1The Loan. Lender is making a loan (the "Loan") to Borrower on the date hereof, in the original Principal amount of $230,000,000.00 (the "Original Loan Amount"), which shall mature on the Stated Maturity Date. Borrower acknowledges receipt of the Loan, the proceeds of which are being and shall be used to (i) acquire the Property, (ii) fund certain of the Reserves, (iii) pay transaction costs, and (iv) fund certain pre-development work in accordance with the Initial Budget. No amount repaid in respect of the Loan may be reborrowed.
1The Loan. Subject to the terms of this Agreement, each Purchaser agrees to lend to the Company at the Closing (as hereinafter defined) the amount set forth opposite such Purchaser's name on the Schedule of Purchasers attached to this Agreement (each, a "Loan Amount") against the issuance and delivery by the Company of a convertible promissory note for such amount, in substantially the form attached hereto as EXHIBIT A (each, a "Note" and collectively, the "Notes"). The aggregate principal amount to be loaned to the Company under the Notes is Eight Hundred Eighty-Five Thousand and 00/100 Dollars ($885,000.00).
1The Loan. Borrower desires to borrow from Lender a loan (the "Loan") in the maximum amount equal to the Loan Amount, the proceeds of which shall be used for general purposes, including distributions to its members. The proceeds of the Loan may be advanced and paid down as permitted under this Agreement, but (i) the outstanding principal balance of the Loan shall never exceed the Loan Amount; (ii) the aggregate amount of the Loan proceeds disbursed by Lender shall not, in total, exceed the principal sum of Eight Million Eight Hundred Thousand and No/100 Dollars ($8,800,000.00). In the event that either of the limitations set forth in clauses (i) and (ii) of the immediately preceding sentence is ever exceeded, Borrower shall promptly, upon demand from Lender, pay to Lender any such excess. Borrower acknowledges and agrees that Lender has not made any commitment or other agreement, either express or implied, to extend the term of the Loan past the Maturity Date or to provide Borrower with any financing other than as expressly provided herein, and no such commitment or other agreement shall be enforceable against Lender unless specifically set forth in a written agreement executed by Borrower and Lender.
1The Loan. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date.
1The Loan. Xxxxxx has made the Loan to the Borrower subject to all the terms and conditions herein, and Xxxxxxxx hereby agrees to the terms of the Promissory Note, this Agreement, and the other Loan Documents.
1The Loan. At the Closing (as such term is hereinafter defined), Lender shall lend to Borrower the sum of One Hundred Thousand and No/100 Dollars ($100,000.00), against the issuance and delivery by Borrower of a promissory note for such amount, in the form attached hereto as Exhibit A (the “Note”).
1The Loan. Lender is making the Loan to Borrower on the Effective Date, which will mature on the Maturity Date. Borrower acknowledges receipt of the Loan in separate tranches, as follows: (i) on the Effective Date, “Tranche 1” in the amount of $10,298,535.00, as evidenced by Note 1, the proceeds of which are being and will be used to acquire the Property, (ii) “Tranche 2” in the amount of $700,000.00, as evidenced by Note 2, the proceeds of which are being and will be used to acquire the Property, and (iii) “Tranche 3” in the amount of $501,465.00, as evidenced by Note 3, the proceeds of which are being and will be used to acquire the Property. No amount of the Loan that is repaid may be reborrowed. Lender shall be entitled to an origination fee, with respect to Tranche 1 only, in the amount of one and three-quarters percent (1.75%) of the Tranche 1 Loan amount (the “Origination Fee”), which Origination Fee shall be paid pursuant to the terms of the Contribution Agreement (as hereinafter defined).
1The Loan
