Document:

Exhibit
10.47

PROMISSORY NOTE

	
  $1,943,359.00

  	
  December 1, 2006

  

FOR VALUE RECEIVED, KINGSDELL, L.P., a Delaware
corporation (hereinafter referred to as “Maker”), promises to pay to the order of CHASE PARK PLAZA HOTEL, LLC, a Delaware limited liability
company, having a mailing address of c/o
Behringer Harvard Opportunity OP I LP, 15601 Dallas Parkway, Suite 600,
Addison, Texas 75001 (the “Payee”) (the legal holder from time to time
of this Note, including Payee as the initial holder, hereinafter referred to as
“Holder”), the principal sum of
One Million Nine Hundred Forty-Three Thousand Three Hundred Fifty-Nine and
No/100 Dollars ($1,943,359.00), or so much thereof as may be advanced to or for
the benefit of Maker by Holder (hereinafter referred to as “Principal Indebtedness”) pursuant to the
Lease Agreement (as hereinafter defined), together with interest thereon at the
rate set forth in Section 2 hereof, and in accordance with the provisions
hereinafter set forth.  Capitalized terms
used but not defined herein shall have the meaning set forth in the Lease
Agreement (as defined in Section 3 hereof).

1.                                       Term
of Payment.

(a)                                  The
loan represented by this Note shall have a term (the “Term”)
commencing on the date hereof, and ending on the date that is the earlier of
(i) December 31, 2016 and (ii) the date of the termination or expiration of the
Lease Agreement (the “Maturity Date”).  On the Maturity Date, Maker shall pay to
Holder the entire Principal Indebtedness then remaining unpaid, together with
accrued and unpaid interest thereon at the Interest Rate and any other charges
due under this Note, subject, however, to Acceleration of Maturity (as
hereinafter defined).

(b)                                 Maker
shall pay interest on the aggregate outstanding Principal Indebtedness annually
in arrears on December 31, 2006 and on December 31 of each succeeding calendar
year month thereafter, and on the Maturity Date.

(c)                                  Maker
may prepay all or any part of the Principal Indebtedness at any time prior to
the Maturity Date.

2.                                       Interest
Rate.  During the Term, the aggregate
outstanding Principal Indebtedness shall bear interest from the date hereof
until paid at the rate of five percent (5%) per annum (the “Interest Rate”).  All payments of interest shall be calculated
on the basis of a 360-day year consisting of twelve 30-day months.

3.                                       Lease
Agreement.  This Note is executed by
Maker pursuant to the terms of that certain Lease Agreement between Maker and
Payee dated as of December 1, 2006 (the “Lease Agreement”)
covering property located in St. Louis, Missouri as more fully described in the
Lease Agreement.

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4.                                       Location
and Medium of Payments.  The sums
payable under this Note shall be paid to Holder at its principal address
hereinabove set forth, or at such other place as Holder may from time to time
hereafter designate to Maker in writing, in legal tender of the United States
of America.

5.                                       Acceleration
of Maturity.  If any payment of any
installment of interest, late charges, or any other sum due under this Note,
including repayment of the entire Principal Indebtedness on or before the
Maturity Date, is not received by Holder on the date on which such payment is
due and payable, and Maker thereafter fails to make such payment to Holder
within five (5) days following the effective date of notice given by Holder to
Maker that such payment is past due (an “Event
of Default”), at the option of Holder, which may be exercised at any
time following the occurrence of an Event of Default, the whole of the
Principal Indebtedness, together with all interest and other charges due
hereunder, shall immediately become due and payable (“Acceleration of Maturity”).

6.                                       Late
Charges; Interest Following Event of Default.  Maker acknowledges and agrees that it is
impractical and extremely difficult to fix in advance the actual damages
incurred by the Holder if any payment due under this Note is not paid when due;
that this impracticability or extreme difficulty is caused by the fact that
interest rates and administrative costs fluctuate, by the fact that it is
impossible to know in advance how long a default will continue, and that the
economic costs in attempting to ascertain the actual damages in each instance
of such default would be excessive in relation to the actual damages sustained.  Therefore, Maker agrees to pay to the Holder
a late charge for each delinquent installment of interest or other amounts due
hereunder equal to the lesser of four (4%) percent of the delinquent amount for
each scheduled payment of interest and other payments required under this Note
(but not the principal payment due on the Maturity Date or any acceleration
thereof) not received by the Holder within five (5) business days following the
day when the same is due, or the maximum amount which shall be permitted by
applicable state law, said sum being intended as liquidated damages in lieu of
actual damages and not as a penalty. 
Maker agrees that said sum represents a fair and reasonable estimate of
the average compensation for Holder’s actual economic loss sustained because of
a default in payment.  While any late
charges remain unpaid, all payments made hereunder shall be applied in the
following order: (a) late charges, (b) default interest, (c) interest at the
Interest Rate, and then (d) principal. 
The foregoing shall not be construed as obligating Holder to accept any
payment after the date when due nor shall acceptance of such late charge
prejudice the right of Holder to collect any other amounts required to be paid
pursuant to this Note or to declare a default hereunder or to exercise any
other rights or remedies provided herein or by law.

