Real estate law PromissoryNote

Real estate law PromissoryNote - o / EXERCISE NUMBER 7...

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Unformatted text preview: o / EXERCISE NUMBER 7 PROMISSORY NOTE $2 , 3 5 0/600": gol‘oneldo tau-4:A,p§lfll-/l ' a ‘ FOR VALUE RECEIVED: _ . ,-_.‘ _ , Colman genéral 15am ‘r'ship‘l :(‘fmaggerm Jimmist no pay to order drew mst ' comma or CANADA cu. ,‘ia Dela“ corporaiiion') (V ‘ " Manatee?- re" I " _ . Pam, Welles y gins, Ma‘sfjabhu _ th’efile’ga'l deif- of shire Note, “of wish at air-[place as I ‘ shall dési ‘ v' " tih‘qrnih obi“ orcgifi‘enoy which, a: the time or t ‘ 13. fit, is lég’g‘l' i " " or publiodor private €1.3st with? Unifiéfii Feta-‘4', aha fiinin or mam THREE HUNDRED. FEM! maeumziDMD 1:07:00 ($2,‘3so,ooo;oo.) , together with. interest thereon in" arreag's on the outstanding prin’bipal balance“ thereof from the dafé hereof at, .therate of 10.75% per anndm' Such ifitérest payable mor’x‘thly *ei‘s’ set forth belowzv ' A . . ' Beginfling on the girstgdAy or FeBIQéfy) 1988,‘ahd continuing on thefifirst day Of eafih°sfi¢oessivet”‘"tfi; there shall b” paid'on acoofifitv cf fihe prihoipal- indebtedness efiideficed, herepy _and interest thereon eQudl‘ monthly ifiétéllfiefifis of :TWENTY-OgE may:st Nita-HUNDRED “TY‘é‘SIX'AND' 317100 DOLLARS ($21,935.31) until madame: _31, ,199‘ ‘; fart; Which; time the entire unpaid priméipai indebtédhess'apHEall intefest ecérued thereod shall be due and payable? Each suoh”ih” ellment shall be abpliefl first to accrued interest, ComputEd mo fihlf on ufipaid prinfiipsl balefioee, and the remaififier.to the outstafid,ng_pfincipal-ba1&fi¢e hereonaéf. There shall b‘en‘o privilege to prepay all Or any part of the principal during the" loan term; . i ‘ The payment or this Note and all ifiterest' hereon is secured by a de‘éd of tht (the "Deed of Trust“)" e‘ficumbe‘rihg certain real estate (the "Property"),‘ said Deed of Trust? be’in‘g'or even date herewith and beihgou'ly ref-abroad in the real esta‘é‘e’ records fb‘r the County of“Ai’~apehoe’, colorado. ‘ _‘ U ,If a default be made hereunder or an event of default shall ‘ occur-"under the Deed of»~' Tim’s“: securingz'tfiis Not-e or undér“"fihe Loan Documents; as that term is defin‘édi the Debi-1”ch Trust, then the entire unpaid prifioipsl amount hereof, fiogether" With all accrued~ ifiter‘est gain; "any additional sums: to be “paid wag: the Deed of amet- oigf‘f advanced”by- the Hal-def hereof, shall at the option of the Holder become imfiedietEly‘du‘e and; payable, and the principal amount, accrued interest, aha additions”; sums. shall thereafter user interesfi'st an' éfinUEl r’at‘e fan? (4) percentage points _ above the, rate that would ofih‘e‘twise I be applicable hereund-‘er “if the deg-mite: andj a'é'o'élei'cetiiofi "had not odourréd (the ".Dei-Saul‘t' Rate”). "The f-eilfirr'e“ to ekefcis‘e thi$gtoption upo ex: default silli‘al‘l not .oonstiti; é avigwaive‘r; of: the rm; to we}; the option in the ev'eht of ahy sfisée‘quéns of o'éfitifiiiing default. Maker p afirees _, that in’ the , evéflfi of any default; as hereinbeforedset forth, followed-by the exercises; offithe option: to accgleraté the indebtedness as aforesaid, Maker‘ shall be rétfu’ired to pay to Holder, in addition to the default interest as provided herein, an acceleration“ premium equ‘al ‘ (:5 One Hundred $eventeen Thousand Five flundr‘ed end nay/“loo Dollars “($117,500.66)”, The acceleration premium shall be"liqtiidate"a damages for the loss sustained by Holder for loss of its investment. It is agreed 37 that the invocation~ of ,the acceleration premium shall not preclude the Holder _fr¢m seeking enforcement of any other remedies available to it at ley~or;in equity. ‘ . ‘ In the event that any installment of principal or inteyest shall not he received on an installment payment date, the Maker Shall pay;&flramount equal to 4 percent of the amount of such past due installment as a late charge for the loss of the use of the funds and for the expense of handling.the delinquent payment.