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Document Preview Promissory Note |
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Title: |
Promissory Note |
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Entities: |
Greenwich Capital Financial Products, Inc.; KBS Real Estate Investment Trust, Inc. |
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Date: |
2007 |
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Size: |
Preview shows 5KB of 13KB total |
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Price: |
$40 |
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ID: |
#2687154 |
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PROMISSORY NOTE
| $24,050,000 | December 11, 2006 |
FOR VALUE RECEIVED, KBS MIDLAND INDUSTRIAL PARK, LLC, a Delaware limited liability company, having an address at c/o KBS Capital Advisors, 620 Newport Center Drive, Suite 1300, Newport Beach, CA 92660 (Maker), hereby promises to pay to the order of GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., a Delaware corporation, at its principal place of business at 600 Steamboat Road, Greenwich, Connecticut 06830 (together with its successors and assigns Payee) or at such place as the holder hereof may from time to time designate in writing, the principal sum of Twenty-Four Million Fifty Thousand Dollars ($24,050,000) (the Principal), in lawful money of the United States of America, with interest on the unpaid principal balance from time to time outstanding at the Interest Rate, in installments as follows:
A. A payment on the date of funding representing interest from the date of funding through January 5, 2007;
B. On February 6, 2007 (which shall be the first Payment Date hereunder) and each Payment Date thereafter through and including the Maturity Date (as such date may be changed in accordance with Section 2.2.4 of the Loan Agreement), interest on the unpaid Principal calculated at the Interest Rate which has accrued through the last day of the Interest Period immediately preceding such Payment Date (the Monthly Debt Service Payment Amount).
C. The balance of the principal sum of this Note together with all accrued and unpaid interest thereon shall be due and payable on the Maturity Date.
1. Definitions. Capitalized terms used but not otherwise defined herein shall have the meanings given in that certain Loan Agreement (the Loan Agreement) dated the date hereof between Maker and Payee. The following terms have the meanings set forth below:
Business Day: any day other than a Saturday, Sunday or any day on which commercial banks in New York, New York are authorized or required to close.
Default Rate: a rate per annum equal to the lesser of (i) the maximum rate permitted by applicable law, or (ii) 5% above the Interest Rate, compounded monthly.
Interest Period: (i) the period from the funding date through the fifth day of the next succeeding calendar month and (ii) each period thereafter from the sixth day of each calendar month through fifth day of the next succeeding calendar month; except that the Interest Period, if any, that would otherwise commence before and end after the Maturity Date shall end on the Maturity Date. Notwithstanding the foregoing, if Payee exercises its right to change the Payment Date to a New Payment Date in accordance with Section 2.2.4 of the Loan Agreement, then from and after such election, each Interest Period shall be the period from the New Payment Date in each calendar month through the day immediately preceding the next succeeding New Payment Date.
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