Common use of Interest Rate; Late Charge; Default Rate Clause in Contracts

Interest Rate; Late Charge; Default Rate. (a) Except for any time when the Default Rate is applicable pursuant to the terms of this Agreement, the outstanding principal balance of the Loan (including any amounts added to principal in accordance with the Loan Documents) shall bear interest at a rate equal to THREE AND 90/100 PERCENT (3.90%) per annum (the “Contract Rate”). All interest accruing on the Loan shall be calculated on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each, except that any interest due at any time for a period of less than a full calendar month shall be calculated by multiplying the Contract Rate by a fraction, the numerator of which is the actual number of days elapsed in such partial month and the denominator of which is three hundred sixty (360). (b) If any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof), or any monthly deposit for taxes, ground rent, insurance, replacements and other sums if required under any Loan Document, shall not be paid as required under this Agreement or any other Loan Document within seven (7) days following the date the same is due, Borrower shall pay to Lender a late charge (the “Late Charge”) of four cents ($0.04) for each dollar so overdue in order to compensate Lender for its loss of the timely use of the money and frustration of Lender in the meeting of its financial commitments and to defray part of Lender’s incurred cost of collection occasioned by such late payment. Notwithstanding the foregoing, prior to any acceleration of the Maturity Date by Lender because of the occurrence of an Acceleration Event, Lender shall only charge the Late Charge with respect to regular monthly installments of principal or interest due and not paid according to the prior sentence; provided, however, from and after any such acceleration of the Maturity Date, Lender shall be entitled to charge the Late Charge with respect to any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof). Any Late Charge incurred shall be immediately due and payable. Nothing herein contained shall be deemed to constitute a waiver or modification of the due date for such installments or deposits or the requirement that Borrower make all payment of installments and deposits as and when the same are due and payable. The Late Charge represents the reasonable estimate of Borrower and Lender of a fair average compensation for loss that may be sustained by Lender as a result of the failure of Borrower to make timely payments. Such Late Charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid upon a default hereunder or under any other Loan Document, including without limitation interest at the Default Rate, or to declare a default hereunder, under the Deed of Trust or under any other Loan Document. (c) Following the occurrence and during the continuance of an Event of Default or from and after the Maturity Date, the unpaid principal balance of the Loan shall bear interest at the per annum interest rate (the “Default Rate”) equal to the lesser of: (i) the highest rate permitted by law to be charged on a promissory note secured by a commercial mortgage, or (ii) the sum of three percent (3%) plus the Contract Rate. Interest at the Default Rate as provided in this Section shall be immediately due and payable to Lender and shall constitute additional Indebtedness evidenced by the Note and secured by the Loan Documents.

Interest Rate; Late Charge; Default Rate. (a) Except for any time when the Default Rate is applicable pursuant to the terms of this Agreement, the outstanding principal balance of the Loan (including any amounts added to principal in accordance with under the Loan Documents) shall bear interest at a rate equal to THREE AND 90/100 02/100 PERCENT (3.903.02%) per annum (the “"Contract Rate”"). All interest accruing on the Loan shall be calculated on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each, except that any interest due at any time for a period of less than a full calendar month shall be calculated by multiplying the Contract Rate by a fraction, the numerator of which is the actual number of days elapsed in such partial month and the denominator of which is three hundred sixty (360). (b) If any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof)Agreement, or any monthly deposit for taxes, ground rent, insurance, replacements and other sums if required under any Loan Document, shall not be paid as required under this Agreement or any other Loan Document within seven five (75) days following the date the same is due, Borrower shall pay to Lender a late charge (the “"Late Charge”") of four cents ($0.04) for each dollar so overdue in order to compensate Lender for its loss of the timely use of the money and frustration of Lender in the meeting of its financial commitments and to defray part of Lender’s 's incurred cost of collection occasioned by such late payment. Notwithstanding the foregoing, prior to any acceleration of the Maturity Date by Lender because of the occurrence of an Acceleration Event, Lender shall only charge the Late Charge with respect to regular monthly installments of principal or interest due and not paid according to the prior sentence; provided, however, from and after any such acceleration of the Maturity Date, Lender shall be entitled to charge the no Late Charge with respect to any