Common use of CONTRACT INTEREST RATE Clause in Contracts

CONTRACT INTEREST RATE. The principal balance of this Note shall bear interest at the rate that is the lesser of (i) the variable rate of interest determined from time to time as described in the next succeeding paragraph (the “Note Rate”) and (ii) the maximum interest rate allowed by law, as described in Section 24 below. Interest shall be calculated in arrears on actual days elapsed, based on a 360-day year. During any partial month, interest shall accrue based on the number of actual days which elapse during the related accrual period. The initial Note Rate, at which interest on the Loan shall accrue from the funding date through the last day of September, 2007, shall be six and twenty-eight one-hundredths percent (6.28%) per annum. On the first day of October, 2007 and thereafter at intervals of one full calendar month during the Loan’s term (each such month, a “Loan Month”), this Note Rate shall be adjusted to the per annum rate which is 78 basis points (the “Pricing Spread”) over the 1-month LIBOR rate (the “Index”), as reported by the Wall Street Journal on the last business day of the preceding month (in respect of any rate adjustment, the “Determination Date”). The Note shall bear interest at the adjusted Note Rate during the Loan Month comprising an accrual period. If the Wall Street Journal stops publishing the Index during the term of the Loan, the Lender shall determine the Index rate by referring to the LIBOR rate published in another nationally recognized daily paper or electronic business publication reasonably acceptable to the Lender. The Pricing Spread is subject to increase to ninety-eight (98) basis points as provided in the Facility Agreement if the debt service coverage ratio of the Property decreases below 1.30.

CONTRACT INTEREST RATE. The principal balance of this Note shall bear interest at the rate that is the lesser of (i) the variable rate of interest determined from time to time as described in the next succeeding paragraph (the “Note Rate”) and (ii) the maximum interest rate allowed by law, as described in Section 24 below. Interest shall be calculated in arrears on actual days elapsed, based on a 360-day year. During any partial month, interest shall accrue based on the number of actual days which elapse during the related accrual period. The initial Note Rate, at which interest on the Loan shall accrue from the funding date through the last day of SeptemberNovember, 2007, shall be six five and twentyfifty-eight one-hundredths percent (6.285.58%) per annum. On the first day of OctoberDecember, 2007 and thereafter at intervals of one full calendar month during the Loan’s term (each such month, a “Loan Month”), this Note Rate shall be adjusted to the per annum rate which is 78 basis points (the “Pricing Spread”) over the 1-month LIBOR rate (the “Index”), as reported by the Wall Street Journal on the last business day of the preceding month (in respect of any rate adjustment, the “Determination Date”). The Note shall bear interest at the adjusted Note Rate during the Loan Month comprising an accrual period. If the Wall Street Journal stops publishing the Index during the term of the Loan, the Lender shall determine the Index rate by referring to the LIBOR rate published in another nationally recognized daily paper or electronic business publication reasonably acceptable to the Lender. The Pricing Spread is subject to increase to ninety-eight (98) basis points as provided in the Facility Agreement if the debt service coverage ratio of the Property decreases below 1.30.

CONTRACT INTEREST RATE. The principal balance of this Note shall bear interest at the rate that is the lesser of (i) the variable rate of interest determined from time to time as described in the next succeeding paragraph (the “Note Rate”) and (ii) the maximum interest rate allowed by law, as described in Section 24 below). Interest shall be calculated in arrears on actual days elapsed, based on a 360-day year. During any partial month, interest shall accrue based on the number of actual days which elapse during the related accrual period. The initial Note Rate, at which interest on the Loan shall accrue from the funding date through the last day of September, 2007, shall be six and twenty-eight one-hundredths percent (6.28%) per annum. On the first day of October, 2007 and thereafter at intervals of one full calendar month during the Loan’s term (each such month, a “Loan Month”), this Note Rate shall be adjusted to the per annum rate which is 78 basis points (the “Pricing Spread”) over the 1-month LIBOR rate (the “Index”), as reported by the Wall Street Journal on the last business day of the preceding month (in respect of any rate adjustment, the “Determination Date”). The Note shall bear interest at the adjusted Note Rate during the Loan Month comprising an accrual period. If the Wall Street Journal stops publishing the Index during the term of the Loan, the Lender shall determine the Index rate by referring to the LIBOR rate published in another nationally recognized daily paper or electronic business publication reasonably acceptable to the Lender. The Pricing Spread is subject to increase to ninety-eight (98) basis points as provided in the Facility Agreement if the debt service coverage ratio of the Property decreases below 1.30.