Common use of Loan Payments Clause in Contracts

Loan Payments. (a) Borrower shall make a payment to Lender of interest only on the Closing Date for the period from the Closing Date through and including the next succeeding fourteenth (14th) day of a calendar month, whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment of interest shall be due). Each interest accrual period (the “Interest Period”) thereafter shall commence on the fifteenth (15th) day of each calendar month during the term of the Loan and shall end on and include the fourteenth (14th) day of the next occurring calendar month. No Interest Period shall be shortened by reason of any payment of the Loan prior to the expiration of such Interest Period. (b) Borrower shall make (i) on each Monthly Payment Date throughout the term of the Loan, a payment to Lender of interest accruing on the outstanding principal balance of the Loan during the Interest Period in which such Monthly Payment Date occurs, which payments shall be applied to accrued and unpaid interest, and (ii) on each Monthly Amortization Payment Date, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each such payment in (i) and (ii), a “Monthly Debt Service Payment”). (c) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Security Instrument and the other Loan Documents. (d) If any principal, interest or any other sum due under the Loan Documents, other than the payment of principal due on the Maturity Date, is not paid by Borrower on the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of (i) five percent (5%) of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Security Instrument and the other Loan Documents.

Loan Payments. (a) The Loan shall bear interest at a fixed rate per annum equal to the Note Rate. Interest shall be computed based on the daily rate produced assuming a three hundred sixty (360) day year, multiplied by the actual number of days elapsed. Except as otherwise set forth in this Agreement, interest shall be paid in arrears. (b) Borrower shall make a hereby agrees to pay sums due under the Note as follows: An initial payment to Lender of interest only $65,564.84 is due on the Closing Date for the period interest from the Closing Date through and including April 30, 2004. Thereafter, except as may be adjusted in accordance with the next succeeding fourteenth (14th) day last sentence of a calendar monthSection 2.2(c), whether such fourteenth (14th) day shall occur consecutive monthly installments of principal and interest in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment of interest an amount equal to $1,229,803.60 shall be due). Each interest accrual period payable pursuant to the terms of Section 2.2(d) (the “Interest Period”"MONTHLY PAYMENT AMOUNT") thereafter shall commence on the fifteenth first (15th1st) day of each calendar month during beginning on June 1, 2004 (each a "SCHEDULED PAYMENT DATE") until the term of the Loan and shall end on and include the fourteenth (14th) day of the next occurring calendar month. No Interest Period entire indebtedness evidenced hereby is fully paid, except that any remaining indebtedness, if not sooner paid, shall be shortened by reason of any payment of due and payable on the Loan prior to the expiration of such Interest PeriodMaturity Date. (bc) Borrower shall make (i) on each The Monthly Payment Date throughout Amount shall mean the term amount of interest and principal which would be due in order to fully amortize the principal amount of the Loan, over an amortization term of twenty-five (25) years assuming an annual interest rate equal to the Note Rate, computed on the basis of a payment to Lender three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each. Borrower expressly understands and agrees that such computation of interest based on a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each is solely for the purpose of determining the Monthly Payment Amount, and, notwithstanding such computation, interest shall accrue on the outstanding principal amount of the Loan as provided in Section 2.2(a) above. Borrower understands and acknowledges that such interest accrual requirement results in more interest accruing on the outstanding principal balance Loan than if either a thirty (30) day month and a three hundred sixty (360) day year or the actual number of days and a three hundred sixty-five (365) day year were used to compute the accrual of interest on the Loan. Borrower recognizes that such interest accrual requirement will not fully amortize the Loan within the amortization period set forth above. Following any partial prepayment occurring solely as a result of the Loan during application of Insurance Proceeds or Awards pursuant to the Interest Period terms of this Agreement, Lender may, in which such its sole and absolute discretion, adjust the Monthly Payment Date occursAmount to give effect to any such partial prepayment, provided, however, that in no event will any such adjustment result in any such installment becoming due and payable on any date after the Maturity Date. (d) Each payment by Borrower hereunder or under the Note shall be payable at ▇.