7.                                       In addition to any late payment charge which may
be due under this Note, Maker shall pay interest on all sums due
hereunder at a rate (the “Default Rate”)
equal to the lesser of the Interest Rate plus four (4) percentage points per
annum, or the maximum amount permitted by applicable law, from and after the
first to occur of the following events: if Holder elects to cause the
Acceleration of Maturity; if a petition under Title 11, United States Code,
shall be filed by or against Maker or if Maker shall seek or consent to the
appointment of a receiver or trustee for itself, file a petition seeking relief
under the bankruptcy or other similar laws of the United States, any state or any
jurisdiction, make a general assignment for the benefit of creditors, or be
unable to pay its debts as they become due; if a court shall enter an order,
judgment or decree appointing, with or without the consent of Maker, a receiver
or trustee for it or approving a

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petition filed against
Maker which seeks relief under the bankruptcy or other similar laws of the
United States, any state or any jurisdiction, and any such order, judgment or
decree shall remain in force, undischarged or unstayed, sixty (60) days after
it is entered; or if all sums due hereunder are not paid on the Maturity Date,
until the date the outstanding Principal Indebtedness, together with all
accrued interest and other amounts payable hereunder are paid in full.

8.                                       Collection
and Enforcement Costs.  Maker, upon
demand, shall pay Holder for all costs and expenses, including, without
limitation, reasonable attorneys’ fees, paid or incurred by Holder in
connection with the collection of any sum due hereunder, or in connection with
enforcement of any of Holder’s rights or Maker’s obligations under this Note.

9.                                       Continuing
Liability.  The obligation of Maker
to pay the Principal Indebtedness, interest and all other sums due hereunder
shall continue in full force and effect and in no way be impaired, until the
actual payment thereof to Holder, or in case of any agreement or stipulation
extending the time or modifying the terms of payment above recited, Maker shall
nevertheless continue to be liable on this Note, as extended or modified by any
such agreement or stipulation, unless released and discharged in writing by
Holder.

10.                                 No
Oral Changes; Waivers.  This Note may
not be changed orally, but only by an agreement in writing signed by the party
against whom enforcement of a change is sought.  The provisions of this Note shall extend and
be applicable to all renewals, amendments, extensions, consolidations, and
modifications of the Lease Agreement, and any and all references herein to the
Lease Agreement shall be deemed to include any such renewals, amendments,
extensions, consolidations, or modifications thereof.

Maker and any future endorsers, sureties, and guarantors hereof,
jointly and severally and solidarily, waive presentment for payment, demand,
notice of nonpayment, notice of dishonor, protest of any dishonor, notice of
protest, and protest of this Note, and all other notices in connection with the
delivery, acceptance, performance, default (except notice of default required
hereby, if any), or enforcement of the payment of this Note, and they agree
that the liability of each of them shall be unconditional without regard to the
liability of any other party and shall not be in any manner affected by an
indulgence, extension of time, renewal, waiver, or modification granted or
consented to by the Holder; and Maker and all future endorsers, sureties and
guarantors hereof consent to any and all extensions of time, renewals, waivers,
or modifications that may be granted by the Holder hereof with respect to the
payment or other provisions of this Note, and to the release of the collateral,
or any part thereof, with or without substitution, and agree that additional
makers, endorsers, guarantors, or sureties may become parties hereto without
notice to them or affecting their liability hereunder.

Holder shall not by any act of omission or commission be deemed to
waive any of its rights or remedies hereunder unless such waiver be in writing
and signed by Holder, and then only to the extent specifically set forth
therein; a waiver on one event shall not be construed as continuing or as a bar
to or waiver of such right or remedy on a subsequent event.  The acceptance by Holder of payment hereunder
that is less than payment in full of all amounts due at the time of such
payment shall not, without the express written consent of Holder:  (i) constitute a waiver of the right to
exercise any of Holder’s remedies at that time or at any subsequent time,
(ii) constitute an accord and satisfaction, or (iii) nullify any
prior exercise of any remedy.

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No failure to cause an Acceleration of Maturity hereof by reason of an
Event of Default hereunder, acceptance of a past due installment, or
indulgences granted from time to time shall be construed (i) as a novation
of this Note or as a reinstatement of the indebtedness evidenced hereby or as a
waiver of such right of acceleration or of the right of Holder thereafter to
insist upon strict compliance with the terms of this Note, or (ii) to
prevent the exercise of such right of acceleration or any other right granted
hereunder or by the laws of the State of Missouri; and, to the maximum extent
permitted by law, Maker hereby expressly waives the benefit of any statute or
rule of law or equity now provided, or which may hereafter be provided, which
would produce a result contrary to or in conflict with the foregoing.

11.                                 Bind
and Inure.  This Note shall bind and
inure to the benefit of the parties hereto and their respective legal
representatives, successors and assigns.

12.                                 Applicable
Law.  The provisions of this Note
shall be governed by and construed in accordance with the laws of the State of
Missouri.

13.                                 Invalidity.  If any provision of this Note or the
application hereof to any person or circumstance shall, for any reason and to
any extent, be invalid or unenforceable, neither the remainder of this Note nor
the application of such provision to any other person or circumstance shall be
affected thereby, but rather the same shall be enforced to the greatest extent
permitted by law.

14.                                 Usury.  All fees, charges, goods, things in action or
any other sums or things of value including any contractual obligations, other
than interest resulting from the Interest Rate or the Default Rate
(collectively, the “Additional Sums”)
paid or payable by Maker to Holder, whether pursuant to this Note or otherwise
with respect to the loan or indebtedness evidenced hereby, which, under the
laws of the State of Missouri may be deemed to be interest with respect to such
loan or indebtedness, shall, for the purpose of any laws of the State of Missouri
which may limit the maximum rate of interest to be charged with respect to such
loan or indebtedness, be payable by Maker as, and shall be deemed to be,
additional interest, and for such purposes only, the agreed upon and “contracted
rate of interest” described above shall be deemed to be increased to the rate
of interest resulting from the Additional Sums. 
If any interest or other charges are ever deemed to exceed the maximum
amount permitted by law, then: (a) the amount of interest or charges
payable hereunder by Maker shall be reduced to the maximum amount permitted by
law; and (b) any excess amount previously collected from Maker which
exceeded the maximum amount permitted by law will be credited against the
outstanding Principal Indebtedness.  If the
Principal Indebtedness has already been paid, the excess amount paid will be
refunded to Maker.