regular monthly installment may be assessed on (i) the first late payment made by Borrower so long as such late payment is made within 5 days of principal or interest due under this Agreement receipt of notice from Lender of such missed payment and (except for ii) the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof). Any Late Charge incurred shall be immediately due and payable. Nothing herein contained shall be deemed to constitute a waiver or modification of the due date for such installments or deposits or the requirement that Borrower make all payment of installments and deposits as and when the same are due and payable. The Late Charge represents the reasonable estimate of Borrower and Lender of a fair average compensation for loss that may be sustained by Lender as a result of the failure of Borrower to make timely payments. Such Late Charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid upon a default hereunder or under any other Loan Document, including without limitation interest at the Default Rate, or to declare a default hereunder, under the Deed of Trust Mortgage or under any other Loan Document. (c) Following the occurrence and during the continuance of Upon an Event of Default or from and after on the Maturity Date, the unpaid principal balance of the Loan shall thereafter bear interest at the per annum interest rate (the “"Default Rate”") equal to the lesser of: (i) the highest rate permitted by law to be charged on a promissory note secured by a commercial mortgage, or (ii) the sum of three percent (3%) plus the greater of: (A) the Contract Rate; or (B) the Federal Funds Rate. Interest at the Default Rate as provided in this Section shall be immediately due and payable to Lender and shall constitute additional Indebtedness evidenced by the Note and secured by the Loan Documents.

Interest Rate; Late Charge; Default Rate. (a) Except for any time when the Default Rate is applicable pursuant to the terms of this Agreement, Borrower shall pay interest on the outstanding principal balance of the Loan (including any amounts added to principal in accordance with the Loan Documents) shall bear interest Notes at a floating rate per annum equal to THREE AND 90/100 PERCENT (3.90%) per annum the Base Rate plus the Applicable Margin set forth in this Section 2.3 (the “Contract "Interest Rate”"). All interest accruing on the Loan shall be calculated on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each, except that any interest due at any time The Interest Rate for a period of less than a full each calendar month shall be fixed based upon (i) the Base Rate published prior to and in effect on the first (1st) business day of such month and (ii) the Applicable Margin determined by Agent based upon the Property Leverage Ratio calculated by multiplying on the Contract Rate by a fractionlast day of the immediately preceding calendar month; provided, however, the numerator Interest Rate from and including the Closing Date through the last day of the calendar month in which is the Closing Date occurs shall be fixed based upon the Base Rate in effect on the business day immediately preceding the Closing Date and an Applicable Margin equal to two and two-fifths percent (2.4%), and provided further, the Applicable Margin for the period from October 1, 2004, through November 30, 2004, shall equal two and two-fifths percent (2.4%). Interest on all Notes shall be calculated based on a 360 day year and charged for the actual number of days elapsed in such partial month and the denominator of which is three hundred sixty (360). (b) elapsed. If Borrower fails to pay any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof), or any monthly deposit for taxes, ground rent, insurance, replacements and principal payment (other sums if required under any Loan Document, shall not be paid as required under this Agreement or any other Loan Document than the repayment of the outstanding principal balance at maturity) within seven five (75) days following after the date on which the same is due, Borrower shall pay to Lender Agent, in addition to interest at the Default Rate as more particularly set forth in the immediately following sentence, a late charge on such past-due amount, as liquidated damages and not as a penalty, equal to five percent (5%) of such amount, but not in excess of the “maximum amount of interest allowed by applicable law (such amount being referred to as the "Late Charge”) of four cents ($0.04) for each dollar so overdue in order "). In addition to compensate Lender for its loss of the timely use of the money and frustration of Lender in the meeting of its financial commitments and to defray part of Lender’s incurred cost of collection occasioned by such late payment. Notwithstanding the foregoing, prior to any acceleration of the Maturity Date by Lender because of the occurrence of an Acceleration Event, Lender shall only charge the Late Charge with respect to regular monthly installments of principal or interest due and not paid according payable pursuant to the prior immediately preceding sentence; provided, however, from and after while any such acceleration Event of Default exists or if the Maturity Date, Lender shall be entitled to charge the Late Charge with respect to any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due Loan is not repaid in full on the Maturity Date, as the same may be accelerated pursuant