Document:

exhibit4b.htm

Exhibit 4(b)

CONTRACT SPECIFICATIONS

Contract Number:                                          [0123456]

Annuitant:                                                      [John Doe]

Age at Issue:                                                  [35]

Contract Date:                                               [September 1, 2011]

Initial Purchase Payment:                              [$25,000]

Maturity Date:                                                [September 1, 2066]

Owner(s):                                                      [John Doe]

Beneficiary Designation:                                Refer to the Client Information Profile

Death Benefit on Contract Date: [Guarantee of Principal]

PURCHASE PAYMENT AND ALLOCATION REQUIREMENTS:

Minimum Subsequent Purchase Payment Transmitted Electronically: [$25]

Minimum Subsequent Purchase Payment Transmitted Other Than Electronically: [$100]

Minimum Allocation to Any One Variable Subaccount: [$20]

[Minimum Allocation to Any Fixed Subaccount: [$2,000] ]

[Minimum Allocation to the DCA Fixed Account: [$1,500] ]

ACCOUNT FEE:

The Account Fee is [$50] per Contract Year. [The Account Fee will be deducted on the first Valuation Date following the last day of each Contract Year. If the Contract is surrendered prior to the last day of a Contract Year, the full Account Fee will be deducted upon the surrender. The Account Fee will be deducted from each Variable Subaccount and any Fixed Subaccount on a pro-rata basis. The Account Fee will be waived for any Contract Year in which the Contract Value (may also be referred to as Account Value throughout the Contract) equals or exceeds [$50,000] as of the Valuation Date on which the Account Fee would otherwise be deducted. The Account Fee will be waived after [15] Contract Years. The Account Fee will also be waived on and after the Annuity Commencement Date.]

PREMIUM BASED CHARGE:

[Each Purchase Payment allocated to the Contract is subject to a Premium Based Charge (PBC). The PBC is calculated separately for each Purchase Payment and is deducted quarterly over a [7] year period (PBC Period). Each Purchase Payment is subject to a separate PBC Period. If the Contract is fully surrendered prior to the end of any PBC Period, any remaining PBC for all Purchase Payments will be deducted from the Surrender Value. Upon a withdrawal, a portion of any remaining PBC for all Purchase Payments may be deducted from the Contract Value at the time of withdrawal, as described herein.

Quarterly Contract Anniversary: Each successive 3-month anniversary of the Contract Date.

PBC Period: With respect to each Purchase Payment, the [28] Quarterly Contract Anniversaries beginning on or immediately after the date the Purchase Payment is allocated to the Contract (a total of [7] years).

  

  

  

Calculation of Premium Based Charge (PBC): The PBC applicable to each Purchase Payment is equal to

(a) multiplied by (b), then multiplied by (c), where:

(a) is the amount of the current Purchase Payment;

(b) is the applicable PBC Percentage per quarter shown in the table below; and

(c) is [28].

The initial quarterly PBC for each Purchase Payment is equal to (a) multiplied by (b), as described above.

Premium Based Charge (PBC) Schedule:

	
Total Purchase Payment Amount

 

	
PBC Percentage per quarter

	
Annual Equivalent of

PBC Percentage

 

	
[Less than $50,000

	
[0.1750%

	
[0.70%

	
$50,000 or more, but less than $100,000

	
0.1600%

	
0.64%

	
$100,000 or more, but less than $250,000

	
0.1250%

	
0.50%

	
$250,000 or more, but less than $500,000

	
0.0875%

	
0.35%

	
$500,000 or more, but less than $1,000,000

	
0.0625%

	
0.25%

	
$1,000,000 or more]

	
0.0375%]

	
0.15%]

Determining PBC Percentage: In accordance with our procedures, for each Purchase Payment received, the PBC Percentage is determined based on the total Purchase Payments received through the date of the current Purchase Payment, including the full amount of the current Purchase Payment. Once the PBC Percentage is determined for a Purchase Payment, such percentage is fixed and will not be reduced, even f additional Purchase Payments are made or withdrawals are taken.

Deduction of Premium Based Charge (PBC): During any PBC Period, the quarterly PBC will be deducted from the Contract Value on the first Valuation Date on or after each Quarterly Contract Anniversary.

