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86101845
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86101845
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Last modified
10/18/2011 9:24:00 AM
Creation date
3/31/2008 2:17:47 PM
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DEEDS
Inst Number
86101845
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86-- 101845 <br />D. The Bank Guara� Pursuant to the Loan Agreement, <br />�ntyy <br />the Mortgagor has executed and delivered to the Banks a <br />Guaranty (together with all future amendments being herein <br />called the "Bank Guaranty ") dated as of even date herewith <br />wherein Mortgagor has guaranteed certain loans (the "PRC <br />Loans ") made by the Banks to PRC pursuant to that certain <br />Secured Term Loan Agreement (as the same may be amended from <br />time to time herein called the "PRC Loan Agreement ") dated <br />as of even date herewith among PRC and the Banks. The PRC <br />Loans consist of (i) that certain $1,230,515 indebtedness of <br />PRC to the Banks evidenced by three promissory notes <br />identified in the PRC Loan Agreement, and herein, as the <br />"Group II Notes ", and (ii) that certain $2,000,000 <br />indebtedness of PRC to the Banks evidenced by three <br />promissory notes identified in the PRC Loan Agreement, and <br />herein, as the "Group I Notes ". The unpaid principal amount <br />from time to time outstanding of each of the Group I Notes <br />bears interest prior to maturity at the rate of 10% per <br />annum. The unpaid principal amount from time to time <br />outstanding of each of the Group II Notes bears no <br />interest. The unpaid principal amount from time to time <br />outstanding of each Group I and Group II Note bears interest <br />after maturity of any installment, whether by acceleration <br />or otherwise, until paid at a rate per annum equal to the <br />sum of (i) the Prime Rate from time to time in effect plus <br />(ii) 3% (but not less than 10- 1/2%). The entire unpaid <br />principal amount of the Group I Notes, and all accrued and <br />unpaid interest thereon, is due and payable on the last day <br />of March 31, 1991. Principal and interest on the Group II <br />Notes are due in quarterly installments as more particularly <br />set forth therein with a final installment of unpaid <br />M_ <br />m <br />principal and unpaid but accrued interest being due and <br />payable on March 31, 1996. The obligation of PRC to pay and <br />perform the Group I Notes and the Group II Notes, together <br />with all the other obligations the payment and performances <br />of which have been guaranteed by the Mortgagor to the Banks <br />pursuant to the Bank Guaranty are herein collectively called <br />". <br />the "Guaranteed Obligations (Banks) <br />E. Other Security Documents. Pursuant to the Loan <br />Agreement, the Mortgagor has executed and delivered to the <br />Agent this Mortgage and the collateral documents set forth <br />in Section 7 of the Loan Agreement (all such collateral <br />documents, except this Mortgage, together with all <br />amendments, supplements, renewals and extensions of such <br />documents are collectively referred to herein as the <br />"Security Documents (Banks) "). All instruments and <br />documents evidencing or securing the Surco Guaranty or the <br />Surco Note, together with all amendments, supplements, <br />renewals and extensions of such documents and instruments <br />-4- <br />
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