15.                                 Notice.  Any notice, request, demand, statement or
consent made hereunder shall be in writing signed by the party giving such
notice, request, demand, statement or consent, and shall be deemed to have been
properly given when either delivered personally, delivered to a reputable
overnight delivery service providing a receipt or deposited in the United
States Mail, postage prepaid and registered or certified return receipt
requested, at the address set forth below, or at such other address within the
continental United States of America as may have theretofore been designated in
writing.  The effective date of any notice
given as aforesaid shall be, and notice shall be deemed to have been properly
given and received, on the date of personal service,

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one (1) business day
after delivery to such overnight delivery service, or three (3) business days
after being deposited in the United States Mail, whichever is applicable.  For purposes hereof, the addresses are as
follows:

	
  If to Holder:

  	
  Chase Park Plaza Hotel, LLC

  
	
   

  	
  c/o Behringer Harvard Opportunity OP I LP

  
	
   

  	
  15601 Dallas Parkway, Suite 600

  
	
   

  	
  Addison, Texas  75001

  
	
   

  	
  Attn: Joe Jernigan

  
	
   

  	
   

  
	
  with a copy to:

  	
  Powell Coleman, LLP

  
	
   

  	
  8080 North Central Expressway, Suite 1380

  
	
   

  	
  Dallas, Texas 75206

  
	
   

  	
  Attn: Patrick M. Arnold

  
	
   

  	
   

  
	
  If to Maker:

  	
  Kingsdell L.P.

  
	
   

  	
  212 N. Kingshighway, Suite 1023

  
	
   

  	
  St. Louis, Missouri 63108

  
	
   

  	
  Attn: James L. Smith

  
	
   

  	
   

  
	
  with a copy to:

  	
  Sonnenschein Nath & Rosenthal LLP

  
	
   

  	
  One Metropolitan Square, Suite 3000

  
	
   

  	
  St. Louis, Missouri 63102

  
	
   

  	
  Attn: Jennifer A. Marler, Esq.

  

16.                                 Time
of the Essence.  Time is of the
essence in this Note.

17.                                 Attorney
Fees.  Any reference to “attorneys
fees” in this document includes, but is not limited to, both the reasonable
fees, charges and costs incurred by Holder through its retention of outside
legal counsel.  Any reference to “attorney
fees” shall also include, but not be limited to, those reasonable attorneys or
legal fees, costs and charges incurred by Holder in the collection of any
indebtedness secured hereby, the enforcement of any obligations hereunder, the
defense of actions arising hereunder and the collection, protection or setoff
of any claim the Holder may have in a proceeding under Title 11, United States
Code.  Attorneys fees provided for
hereunder shall accrue whether or not Holder has provided notice of an Event of
Default or of an intention to exercise its remedies for such Event of Default.

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IN WITNESS WHEREOF, Maker has duly executed this Note as of the day and
year first above written.

	
  

  	
  MAKER:

  
	
   

  
	
   

  	
  KINGSDELL L.P., a Delaware limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  IFC, Inc., a Missouri corporation,

  	
   

  
	
   

  	
   

  	
  General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James L. Smith

  	
   

  
	
   

  	
   

  	
  James L. Smith,
  President

  	
   

  
						

 

 6Exhibit
10.48

Mortgage Loan No.: 05202

PROMISSORY NOTE

[A]

	
  $55,000,000

  	
  As of July 28, 2005

  

FOR VALUE RECEIVED, the
undersigned (“Borrower”), promise(s) to pay to the order of MASSACHUSETTS
MUTUAL LIFE INSURANCE COMPANY (“Lender”), c/o Babson Capital Management LLC,
1500 Main Street, Suite 2100, Springfield, Massachusetts 01115, Attention:
Managing Director, Real Estate Finance Group, or at such other place as Lender
may direct, in lawful money of the United States of America, without grace
(except as specifically set forth in the Mortgage (as hereinbelow defined)) or
offset, the principal sum of FIFTY FIVE MILLION DOLLARS ($55,000,000), with
interest thereon at the rate of five and twenty hundredths percent (5.20%) per
annum (the “Contract Rate”), or, if applicable, at the Default Rate (as
hereinbelow defined), to be paid as provided hereinbelow.

This Promissory Note
(this “Note”) and that certain Promissory Note [B] dated of even date herewith
(as the same may be amended, extended, split or consolidated from time to time,
“Note B”) from Borrower to Lender in the principal amount of up to $5,000,000
are secured by a Deed of Trust and Security Agreement and Fixture Filing of
even date herewith (as the same may be amended or modified from time to time,
the “Mortgage”), covering real property and other property described in the
Mortgage, and located in the City of St. Louis, State of Missouri.

1.             Definitions.
As used herein, the following initially capitalized terms have the meanings set
forth below;

“Acceleration Event” has
the meaning assigned to such term in Section 8.

“Borrower” has the
meaning assigned to such term in the first introductory paragraph hereof.