If, on any Quarterly Contract Anniversary, the Contract Value equals zero prior to the deduction of any charges or fees, any remaining PBC will be waived.

Premium Based Charge (PBC) Upon Full Surrender: The Surrender Value as defined in the Contract or in ay rider attached to the Contract will be reduced by the amount of any remaining PBC for all Purchase Payments as of the date of surrender.

Premium Based Charge (PBC) Upon Withdrawal: A portion of any remaining PBC for all Purchase Payments will be deducted from the Contract Value at the time of withdrawal if total withdrawals in any Contract Year exceed the PBC Free Withdrawal Amount described in the Annual PBC Free Withdrawal Amount provision.

Prior to the [7th] anniversary of the Contract Date, this deduction is equal to (a) divided by (b), then multiplied by (c), where:

(a) is the withdrawal amount above the PBC Free Withdrawal Amount;

(b) is equal to (i) minus (ii), where:

(i) is the sum of all Purchase Payments still within the PBC Period; and

(ii) is the sum of all withdrawals above the PBC Free Withdrawal Amount; and

(c) is equal to the amount of any of the remaining PBC for all Purchase Payments.

On or after the [7th] anniversary of the Contract Date, item (b) in the calculation above will be equal to the sum of all Purchase Payments still within the PBC Period.

  

  

  

If this deduction is taken, the dollar amount of each remaining quarterly PBC deduction will be reduced by the ratio of (a) divided by (b) above for the remainder of the PBC Period.

This deduction from the Contract Value at the time of withdrawal and the corresponding reduction of the remaining quarterly PBC deductions will not apply to the following:

a. Any withdrawals of Contract Value during a Contract Year to the extent that the total Contract Value withdrawn during the current Contract Year does not exceed the Annual PBC Free Withdrawal Amount described below.

b. Any conforming withdrawals or periodic income payments under the provisions of any living benefit rider attached to the Contract.

c. Any long-term care benefit payments under the provisions of any long-term care benefit rider attached to the Contract.

d. A surrender or withdrawal as a result of the “permanent and total disability” of the original Owner, as defined in section 22(e) of the Code. Permanent and total disability must occur subsequent to the Contract Date and prior to the 65th birthday of the disabled Owner.

e. A surrender or withdrawal as a result of the diagnosis of a terminal illness of the original Owner. Diagnosis of the terminal illness must be subsequent to the Contract Date and result in a life expectancy of less than 12 months, as determined by a qualified professional medical practitioner.

f. A surrender or withdrawal as a result of the admittance of the original Owner into an accredited nursing home or equivalent health care facility. Admittance in such a facility must be subsequent to the Contract Date and continue for 90 consecutive days prior to the surrender or withdrawal.

g. A surrender or withdrawal as a result of the death of the Owner or Annuitant, provided the Annuitant has not been changed for any reason other than the death of a prior named Annuitant, unless a surviving spouse assumes ownership.

h. Any portion of the Contract that is annuitized.

If any withdrawal (other than the exceptions noted above) would cause the remaining Surrender Value after the withdrawal to be less than the remaining PBC for all Purchase Payments, the withdrawal will be reduced by the amount necessary to deduct the remaining PBC and the Contract will terminate.

Annual PBC Free Withdrawal Amount: Prior to the [7th] anniversary of the Contract Date, the PBC Free Withdrawal Amount available in any Contract Year is equal to the Free Withdrawal Amount used in the calculation of the CDSC.

On or after the [7th] anniversary of the Contract Date, the PBC Free Withdrawal Amount available in any Contract Year is the greater of the Free Withdrawal Amount used in the calculation of the CDSC or the sum of (a) plus (b), where:

(a) is the sum of all Purchase Payments outside of their PBC Period, reduced by withdrawals on a “first in-first out” (FIFO) basis; and

(b) is any Earnings.

