REVOLVING CREDIT NOTE AND EACH REFERENCE TO THE
REVOLVING CREDIT NOTE IN THIS CREDIT AGREEMENT AND EACH OF THE LOAN DOCUMENTS
SHALL BE DEEMED TO BE A COLLECTIVE REFERENCE TO THE REPLACEMENT NOTES;
(III)
BORROWINGS, INTEREST RATE OPTIONS,
CONSTRUCTION/CONVERSION NOTICES AND ALL OTHER PROVISIONS FOR THE DISBURSEMENT OF
FUNDS, SETTING OF INTEREST RATES AND COLLECTION OF REPAYMENTS OF INTEREST AND
PRINCIPAL SHALL CONTINUE TO BE MADE BY AGENT BANK AS THE ADMINISTRATIVE AND
COLLATERAL AGENT FOR THE LENDERS IN THE SAME MANNER AND TO THE SAME EXTENT AS
PROVIDED IN THE REVOLVING CREDIT NOTE AND THIS CREDIT AGREEMENT AS FULLY
APPLICABLE TO EACH OF THE REPLACEMENT NOTES;
(IV)
THE AGENT BANK, UPON THE CONSENT OF REQUISITE
LENDERS, SHALL CAUSE THE TITLE INSURANCE COMPANY TO ISSUE, AT THE EXPENSE OF
LENDERS, SUCH ENDORSEMENTS TO THE TITLE INSURANCE POLICIES AS MAY BE REASONABLY
NECESSARY TO ASSURE THE AGGREGATE OBLIGATION EVIDENCED BY THE REPLACEMENT NOTES
IS SECURED BY THE
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DEED OF TRUST WITH THE SAME COVERAGE AND PRIORITY AS THE OBLIGATION EVIDENCED BY
THE REVOLVING CREDIT NOTE; AND
(V)
CONCURRENTLY WITH THE DELIVERY OF THE
REPLACEMENT NOTES, AGENT BANK SHALL RETURN THE ORIGINAL REVOLVING CREDIT NOTE TO
BORROWER MARKED AS SUPERSEDED AND REPLACED BY THE REPLACEMENT NOTES.
SECTION 2.06.
SECURITY FOR THE CREDIT FACILITY.
THE
SECURITY DOCUMENTATION SHALL SECURE THE DUE AND PUNCTUAL PAYMENT AND PERFORMANCE
OF THE TERMS AND PROVISIONS OF THIS CREDIT AGREEMENT, THE REVOLVING CREDIT NOTE
AND ALL OF THE OTHER LOAN DOCUMENTS.
IN FURTHERANCE OF SUCH SECURITY, THE
SECURITY DOCUMENT AMENDMENTS SHALL BE EXECUTED AND DELIVERED TO AGENT BANK, AS
OF THE CLOSING DATE, BY THE RESPECTIVE PARTIES TO EACH OF THE SECURITY DOCUMENT
AMENDMENTS AND RECORDED AND/OR FILED AS REQUIRED BY THE CLOSING INSTRUCTIONS.
SECTION 2.07.
PLACE AND MANNER OF PAYMENT.
A.
ALL AMOUNTS PAYABLE BY BORROWERS TO THE
LENDERS SHALL BE MADE TO AGENT BANK ON BEHALF OF LENDERS PURSUANT TO THE TERMS
OF THE CREDIT AGREEMENT AND THE NOTES AND SHALL BE MADE ON A BANKING BUSINESS
DAY IN LAWFUL MONEY OF THE UNITED STATES OF AMERICA AND IN IMMEDIATELY AVAILABLE
FUNDS.
OTHER THAN IN CONNECTION WITH PRINCIPAL PAYMENTS WHICH MAY BE REQUIRED
TO DECREASE THE FUNDED OUTSTANDINGS TO AN AMOUNT EQUAL TO OR LESS THAN THE
MAXIMUM PERMITTED BALANCE, BORROWERS SHALL NOT MAKE REPAYMENTS ("PRINCIPAL
PREPAYMENTS") OF THE OUTSTANDING BALANCE OF PRINCIPAL OWING UNDER THE REVOLVING
CREDIT NOTE MORE FREQUENTLY THAN THREE (3) SUCH PRINCIPAL PREPAYMENTS DURING
EACH CALENDAR MONTH.
EACH SUCH PRINCIPAL PREPAYMENT OF A BASE RATE LOAN SHALL
BE IN A MINIMUM AMOUNT OF FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) (OR, IF
LESS, THE OUTSTANDING PRINCIPAL AMOUNT OF BASE RATE LOANS) AND IN INCREMENTS OF
ONE HUNDRED THOUSAND DOLLARS ($100,000.00) IN EXCESS THEREOF.
EACH SUCH
PRINCIPAL PREPAYMENT OF A LIBOR LOAN SHALL BE IN A MINIMUM AMOUNT OF FIVE
MILLION DOLLARS ($5,000,000.00) AND IN INCREMENTS OF ONE MILLION DOLLARS
($1,000,000.00) IN EXCESS THEREOF; PROVIDED, THAT IN NO EVENT SHALL ANY
OUTSTANDING LIBOR LOAN HAVE A PRINCIPAL BALANCE OF LESS THEN FIVE MILLION