“Business Day” means any
day other than a Saturday, Sunday or other day on which national banks in the
State are not open for business.

“Carveout Losses” has the
meaning assigned to such term in Section 10.

“Closed Period Prepayment
Fee” has the meaning assigned to such term in Section 8.

“Closed Prepayment Date”
has the meaning assigned to such term in Section 8.

“Collateral” has the
meaning assigned to such term in the Mortgage.

“Contract Rate” has the
meaning assigned to such term in the first introductory paragraph hereof.

“Default Rate” has the
meaning assigned to such term in Section 4.

“Equipment” has the
meaning assigned to such term in the Mortgage.

	
   

  	
  Borrower’s

  
	
   

  	
  Initials:

  	
  /s/ JLS

  

 

 

“Event of Default” has
the meaning assigned to such term in the Mortgage.

“Indebtedness” has the
meaning assigned to such term in the Mortgage.

“Late Charge” has the
meaning assigned to such term in Section 5.

“Leases” has the meaning
assigned to such term in the Mortgage.

“Lender” has the meaning
assigned to such term in the first introductory paragraph hereof.

“Loan” has the meaning
assigned to such term in the Mortgage.

“Loan Documents” means
this Note and any and all instruments evidencing, securing or now or hereafter
executed in connection with this Note, including, without limitation, the
Mortgage, indemnities, pledges, master leases, swap agreements, cap agreements,
security agreements and assignments of leases and rents. Any instrument
included within the term “Loan Documents” is herein referred to in the singular
as a “Loan Document”.

“Losses” has the meaning
assigned to such term in the Mortgage,

“Maturity Date” has the
meaning assigned to such term in Section 2.

“Monthly Payment
Differential” has the meaning assigned to such term in Section 8.

“Mortgage” has the
meaning assigned to such term in the second introductory paragraph hereof.

“Mortgaged Property” has
the meaning assigned to such term in the Mortgage.

“Note” has the meaning
assigned to such term in the second introductory paragraph hereof.

“Person” means and
includes any individual, corporation, partnership, joint venture, limited
liability company, association, bank, joint-stock company, trust,
unincorporated organization or government, or an agency or political
subdivision thereof.

“Premises” has the
meaning assigned to such term in the Mortgage.

“Prepayment Fee” has the
meaning assigned to such term in Section 8.

“Principal” has the
meaning assigned to such term in the Mortgage.

“Proceeds” has the
meaning assigned to such term in the Mortgage.

“Property Income” has the
meaning assigned to such term in the Mortgage.

“Reinvestment Yield” has
the meaning assigned to such term in Section 8.

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“State” means the State
or Commonwealth in which the Premises are situated.

2.             Payment Terms.
Payments shall be made on this Note as follows:

(a)           On the date the Loan is
made, a payment of interest at the Contract Rate only shall be due and payable
for the period from such date to the first day of the next calendar month.

(b)           Successive monthly
installments of interest only (in arrears), shall be made on the first day of September,
2005 and on the first day of each calendar month thereafter up to and including
the first day of July, 2010.

(c)           Each monthly
installment shall be in the constant amount of Two Hundred Thirty Eight
Thousand Three Hundred Thirty Three and 33/100 Dollars ($238,333.33).

(d)           A final installment
equal to the entire principal balance then remaining unpaid, with accrued
interest thereon, shall be due and payable on August 1, 2010 (the “Maturity
Date”).

All payments shall be
made by direct debit of Borrower’s bank and bank account through automated
clearinghouse deductions of immediately available federal funds or equivalent
to Lender’s bank and bank account. Borrower acknowledges that, since the Loan
does not amortize during its term, the entire principal balance will be due on
the Maturity Date, Whenever any payment to be made under this Note is stated to
be due on a date which is not a Business Day, the due date shall be extended to
the next succeeding Business Day and interest shall continue to accrue and be
payable at the applicable rate during such extension.

3.             Interest. All
interest accruing hereunder shall be calculated on the basis of a 360-day year
consisting of twelve (12) months of thirty (30) days each; provided, however,
that for any partial monthly payment, interest shall be calculated on the basis
of a 365 day year,

4.             Default Interest.
 Upon an Event of Default or on the
Maturity Date, whether by acceleration or otherwise, the unpaid principal
balance of this Note shall thereafter bear interest at the per annum interest
rate (the “Default Rate”) equal to the lesser of

(a)           the highest rate
permitted by law to be charged on a promissory note secured by a commercial
mortgage, or

(b)                                 the
sum of three percent (3%) plus the greater of

(x)                                   the
Contract Rate; or

(y)                                 the
rate published in The Wall Street Journal as
the average prime rate in its Money Rates section as of the Maturity Date or
such earlier date. If The Wall Street
Journal is not in publication on the applicable date, or ceases to
publish such average rates, then any

 3
 

 

other publication acceptable to Lender quoting daily
market average prime rates will be used.

Interest
at the Default Rate as provided in this Section shall be immediately due and
payable to Lender and shall constitute additional indebtedness evidenced by
this Note and secured by the Loan Documents. The Default Rate shall continue
until the first to occur of the following: (i) curing of all Events of Default
hereunder and under the other Loan Documents, including payment in full of any
sums due hereunder and under the other Loan Documents, or (ii) reinstatement of
the Loan pursuant to statutory provisions requiring such reinstatement, but
only after the curing of all Events of Default.

