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85-"® 002349 financing borrower agrees that interest shall he computed and charged on the unpaid and outstanding loan balance at the initial interest rate. The construction loan financing initial interest rate is defined as the CLEF Commercial Variable Interest Rate [Series 1985-11 (sometimes called the "CCEF CVIR" or "CCEF CM [Series 1985 -1111) (currently 14.014), as adjusted from time to time, plus 2.01*. 2.2. Compensating Investments and Interest Ratio. During construction loan financing It is an express condition o this note that, in order for the initial interest rate to be on the terms above defined, the sums loaned to borrower are based upon compensating investments by persons with the Foundation, which compensating investments have been specifically designated for the loan to borrower. And, as a part of such condition, in order for the interest charged to be on the terms of su,-h initial interest rate the total principal funds drawn cannot exceed the total specified compensating investments unless the maximum required compensating investments totaling $57,500.00 have been made and remain invested with the Foundation. Further, during the construction loan financing, if at any time, from time to time, the compensating investments — less than $57,500.00, and the principal amount of funds loaned exceeds the compensating investments (if less than $57,500.00) then, during such times as the compensating investments are so deficient, the interest rate for the amount borrowed in excess of the compensating investments shall be the maximum allowable by law but not more than the greater of 20.0`k- per annum or three percentage points in excess of the "prime rate" (as defined in subsection 4.3 below). As to amounts borrowed during the construction loan financing, but not in excess of the compensating investments, the initial interest rate shall be the CLEF ('VIR, as adjusted from time to time, plus 2.". 2.3. Construction loan A Bement rind Non- Waiver. The construction loan amounts under this note area ddi t tonal v subject to ai terms and conditions of the construction loan agreement between borrower and Foundation of even date herewith, which is, by this reference, incorporated herein as additional terms and conditions of this note, and a waiver at any time of a hreach of anv provision hereunder or under said construction loan agreement shall not, at any other time, be taken to he a waiver of the provisions hereof or thereof, including any remedies. 2.4. Late Completion Charge. Borrower agrees that each of the construction loan agreement provisions required to be kept and performed by borrower during the construction loan financing shall be - ompleted or satisfied before the "permanent loan financing date" (as such term is defined in section 3 below). On such date if any default thereof exists and continues, then commencing with the permanent loan financing date borrower agrees to pav a late completion charge for each month or portion thereof during which such default continues. The borrower shall pay the late completion charge with and in addition to the regular monthly payments determined in accordance with section 3 below. Borrower agrees that compensating investments totaling =57,580.00 shall have been made and be invested with the Foundation on the permanent loan financing date. if compensating investments on that date are less than $57,500.00, then until they are $57,500.00, the late completion charge shall he payable with each monthly payment for each month or portion thereof the deficiency exists after the permanent loan financing date. The late completion charge shall he an amount which is the difference between (1) the monthly interest amount on the principal balance calculated at the highest interest rate which would apply for construction loan financing, as governed by the applicable provisions of submetioins 2.1 and 2.2 above; and (2) the interest portion payable and clue in the same regular monthly payment amount for permanent loan terms specified in accordance with the applicable provisions of section 3. Notwithstanding anything contained herein to the eontrarv, it is hereby expressly agreed that should there be default which obligates borrower to pav the late completion charge, and the Foundation has not expressly waived in writing the performance or observanee by the borrower to have teen cmrformed or kept, n,)te holder shall have the f- ptlons and remedies provided for in section 5 helow rend ail other instruments securing this note. After the permanent loan financing date � and if no ttefauit -r violation exists or tontinues an to they oonstrueti ^n loan agreement >r these e- onsirsrction l,aan tearnrv, then this cmtmetion 2 and its wdbs@etiOm shall have no further r -rte rind effcet. P