Servicing No.: 3169760
I/O payment per month Amount: As set forth in Article 1(a)
Borrowers TIN: 20-0311077
Amortization Commencement Date: 1, 2006 january
Maturity Date: December 1, 2013
Lockout Period: Starting in the date for this Note and closing on 1, 2013 september
FOR VALUE RECEIVED Borrower, featuring its principal bar or nightclub at BEDFORD WATERPARK, LLC, hereby unconditionally guarantees to pay for to the order of BANK OF AMERICA, N.A., a nationwide banking relationship, having an address at Bank of America Corporate Center, 214 North Tryon Street, Charlotte, new york 28255 ( Lender ), the initial Principal Amount, in legal cash associated with the united states with interest thereon to be computed through the date of the Note at the Note speed, also to be compensated prior to the terms established below. The mortgage Terms Table set forth above is really component for this Note and all sorts of terms found in this Note that are defined within the Loan Terms Table shall have the meaning set forth therein. All capitalized terms maybe maybe not defined herein shall have the respective definitions established for the reason that particular Loan Agreement dated the date hereof between Lender and Borrower (as well as all extensions, renewals, alterations, substitutions, restatements and amendments thereof, the Loan contract ).
ARTICLE I PAYMENT https://paydayloansexpert.com/payday-loans-ri/ TERMS; METHOD OF PAYMENT
Borrower hereby agrees to cover sums due under this Note as follows: a payment that is initial due regarding the Closing Date for interest from the Closing Date through and like the final time associated with thirty day period where the Closing Date happens; and thereafter, except as might be modified prior to the final phrase of part 1(b), consecutive monthly payments of (i) interest only in a sum calculated relative to Article 2 below (such amount, the I/O payment quantity ) shall be payable pursuant into the terms hereof regarding the very very first (1st) day of every month starting on January 1, 2004 as well as on each Scheduled Payment Date thereafter through and like the Scheduled Payment Date occurring straight away ahead of the Amortization Commencement Date; and (ii) principal and desire for a sum add up to the Principal and Interest payment per month Amount shall be payable pursuant towards the terms hereof on each Scheduled re re Payment Date beginning on January 1, 2006 before the entire indebtedness evidenced hereby is fully compensated, except that any remaining indebtedness, or even sooner compensated pursuant to your terms hereof, shall be due and payable regarding the Maturity Date. Scheduled Payment Date means the day that is first of 30 days through the term for the Loan commencing on January 1, 2004.
The Principal and Interest payment per month Amount is computed on such basis as an amortization schedule for the loan having (i) a principal amount corresponding to the first Principal Amount of this Note, (ii) an amortization amount of thirty (30) years, and (iii) a annual rate of interest corresponding to the Note Rate, computed on the basis of a 3 hundred sixty (360) day 12 months composed of twelve (12) months of thirty (30) times each. Borrower expressly knows and agrees that such calculation of great interest according to a 3 hundred sixty (360) time 12 months composed of twelve (12) months of thirty (30) days each is entirely for the true purpose of determining the Principal and Interest payment per month Amount, and, notwithstanding such calculation, interest shall accrue in the outstanding principal quantity of the Loan as provided in Article 2 below. Borrower understands and acknowledges that such interest accrual requirement leads to more interest accruing from the Loan than if either a thirty (30) time thirty days and a 3 hundred sixty (360) time 12 months or perhaps the actual wide range of times and a three hundred sixty-five (365) time 12 months were utilized to compute the accrual of interest regarding the Loan. Debtor recognizes that such interest accrual requirement will likely not amortize the Loan fully inside the amortization duration established above. After any partial prepayment occurring entirely because of the application of Insurance Proceeds or prizes pursuant to your terms of this Note while the other Loan papers, Lender may, with its sole and absolute discernment, adjust the Principal and Interest payment per month Amount or even the I/O payment per month add up to provide impact to any such partial prepayment, provided, however, that in no occasion will any such adjustment result in just about any such installment becoming due and payable on any date following the Maturity Date.
Each re payment by Borrower hereunder shall be manufactured to Bank of America, P.O. Box 515228, l . a ., Ca 90051-6528, Attn: Capital Markets Servicing Group #1777, or at such other spot as Lender may designate every once in awhile written down. Whenever any re payment hereunder shall be stated to be due on every day which will be perhaps not a working Day, such re payment will probably be made in the first Business Day preceding such planned date that is due. All re payments created by Borrower hereunder or underneath the other Loan papers will be made regardless of, and without having any deduction for, any setoff, defense or counterclaims.