to the terms hereof). Any Late Charge incurred shall be immediately due and payable. Nothing herein contained shall be deemed to constitute a waiver or modification of the due date for such installments or deposits or the requirement that Borrower make all payment of installments and deposits as and when the same are due and payable. The Late Charge represents the reasonable estimate of Borrower and Lender of a fair average compensation for loss that may be sustained by Lender as a result of the failure of Borrower to make timely payments. Such Late Charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid upon a default hereunder or under any other Loan Document, including without limitation interest at the Default Rate, or to declare a default hereunder, under the Deed of Trust or under any other Loan Document. (c) Following the occurrence and during the continuance of an Event of Default or from and after the Maturity Date, the unpaid principal balance of the Loan shall bear interest at the per annum interest rate (the “Default Rate”) equal to the lesser of: (i) the highest rate permitted by law to be charged on a promissory note secured by a commercial mortgage, or (ii) the sum of three percent (3%) plus the Contract Rate. Interest at the Default Rate as provided in this Section shall be immediately due and payable to Lender and shall constitute additional Indebtedness evidenced by the Note and secured by the Loan Documents.

Interest Rate; Late Charge; Default Rate. (a) Except for any time when the Default Rate is applicable pursuant to the terms of this Agreement, the outstanding principal balance of the Loan (including any amounts added to principal in accordance with under the Loan Documents) shall bear interest at a rate equal to THREE FOUR AND 90/100 48/100 PERCENT (3.904.48%) per annum (the “Contract Rate”). All interest accruing on the Loan hereunder shall be calculated on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each, except that any interest due at any time for a period of less than a full calendar month shall be calculated by multiplying the Contract Rate by a fraction, the numerator of which is the actual number of days elapsed in such partial month and the denominator of which is three hundred sixty (360). (b) If any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof)Agreement, or any monthly deposit for taxes, ground rent, insurance, replacements and other sums if required under any Loan Document, shall not be paid as required under this Agreement or any other Loan Document Document, as the case may be, within seven five (75) days following the date the same is due, Borrower shall pay to Lender a late charge (the “Late Charge”) of four cents ($0.04) for each dollar so overdue in order to compensate Lender for its loss of the timely use of the money and frustration of Lender in the meeting of its financial commitments and to defray part of Lender’s incurred cost of collection occasioned by such late payment. Notwithstanding the foregoing, prior to any acceleration of the Maturity Date by Lender because of the occurrence of an Acceleration Event, Lender shall only charge the Late Charge with respect to regular monthly installments of principal or interest due and not paid according to the prior sentence; provided, however, from and after any such acceleration of the Maturity Date, Lender shall be entitled to charge the Late Charge with respect to any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof). Any Late Charge incurred shall be immediately due and payable. If, however, during any consecutive twelve (12) month period Borrower on more than two (2) occasions shall pay any such installments or deposits after the due dates thereof (whether prior to or after the time that the Late Charge is payable as above), then the time period after which a Late Charge will be charged and paid shall thereafter be reduced from five (5) days to two (2) days after the applicable due date. Nothing herein contained shall be deemed to constitute a waiver or modification of the due date for such installments or deposits or the requirement that Borrower make all payment of installments and deposits as and when the same are due and payable. The Late Charge represents the reasonable estimate of Borrower and Lender of a fair average compensation for loss that may be sustained by Lender as a result of the failure of Borrower to make timely payments. Such Late Charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid upon a default hereunder or under any other Loan Document, including without limitation interest at the Default Rate, or to declare a default hereunder, under the Deed of Trust Mortgage or under any other Loan Document. (c) Following the occurrence and during the continuance of an Event of Default Default, or from and after on the Maturity Date, the unpaid principal balance of the Loan shall thereafter bear interest at the per annum interest rate (the “Default Rate”) equal to the lesser of: (i) the highest rate permitted by law to be charged on a promissory note secured by a commercial mortgage, or (ii) the sum of three percent (3%) plus the greater of: (x) the Contract Rate; or (y) the Federal Funds Rate. Interest at the Default Rate as provided in this Section shall be immediately due and payable to Lender and shall constitute additional Indebtedness evidenced by the Note and secured by the Loan Documents.