▇. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇, Attn: Commercial Mortgage Loan Servicing #1777, or at such other place as the Lender may designate from time to time in writing, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Whenever any payment hereunder or under the Note shall be stated to be due on a day which is not a Business Day, such payment shall be made on the first Business Day preceding such scheduled due date. (e) Prior to the occurrence of an Event of Default, all monthly payments made as scheduled under this Agreement and the Note shall be applied first to the payment of interest computed at the Note Rate, and the balance toward the reduction of the principal amount of the Note. All voluntary and involuntary prepayments on the Note shall be applied, to the extent thereof, to accrued but unpaid interest on the amount prepaid, to the remaining principal amount, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion, including, but not limited to, application to principal installments in inverse order of maturity. Following the occurrence of an Event of Default, any payment made on the Note shall be applied to accrued and but unpaid interest, late charges, accrued fees, the unpaid principal amount of the Note, and (ii) on each Monthly Amortization Payment Dateany other sums due and unpaid to Lender in connection with the Loan, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each in such payment manner and order as Lender may elect in (i) its sole and (ii), a “Monthly Debt Service Payment”)absolute discretion. (cf) All payments made by Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and or under the Note, the Security Instrument and Note or the other Loan Documents. (d) If any principal, interest or any other sum due under the Loan Documents, other than the payment of principal due on the Maturity Date, is not paid by Borrower on the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of (i) five percent (5%) of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount Documents shall be secured by the Security Instrument made irrespective of, and the other Loan Documentswithout any deduction for, any setoff, defense or counterclaims.

Loan Payments. (a) The Loan shall bear interest at a fixed rate per annum equal to the Note Rate. Interest shall be computed based on the daily rate produced assuming a three hundred sixty (360) day year, multiplied by the actual number of days elapsed. Except as otherwise set forth in this Agreement, interest shall be paid in arrears. (b) Borrower shall make a hereby agrees to pay sums due under the Note as follows: An initial payment to Lender of interest only $793,429.29 is due on the Closing Date for the period interest from the Closing Date through and including the next succeeding fourteenth (14th) last day of a calendar month, whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless occurs. Thereafter, except as may be adjusted in accordance with the Closing Date is the fifteenth (15th) day last sentence of a calendar monthSection 2.2(c), consecutive monthly installments of principal and interest in which case no such separate payment of interest an amount equal $1,111,000.97 shall be due). Each interest accrual period payable pursuant to the terms of Section 2.2(d) (the “Interest PeriodMonthly Payment Amount”) thereafter shall commence on the fifteenth first (15th1st) day of each calendar month during beginning on October 1, 2005 (each a “Scheduled Payment Date”) until the term of the Loan and shall end on and include the fourteenth (14th) day of the next occurring calendar month. No Interest Period entire indebtedness evidenced hereby is fully paid, except that any remaining indebtedness, if not sooner paid, shall be shortened by reason of any payment of due and payable on the Loan prior to the expiration of such Interest PeriodMaturity Date. (bc) Borrower shall make (i) on each The Monthly Payment Date throughout Amount shall mean the term amount of interest and principal which would be due in order to fully amortize the principal amount of the Loan, over an amortization term of 28.5 years assuming an annual interest rate equal to the Note Rate, computed on the basis of a payment to Lender three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each. Borrower expressly understands and agrees that such computation of interest based on a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each is solely for the purpose of determining the Monthly