‘ ..Theflright§ d? remeciee"é' Heldez- The.fe in nq event be ,fl remedy or a: the] V my acceptance or t Vs utte:,geaurea by t‘§;05ea 5: Trust,; Holder agrees flea itselfl; its afihcessors ct aésiéhs,~that, in the .event of a default in the payment of this Note or the cheervance or performance of Loan Do proceed solely under thie Nate and the.°thér money iuésment sh ll Eels its seneeal‘ psi rs. .. l, . thretyh the con» w, , m_}ey jud ,é‘t Mekér; prQVide§.that such fi¢“éY7§ndgm forecloscpe_cf this 35 e a"’ , ” " and,,fihér€,: m 1. b. , . With_.¢ther I,W_éts Qt, th, =‘w Ngtwithfitafidifig‘ the fbrfig inst, shall be fully liable t6 Hélaer (i) as a result of intentional. or willful freed, waste, or misrepresentation by thefinakericfgthewgene£5l»paftners of Maker in connection with the delivety of this Nd ewcr the performance of ‘its obligations ‘under any ‘cther, Loan Dccuments; (ii) as a resplt of the retention ct any rental ct.oth f income.arieing with respect he the Pgofierty which is collect” thy Maker or its generel partneng eater Holder hes_giyen ngtice that Maker is in default unde: this Note or any a: the other Lean Documents (to the full extent of such rental or- otherV ificdme retained and collected by maker after the giVing of any such notice), and following Written notice by fielder to tenant thatflpeyment of such recycl, Dr‘ ctheh, income, is_ to be made directly, to Holder; (iii) fiqr the feir market value as q: the time of the sivifig of any nqticeflragerped tc in (ii) hereinabcge ofi,any fixture remoVed or dispcsed of by Make; 9; its ge; cal fiartners.inyvfiolaticn of the terms of any other.Lcan Documents; (iv) as a result at the mieapplication‘o£_any‘p;cceeds in violation o£.the terms'of any documents“ securing this Equal to the full extent of such mi’ 'plied proceeds, “under any insurance policiesl er awards ing them condemnatidn 'cr .the exercise of ’the power of __ ' V,domain‘by reascn oi damage, 1 ss‘cr destruction at any porti n‘c: the Property of any buildl‘ ocated thereon;,and (v) fa “”e‘ of ‘any of; Makegls, represen tions,v warranties,7 and ' cc ‘nants With regard to Hazardous Materials (as defined in the Dee cf Trust) as set forth in the Deed of TrustL Maker may apply_income gerived from the Epoperty tc the operating expenses ditectly relating 7th, the preparty' withcutm creating personal liability hereuhder. ' ' , ' eendaatsém V” f§c4,Makerl and all> endcreers, ‘guazantore, eureties and accofimQQeticn parties henecf, and all ether PerScns liable or to become liable to: all or any part of this indethdness, jointly .—2-. 33 '1 and severally waive diligence/ p “‘otest,da”d demahd, and also notice of protest{”’ ’of' naapayaent, of dishonorL and of maturity; and they also jointly and severally hereby “consent” to‘ any anu= all‘ ran 'als,gle2ténsi3ns, or mééifide ‘"e;°f the téfims neréar, int ‘time fief‘paym““t anHWqurther agree” that dfiy- such -renewal,' offension ‘2 modification of the terms hereof or the releaSe or substitution ofwany security for the,indebtedness evidenced hereby shall not affetht a liability a- 'Vf”“' f”\ the the i tedness evidenCed by 'this‘ No» ;‘ AnY“ such. ls, ,,Q”’n l,"cr modifications may be made without notice to any of said parties. The maker land, all endorsers, guarantors, sureties and accomodation parties