Waiver of Premium Based Charge (PBC): Any remaining PBC will be waived in the following situations:

a. A surrender as a result of the death of the Owner or Annuitant, provided the Annuitant has not been changed for any reason other than the death of a prior named Annuitant. This waiver does not apply if a surviving spouse assumes ownership.

b. The full annuitization of the Contract, other than election of income under any variable annuity payment option rider attached to the Contract. ]

  

  

  

VARIABLE ACCOUNT:

[Lincoln National Variable Annuity Account H]

[FIXED ACCOUNT:

Minimum Guaranteed Interest Rate:

Contract Years 1 through [6]: [1.75%]

Contract Years [7] and later: [3.00%] ]

[The Fixed Subaccounts are:

[1 - YEAR INITIAL GUARANTEED PERIOD]

[2 - YEAR INITIAL GUARANTEED PERIOD]

[3 - YEAR INITIAL GUARANTEED PERIOD]

[4 - YEAR INITIAL GUARANTEED PERIOD]

[5 - YEAR INITIAL GUARANTEED PERIOD]

[6 - YEAR INITIAL GUARANTEED PERIOD]

[7 - YEAR INITIAL GUARANTEED PERIOD]

[8 - YEAR INITIAL GUARANTEED PERIOD]

[9 - YEAR INITIAL GUARANTEED PERIOD]

[10 - YEAR INITIAL GUARANTEED PERIOD] ]

MORTALITY AND EXPENSE RISK AND ADMINISTRATIVE CHARGE PRIOR TO THE ANNUITY

COMMENCEMENT DATE:

We assess a daily charge equal on an annual basis to the percentages shown of the average daily net asset value of each Variable Subaccount.

If, on the Contract Date, one of the below listed Death Benefit Option(s) has been selected, the Mortality and Expense Risk and Administrative Charge will be as indicated for the Death Benefit Option selected.

Death Benefit Option(s):                                                                                                           Charge:

[- Contract Value Death Benefit:                                                                                                   0.80%]

[- Guarantee of Principal Death Benefit:                                                                                        0.85%]

[- Enhanced Guaranteed Minimum Death Benefit:                                                                          1.10%]

[- Estate Enhancement Death Benefit:                                                                                           1.30%]

MORTALITY AND EXPENSE RISK AND ADMINISTRATIVE CHARGE ON OR AFTER THE ANNUITY

COMMENCEMENT DATE: [0.80%]

TRANSFER REQUIREMENTS PRIOR TO THE ANNUITY COMMENCEMENT DATE:

Transfers cannot be made during the first [30] days.

The amount being transferred may not exceed LNL’s maximum amount limit then in effect.

LNL reserves the right to require a [30] day minimum time period between each transfer.

  

  

  

Maximum Number of Transfers: [12] per Contract Year, excluding automatic DCA transfers. Transfers in excess of [12] per Contract Year must be authorized by LNL.

Variable Account:

 

Minimum Single Transfer Amount from a Variable Subaccount: The lesser of 1) [$300]; or 2) the remaining amount in the Variable Subaccount.

Minimum Transfer Amount to a Variable Subaccount: [$300]

[Fixed Account:]

[Minimum Single Transfer Amount to a Fixed Subaccount: [$2,000] ]

[Minimum Single Transfer Amount to the DCA Fixed Account: [$2,000] ]

[Minimum Single Transfer Amount from any Fixed Subaccount: The lesser of 1) [$300]; or 2) the remaining amount in the Fixed Subaccount. ]

[Minimum Single Transfer Amount from the DCA Fixed Account: The lesser of 1) [$300]; or 2) the remaining amount in the DCA Fixed Account. This restriction does not apply to automatic DCA transfers. ]

[Maximum Percentage Available for Transfer from any Fixed Subaccount: For transfers on a date other than the Expiration Date of a Guaranteed Period, the sum of the percentages transferred from any Fixed Subaccount in any Contract Year, where the percentages are based upon the value of the Fixed Subaccount at the time of the current withdrawal, will be limited to [25%] of the value of the Fixed Subaccount. Such transfers will be subject to an Interest Adjustment.]

WITHDRAWAL AND SURRENDER REQUIREMENTS:

Minimum Partial Withdrawal Amount: [$300]

Contingent Deferred Sales Charge (CDSC): [Withdrawals and/or surrenders will be subject to the CDSC. The CDSC is calculated separately for each Purchase Payment to which a charge applies. However, the Owner may withdraw up to the Free Withdrawal Amount during a Contract Year without incurring a CDSC. The remaining value will be subject to the CDSC.

