbursed pursuant to the Construction Loan and Disbursement Agreement. 1.2.2 Installments of Principal and Interest. Beginning with the first Monthly Due Date (as defined in 14.5) following the Closing Date, Borrower shall pay to Lender installments of principal and interest upon each and every Monthly Due Date during the term hereof, through and including the Maturity Date (as defined in 14.4). The amounts of such installments shall be determined as follows: 1.2.2.1 The amount of each monthly installment due and payable upon the first Monthly Due Date following the Closing Date and subsequently upon the Monthly Due Date of each and every calendar month of the next succeeding eleven calendar months thereafter shall be the amount (determined by Lender) which shall be sufficient to repay in full, by the Maturity Date, the outstanding principal balance owing hereunder on the Closing Date, together with interest thereon at the rate set forth in 1.1.2, in equal monthly installments. 1.2.2.2 The amount of each monthly installment (other than the Final Installment as defined in 1.2.2.3) due and payable upon each 2