TO AND UPON THE TERMS AND CONDITIONS SET FORTH
HEREIN, LENDER HEREBY AGREES TO MAKE AND BORROWER HEREBY AGREES TO ACCEPT THE
LOAN ON THE CLOSING DATE.
16
2.1.2
DISBURSEMENT TO BORROWER.
BORROWER MAY REQUEST AND RECEIVE ONLY
ONE BORROWING HEREUNDER IN RESPECT OF THE LOAN AND ANY AMOUNT BORROWED AND
REPAID HEREUNDER IN RESPECT OF THE LOAN MAY NOT BE RE-BORROWED.
2.1.3
THE NOTE, MORTGAGE AND LOAN DOCUMENTS.
THE LOAN SHALL BE EVIDENCED
BY THE NOTE AND SECURED BY THE MORTGAGE, THE ASSIGNMENT OF LEASES AND THE OTHER
LOAN DOCUMENTS.
2.1.4
USE OF PROCEEDS.
BORROWER SHALL USE THE PROCEEDS OF THE LOAN TO
(A) PAY ALL PAST-DUE BASIC CARRYING COSTS, IF ANY, IN RESPECT OF THE PROPERTY,
(B) MAKE DEPOSITS INTO THE RESERVE FUNDS ON THE CLOSING DATE IN THE AMOUNTS
PROVIDED HEREIN, (C) PAY COSTS AND EXPENSES INCURRED IN CONNECTION WITH THE
CLOSING OF THE LOAN, AS APPROVED BY LENDER, AND (D) DISTRIBUTE THE BALANCE, IF
ANY, TO BORROWER.
SECTION 2.2
INTEREST; LOAN PAYMENTS; LATE PAYMENT CHARGE.
2.2.1
INTEREST GENERALLY.
INTEREST ON THE OUTSTANDING PRINCIPAL BALANCE
OF THE LOAN SHALL ACCRUE FROM THE CLOSING DATE TO BUT EXCLUDING THE MATURITY
DATE AT THE INTEREST RATE.
2.2.2
INTEREST CALCULATION.
INTEREST ON THE OUTSTANDING PRINCIPAL
BALANCE OF THE LOAN SHALL BE CALCULATED ON THE BASIS OF A THREE HUNDRED SIXTY
(360) DAY YEAR COMPRISED OF TWELVE (12) MONTHS OF THIRTY (30) DAYS EACH, EXCEPT
THAT INTEREST DUE AND PAYABLE FOR A PERIOD OF LESS THAN A FULL MONTH SHALL BE
CALCULATED BY MULTIPLYING THE ACTUAL NUMBER OF DAYS ELAPSED IN THE PERIOD FOR
WHICH THE CALCULATION IS BEING MADE BY A DAILY RATE BASED ON A THREE HUNDRED
SIXTY (360) DAY YEAR.
2.2.3
PAYMENTS GENERALLY.
BORROWER SHALL PAY TO LENDER (A) ON THE
CLOSING DATE, AN AMOUNT EQUAL TO INTEREST ONLY ON THE OUTSTANDING PRINCIPAL
BALANCE OF THE LOAN FROM THE CLOSING DATE UP TO BUT NOT INCLUDING THE FIRST
PAYMENT DATE FOLLOWING THE CLOSING DATE, AND (B) ON APRIL 1, 2006 AND EACH
PAYMENT DATE THEREAFTER UP TO BUT NOT INCLUDING THE MATURITY DATE, AN AMOUNT
EQUAL TO THE MONTHLY DEBT SERVICE PAYMENT AMOUNT, WHICH SHALL BE APPLIED TO
INTEREST ON THE OUTSTANDING PRINCIPAL AMOUNT OF THE LOAN FOR THE PRIOR CALENDAR
MONTH AT THE INTEREST RATE.
2.2.4
INTENTIONALLY OMITTED.
2.2.5
PAYMENT ON MATURITY DATE.
BORROWER SHALL PAY TO LENDER ON THE
MATURITY DATE THE OUTSTANDING PRINCIPAL BALANCE OF THE LOAN, ALL ACCRUED AND
UNPAID INTEREST AND ALL OTHER AMOUNTS DUE HEREUNDER AND UNDER THE NOTE, THE
MORTGAGE AND OTHER THE LOAN DOCUMENTS.
2.2.6
PAYMENTS AFTER DEFAULT.
UPON THE OCCURRENCE AND DURING THE
CONTINUANCE OF AN EVENT OF DEFAULT, INTEREST ON THE OUTSTANDING PRINCIPAL
BALANCE OF THE LOAN AND, TO THE EXTENT PERMITTED BY LAW, OVERDUE INTEREST AND
OTHER AMOUNTS DUE IN RESPECT OF THE LOAN, SHALL ACCRUE AT THE DEFAULT RATE,
CALCULATED FROM THE DATE SUCH PAYMENT WAS DUE WITHOUT REGARD TO ANY GRACE OR
CURE PERIODS CONTAINED HEREIN.
INTEREST AT THE DEFAULT RATE SHALL BE COMPUTED