FILING GIVEN BY TRT DDR BEAVER CREEK LLC,
AS GRANTOR (THE "BEAVER CREEK SECURITY INSTRUMENT", ALONG WITH THE CENTERON
SECURITY INSTRUMENT AND THE MT NEBO SECURITY INSTRUMENT AND AS EACH MAY BE
AMENDED, RESTATED, SUPPLANTED, SUBSTITUTED OR OTHERWISE CONSOLIDATED,
INDIVIDUALLY AND/OR COLLECTIVELY AS THE CONTEXT MAY REQUIRE, THE "SECURITY
INSTRUMENT") EACH DATED OF EVEN DATE HEREWITH, COVERING THE PROPERTY (AS DEFINED
IN THE SECURITY INSTRUMENT).
THE SECURITY INSTRUMENT, TOGETHER WITH THIS NOTE
AND ALL OTHER DOCUMENTS EXECUTED OR DELIVERED BY OR ON BEHALF OF BORROWER TO OR
OF WHICH LENDER IS A PARTY OR BENEFICIARY NOW OR HEREAFTER EVIDENCING, SECURING,
GUARANTYING, MODIFYING OR OTHERWISE RELATING TO THE INDEBTEDNESS EVIDENCED
HEREBY, ARE HEREIN REFERRED TO COLLECTIVELY AS THE "LOAN DOCUMENTS".
ALL OF THE
TERMS AND PROVISIONS OF THE LOAN DOCUMENTS ARE INCORPORATED HEREIN BY
REFERENCE.
SOME OF THE LOAN DOCUMENTS ARE TO BE FILED FOR RECORD ON OR ABOUT
THE DATE HEREOF IN THE APPROPRIATE PUBLIC RECORDS.
ARTICLE II
DEFAULT
SECTION 2.1
EVENTS OF DEFAULT.
IT IS HEREBY EXPRESSLY AGREED THAT
SHOULD ANY DEFAULT OCCUR IN THE PAYMENT OF PRINCIPAL OR INTEREST AS STIPULATED
ABOVE AND SUCH PAYMENT IS NOT MADE ON THE DATE SUCH PAYMENT IS DUE, OR SHOULD
ANY OTHER DEFAULT OCCUR UNDER ANY OTHER LOAN DOCUMENT AND NOT BE CURED WITHIN
ANY APPLICABLE GRACE OR NOTICE PERIOD (IF ANY), THEN AN EVENT OF DEFAULT (AN
"EVENT OF DEFAULT") SHALL EXIST HEREUNDER, AND IN SUCH EVENT THE INDEBTEDNESS
EVIDENCED HEREBY, INCLUDING ALL SUMS ADVANCED OR ACCRUED HEREUNDER OR UNDER ANY
OTHER LOAN DOCUMENT, AND ALL UNPAID INTEREST ACCRUED THEREON, SHALL, AT THE
OPTION OF LENDER AND WITHOUT NOTICE TO BORROWER, AT ONCE BECOME DUE AND PAYABLE
AND MAY BE COLLECTED FORTHWITH, WHETHER OR NOT THERE HAS BEEN A PRIOR DEMAND FOR
PAYMENT AND REGARDLESS OF THE STIPULATED DATE OF MATURITY.
SECTION 2.2
LATE CHARGES.
IN THE EVENT THAT ANY PAYMENT IS NOT
RECEIVED BY LENDER ON THE DATE WHEN DUE (SUBJECT TO ANY APPLICABLE GRACE
PERIOD), THEN, IN ADDITION TO ANY DEFAULT INTEREST PAYMENTS DUE HEREUNDER,
BORROWER SHALL ALSO PAY TO LENDER A LATE CHARGE IN AN AMOUNT EQUAL TO FOUR
PERCENT (4%) OF THE AMOUNT OF SUCH OVERDUE PAYMENT; PROVIDED, THAT SUCH LATE
CHARGE SHALL NOT BE PAYABLE ON THE PRINCIPAL BALANCE NOT REPAID ON THE MATURITY
DATE.
SECTION 2.3
DEFAULT INTEREST RATE.
SO LONG AS ANY EVENT OF DEFAULT
EXISTS HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENT, REGARDLESS OF WHETHER OR NOT
THERE HAS BEEN AN
4
ACCELERATION OF THE INDEBTEDNESS EVIDENCED HEREBY, AND AT ALL TIMES AFTER
MATURITY OF THE INDEBTEDNESS EVIDENCED HEREBY (WHETHER BY ACCELERATION OR
OTHERWISE), INTEREST SHALL ACCRUE ON THE OUTSTANDING PRINCIPAL BALANCE OF THIS
NOTE, FROM THE DATE DUE UNTIL THE DATE CREDITED, AT A RATE PER ANNUM EQUAL TO
FOUR PERCENT (4%) IN EXCESS OF THE NOTE RATE, OR, IF SUCH INCREASED RATE OF
INTEREST MAY NOT BE COLLECTED UNDER APPLICABLE LAW, THEN AT THE MAXIMUM RATE OF
INTEREST, IF ANY, WHICH MAY BE COLLECTED FROM BORROWER UNDER APPLICABLE LAW