5.             Late Charge.
If any regular monthly installment of principal or interest due hereunder, or
any monthly deposit for taxes, ground rent, insurance, replacements and other
sums if required under any Loan Document, shall not be paid as required under
this Note or any other Loan Document, as the case may be, by the tenth (10th) day of the month in which
the same shall be due, Borrower shall pay to Lender a late charge (the “Late
Charge”) of four cents ($0.04) for each dollar so overdue in order to
compensate Lender for its loss of the timely use of the money and frustration
of Lender in the meeting of its financial commitments and to defray part of
Lender’s incurred cost of collection occasioned by such late payment. Any Late
Charge incurred shall be immediately due and payable. If, however, during any
consecutive twelve (12) month period Borrower on more than three (3) occasions
shall pay any such installments or deposits after the due dates thereof
(whether prior to or after the time that the Late Charge is payable as above),
then the time period after which a Late Charge will be charged and paid shall
thereafter be reduced from ten (10) days to two (2) days after the applicable
due date. Nothing herein contained shall be deemed to constitute a waiver or
modification of the due date for such installments or deposits or the
requirement that Borrower make all payments of installments and deposits as and
when the same are due and payable.

6.             Application Of
Payments. Each payment received by Lender hereunder, under Note B or under
any of the other Loan Documents shall be applied in the following order:

(a)           First, to the interest
due on any advances made by Lender under any instrument which is a Loan
Document;

(b)           Next, to the principal
amount of any advances made by Lender under any instrument which is a Loan
Document;

(c)           Next, to Late Charges,
attorneys’ fees or any other amount due hereunder or under a Loan Document save
for the amounts described in (d), (e), (f), (g), (h) and (i) immediately below;

(d)           Next, to any Breakage
Fee due and payable under Note B;

(e)           Next, to accrued
interest due under Note B;

(f)            Next, to the principal
balance of Note B;

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(g)           Next, to any Prepayment
Fee then due and payable hereunder;

(h)           Next, to accrued
interest due hereunder; and

(i)            Finally, to the
principal balance hereof.

Notwithstanding the
foregoing, during the continuance of an Event of Default or in the event that
Borrower does not pay the outstanding principal balance and accrued interest
due under this Note or due under Note B, when due, whether on the Maturity Date
or on any earlier date as a result of acceleration of this Note, Lender, at its
option, shall apply any payments it then receives in such order as Lender deems
appropriate in its sole discretion.

7.             Events Of
Default And Acceleration. Upon the occurrence of an Event of Default,
Lender may, at anytime thereafter, together or singly,

(a)           declare the entire
outstanding principal balance due under this Note, together with all accrued
and unpaid interest thereon, to be immediately due and payable, thereby accelerating
this Note, and/or

(b)           exercise immediately
and without notice, any and all other rights and remedies available under the
Loan Documents or at law or in equity.

8.             Prepayment.
There are no full or partial prepayment privileges of the principal amount due
under this Note except as follows:

(a)           Borrower shall have the
right to pay the principal balance of this Note in full (but not in part except
as provided in Section 2.31 of the Mortgage) on any payment date on or after,
but not prior to August 1, 2007 (the “Closed Prepayment Date”), provided that
Borrower has previously repaid Note B in full, Borrower gives Lender thirty
(30) days prior written notice of its intention to make any such prepayment,
the date thereof and the amount to be prepaid, and that Borrower also pays to
Lender, as consideration for the privilege of making such prepayment, a
Prepayment Fee.

The Prepayment Fee shall be equal to the greater of
(x) or (y) where:

(x)            is
equal to the amount to be prepaid multiplied by one percent (1%); and

(y)                                 is
the present value of the series of Monthly Payment Differentials from the date
of prepayment to the Maturity Date, discounted at the Reinvestment Yield on a
monthly basis.

The “Monthly
Payment Differential” is the monthly interest (without amortization), which
would be earned if the prepayment were invested at the Contract Rate less
the monthly interest that would be earned by reinvesting the prepayment at the
Reinvestment Yield.

The “Reinvestment
Yield” is fifty (50) basis points plus the yield to maturity of a U.S. Treasury
issue which has the closest maturity (month and year) to the Maturity Date, as
quoted in

 5
 

 

 

The
Wall Street Journal published on the Business Day following
the second (2nd) day
immediately preceding the date for prepayment as set forth in Borrower’s notice
of its intention to prepay, but if said second (2nd) day is not a Business Day, then as
quoted on the preceding Business Day. If there exists more than one U.S.
Treasury issue of equal maturity, then the issue having the market yield that
differs least from the Contract Rate will be used in the calculations. If The
Wall Street Journal is not in publication on the applicable
date, or ceases to publish such U.S. Treasury issue yield, then any other
publication acceptable to Lender quoting daily market yields for U.S. Treasury
issues will be used,

(b)           There will be due with
any principal prepayment, all accrued and unpaid interest and all other fees,
charges and payments due under this Note and the other Loan Documents.

(c)           No Prepayment Fee shall
be required to be paid in connection with payment of fire, casualty, or
condemnation proceeds to Lender in accordance with the provisions of the
Mortgage.

