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Title: |
Fixed Rate Note |
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Entities: |
Gladstone Commercial Corp.; JPMorgan Chase Bank |
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Date: |
2005 |
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Size: |
Preview shows 6KB of 48KB total |
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Price: |
$45 |
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ID: |
#845254 |
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Start of
Preview |
FIXED RATE NOTE
| $12,588,000.00 |
|
September 12, 2005 |
FOR VALUE RECEIVED, 260 SPRINGSIDE DRIVE, AKRON OH LLC, a Delaware limited liability company (Borrower), promises to pay to the order of JPMORGAN CHASE BANK, N.A., a banking association chartered under the laws of the United States of America, its successors and assigns (hereinafter referred to as Lender), at the office of Lender or its agent, designee, or assignee at 270 Park Avenue, New York, New York 10017, Attention: Loan Servicing, or at such place as Lender or its agent, designee, or assignee may from time to time designate in writing, the principal sum of TWELVE MILLION FIVE HUNDRED EIGHTY-EIGHT THOUSAND AND 00/100 DOLLARS ($12,588,000.00), 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 at the Applicable Interest Rate (hereinafter defined) at all times prior to the occurrence of an Event of Default (as defined in the Security Instrument [hereinafter defined]), and to be paid in installments as set forth below. Unless otherwise herein defined, all initially capitalized terms shall have the meanings given such terms in the Security Instrument.
1. PAYMENT TERMS
Principal and interest due under this Note shall be paid as follows:
(a) A payment of interest only on the date hereof for the period from the date hereof through September 30, 2005; and
(b) A payment of
x) interest only on the first day of November, 2005 and on the first day of each calendar month thereafter up to and including the first day of October, 2008; and
y) a constant payment of $69,199.86, on the first day of November, 2008 and on the first day of each calendar month thereafter up to and including the first day of September, 2015;
with payments under this Note to be applied as follows:
(i) First, to the payment of interest and other costs and charges due in connection with this Note or the Debt, as Lender may determine in its sole discretion; and
(ii) The balance shall be applied toward the reduction of the principal sum;
and the balance of said principal sum, together with accrued and unpaid interest and any other amounts due under this Note shall be due and payable on the first day of October, 2015 or upon earlier maturity hereof whether by acceleration or otherwise (the Maturity Date). Interest on the principal sum of this Note shall be calculated on the basis of a three hundred sixty (360) day year and paid for the actual number of days elapsed. All amounts due under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever.
2. INTEREST
The term Applicable Interest Rate means from the date of this Note through and including the Maturity Date, a rate of five and 21/100 percent (5.21% ) per annum.
3. SECURITY
This Note is secured by, and Lender is entitled to the benefits of, the Security Instrument, the Assignment, the Environmental Agreement, and the other Loan Documents (hereinafter defined). The term Security Instrument means the Mortgage and Security Agreement dated the date hereof given by Borrower for the use and benefit of Lender covering the estate of Borrower in certain premises as more particularly described therein (which premises, together with all properties, rights, titles, estates and interests now or hereafter securing the Debt and/or other obligations of Borrower under the Loan Documents, are collectively referred to herein as the Property). The term Assignment means the Assignment of Leases and Rents of even date herewith executed by Borrower in favor of Lender. The term Environmental Agreement means the Environmental Indemnity Agreement of even date herewith executed by Borrower in favor of Lender. The term Loan Documents refers collectively to this Note, the Security Instrument, the Assignment, the Environmental Agreement, and any and all other documents executed in connection with this Note or now or hereafter executed by Borrower and/or others and by or in favor of Lender, which wholly or partially secure or guarantee payment of this Note or pertain to indebtedness evidenced by this Note.
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