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<br />84- oo~~a~ <br />the common area improvements. The account shall be opened with <br />United Jersey Bank, 210 Main Street, Hackensack, New Jersey. <br />Ali monies required to complete the common area improvements in <br />excess of the 5250,000.00, which 5250,000.00 includes the sum <br />in Paragraph 1 above, shall be paid in cash on demand by the <br />` Buyer to the Se12er. Buyer's failure to pay any excess shall <br />be deemed a default under the Note and Mortgage. In the event <br />the cast of the common area improvements is less than 5250,000.00, <br />then in that event the sum not expended far common area improve- <br />manta shall be applied towards the seduction of the baliovn pay- <br />meet of the Second Note and Mortgage due five years from the <br />date of closing. The Seller agrees to apply the Buyer's engi- <br />neering costs for caanmon area improvements against the 5250,000.00 <br />sum referred to in this paragraph up to the amount of $45,000.00. <br />Any and all costs in~exeess of 545,000.00 shall be born~Cby the ~~" <br />Buyer. <br />3. 3uyer covenants and agrees that no monies shall <br />be releas~:d from the acco~.uit for common area improvements un- <br />less Buyer has submitted bills to Seller requesting gay?nent. <br />4. The Buyer agrees that in no event whatsoever shall <br />the account fu.~ds be refundable and that same are subje^t to the <br />exclusive control of the Seller. <br />5. Seller agrees to advance funds ug to but not ex- <br />cesdinq S?00,000.00 far tenant improvements, said sum{s} to be <br />d8emed a loan by Seller to Buyer. Buyer at closing shall exe- <br />cute a Second Nate and Mortgage ;"Second Nate"} in an amount <br />not in excess of $?OO,OOO.OG. The Second Note is to be payable <br />m~anthly over a period of five {5} years based on ten (10} year <br />amortization. Interest shall be paid at the prime rate of in- <br />tereat as set by United Jersey Bank from time to time, the pay- <br />slant of interest to be an the first day of each month and eac}a," <br />payment of principal to 'ae 1/120th of t"he then autstanding prin- <br />cigal of tha Second Note and Mortgage. Amortization payments <br />t`. <br />t±p,;;7j rrlf~c.-.`j [AZ`s.,-'~.,~- <br />~• 7 <br />