(d)           If the maturity of this
Note is accelerated by Lender because of the occurrence of an Event of Default
or as otherwise provided in the Loan Documents (an “Acceleration Event”), the
resulting acceleration shall be deemed to be an election on the part of
Borrower to prepay the Loan. Accordingly, there shall be added to the amount
due after an Event of Default and resulting acceleration, a Prepayment Fee,
calculated as set forth above and using as the prepayment date the date on
which any tender of payment is made. Any tender of payment made after
acceleration by or on behalf of Borrower (including, without limitation,
payment by any guarantor or purchaser at a foreclosure sale), shall include the
Prepayment Fee computed as provided above. If the Acceleration Event occurs
prior to the Closed Prepayment Date, a Prepayment Fee (a “Closed Period
Prepayment Fee”) shall nevertheless be paid, which Closed Period Prepayment Fee
shall be calculated as set forth above, except that with respect to Section
8(a) clause (x), the Closed Period Prepayment Fee shall equal the amount to be
prepaid multiplied by three percent (3%) (rather than 1%), and that with
respect to Section 8(a) clause (y), the Reinvestment Yield (calculated as
provided for above) shall be reduced by two (2) percentage points.

(e)           Borrower acknowledges
and agrees that the Prepayment Fee represents the reasonable estimate of Lender
and Borrower of a fair average compensation for the loss that will be sustained
by Lender resulting from the payment of the outstanding principal balance of
the Loan prior to the Maturity Date. The Prepayment Fee shall be paid without
prejudice to the right of Lender to collect any other amounts provided to be
paid under this Note, or under the other Loan Documents, or pursuant to the
provisions of law.

(f)            Notwithstanding
anything herein to the contrary, no Prepayment Fee shall be required to be paid
in connection with a prepayment made under Section 8(a) above after May 1, 2010.

 6
 

 

(g)           Borrower’s right to
prepay this Note as herein provided is conditioned upon Borrower’s prior
repayment of Note B.

9.             Waivers And
Extensions. Borrower and all endorsers and guarantors and any and all
others who may at any time be or become liable for payment of all or any part
of the Loan severally waive presentment for payment, demand, notice of dishonor
or nonpayment, protest and notice of protest, notice of acceleration and of
intention to accelerate the Maturity Date (except as provided in the Mortgage)
and any and all lack of diligence or delays in collection or enforcement
hereof, and agree that Lender from time to time may extend the time for payment
of any sums due under this Note and grant releases to any or all endorsers or
guarantors hereof, and may release all or any portion of the Mortgaged
Property, without in any way affecting the liability of such parties hereunder.

10.           Limitations
On Liability.

(a)           Subject to the
provisions of this Section, in any action or proceedings brought on this Note,
the Mortgage or on any of the other Loan Documents in which a money judgment is
sought, Lender will look solely to the Mortgaged Property and other property
described in the Loan Documents (including the Property Income and any other
rents and profits from such property) for payment of the Indebtedness and,
specifically and without limitation, Lender agrees to waive any right to seek
or obtain a deficiency judgment against Borrower.

(b)           The provisions of this
Section 10 shall not

(i)                                     constitute
a waiver, release or impairment of any obligation evidenced or secured by this
Note, the Mortgage or any other Loan Document;

(ii)                                  be
deemed to be a waiver of any right which Lender may have under Sections 506(a),
506(b), 1111(b) or any other provisions of the Federal Bankruptcy Code to file
a claim for the fill amount of the Indebtedness evidenced by this Note and
secured by the Mortgage or to require that all Collateral shall continue to
secure all of the Indebtedness owing to Lender in accordance with this Note,
the Mortgage and the other Loan Documents;

(iii)                               impair
the right of Lender to name Borrower or any Principals of Borrower or any guarantor
of this Note as a party or parties’ defendant in any action or suit for
judicial foreclosure and sale under the Mortgage;

(iv)                              affect
the validity or enforceability of, or limit recovery under, any indemnity
(including the environmental indemnity set forth in the Mortgage or any
separate environmental indemnity agreement, however designated), guaranty,
master or other lease or similar

 7
 

 

instrument made in connection with this Note, the
Mortgage or the other Loan Documents;

(v)                                 impair
the right of Lender to obtain the appointment of a receiver; or

(vi)                              impair
Lender’s rights and remedies under the Mortgage or any separate assignment of
leases and rents regarding the assignment of Leases and Property Income to
Lender.

(c)           Notwithstanding any
provisions of this Section 10, Borrower, any indemnitors or guarantors in
connection with the Loan, shall be personally liable to Lender and Lender shall
have full recourse to Borrower and any indemnitors and guarantors in connection
with the Loan to the extent provided below in connection with the following:

(i)                                     fraud
or material misrepresentation in connection with any Loan Document, affidavit,
certification, warranty or representation given by Borrower or any officer,
general partner, member or authorized agent of Borrower in connection with the
making of the Loan – full recourse liability for the entire Indebtedness under
the Loan;

(ii)                                  the
application or appropriation of insurance or condemnation Proceeds in a manner
contrary to the terms of the Loan Documents – recourse liability for the amount
of insurance and/or condemnation proceeds not paid over to Lender or applied in
accordance with the Loan Documents;

(iii)                               the
application or appropriation of any tenant security deposits, advance or
prepaid rents, cancellation or termination fees or other similar sums paid to
or held by Borrower or any other person in connection with the operation of the
Premises contrary to the terms of the Loan Documents – recourse liability for
the amount of security deposits, advances or prepaid rents, and cancellation or
termination payments not applied or paid over to Lender in accordance with the
terms of the Loan Documents;

(iv)                              the
failure to return all Equipment taken from the Premises by or on behalf of
Borrower which is not replaced with Equipment of the same utility and of the
same or greater value – recourse liability for the replacement value of the
Equipment which is taken and not replaced;

(v)                                 any
act of arson, malicious destruction or physical waste by Borrower, any
Principal, affiliate member, general or limited partner of Borrower, or by any
guarantor or indemnitor in connection with the Loan which affects all or any
portion of the