CDSC applies as follows:

	
Number of years since a Purchase Payment was deposited

	
CDSC as a percentage of the surrendered or withdrawn Purchase Payment

	  	  
	
[None

	
[1.0%

	
At Least 1+]

	
0.0%]

  

  

  

Waiver of Contingent Deferred Sales Charge (CDSC): The withdrawal of a portion of the Contract Value or the surrender of this Contract prior to the Annuity Commencement Date may be subject to a CDSC, except that such charges do not apply to the following:

a. Each withdrawal of the Free Withdrawal Amount.

b. A surrender or withdrawal as a result of the “permanent and total disability” of the original Owner, as defined in section 22(e) of the Code. Permanent and total disability must occur subsequent to the Contract Date and prior to the 65th birthday of the disabled Owner.

c. A surrender or withdrawal as a result of the diagnosis of a terminal illness of the original Owner. Diagnosis of the terminal illness must be subsequent to the Contract Date and result in a life expectancy of less than 12 months, as determined by a qualified professional medical practitioner.

d. A surrender or withdrawal as a result of the admittance of the original Owner into an accredited nursing home or equivalent health care facility. Admittance in such a facility must be subsequent to the Contract Date and continue for 90 consecutive days prior to the surrender or withdrawal.

e. A surrender or withdrawal as a result of the death of the Owner or Annuitant, provided the Annuitant has not been changed for any reason other than the death of a prior named Annuitant. This waiver does not apply if a surviving spouse assumes ownership.

f. The annuitization of the Contract.

If a non-natural person is the Owner of the Contract, the Annuitant or Joint Annuitant will be considered the Owner of the Contract for purposes of this provision.

Annual Free Withdrawal Amount: The Free Withdrawal Amount available in any Contract Year is the greater of:

a. [10%] of the Contract Value, where the percentages are based upon the Contract Value at the time of the current withdrawal, to the extent that, during a Contract Year, the sum of the percentages of the Contract Value withdrawn does not exceed this [10%] maximum; or

b. [10%] of the total Purchase Payments, where the percentages are based upon the total Purchase Payments to the Contract at the time of the current withdrawal, to the extent that the sum of the percentages of the Purchase Payments withdrawn does not exceed this [10%] maximum.

The Free Withdrawal Amount does not apply to a surrender of this Contract.

For purposes of calculating the CDSC on withdrawals, LNL assumes that:

a. The Free Withdrawal Amount will be withdrawn from Purchase Payments on a “first in-first out”

(FIFO) basis.

b. Prior to the [1st] anniversary of the Contract Date, any amount withdrawn above the Free Withdrawal Amount during a Contract Year will be withdrawn in the following order:

1. from Purchase Payments (FIFO) until exhausted; then

2. from Earnings until exhausted.

c. On or after the [1st] anniversary of the Contract Date, any amount withdrawn above the Free Withdrawal Amount during the Contract Year will be withdrawn in the following order:

1. from Purchase Payments (FIFO) to which a CDSC no longer applies until exhausted; then

2. from Purchase Payments (FIFO) to which a CDSC still applies until exhausted; then

3. from Earnings until exhausted.]

  

  

  

DEATH BENEFIT REQUIREMENTS PRIOR TO THE ANNUITY COMMENCEMENT DATE:

The Owner may select a Death Benefit Option to be effective as of the Contract Date. If no Death Benefit Option is selected, the Guarantee of Principal Death Benefit will be the Death Benefit Option effective as of the Contract Date.

ANNUITY PAYMENT REQUIREMENTS:

Determination of the First Annuity Payment Date:

For 100% Fixed Annuity Payment, the Annuity Payment Date must be at least 30 days after the Annuity Commencement Date. If any portion of the annuity payment will be on a variable basis, the Annuity Payment Date will be 14 days after the Annuity Commencement Date. The Annuity Unit value, if applicable, and Contract Value used to effect annuity payments will be determined as of the Annuity Commencement Date.