Interest Rate; Late Charge; Default Rate. (a) Except for any time when the Default Rate is applicable pursuant to the terms of this Agreement, the outstanding principal balance of the Loan (including any amounts added to principal in accordance with under the Loan Documents) shall bear interest at a rate equal to THREE AND 90/100 57/100 PERCENT (3.903.57%) per annum (the “Contract Rate”). All interest accruing on the Loan hereunder shall be calculated on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each, except that any interest due at any time for a period of less than a full calendar month shall be calculated by multiplying the Contract Rate by a fraction, the numerator of which is the actual number of days elapsed in such partial month and the denominator of which is three hundred sixty (360). (b) If any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof)Agreement, or any monthly deposit for taxes, ground rent, insurance, replacements and other sums if required under any Loan Document, shall not be paid as required under this Agreement or any other Loan Document Document, as the case may be, within seven five (75) days following the date the same is due, Borrower shall pay to Lender a late charge (the “Late Charge”) of four cents ($0.04) for each dollar so overdue in order to compensate Lender for its loss of the timely use of the money and frustration of Lender in the meeting of its financial commitments and to defray part of Lender’s incurred cost of collection occasioned by such late payment. Notwithstanding the foregoing, prior to any acceleration of the Maturity Date by Lender because of the occurrence of an Acceleration Event, Lender shall only charge the Late Charge with respect to regular monthly installments of principal or interest due and not paid according to the prior sentence; provided, however, from and after any such acceleration of the Maturity Date, Lender shall be entitled to charge the Late Charge with respect to any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof). Any Late Charge incurred shall be immediately due and payable. If, however, during any consecutive twelve (12) month period Borrower on more than two (2) occasions shall pay any such installments or deposits after the due dates thereof (whether prior to or after the time that the Late Charge is payable as above), then the time period after which a Late Charge will be charged and paid shall thereafter be reduced from five (5) days to two (2) days after the applicable due date. Nothing herein contained shall be deemed to constitute a waiver or modification of the due date for such installments or deposits or the requirement that Borrower make all payment of installments and deposits as and when the same are due and payable. The Late Charge represents the reasonable estimate of Borrower and Lender of a fair average compensation for loss that may be sustained by Lender as a result of the failure of Borrower to make timely payments. Such Late Charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid upon a default hereunder or under any other Loan Document, including without limitation interest at the Default Rate, or to declare a default hereunder, under the Deed of Trust Mortgage or under any other Loan Document. (c) Following the occurrence and during the continuance of an Event of Default Default, or from and after on the Maturity Date, the unpaid principal balance of the Loan shall thereafter bear interest at the per annum interest rate (the “Default Rate”) equal to the lesser of: (i) the highest rate permitted by law to be charged on a promissory note secured by a commercial mortgage, or (ii) the sum of three percent (3%) plus the Contract Rate. Interest at the Default Rate as provided in this Section shall be immediately due and payable to Lender and shall constitute additional Indebtedness evidenced by the Note and secured by the Loan Documents.greater of:

Interest Rate; Late Charge; Default Rate. (a) Except for any time when the Default Rate is applicable pursuant to the terms of this Agreement, the outstanding principal balance The Principal Balance of the Loan (including any amounts added to principal in accordance with under the Loan Documents) shall bear interest at a rate equal to THREE AND 90/100 PERCENT (3.90%) per annum (the “Contract Rate”)Interest Rate and be payable as hereinafter provided. All interest accruing Interest on the Loan Principal Balance shall be calculated computed on the basis of actual number of days elapsed in the period during which interest or fees accrue and a year of three hundred sixty (360) day year consisting days. In computing interest on the Loan, the date of twelve (12) months the making of thirty (30) days each, except that any interest due at any time for a period of less than a full calendar month disbursement under the Loan shall be calculated by multiplying the Contract Rate by a fraction, the numerator of which is the actual number of days elapsed in such partial month included and the denominator date of payment shall be excluded. Such amendment shall become effective without any further action or consent of any other party to this Agreement so long as Agent shall not have received, within five (5) Business Days after