 8
 

 

Premises or the Equipment – recourse liability for any
Carveout Losses incurred by Lender in connection with such acts;

(vi)                              the
failure to apply Property Income or Proceeds to payments due under the Loan
Documents or to real and personal property taxes, capital improvements to the
Premises and operating expenses of the Mortgaged Property (including, without
limitation, any deposits, reserves or escrows required by the Loan Documents),
thereby resulting in, or contributing materially to an Event of Default –
recourse liability to the extent of the Property Income or Proceeds which are
misapplied. Lender, however, shall have no right to recover distributions from
Property Income or Proceeds of the Mortgaged Property to Borrower or any
Principals of Borrower made in good faith (after determining the sufficiency of
such revenues to cover the payments on the Loan and the foregoing operating and
capital expenses) more than three hundred sixty (360) days prior to an Event of
Default;

(vii)                           the
filing by Borrower, any Principal, any indemnitor or guarantor in connection
with the Loan, the general partner of Borrower or the manager or managing
member of Borrower (if Borrower is a limited liability company) of a voluntary
bankruptcy or insolvency proceeding or the filing against Borrower, any
Principal, any indemnitor or guarantor in connection with the Loan, the general
partner of Borrower or the manager or managing member of Borrower (if Borrower
is a limited liability company) of an involuntary bankruptcy or insolvency
proceeding which is not dismissed within ninety (90) days of filing -  full recourse liability for the entire
Indebtedness under the Loan;

(viii)                        the
failure to maintain, or pay the premiums for, any insurance required to be
maintained under the Loan Documents or to make any of the tax, insurance or
ground rent deposits required by the Loan Documents - recourse liability for
any Carveout Losses incurred by Lender in connection with such failure to
maintain insurance or pay premiums;

(ix)                                a
violation of the restrictions on transfer of ownership as described in the
Mortgage or in any of the other Loan Documents -  full recourse liability for the entire
Indebtedness under the Loan; and

(x)                                   a
violation of the restrictions on subordinate, mezzanine and other financing as
described in the Mortgage or in any of the other Loan Documents - full recourse
liability for the entire Indebtedness under the Loan.

 9
 

 

The
term “Carveout Losses” as used in this Section 10 shall mean all claims, suits,
liabilities (including without limitation, strict liabilities), actions,
proceedings, obligations, debts, damages, losses, costs, fines, penalties,
charges, fees, expenses, judgments, awards, amounts paid in settlement,
punitive damages, foreseeable and unforeseeable consequential damages of
whatever kind or nature (including but not limited to reasonable attorneys’
fees, costs and expenses).

11.           Usury. No
amounts under this Note or the Loan Documents shall be charged, paid or
collected from Borrower if the result of such charge payment or collection
would be to cause the Loan to be usurious under applicable law. If, however, an
amount is paid or collected which would otherwise cause the Loan to be
usurious, such excess amount which causes the Loan to be usurious shall be
deemed a payment of principal and shall be applied against and shall reduce the
then outstanding principal balance of the Loan by a corresponding amount, and
no Prepayment Fee shall be charged on any such excess amount applied to
principal.

12.            Transfers. Upon
the transfer of this Note, Borrower hereby waiving notice of any such transfer,
Lender may deliver all of the Loan Documents, Proceeds, Property Income or
Collateral, or any part thereof, to the transferee who shall thereupon become
vested with all rights herein, or under applicable law, given to Lender with
respect thereto, and Lender shall thereafter forever be relieved and fully
discharged from any liability or responsibility under or with respect to this
Note, and the other Loan Documents, Proceeds, Property Income and Collateral so
transferred; but Lender shall retain all rights hereby given to it with respect
to any obligations of Borrower under or in connection with the Loan Documents,
Proceeds, Property Income or Collateral not so transferred. Upon any such
transfer, the term “Lender” as used herein shall mean such transferee.

13.            Severability.
In the event any one or more of the provisions contained in this Note or any
other Loan Documents shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of this Note or of any other Loan
Documents, but this Note and the other Loan Documents shall be construed as if
such invalid, illegal or unenforceable provision had never been contained
herein or therein.

14.            WAIVER OF
TRIAL BY JURY. BORROWER AND LENDER, BY ACCEPTANCE OF THIS NOTE,
HEREBY WAIVE TRIAL BY JURY IN ANY COURT ACTION, PROCEEDING OR COUNTERCLAIM
WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE
LOAN, ANY APPLICATION FOR THE LOAN, THIS NOTE, THE MORTGAGE OR ANY OTHER LOAN
DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER, OR BORROWER OR THEIR RESPECTIVE
OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH.

15.           Joint And Several
Liability. If there shall be more than one (1) Borrower named in this Note,
then the obligations and liabilities of such parties as Borrower shall be joint
and several.

 10

 

16.           Remedies
Cumulative. The rights, powers and remedies of Lender permitted by law,
equity or contract or as set forth herein or in any other Loan Documents shall
be cumulative and concurrent, and may be pursued singly, successively or
together against Borrower (subject to Section 10 hereof) or the Mortgaged
Property, the Collateral or the Property Income, at the sole discretion of
Lender, and to the fullest extent permitted by law. Such rights, powers and
remedies shall not be exhausted by any exercise thereof but may be exercised as
often as occasion therefor shall occur. The failure to exercise any such right,
power or remedy shall in no event be construed as a waiver or release of the
same. Lender shall not by any act of omission or commission be deemed to have
waived any of its rights, powers or remedies under this Note or any other Loan
Documents unless such waiver be in writing and signed by Lender, and then only
to the extent specifically set forth therein, A waiver of a right in one event
shall not be construed as continuing or as a bar, or as a waiver of such right
on a subsequent event.

