SEC Contract Filing

Filing Date: 2015-03-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.32
<SEQUENCE>6
<FILENAME>q414exhibit1032.htm
<DESCRIPTION>EXHIBIT 10.32
<TEXT>
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<a name="s140a7457c8874270bc421f9a85b85005"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PROMISSORY NOTE</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FOR VALUE RECEIVED, </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">STRATUS LAKEWAY CENTER, L.L.C.</font><font style="font-family:inherit;font-size:11pt;">, a Texas limited liability company (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">"Borrower"</font><font style="font-family:inherit;font-size:11pt;">), hereby promises to pay to the order of </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SOUTHSIDE BANK</font><font style="font-family:inherit;font-size:11pt;">&#32;or registered assigns (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">"Lender"</font><font style="font-family:inherit;font-size:11pt;">) in accordance with the provisions of the Loan Agreement (as hereinafter defined) the principal amount of each advance of the Loan from time to time made by Lender to Borrower under that certain Construction Loan Agreement dated as of September 29, 2014 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the </font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">"Loan Agreement;"</font><font style="font-family:inherit;font-size:11pt;">&#32;the terms defined therein being used herein as therein defined), among Borrower, the Lenders from time to time party thereto, and PlainsCapital Bank, as Administrative Agent.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Borrower promises to pay interest on the unpaid principal amount of each advance of the Loan from the date of such advance until such principal amount is paid in full, at such interest rates and at such times as provided in the Loan Agreement. All payments of principal and interest shall be made to Administrative Agent for the account of Lender in Dollars in immediately available funds at Administrative Agent's Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Loan Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This Note is one of the Notes referred to in the Loan Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. </font><font style="font-family:inherit;font-size:11pt;font-style:italic;">This Note </font><font style="font-family:inherit;font-size:11pt;">is </font><font style="font-family:inherit;font-size:11pt;font-style:italic;">also entitled to the benefits of the Deed of Trust and is secured by the Project and the other collateral described in the Loan Agreement</font><font style="font-family:inherit;font-size:11pt;">. Upon the occurrence and continuation of one or more of the Events of Default specified in the Loan Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided in the Loan Agreement. Advances of the Loan made by Lender shall be evidenced by one or more loan accounts or records maintained by Lender in the ordinary course of business. Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of its loans and payments with respect thereto.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor, notice of intent to accelerate, notice of acceleration and non-payment of this Note.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">[The remainder of this page is left intentionally blank. The signa