the delivery of such amendment to the Lenders, written notices from Lenders aggregating to the Required Lenders that such Lenders object to such amendment (which is three hundred sixty (360such notices shall note with specificity the particular provisions of the amendment to which such Lenders object). (b) If any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant In addition to the terms hereof), or any monthly deposit for taxes, ground rent, insurance, replacements and other sums if required under any Loan Document, shall not be paid as payments required under this Agreement or Section 2.2, if Borrower fails to pay any other Loan Document within seven (7) days following installment of interest on the date on which the same is due, Borrower shall pay to Lender Agent, for the account of the Lenders, a late charge on such past-due amount, as liquidated damages and not as a penalty, equal to the greater of (i) interest at the “Late Charge”Default Rate on such amount from the date when due until paid, or (ii) five percent (5%) of four cents ($0.04such amount, but not in excess of the maximum amount of interest allowed by applicable Legal Requirements. These charges shall be paid to defray the expenses incurred by the Lenders in handling and processing such delinquent payment(s) for each dollar so overdue in order and to compensate Lender the Lenders for its the loss of the timely use of such funds. These charges shall be secured by the money and frustration of Lender in the meeting of its financial commitments and to defray part of Lender’s incurred cost of collection occasioned by such late paymentLoan Documents. Notwithstanding the foregoing, prior to any acceleration of the Maturity Date by Lender because of the occurrence of an Acceleration Event, Lender shall only charge the Late Charge with respect to regular monthly installments of principal or interest due and not paid according anything herein to the prior sentence; providedcontrary, however, from and after any such acceleration of the Maturity Date, Lender Borrower shall be entitled to charge the Late Charge with respect to one (1) notice in writing from Agent each calendar year if any regular monthly installment of principal or interest due payments under this Agreement Section 2.2 are past due, and in such instance, Borrower shall not be required to pay a late charge unless such required payment remains unpaid after five (except for the payment 5) days of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof). Any Late Charge incurred shall be immediately due and payable. Nothing herein contained shall be deemed to constitute a waiver or modification of the due date for such installments or deposits or the requirement that Borrower make all payment of installments and deposits as and when the same are due and payable. The Late Charge represents the reasonable estimate of Borrower and Lender of a fair average compensation for loss that may be sustained by Lender as a result of the failure of Borrower to make timely payments. Such Late Charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid upon a default hereunder or under any other Loan Document, including without limitation interest at the Default Rate, or to declare a default hereunder, under the Deed of Trust or under any other Loan Documentnotice from Agent. (c) Following In addition to the payments required under this Section 2.2, from and after the occurrence and during the continuance of an Event of Default or from and after the Maturity DateDefault, the unpaid principal balance of the Loan shall bear interest at the per annum interest rate (the “Default Rate”) equal . If Borrower fails to pay all or any part of the Loan when due on maturity or its earlier acceleration, then the Loan, to the lesser of: (i) the highest rate permitted by law to be charged on a promissory note secured by a commercial mortgageextent unpaid, or (ii) the sum of three percent (3%) plus the Contract Rate. Interest shall bear interest at the Default Rate as provided both before and after acceleration and maturity, and both before and after entry of judgment. Any judgment (including a judgment under New York Real Property Actions and Proceedings Law Article 13 or 14) in this Section favor of Agent and/or the Lenders on account of the Loan shall by its terms bear interest at the Default Rate until such judgment has been paid in full in cash, notwithstanding the provisions of New York Civil Practice Law and Rules 5004, which the parties expressly intend to override and supersede, so that any judgment shall bear interest at the Default Rate and not at the judgment rate. Agent’s and the Lenders’ right to recover interest at the Default Rate shall not be superseded by, or merged into, the issuance of a judgment. At all times after occurrence of an Event of Default, the parties expressly intend that interest on the Obligations (before and after being reduced to judgment) shall be immediately due imposed at the Default Rate both before and payable to Lender after acceleration and shall constitute additional Indebtedness evidenced by judgment, until the Note Obligations or judgment (as the case may be) has been satisfied and secured by the Loan Documentspaid in full and in cash.

