Common use of Construction/Term Loan Clause in Contracts

Construction/Term Loan. The principal amount and accrued interest of the Construction/Term Loan Note shall be due and payable on the dates and in the manner hereinafter set forth: (i) from the Effective Date until March 31, 2009, Borrower shall make monthly payments of accrued interest on the first (1st) day of each calendar month, with the first such monthly payment of interest commencing on June 1, 2008, (ii) on April 1, 2009, Borrower shall make a payment of principal in the amount of $205,417, plus accrued interest, (iii) commencing May 1, 2009 through and including June 1, 2010, Borrower shall make monthly payments of accrued interest on the first (1st) day of each calendar month, (iv) commencing July 1, 2010 and on the first (1st) day of each month thereafter, Borrower shall make equal monthly payments of principal in the amount of $135,803.00, plus accrued interest, (v) Borrower shall make the mandatory principal payments at such times and in such amounts required under Section 3.2(e) below, and (vi) on the Construction/Term Loan Maturity Date, the entire outstanding principal balance and accrued interest on the Construction/Term Loan Note shall be due and payable.”

Construction/Term Loan. The principal amount and accrued interest of the Construction/Term Loan Note shall be due and payable on the dates and in the manner hereinafter set forth: (i) from the Effective Date until March 31, 2009, Borrower shall make monthly payments of accrued interest on the first (1st) day of each calendar month, with the first such monthly payment of interest commencing on June 1, 2008, (ii) on April 1, 2009, Borrower shall make a payment of principal in the amount of $205,417, plus accrued interest, (iii) commencing May 1, 2009 through and including June December 1, 20102009, Borrower shall make monthly payments of accrued interest on the first (1st) day of each calendar month, (iv) commencing July January 1, 2010 and on the first (1st) day of each month thereafter, Borrower shall make equal monthly payments of principal in the amount of $135,803.00, plus accrued interest, (v) Borrower shall make the mandatory principal payments at such times and in such amounts required under Section 3.2(e) below, and (vi) on the Construction/Term Loan Maturity Date, the entire outstanding principal balance and accrued interest on the Construction/Term Loan Note shall be due and payable.”