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20110468G <br />1.2 Amounts and Due Dates of Installments The amounts and due dates of <br />installments of principal and interest due and payable hereunder shall be determined as <br />below set forth: <br />1.2.1 Interest Only Installments. Upon the first day of the first calendar <br />month following the date of this Promissory Note and upon the first day of each <br />and every calendar month thereafter, until and including the first day of the month <br />in which the Closing Date occurs and upon the Closing Date, Borrower shall pay <br />to Lender all interest then accrued and unpaid on the principal sum from time to <br />time outstanding hereunder, which has been disbursed ptarsuant to the <br />Construction Loan and Disbutsement Agreement. <br />1.2.2 Installments of Principal and Interest. Beginning with the first <br />Monthly Due Date (as defined in 15.4) following the Closing Date, Borrower <br />sha11 pay to Lender installments of principal and interest upon each and every <br />Monthly Due Date during the term hereof, through and including the Maturity <br />Date (as defined in 15.3). The amounts of such installments shall be determined <br />as follows: <br />1.2.2.1 The amount of each monthly installment (other than the <br />Final Installment as defined in 1.2.2.2) due and payable upon the first <br />Monthly Due Date following the Closing Date and upon the next Sixty <br />(60) Monthly Due Dates thereafter sha11 be the amount (determined by <br />Lender) which would be sufficient to repay in full, by the Amortization <br />Date (as hereinafter defined), the outstanding principal balance owing <br />hereunder on the Closing Date, together with interest thereon at the rate <br />set forth in 1.1.2, in equal monthly installments. For purposes of this <br />Promissory Note, the term "Amortization Date" shall mean that date <br />which would be, except for the fact that the Maturity Date precedes it, the <br />Monthly Due Date of the Two Hundred Fortieth (240th) calendaz month <br />following the Closing Date. <br />1.2.2.2 Borrower sha11 pay to Lender, on the Maturity Date, a final <br />installment (herein referred to as "Fina1 Installment") of all amounts then <br />owing and unpaid under this Promissory Note, including (i) the full unpaid <br />2 <br />