Interest Rate; Late Charge; Default Rate. (a) Except for any time when Borrower shall pay interest on the Default Rate is applicable pursuant to the terms of this Agreement, the outstanding entire principal balance amount of the Loan (including any amounts added to principal at the Interest Rate in accordance with the Loan Documentsterms of Section 2.3(a). (b) shall bear interest at a rate equal to THREE AND 90/100 PERCENT (3.90%) per annum (the “Contract Rate”). All interest accruing on the Loan shall be calculated on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each, except that any interest due at any time for a period of less than a full calendar month shall be calculated by multiplying the Contract Rate by a fraction, the numerator of which is and the actual number of days elapsed in such partial month and the denominator of applicable period for which interest is three hundred sixty (360)being calculated. (bc) If any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof)Agreement, or any monthly deposit for taxes, ground rent, insurance, replacements and other sums if required under any Loan DocumentDocument (other than the principal balance of the Loan on the Maturity Date), shall not be paid as required under this Agreement or any other Loan Document within seven five (75) days following the date the same is due, Borrower shall pay to Lender Administrative Agent (for the benefit of Lender) a late charge (the “Late Charge”) of four cents ($0.04) for each dollar so overdue in order to compensate Lender for its loss of the timely use of the money and frustration of Lender in the meeting of its financial commitments and to defray part of Lender’s incurred cost of collection occasioned by such late payment. Notwithstanding the foregoing, prior to any acceleration of the Maturity Date by Lender because of the occurrence of an Acceleration Event, Lender shall only charge the Late Charge with respect to regular monthly installments of principal or interest due and not paid according to the prior sentence; provided, however, from and after any such acceleration of the Maturity Date, Lender shall be entitled to charge the Late Charge with respect to any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof). Any Late Charge incurred shall be immediately due and payable. If, however, during any consecutive twelve (12) month period Borrower on more than two (2) occasions shall pay any such installment or deposits after the due date thereof (whether prior to or after the time that the Late Charge is payable as above), then the time period after which a Late Charge will be charged and paid shall thereafter be reduced from five (5) days to two (2) Business Days after the applicable due date. Nothing herein contained shall be deemed to constitute a waiver or modification of the due date for such installments or deposits or the requirement that Borrower make all payment of installments and deposits as and when the same are due and payable. The Late Charge represents the reasonable estimate of Borrower and Lender of a fair average compensation for loss that may be sustained by Lender as a result of the failure of Borrower to make timely payments. Such Late Charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid upon a default hereunder or under any other Loan Document, including without limitation interest at the Default Rate, or to declare a default hereunder, under the Deed of Trust or under any other Loan Document. (cd) Following the occurrence and during the continuance of Upon an Event of Default or from and after on the Maturity Date, the unpaid principal balance of the Loan shall thereafter bear interest at the per annum interest rate (the “Default Rate”) equal to the lesser of:: ​ ​ (i) the highest rate permitted by law to be charged on a promissory note secured by a commercial mortgage, or (ii) the sum of three five percent (35%) plus the Contract Interest Rate. Interest at the Default Rate as provided in this Section shall be immediately due and payable to Lender Administrative Agent and shall constitute additional Indebtedness evidenced by the Note and secured by the Loan Documents.