Minimum Annuity Payment Amount: [$50]

Minimum Guaranteed Interest Rate for the Fixed Annuity Payment: [3.0%]

Assumed Investment Rate for the Variable Annuity Payment: [Between 3% and 6%]

30070-B-CD (8-11)Unassociated Document

PROMISSORY NOTE

 

	 $23,615.34	 Louisville, Kentucky 
 July 10, 2011

 

 

FOR VALUE RECEIVED, NTS MORTGAGE INCOME FUND, a Delaware corporation (the “Borrower”), with an address at 10172 Linn Station Road, Louisville, Kentucky 40223, promises to pay to the order of NTS DEVELOPMENT COMPANY, a Kentucky corporation (the “Lender”), in lawful money of the United States of America in immediately available funds at its offices located at 10172 Linn Station Road, Louisville, Kentucky 40223, or at such other location as the Lender may designate from time to time, the principal sum of TWENTY THREE THOUSAND SIX HUNDRED FIFTEEN DOLLARS AND THIRTY FOUR ($23,615.34) (the “Loan”), together with interest accruing on the outstanding principal balance from the date hereof, as provided below:

1.           Interest Rate.  The principal balance of the Loan will bear interest at a fixed rate per annum (calculated on the basis of the actual number of days that principal is outstanding over a year of 360 days) equal to five and thirty-four one-hundredths percent (5.34%) per annum (the “Fixed Rate”).

In no event will the rate of interest hereunder exceed the maximum rate allowed by law.

2.           Payment Terms.  Interest shall be due and payable commencing on the first day of each month beginning July 1, 2011 until September 30, 2011 on which date all outstanding principal and accrued interest shall be due and payable in full (the “Maturity Date”).  Payments received will be applied to charges, fees and expenses (including attorneys’ fees), accrued interest and principal in any order the Lender may choose, in its sole discretion.

3.           Late Payments; Default Rate.  If a payment is more than 15 days late, the Borrower shall also pay to the Lender a late charge equal to 5% of the unpaid portion of the payment or $100, whichever is greater (the “Late Charge”).  Such 15 day period shall not be construed in any way to extend the due date of any such payment.  Upon maturity, whether by acceleration, demand or otherwise, and at the option of the Lender upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, this Note shall bear interest at a rate per annum (calculated on the basis of the actual number of days that principal is outstanding over a year of 360 days) which shall be four percentage points (4%) in excess of the Fixed Rate in effect from time to time but not more than the maximum rate allowed by law (the “Default Rate”).  The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.  Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying the Lender’s expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Lender’s exercise of any rights and remedies hereunder, under the Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which the Lender may employ.  In addition, the Default Rate reflects the increased credit risk to the Lender of carrying a loan that is in default.  The Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for

  

  

  

anticipated and actual harm incurred by the Lender, and that the actual harm incurred by the Lender cannot be estimated with certainty and without difficulty.

4.           Prepayment.  The indebtedness evidenced by this Note may be prepaid in whole or in part at any time without penalty or premium.

5.           Events of Default.  The occurrence of any of the following events will be deemed to be an “Event of Default” under this Note:

(i)           Borrower fails to make any payment when due hereunder, or fails to otherwise comply with any term or provision of this Note, and such failure is not cured within any applicable cure period or fails to comply;

(ii)           The filing by or against Borrower of any proceeding in bankruptcy, receivership, insolvency, reorganization, liquidation, conservatorship or similar proceeding (and, in the case of any such proceeding instituted against any Obligor, such proceeding is not dismissed or stayed within 30 days of the commencement thereof);

(iii)           Any assignment by Borrower for the benefit of creditors, or any levy, garnishment, attachment or similar proceeding is instituted against any property of Borrower;

(iv)           A judgment or judgments are entered against Borrower, Borrower defaults in the payment of any other debts or there is a material adverse change in the financial condition of Borrower, or the Lender in good faith believes the prospects for repayment of this Note have been impaired; and

(v)           Any material statement made to the Lender about Borrower, or about Borrower’s financial condition, or about any collateral securing this Note is false or misleading.

Upon the occurrence of an Event of Default: (a) in an Event of Default specified in clauses (ii) or (iii) above shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable hereunder shall be immediately due and payable without demand or notice of any kind; (b) if any other Event of Default shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable hereunder, at the option of the Lender and without demand or notice of any kind may be accelerated and become immediately due and payable; (c) at the option of the Lender, this Note will bear interest at the Default Rate from the date of the occurrence of the Event of Default; and (d) the Lender may exercise from time to time any of the rights and remedies available to the Lender under applicable law.

