AT THE RATES AND IN THE MONIES AND FUNDS
DESCRIBED HEREIN.
ALL OF THE AGREEMENTS, CONDITIONS, COVENANTS, PROVISIONS AND
STIPULATIONS CONTAINED IN THE LOAN DOCUMENTS TO BE KEPT AND PERFORMED BY MAKER
ARE BY THIS REFERENCE HEREBY MADE PART OF THIS NOTE TO THE SAME EXTENT AND WITH
THE SAME FORCE AND EFFECT AS IF THEY WERE FULLY SET FORTH IN THIS NOTE, AND
MAKER COVENANTS AND AGREES TO KEEP AND PERFORM THE SAME, OR CAUSE THE SAME TO BE
KEPT AND PERFORMED, IN ACCORDANCE WITH THEIR TERMS.
4.
LOAN ACCELERATION; PREPAYMENT.
THE DEBT, SHALL WITHOUT NOTICE
BECOME IMMEDIATELY DUE AND PAYABLE AT THE OPTION OF PAYEE UPON THE HAPPENING OF
ANY EVENT OF DEFAULT.
MAKER SHALL HAVE NO RIGHT TO PREPAY OR DEFEASE ALL OR ANY
PORTION OF THE PRINCIPAL EXCEPT IN ACCORDANCE WITH SECTIONS 2.2.3, 2.3.2, 2.3.3,
2.3.4, 2.4 AND 7.4.2 OF THE LOAN AGREEMENT.
IF PRIOR TO THE THIRD PAYMENT DATE
PRIOR TO THE STATED MATURITY DATE (I) MAKER SHALL (NOTWITHSTANDING SUCH
PROHIBITION OF PREPAYMENT) TENDER, AND PAYEE SHALL, IN ITS SOLE DISCRETION,
ELECT TO ACCEPT, PAYMENT OF THE DEBT, OR (II) THE DEBT IS ACCELERATED BY REASON
OF AN EVENT OF DEFAULT, THEN THE DEBT SHALL INCLUDE, AND PAYEE SHALL BE ENTITLED
TO RECEIVE, IN ADDITION TO THE OUTSTANDING PRINCIPAL AND ACCRUED INTEREST AND
OTHER SUMS DUE UNDER THE LOAN DOCUMENTS, AN AMOUNT EQUAL TO THE YIELD
MAINTENANCE PREMIUM, IF ANY, THAT WOULD BE REQUIRED IN CONNECTION WITH A
DEFEASANCE IF A DEFEASANCE WERE TO OCCUR AT THE TIME OF PAYEE'S ACCEPTANCE OF
SUCH TENDER OR OTHER RECEIPT OF THE DEBT (THROUGH FORECLOSURE OR OTHERWISE), AS
THE CASE MAY BE.
THE PRINCIPAL BALANCE OF THIS NOTE IS SUBJECT TO MANDATORY
PREPAYMENT, WITHOUT PREMIUM OR PENALTY, (A) IN CERTAIN INSTANCES OF INSURED
CASUALTY OR CONDEMNATION, AS MORE PARTICULARLY SET FORTH IN SECTIONS 2.3.2 AND
7.4.2 OF THE LOAN AGREEMENT, OR (B) PROVIDED NO EVENT OF DEFAULT IS CONTINUING,
IF PAYMENT IS REQUIRED IN ACCORDANCE WITH SECTIONS 5 AND 6 OF THE MORTGAGE.
EXCEPT DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, ALL PROCEEDS OF ANY
REPAYMENT, INCLUDING PERMITTED PREPAYMENTS, OF PRINCIPAL SHALL BE APPLIED IN
ACCORDANCE WITH SECTION 2.3.1 OF THE LOAN AGREEMENT.
DURING THE CONTINUANCE OF
AN EVENT OF DEFAULT, ALL PROCEEDS OF REPAYMENT, INCLUDING ANY PAYMENT OR
RECOVERY ON THE PROPERTY (WHETHER THROUGH FORECLOSURE, DEED-IN-LIEU OF
FORECLOSURE, OR OTHERWISE) SHALL, UNLESS OTHERWISE PROVIDED IN THE LOAN
DOCUMENTS, BE APPLIED IN SUCH ORDER AND IN SUCH MANNER AS PAYEE SHALL ELECT IN
PAYEE'S DISCRETION.
3
5.
DEFAULT RATE.
AFTER THE OCCURRENCE AND DURING THE CONTINUANCE OF
AN EVENT OF DEFAULT, THE ENTIRE UNPAID DEBT SHALL BEAR INTEREST AT THE DEFAULT
RATE, AND SHALL BE PAYABLE UPON DEMAND FROM TIME TO TIME, TO THE EXTENT
PERMITTED BY APPLICABLE LAW.
6.
LATE PAYMENT CHARGE.
IF ANY MONTHLY DEBT SERVICE PAYMENT AMOUNT
IS NOT PAID BY MAKER ON THE DATE ON WHICH IT IS DUE AND, SUBJECT TO THE LAST
SENTENCE OF THIS SECTION 6, SUCH FAILURE CONTINUES