Interest Rate; Late Charge; Default Rate. (a) Except for any time when Borrower shall pay interest on the Default Rate is applicable pursuant to the terms of this Agreement, the outstanding entire principal balance amount of the Loan (including any amounts added to principal at the Interest Rate in accordance with the Loan Documentsterms of Section 2.3(a). (b) shall bear interest at a rate equal to THREE AND 90/100 PERCENT (3.90%) per annum (the “Contract Rate”). All interest accruing on the Loan shall be calculated on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each, except that any interest due at any time for a period of less than a full calendar month shall be calculated by multiplying the Contract Rate by a fraction, the numerator of which is and the actual number of days elapsed in such partial month and the denominator of applicable period for which interest is three hundred sixty (360)being calculated. (bc) If any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof)Agreement, or any monthly deposit for taxes, ground rent, insurance, replacements and other sums if required under any Loan DocumentDocument (other than the principal balance of the Loan on the Maturity Date), shall not be paid as required under this Agreement or any other Loan Document within seven five (75) days following the date the same is due, Borrower shall pay to Lender Administrative Agent (for the benefit of Lender) a late charge (the “Late Charge”) of four cents ($0.04) for each dollar so overdue in order to compensate Lender for its loss of the timely use of the money and frustration of Lender in the meeting of its financial commitments and to defray part of Lender’s incurred cost of collection occasioned by such late payment. Notwithstanding the foregoing, prior to any acceleration of the Maturity Date by Lender because of the occurrence of an Acceleration Event, Lender shall only charge the Late Charge with respect to regular monthly installments of principal or interest due and not paid according to the prior sentence; provided, however, from and after any such acceleration of the Maturity Date, Lender shall be entitled to charge the Late Charge with respect to any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof). Any Late Charge incurred shall be immediately due and payable. If, however, during any consecutive twelve (12) month period Borrower on more than two (2) occasions shall pay any such installment or deposits after the due date thereof (whether prior to or after the time that the Late Charge is payable as above), then the time period after which a Late Charge will be charged and paid shall thereafter be reduced from five (5) days to two (2) Business Days after the applicable due date. Nothing herein contained shall be deemed to constitute a waiver or modification of the due date for such installments or deposits or the requirement that Borrower make all payment of installments and deposits as and when the same are due and payable. The Late Charge represents the reasonable estimate of Borrower and Lender of a fair average compensation for loss that may be sustained by Lender as a result of the failure of Borrower to make timely payments. Such Late Charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid upon a default hereunder or under any other Loan Document, including without limitation interest at the Default Rate, or to declare a default hereunder, under the Deed of Trust or under any other Loan Document. (cd) Following the occurrence and during the continuance of Upon an Event of Default or from and after on the Maturity Date, the unpaid principal balance of the Loan shall thereafter bear interest at the per annum interest rate (the “Default Rate”) equal to the lesser of: (i) the highest rate permitted by law to be charged on a promissory note secured by a commercial mortgage, or (ii) the sum of three five percent (35%) plus the Contract Interest Rate. Interest at the Default Rate as provided in this Section shall be immediately due and payable to Lender Administrative Agent and shall constitute additional Indebtedness evidenced by the Note and secured by the Loan Documents.