6.           Indemnity.  The Borrower agrees to indemnify each of the Lender, each legal entity, if any, who controls, is controlled by or is under common control with the Lender, and each of their respective directors, officers and employees (the “Indemnified Parties”), and to hold each Indemnified Party harmless from and against any and all claims, damages, losses, liabilities and expenses (including all fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation therefor) which any

  

2

  

Indemnified Party may incur or which may be asserted against any Indemnified Party by any person, entity or governmental authority (including any person or entity claiming derivatively on behalf of the Borrower), in connection with or arising out of or relating to the matters referred to in this Note whether (a) arising from or incurred in connection with any breach of a representation, warranty or covenant by the Borrower, or (b) arising out of or resulting from any suit, action, claim, proceeding or governmental investigation, pending or threatened, whether based on statute, regulation or order, or tort, or contract or otherwise, before any court or governmental authority; provided, however, that the foregoing indemnity agreement shall not apply to any claims, damages, losses, liabilities and expenses solely attributable to an Indemnified Party’s gross negligence or willful misconduct. The indemnity agreement contained in this Section shall survive the termination of this Note, payment of any amounts hereunder and the assignment of any rights hereunder.  The Borrower may participate at its expense in the defense of any such auction or claim.

7.           Miscellaneous. All notices, demands, requests, consents, approvals and other communications required or permitted hereunder (“Notices”) must be in writing (except as may be agreed otherwise above with respect to borrowing requests) and will be effective upon receipt. Notices may be given in any manner to which the parties may separately agree, including electronic mail.  Without limiting the foregoing, first-class mail, facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices.  Regardless of the manner in which provided, Notices may be sent to a party’s address as set forth above or to such other address as any party may give to the other for such purpose in accordance with this section.  No delay or omission on the Lender’s part to exercise any right or power arising hereunder will impair any such right or power.  The Lender’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Lender may have under other agreements, at law or in equity.  No modification, amendment or waiver of, or consent to any departure by the Borrower from, any provision of this Note will be effective unless made in a writing signed by the Lender, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  The Borrower agrees to pay on demand, to the extent permitted by law, all costs and expenses incurred by the Lender in the enforcement of its rights in this Note and in any security therefor, including without limitation reasonable fees and expenses of the Lender’s counsel.  If any provision of this Note is found to be invalid, illegal or unenforceable in any respect by a court, all the other provisions of this Note will remain in full force and effect.  The Borrower and all other makers and indorsers of this Note hereby forever waive presentment, protest, notice of dishonor and notice of non-payment.  The Borrower also waives all defenses based on suretyship or impairment of collateral.  If this Notice is executed by more than one Borrower, the obligations of such persons or entities hereunder will be joint and several.  This Note shall bind the Borrower and its heirs, executors, administrators, successors and assigns, and the benefits hereof shall inure to the benefit of the Lender and its successors and assigns; provided, however, that the Borrower may not assign this Note in whole or in part without the Lender’s written consent and the Lender at any time may assign this Note in whole or in part.

This Note has been delivered to and accepted by the Lender and will be deemed to be made in the State where the Lender’s office indicated above is located.  This Note will be interpreted and the rights and liabilities of the Lender and the Borrower determined in

  

3

  

accordance with the laws of the State where the Lender’s office indicated above is located, excluding its conflict of laws rules. The Borrower hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Lender’s office indicated above is located; provided that nothing contained in this Note will prevent the Lender from bringing any action, enforcing any award or judgment or exercising any rights against the Borrower individually, against any security or against any property of the Borrower within any other county, state or other foreign or domestic jurisdiction.  The Borrower acknowledges and agrees that the venue provided above is the most convenient forum for both the Lender and the Borrower. The Borrower waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Note.

8.           Waiver of Jury Trial.  The Borrower irrevocably waives any and all right it may have to a trial by jury in any action, proceeding or claim of any nature relating to this Note, any documents executed in connection with this Notice or any transaction contemplated in any of such documents.  The Borrower acknowledges that the foregoing waiver is knowing and voluntary.

The Borrower acknowledges that it has read and understands all of the provisions of this Note, including the waiver of jury trial, and has been advised by counsel as necessary or appropriate.

WITNESS the due execution hereof by an authorized officer of Borrower, with the intent to be legally bound hereby.

 

 

	 	
NTS MORTGAGE INCOME FUND,

a Delaware corporation

 

 

By:        /s/ Brian F. Lavin         

Name:   Brian F. Lavin

Title:     President

 

4

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