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Document Preview Fixed Rate Note |
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Title: |
Fixed Rate Note |
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Entities: |
Citibank, NA; First Potomac Realty Trust; Midland Loan Services, Inc. |
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Date: |
2003 |
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Size: |
Preview shows 4KB of 43KB total |
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Price: |
$45 |
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ID: |
#336639 |
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FIXED RATE NOTE
$17,000,000,00 September 6, 2002
FOR VALUE RECEIVED, NEWINGTON TERMINAL ASSOCIATES LLC, a Delaware
limited liability company ("Maker"), having its principal place of business at
7200 Wisconsin Avenue, Suite 310, Bethesda, MD 20814, promises to pay to the
order of SUBURBAN CAPITAL MARKETS, INC., a Maryland corporation, its successors
or assigns ("Payee") at the office of Payee or its agent, designee or assignee
at c/o Midland Loan Services, Inc. 10851 Mastin, Suite 300, Overland Park, KS
66210, or at such place as the holder hereof may from time to time designate in
writing, the principal sum of SEVENTEEN MILLION AND NO/100 DOLLARS
($17,000,000.00) in lawful money of the United States of America with interest
thereon to be computed on the unpaid principal balance from time to time
outstanding from the date of this Note (herein so called) at the Interest Rate
(hereinafter defined), and to be paid in installments as follows:
1. Payment Terms
(a) A payment of interest only on the date hereof for the
period from the date hereof through September 30, 2002, both inclusive;
(b) A constant payment of $109,697.26, (the "Constant
Payment"), on the first day of November. 2002, and on the first day of each
calendar month thereafter up to and including the first day of September, 2012,
each of such payments to be applied to the payment of interest computed at the
Interest Rate (as defined below); and the balance applied toward the reduction
of the principal sum; and
(c) The balance of said principal sum and all interest
thereon shall be due and payable on the first day of October, 2012 (the
"Maturity Date"). Interest on the principal sum of this Note shall be calculated
by multiplying the actual number of days elapsed in each accrual period by a
daily rate based on a three hundred sixty (360) day year. In computing the
number of days during which such interest accrues, the day on which funds are
initially advanced shall be included regardless of the time of day such advance
is made, and the day on which funds are repaid shall be included unless
repayment is credited prior to close of business. The Constant Payment required
hereunder is based on an amortization schedule of three hundred sixty (360)
months.
In the absence of a specific determination by Payee to the contrary,
all payments paid by Maker to Payee in connection with the obligations of Maker
under this Note and under the other Loan Documents (as hereinafter defined)
shall be applied in the following order of priority: (a) to amounts, other than
principal and interest, due to Payee pursuant to this Note or the other Loan
Documents; (b) to the portion of accrued but unpaid interest accruing on this
Note; and (c) to the unpaid principal balance of this Note. Maker irrevocably
waives the right to direct the application of any and all payments at any time
hereafter received by Payee from or on behalf of
{PAGE}
Maker, and Maker irrevocably agrees that Payee shall have the continuing
exclusive right to apply any and all such payments against the then due and
owing obligations of Maker in such order of priority as Payee may deem
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