Payment Amount, and, notwithstanding such computation, interest shall accrue on the outstanding principal amount of the Loan as provided in Section 2.2(a) above. Borrower understands and acknowledges that such interest accrual requirement results in more interest accruing on the outstanding principal balance Loan than if either a thirty (30) day month and a three hundred sixty (360) day year or the actual number of days and a three hundred sixty-five (365) day year were used to compute the accrual of interest on the Loan. Borrower recognizes that such interest accrual requirement will not fully amortize the Loan within the amortization period set forth above. Following any partial prepayment occurring solely as a result of the application of Insurance Proceeds or Awards pursuant to the terms of this Agreement, Lender may, in its sole and absolute discretion, adjust the Monthly Payment Amount to give effect to any such partial prepayment, provided, however, that in no event will any such adjustment result in any such installment becoming due and payable on any date after the Maturity Date. (d) Each payment by Borrower hereunder or under the Note shall be payable at ▇.▇. ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇, or by wire transfer to Bank of America, N.A., ABA #▇▇▇▇▇▇▇▇▇, Account #4782779943 for credit to CMSG, Loan #59227, or at such other place as the Lender may designate from time to time in writing, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Whenever any payment hereunder or under the Note shall be stated to be due on a day which is not a Business Day, such payment shall be made on the first Business Day preceding such scheduled due date. (e) Prior to the occurrence of an Event of Default, all monthly payments made as scheduled under this Agreement and the Note prior to the Anticipated Prepayment Date shall be applied first to the payment of interest computed at the Note Rate, and the balance toward the reduction of the principal amount of the Note. All voluntary and involuntary prepayments on the Note shall be applied, to the extent thereof, to accrued but unpaid interest on the amount prepaid, to the remaining principal amount, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion, including, but not limited to, application to principal installments in inverse order of maturity. Following the occurrence and during the Interest Period in which such Monthly Payment Date occurscontinuance of an Event of Default, which payments any payment made on the Note shall be applied to accrued but unpaid interest, late charges, accrued fees, the unpaid principal amount of the Note, and any other sums due and unpaid interestto Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion. (f) All payments made by Borrower hereunder or under the Note or the other Loan Documents shall be made irrespective of, and without any deduction for, any setoff, defense or counterclaims. (g) From and after the Anticipated Prepayment Date, interest in excess of the Initial Note Rate shall accrue and be added to the Debt and shall earn interest at the Revised Note Rate to the extent permitted by applicable law (“Accrued Interest”). All of the unpaid principal balance of the Note, including, without limitation, any Accrued Interest, shall be due and payable on the Maturity Date. (h) Provided no Event of Default has occurred, from and after the Anticipated Prepayment Date (i) each Monthly Payment Amount made as scheduled herein shall be applied first to the payment of interest computed at the Initial Note Rate, and the balance toward the reduction of the principal amount of the Note, and (ii) on each Monthly Amortization Payment Date, a Monthly Amortization Payment to Lender, which payments payment of Excess Cash made as required herein shall be applied first to the reduction of the principal (each such payment amount of the Note until paid in full, and the balance to Accrued Interest until paid in full. (i) and (ii)Nothing in this Article 2 shall limit, a “Monthly Debt Service Payment”). (c) Borrower shall pay reduce or otherwise affect Borrower’s obligations to Lender on the Maturity Date the outstanding principal balance make payments of the LoanMonthly Payment Amount, all accrued payments to the Reserve Accounts and unpaid interest and all payments of other amounts due hereunder and under the Note, the Security Instrument and the other Loan Documents, whether or not Rents are available to make such payments. (d) If any principal, interest or any other sum due under the Loan Documents, other than the payment of principal due on the Maturity Date, is not paid by Borrower on the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of (i) five percent (5%) of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Security Instrument and the other Loan Documents.