hereof, and‘allxoth , persons liable or to become liable on this Note agree jbintlY‘ahfl severally to pay all costs and expenses incurred by Holder, including attorneys' fees and all costs of suit, in case the unpaid principal sum of this Note or any payment of interest or principal and interest thereon or premium is not paid when due, or in case it becomes necessary to protect the security for the indebtedness evidenced hereby, or for the foreclosure by the Holder of the Deed of Trust or other Loan Documents, or in the event the Holder is made a party to any litigation because of the existence of-the indebtedness evidenced by this Note, or because of the existence of the Deed of Trust or other Loan Documents, whether suit be brought or not, and whether through courts of original jurisdiction, as well as in courts of appellate jurisdiction, or through a bankruptcy court or other legal proceedings. All such costs and expenses shall bear interest at the Default Rate until paid. The provisions of this Note and of all agreements betwaen Maker and, Holder are hereby expressly limited so that in“ no contingency or event whatever shall the amount paid, or agreed to be paid, to Holder for the use, forbearance, or detention of the money .to be loaned hereunder exceed the maximum amount permissible under applicable law. If in any circumstance whatever, the performance or fulfillment of any provision hereof or of any other agreement between Maker and Holder shall, at the time of performance or fulfillment of such provision, involve or purport to require any payment in excess of the limit prescribed by law, then the obligation to ‘be performed or fulfilled is hereby‘ reduced to the limit 'of such validity, and if in any circumstance whatever Holder should ever receive as interest an amount which would exceed the highest lawful rate, the amount which would be excessive interest shall be applied to the reduction of the principal balance owing hereunder (or,' at Holder’s option, be paid over to Maker) and shall not be counted as interest. If any provisions of this Note for any reason and to any extent are held to be invalid or unenforceable, then neither the remainder of the Note, nor the application of the provision to other persons, entities, or circumstances, nor any other instrument referred to in the Note shall be affected thereby, but instead shall be enforceable to the maximum extent permitted by law. This Note may not be amended, modified, or changed, nor" shall any waiver of any provision hereby be effective, except only by an instrument in writing and signed by the party against whom enforcement of any waiver, amendment, change, modification, or discharge is sought. This Note and the Deed of Trust securing it are.made with reference to and shall be governed by and construed in accordance With the laws of the State of Colorado. The Maker consents to -3- 39 the, personalIj‘.r_,sdiQtieQU 9:. the. appropriate state or :Kederal eburti lgbatad‘. ih' nénvarg‘ pdlcrado; Ah? néfi;¢és t5 pg givefi pfirégant t9 thé té:@§_n§redf snail be; Ewen at the: ., sfies figs-iii the; manner azfié'ucfigéiéd BY,,,.the terms df the Deed qf‘TruSt, and shall be deemed effeqtive whén so givéh. ' to' in lnde“J their faépéétive heirs, gfirschal q... atives, suddglsors, and assigns. Whnpeyé: used hfirein, :fié'wdiaé {Makerfi'and'”fiblder¢ shall IN wifikass Wfifififiéfi; Maggr has executed this Note as of the date first hereinafiove writtén. my . ‘ ‘14:)“ v ‘ Address cf Maker: 40 ...
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Real estate law PromissoryNote - o / EXERCISE NUMBER 7...

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