Interest Rate; Late Charge; Default Rate. (a) Except From the Closing Date until the initial Maturity Date and except for any time when the Default Rate is applicable pursuant to the terms of this Agreement, the outstanding principal balance of the Loan (including any amounts added to principal in accordance with under the Loan Documents) shall bear interest at a rate equal to THREE FOUR AND 90/100 46/100 PERCENT (3.904.46%) per annum (the “"Contract Rate”"). All interest accruing on the Loan shall hereunder shall, except during each Extension Term, be calculated on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each, except that any interest due at any time for a period of less than a full calendar month shall be calculated by multiplying the Contract Rate (or Default Rate, as the case may be) by a fraction, the numerator of which is the actual number of days elapsed in such partial month and the denominator of which is three hundred sixty (360). (b) During each Extension Term and except for any time when the Default Rate or the Adjusted Rate is applicable pursuant to the terms of this Agreement, the outstanding principal balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear interest at the Extension Contract Rate. All interest accruing hereunder (during each Extension Term) shall be calculated on the basis of a three hundred sixty (360) day year and the actual number of days in the applicable period for which interest is being calculated. The "Extension Contract Rate" shall be (unless otherwise calculated pursuant to the provisions of Subsections 2.2(d) or 2.8(a) below) for each Interest Period, an interest rate per annum equal to the Margin in excess of LIBOR determined as of the applicable LIBOR Reset Date. Each determination of the Extension Contract Rate (i.e., LIBOR (plus the Margin) or the Adjusted Rate, as the case may be) shall be made by Lender and shall be conclusive and binding upon Borrower absent manifest error. (c) If any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof)Agreement, or any monthly deposit for taxes, ground rent, insurance, replacements and other sums if required under any Loan Document, shall not be paid as required under this Agreement or any other Loan Document within seven (7) days following Document, as the date the same is duecase may be, prior to said default becoming an Event of Default under Section 9.1, Borrower shall pay to Lender a late charge (the “"Late Charge”") of four cents ($0.04) for each dollar so overdue in order to compensate Lender for its loss of the timely use of the money and frustration of Lender in the meeting of its financial commitments and to defray part of Lender’s 's incurred cost of collection occasioned by such late payment. Notwithstanding the foregoing, prior to any acceleration of the Maturity Date by Lender because of the occurrence of an Acceleration Event, Lender shall only charge the Late Charge with respect to regular monthly installments of principal or interest due and not paid according to the prior sentence; provided, however, from and after any such acceleration of the Maturity Date, Lender shall be entitled to charge the Late Charge with respect to any regular monthly installment of principal or interest due under this Agreement (except for the payment of principal and/or interest amount due on the Maturity Date, as the same may be accelerated pursuant to the terms hereof). Any Late Charge incurred shall be immediately due and payable. If, however, during any consecutive twelve (12) month period Borrower on more than one (1) occasion shall pay any such installments or deposits after the due dates thereof (whether prior to or after the time that the Late Charge is payable as above), then Borrower shall be required to pay (with respect to said second late payment and thereafter with respect to any such late payment during said twelve (12) month period) the Late Charge, and the Late Charge shall be due, on the Business Day after the applicable due date (i.e., any grace period afforded Borrower under Section 9.1 shall not be applicable as it relates to Borrower's obligation to pay a Late Charge). Nothing herein contained shall be deemed to constitute a waiver or modification of the due date for such installments or deposits or the requirement that Borrower make all payment of installments and deposits as and when the same are due and payable. The Late Charge represents the reasonable estimate of Borrower and Lender of a fair average compensation for loss that may be sustained by Lender as a result of the failure of Borrower to make timely payments. Such Late Charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid upon a default hereunder or under any other Loan Document, including without limitation interest at the Default Rate, or to declare a default hereunder, under the Deed of Trust or under any other Loan Document. (cd) Following the occurrence and during the continuance of Upon an Event of Default or from and after on the Maturity Date, the unpaid principal balance of the Loan shall thereafter bear interest at the per annum interest rate (the “"Default Rate”") equal to the lesser of: (i) the highest rate permitted by law to be charged on a promissory note secured by a commercial mortgage, or (ii) the sum of three five percent (35%) plus the Contract Rate or, during the Extension Term, the Extension Contract Rate, as the case may be. Interest at the Default Rate as provided in this Section shall be immediately due and payable to Lender and shall constitute additional Indebtedness evidenced by the Note and secured by the Loan Documents.