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11 EXHIBIT "B" 87- LUTHERAN CHURCH EXTENSION FUND- MISSOURI SYNOD 1333 South Kirkwood Road, St. Louis, MO 63122 $457,618.74 PROMISSORY NOTE WITH BALLOON BALANCE Grand Island, Nebraska As of 102944 1987 1. FOR VALUE RECEIVED, the undersigned (the Maker, as defined in 14.1) promises to pay to the order of Lutheran Church Extension Fund - Missouri Synod (the Payee, as defined in 14.2), a Missouri not - for - profit corporation, the principal sum of Four Hundred Fifty -Seven Thousand Six Hundred Eighteen and 74/100 DOLLARS ($457,618.74), with principal and interest payable as follows: I.I. Until the earlier of the first day of the first month following the Anniversary Date (as defined in 14.3) or the first day of the first month following the Date of Completion (as defined in 14.4) Maker will pay to Payee interest only, at the rate of eight percent (8 %) per annum on the amounts from time to time outstanding which have been disbursed pursuant to the Construction Loan Agreement (as defined in 14.5) which interest shall be paid monthly on the first day of each month beginning with the first day of the second month following the first disbursement. 1.2. After the earlier of the first day of the first month following the Anniversary date, or the first day of the first month following the Date of Completion, principal and interest at the rate of seven (7$) per annum on the principal sum from time to time remaining unpaid, shall be due and payable in 36 consecutive monthly installments as follows: (a) 35 equal consecutive monthly installments of Three Thousand Five Hundred Forty -Seven and 91/100 DOLLARS ($3,547.91) each, the first such installment being due and payable on the first day of the second month following the earlier of the Anniversary Date or the Date of Completion and subsequent installments being due and payable on the first day of each and every month of the next succeeding 34 months thereafter; and (b) A 36th monthly ( "Balloon ") installment, in the full amount of the remaining balance of principal and interest being due and payable, on the first day of the 35th month following the due date of the first installment. 2. All payments on account of the indebtedness evidenced by this Note shall be first applied to the payment of interest on the unpaid principal balance hereof, and the excess remaining thereafter shall be credited to principal. 3. All payments hereunder shall be made to Payee at 1333 S. Kirkwood Road, St. Louis, Missouri 63122, or at such other place as the Payee may from time to time designate in writing, delivered or mailed to the Maker.