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86101845
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Last modified
10/18/2011 9:24:00 AM
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3/31/2008 2:17:47 PM
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DEEDS
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86101845
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86 -. 1018.15 <br />C. Note, Principal and Interest. Pursuant to the Loan <br />Agreement, the Mortgagor has executed and delivered to each <br />of the respective Banks the following notes: (i) a <br />promissory note of even date herewith in the principal <br />amount of $14,057,463.30 payable to the order of Continental <br />at the office of the Agent (such note together with all <br />amendments, replacements and renewals thereof being herein <br />collectively called the "Continental Note "), (ii) a <br />promissory note of even date herewith in the principal <br />amount of $2,317,821.10 payable to the order of First <br />Interstate at the office of the Agent (such note together <br />with all amendments, replacements and renewals thereof being <br />herein collectively called the "First Interstate Note ") and <br />(iii) a promissory note of even date herewith in the <br />principal amount of $2,002,926.60 payable to the order of <br />Bankers Trust at the office of the Agent (such note together <br />with all amendments, replacements and renewals thereof being <br />herein called the "Bankers Trust Note "). The unpaid <br />principal amount outstanding from time to time on the <br />Continental Note, the First Interstate Note and the Bankers <br />Trust Note (being herein sometimes collectively called the <br />"Notes" and individually called a "Note "), except the <br />Deferred Principal Amounts (defined as in the Loan <br />Agreement) all bear interest (a) prior to maturity at the <br />rate of 94 per annum (based on a 365 day year) and (b) after <br />maturity of any installment, whether by acceleration or <br />otherwise, until paid at a rate equal to the sum of (i) the <br />Prime Rate (defined hereinafter) from time to time in effect <br />plus (ii) 3% (but not less than 9- 1/2 %). The unpaid <br />principal amount from time to time outstanding of the Notes <br />constituting the Deferred Principal Amounts bears interest <br />i <br />(x) prior to maturity at a rate per annum equal to the Prime <br />Rate from time to time in effect (but not less than 9 %) and <br />(y) after maturity, whether by acceleration or otherwise, <br />until paid at a rate equal to the Prime Rate from time to <br />time in effect plus (ii) 3% (but not less than 9- 1/2 %). <br />a <br />Principal and interest on the Notes are due in quarterly <br />installments as more particularly set forth therein with a <br />b <br />final installment of unpaid principal and unpaid but accrued <br />interest being due and payable on March 31, 1996, subject in <br />all cases to acceleration as provided in the Notes, in the <br />Loan Agreement or in this Mortgage. All principal and <br />interest on the Notes are payable in lawful money of the United <br />States of America at the principal office of the Agent in Des <br />Moines, Iowa, or at such other place as the respective holders <br />thereof may from time to time appoint in writing. The <br />Mortgagor is jointly indebted to the Banks in the respective <br />amounts of the Notes, in accordance with the terms of the Loan <br />Agreement. The term "Prime Rate" as used herein shall mean at <br />any time the rate per annum then most recently announced by <br />Continental at Chicago, Illinois as its prime rate. <br />-3- <br />
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