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� �T f � 9i 1�.0468G <br />20 <br />�_ <br />NOTE FORM 11 <br />60 MONTHS FIXED RATE <br />240 MONTHS AMORTIZATION <br />CONSTRUCTION/PERMANENT BALLOON NOTE <br />(Revised O1/22/2010) <br />LUTHERAN CHURCH EXTENSION FUND-MISSOURI SYNOD <br />Sunse� Corporate Center,10733 Sunset Office Drive, Suite 300 <br />St. Louis, Missouri b3127-1020 <br />PROMISSORY NOTE FOR CONSTRUCTION <br />AND PERMANENT BALLOON LOAN <br />$2,533,782.36 <br />Date: -u�.�. � 3. z�f <br />Gran Island, Nebraska <br />1. FOR VALUE RECEIVED, the undersigned PEACE LUTHERAN CHLJRCH OF <br />GRAND ISLAND, NEBRASKA (the "Borrower"), a corporation organized under the laws of <br />the State of Nebraska, promises to pay to the order of LUTHERAN CHURCH EXTENSION <br />FUND-MISSOURI SYNOD (the "Lender"), a Missouri nonprofit corporation, the principal sum <br />of Two Million Five Hundred Thirty Three T'housand Seven Hundred Eighty Two and 36/100 <br />Dollars ($2,533,782.36), or so much thereof as has been disbursed by Lender pursuant to the <br />Construction Loan and Disbursement Agreement (as defined in 15.2), together with interest <br />thereon, as follows: <br />1.1 Interest. The rates of interest payable by Borrower to Lender hereunder <br />are as follows: <br />1.1.1 Construction Interest Rate. From and including the date hereof <br />until the Closing Date (as defined in 15.1), interest shall accrue and be payable on <br />the principal balance from time to time outstanding at the rate of Six percent <br />(6.0%) per annum. <br />1.1.2 Permanent Interest Rate. From and including the Closing Date <br />until the Maturity Date (as defined in 15.3), interest shall accrue and be payable <br />on the principal balance from time to time outstanding at the rate of interest, per <br />annum, determined by Lender for its 60 month fixed rate loans pursuant �o <br />Lender's lending procedures as in effect on the Closing Date. <br />1 <br />