17.           Fees
And Costs. Borrower further promises to pay upon demand all reasonable
attorneys’ fees and out-of-pocket costs (including, without limitation, court
costs and appraisal fees) incurred by Lender in connection with any Event of
Default and in any proceeding, including all appeals, brought to enforce any of
the provisions of this Note or the other Loan Documents.

18.           Time
Of The Essence. Time shall be of the essence in performance of all obligations
of Borrower under this Note and the other Loan Documents including, without limitation,
the time periods provided in the Mortgage for the curing of defaults.

19.           Headings
For Convenience. Headings and captions used in this Note are inserted for
convenience of reference only and neither constitute a part of this Note nor
are to be used to construe or interpret any of the provisions hereof

20.           Notices;
How Given.

(a)           All notices, consents, approvals and
requests required or permitted hereunder or under any other Loan Document shall
be given in writing and shall be effective for all purposes if hand delivered
or sent by: (i) certified or registered United States mail, postage prepaid;
(ii) expedited prepaid delivery service, either commercial or United States
Postal Service, with proof of attempted delivery; or (iii) facsimile provided a
confirming copy is sent the same day in the manner set forth in (ii) above,
addressed in either case as follows:

If to Lender, at the following
address:

Massachusetts
Mutual Life Insurance Company

c/o
Babson Capital Management LLC

1500
Main Street, Suite 2100

Springfield,
Massachusetts 01115

Attention:
Managing Director, Real Estate Finance Group

Facsimile:
413-226-2498

 

 11
 

 

With a copy to:

Massachusetts
Mutual Life Insurance Company

c/o
Babson Capital Management LLC

1500
Main Street, Suite 2800

Springfield,
Massachusetts 01115

Attention:
Vice President, Real Estate Law

Facsimile:
413-226-1079

 

If to Borrower, at the
following address:

Kingsdell
L.P.

c/o
IFC, Inc.

212
North Kingshighway Blvd., Suite 1023

St
Louis, Missouri 63108

Attention:
Mr. James L. Smith, President

Facsimile: (314) 633-3233

With a copy to:

REBNEC
Ten, Inc.

c/o
Dana Corporation

4500
Dorr Street

Toledo,
Ohio 43615

Attention:
Robert E. Pollock, International Counsel

Facsimile: (419) 535-4790

With a copy to:

Dana
Corporation

4500
Dorr Street

Toledo,
Ohio 43615

Attention:
Corporate Secretary

Facsimile: (419) 535-4790

or
to such other address and person as shall be designated from time to time by
Lender or Borrower, as the case may be, in a written notice to the other party
in the manner provided for in this Section 20. A notice shall be deemed to have
been given: in the case of hand delivery or by facsimile, at the time of delivery;
in the case of registered or certified mail, three (3) Business Days after
deposit in the United States mail; or in the case of expedited prepaid
delivery, upon the first attempted delivery on a Business Day. A party
receiving a notice which does not comply with the technical requirements for
notice under this Section 20 may elect to waive any deficiencies and treat the
notice as having been properly given.

(b)           Borrower acknowledges that Lender may
elect to correspond or transmit information concerning the Loan or Borrower to
Borrower, the Principals, any guarantors

 12
 

 

or indemnitors in connection
with the Loan, investors and other third parties via email or the internet.
Such transmissions shall be for the convenience of the parties hereto and shall
not replace or supplement the required methods of delivering notices provided
for above. In addition, Borrower acknowledges that such information may be
transmitted via the internet or by email and with or without any algorithm
enhanced security software and Borrower waives any right to privacy in
connection therewith.

21.           No
Oral Change. This Note may not be modified, amended, waived, extended,
changed, discharged or terminated orally or by any act (other than the payment
of all obligations hereunder and under all of the other Loan Documents) or
failure to act on the part of Borrower or Lender, but only by an agreement in
writing, intended for that specific purpose and signed by the party against
whom enforcement of any modification, amendment, waiver, extension, change,
discharge or termination is sought.

22.           Applicable
State Law. This Note shall be governed, construed, applied and enforced in
accordance with the laws of the State.

23.           Registered
Note. This Note is subject to certain registration provisions set Forth in
the Mortgage and may only be assigned and transferred by Lender in compliance
with such provisions.

ORAL
AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FOREBEAR PROM
ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT
ARE NOT ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT
IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU (BORROWER) AND US
(LENDER) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS BORROWER AND
LENDER REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE
COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN BORROWER AND LENDER,
EXCEPT AS BORROWER AND LENDER MAY LATER AGREE IN WRITING TO MODIFY IT.

 13
 

 

IN WITNESS WHEREOF this Note
has been duly executed as of the date first written above.

 

	
   

  	
  BORROWER

  
	
   

  	
   

  
	
   

  	
  KINGSDELL
  L.P., a Delaware
  limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  IFC, Inc., a Missouri
  corporation, its General

  
	
   

  	
   

  	
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James L. Smith

  	
   

  
	
   

  	
   

  	
   

  	
  Name: James L. Smith

  
	
   

  	
   

  	
   

  	
  Its: President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Federal Taxpayer ID. No.

  
	
   

  	
   

  	
   

  
	
   

  	
  43-1794300

  

 

 14

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