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201009170
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Last modified
1/11/2011 2:30:14 PM
Creation date
12/8/2010 4:57:16 PM
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DEEDS
Inst Number
201009170
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<br /> <br /> <br /> 201009170 <br /> <br /> d. No Cross-Default. During the term of the Third Party Loan, Third Party Lender will <br /> not exercise any cross-default, "deem at-risk," or any other provisions in documents evidencing <br /> the Third Party Loan or Third Party Lender Lien which allow Third Party Lender to make demand <br /> prior to maturity unless the loan is in default. <br /> <br /> e. Maturity and Balloon Payments. The Third Party Loan has a term of at least 7 years <br /> when the 504 loan is for a term of 10 years and 10 years when the 504 loans is for 20 years. If <br /> there is more than one Third Party Loan, an overall loan maturity must be calculated, taking into <br /> account the maturities and amounts of each loan. If there is a balloon payment, it must be clearly <br /> identified in the Authorization. <br /> f. Reasonable Interest Rate_ The Third Party Loan has a reasonable interest rate which <br /> does not and will not exceed the maximum interest rate for Third Party Loans from commercial <br /> financial institutions as published periodically by SBA in the Federal Register and in effect as of the <br /> date of this agreement. <br /> <br /> 6. Ng Preference. No Third Party Lender shall establish a preference beyond its rights as a <br /> senior lender on the Third Party Loan without the prior written consent of CDC/SBA. <br /> See 13 C.F.R. § 120.10 for a definition of preference. <br /> <br /> 7. Notice of Default under the Third PUly_Loan. In the event of a default under the Third <br /> Party Loan or Third Party Lien, Third Party Lender must give CDC and SBA written notice, <br /> referencing the loan number for the 504 loan, of such default within thirty (30) days of the event of <br /> default and at least sixty (60) days prior to Third Party Lender's foreclosure upon the Common <br /> Collateral. <br /> 8. Certification as to Default Interest Rate as Against Borrower. Third Party Lender <br /> may not escalate the rate of interest upon default to a rate greater than the maximum rate published <br /> by SBA in the Federal Register from commercial financial institutions in effect as of the date of this <br /> Agreement. SBA will only pay the interest rate on the note in effect before the date of Borrower's <br /> default. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 3 <br /> SBA Form 2287 (August 2007) <br />
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