Loan Payments. (a) The Loan shall bear interest at a fixed rate per annum equal to the Note Rate. Interest shall be computed based on the daily rate produced assuming a three hundred sixty (360) day year, multiplied by the actual number of days elapsed. Except as otherwise set forth in this Agreement, interest shall be paid in arrears. (b) Borrower shall make a hereby agrees to pay sums due under the Note as follows: An initial payment to Lender of interest only is due on the Closing Date for the period interest from the Closing Date through and including October 31, 2003. Thereafter, except as may be adjusted in accordance with the next succeeding fourteenth last sentence of Section 2.2(c), (14th1) day of a calendar month, whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment consecutive monthly installments of interest only in an amount calculated in accordance with Section 2.2(a) above (such amount, the "I/O Monthly Payment Amount") shall be due). Each interest accrual period (the “Interest Period”) thereafter shall commence payable on the fifteenth (15th) first day of each calendar month during beginning December 1, 2003 (each such date through and including the term Maturity Date, a "Scheduled Payment Date") through and including the Scheduled Payment Date occurring in November, 2006 and (2) thereafter, consecutive monthly installments of principal and interest in an amount equal to the Loan and shall end sum set forth on and include the fourteenth (14th) day of the next occurring calendar month. No Interest Period Schedule 1, attached hereto, shall be shortened by reason of any payment of the Loan prior payable pursuant to the expiration terms of such Interest Period. Section 2.2(d) (b) Borrower the "Constant Monthly Payment Amount"; the I/O Monthly Payment Amount and the Constant Monthly Payment Amount shall make (ihereinafter be collectively referred to as the "Monthly Payment Amount") on each Monthly Scheduled Payment Date throughout until the term of the Loanentire indebtedness evidenced hereby is fully paid, a payment to Lender of interest accruing except that any remaining indebtedness, if not sooner paid, shall be due and payable on the outstanding principal balance of the Loan during the Interest Period in which such Monthly Payment Date occurs, which payments shall be applied to accrued and unpaid interest, and (ii) on each Monthly Amortization Payment Maturity Date, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each such payment in (i) and (ii), a “Monthly Debt Service Payment”). (c) Borrower The Constant Monthly Payment Amount shall pay mean the amount of interest and principal which would be due in order to Lender on fully amortize the Maturity Date the outstanding principal balance amount of the Loan, all accrued and unpaid Loan over an amortization term of thirty (30) years assuming an annual interest and all other amounts due hereunder and under the Note, the Security Instrument and the other Loan Documents. (d) If any principal, interest or any other sum due under the Loan Documents, other than the payment of principal due on the Maturity Date, is not paid by Borrower on the date on which it is due, Borrower shall pay to Lender upon demand an amount rate equal to the lesser Note Rate, computed on the basis of a three hundred sixty (i360) five percent day year consisting of twelve (5%12) months of thirty (30) days each. Borrower expressly understands and agrees that such unpaid sum and computation of interest based on a three hundred sixty (ii360) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss day year consisting of the use twelve (12) months of such delinquent payment. Any such amount shall be secured by the Security Instrument and the other Loan Documents.thirty

Loan Payments. (a) The Loan shall bear interest at a fixed rate per annum equal to the Note Rate. Interest shall be computed based on the daily rate produced assuming a three hundred sixty (360) day year, multiplied by the actual number of days elapsed. Except as otherwise set forth in this Agreement, interest shall be paid in arrears. (b) Borrower shall make a hereby agrees to pay sums due under the Note as follows: An initial payment to Lender of interest only is due on the Closing Date for the period interest from the Closing Date through and including October 31, 2003. Thereafter, except as may be adjusted in accordance with the next succeeding fourteenth (14th) day last sentence of a calendar monthSection 2.2(c), whether such fourteenth (14th) day shall occur consecutive monthly installments of principal and interest in an amount equal to the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar monthsum set forth on Schedule 1, in which case no such separate payment of interest attached hereto, shall be due). Each interest accrual period payable pursuant to the terms of Section 2.2(d) (the “Interest Period”"Monthly Payment Amount") thereafter shall commence on the fifteenth first (15th1st) day of each calendar month during beginning on December 1, 2003 (each a "Scheduled Payment Date") until the term entire indebtedness evidenced hereby is fully paid, except that any remaining indebtedness, if not sooner paid, shall be due and payable on the Maturity Date. (c) The Monthly Payment Amount shall mean the amount of interest and principal which would be due in order to fully amortize the principal amount of the Loan and shall end over an amortization term of thirty (30) years assuming an annual interest rate equal to the Note Rate, computed on and include the fourteenth basis of a three hundred sixty (14th360) day year consisting of twelve (12) months of thirty (30) days each. Borrower expressly understands and agrees that such computation of interest based on a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each is solely for the next occurring calendar month. No Interest Period purpose of determining the Monthly Payment Amount, and, notwithstanding such computation, interest shall be shortened by reason of any payment accrue on the outstanding principal amount of the Loan prior to the expiration of as provided in Section 2.2(a) above. Borrower understands and acknowledges that such Interest Period. (b) Borrower shall make (i) on each Monthly Payment Date throughout the term of the Loan, a payment to Lender of interest accrual requirement results in more interest accruing on the outstanding principal balance Loan than if either a thirty (30) day month and a three hundred sixty (360) day year or the actual number of days and a three hundred sixty-five (365) day year were used to compute the accrual of interest on the Loan. Borrower recognizes that such interest accrual requirement will not fully amortize the Loan within the amortization period set forth above. Following any partial prepayment occurring solely as a result of the Loan application of Insurance Proceeds or Awards pursuant to the terms of this Agreement, Lender may, in its sole and absolute discretion, adjust the Monthly Payment Amount to give effect to any such partial prepayment, provided, however, that in no event will any such adjustment result in any such installment becoming due and payable on any date after the Maturity Date. (d) Each payment by Borrower hereunder or under the Note shall be payable at the payment address set forth on Schedule 1, attached hereto, or at such other place as the Lender may designate from time to time in writing, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Whenever any payment hereunder or under the Note shall be stated to be due on a day which is not a Business Day, such payment shall be made on the first Business Day preceding such scheduled due date. (e) Prior to the occurrence and following the cure (in accordance with the terms hereof) of an Event of Default, all monthly payments made as scheduled under this Agreement and the Note shall be applied first to the payment of interest computed at the Note Rate, and the balance toward the reduction of the principal amount of the Note. All voluntary and involuntary prepayments on the Note shall be applied, to the extent thereof, to accrued but unpaid interest on the amount prepaid, to the remaining principal amount, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion, including, but not limited to, application to principal installments in inverse order of maturity. Following the occurrence and during the Interest Period in which such Monthly Payment Date occurscontinuance of an Event of Default, which payments any payment made on the Note shall be applied to accrued and but unpaid interest, late charges, accrued fees, the unpaid principal amount of the Note, and (ii) on each Monthly Amortization Payment Dateany other sums due and unpaid to Lender in connection with the Loan, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each in such payment manner and order as Lender may elect in (i) its sole and (ii), a “Monthly Debt Service Payment”)absolute discretion. (cf) All payments made by Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and or under the Note, the Security Instrument and Note or the other Loan Documents. (d) If any principal, interest or any other sum due under the Loan Documents, other than the payment of principal due on the Maturity Date, is not paid by Borrower on the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of (i) five percent (5%) of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount Documents shall be secured by the Security Instrument made irrespective of, and the other Loan Documentswithout any deduction for, any setoff, defense or counterclaims.

Loan Payments. (a) Borrower The Loan shall make bear interest at a payment rate per annum equal to Lender of interest only the LIBOR Rate or the Static LIBOR Rate, as applicable (the "NOTE RATE"). Interest shall be computed based on the Closing Date for the period from the Closing Date through and including the next succeeding fourteenth daily rate produced assuming a three hundred sixty (14th360) day year, multiplied by the actual number of a calendar monthdays elapsed. Except as otherwise set forth in this Agreement, whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment of interest shall be due). Each interest accrual period (the “Interest Period”) thereafter shall commence on the fifteenth (15th) day of each calendar month during the term of the Loan and shall end on and include the fourteenth (14th) day of the next occurring calendar month. No Interest Period shall be shortened by reason of any payment of the Loan prior to the expiration of such Interest Periodpaid in arrears. (b) Borrower hereby agrees to pay sums due under the Note as follows: except as may be adjusted in accordance with Section 2.3(c), consecutive monthly installments of interest calculated at the applicable Note Rate for the applicable Interest Period shall make be payable pursuant to the terms of Section 2.3(d) (ithe "MONTHLY PAYMENT AMOUNT") on each Monthly Payment Date throughout the term of the Loan, a payment to Lender of interest accruing on the outstanding principal balance of the Loan during the Interest Period in which such Monthly Payment Date occurs, which payments shall be applied to accrued and unpaid interest, and (ii) on each Monthly Amortization Payment Date, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each such payment in (i) and (ii), a “Monthly Debt Service Payment”). (c) . Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loanbalance, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Security Instrument Mortgage and other Loan Documents. The accrued and unpaid interest due on the other Maturity Date shall be calculated for the full final Interest Period, notwithstanding that such Interest Period may extend beyond the Maturity Date. (c) All interest shall be computed on the basis of a three hundred sixty (360) day year and paid for the actual number of days elapsed in an Interest Period. Lender shall determine the Note Rate applicable to the Debt in accordance with this Agreement and its determination thereof shall be conclusive in the absence of manifest error. The books and records of Lender shall be prima facie evidence of all sums owing to Lender from time to time under this Agreement, but the failure to record any such information shall not limit or affect the obligations of Borrower under the Loan Documents. (d) If any principal, interest Each payment by Borrower hereunder or any other sum due under the Loan DocumentsNote shall be payable at P.O. Box 515228, Los Angeles, California 90051-6528, Attn: Commercia▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ #▇▇▇▇, ▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇lace as the Lender may designate from time to time in writing, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Each payment by Borrower hereunder or under the Note shall be made in funds settled through the New York Clearing House Interbank Payments System or other than funds immediately available to Lender by 2:00 p.m., New York City time, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Whenever any payment hereunder or under the Note shall be stated to be due on a day which is not a Business Day, such payment shall be made on the first Business Day preceding such scheduled due date. (e) Prior to the occurrence of an Event of Default, all monthly payments made as scheduled under this Agreement and the Note shall be applied to the payment of principal due interest computed at the Note Rate. All voluntary and involuntary prepayments on the Maturity DateNote shall be applied, is not paid to the extent thereof, to accrued but unpaid interest on the amount prepaid, to the remaining principal amount, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion. Following the occurrence of an Event of Default, any payment made on the Note shall be applied to accrued but unpaid interest, late charges, accrued fees, the unpaid principal amount of the Note, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion. (f) All payments made by Borrower on hereunder or under the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of (i) five percent (5%) of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Security Instrument and Note or the other Loan DocumentsDocuments shall be made irrespective of, and without any deduction for, any setoff, defense or counterclaims. (g) Borrower acknowledges that in connection with a Securitization of the Loan and/or the Mortgage Loan, Lender may in its sole discretion change the day of the month that constitutes the Selected Day.

Loan Payments. (a) The Borrower shall make a payment to Lender repay all Advances in respect of interest only on the Closing Date for First Tranche, the period from Second Tranche and the Closing Date through Third Tranche and including all other amounts due under this Agreement in full by the next succeeding fourteenth (14th) 4th day of a calendar monthMay, whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment of interest shall be due). Each interest accrual period (the “Interest Period”) thereafter shall commence on the fifteenth (15th) day of each calendar month during the term of the Loan and shall end on and include the fourteenth (14th) day of the next occurring calendar month. No Interest Period shall be shortened by reason of any payment of the Loan prior to the expiration of such Interest Period2011. (b) The Borrower shall make (i) on each Monthly Payment Date throughout the term repay all Advances in respect of the Loan, a payment to Lender Fourth Tranche not later than six months after the date of interest accruing on disbursement of each Advance under the outstanding principal balance of the Loan during the Interest Period in which such Monthly Payment Date occurs, which payments shall be applied to accrued and unpaid interest, and (ii) on each Monthly Amortization Payment Date, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each such payment in (i) and (ii), a “Monthly Debt Service Payment”)Fourth Tranche. (c) Borrower shall pay Subject to Lender on Clause 6.1(b) and as hereinafter provided, the Maturity Date the outstanding principal balance amount of the Loan, all accrued Loan and unpaid any capitalized interest thereon shall be repaid out of the Release Fees in accordance with the formula set out in Clause 6.1 (d) or as may otherwise be agreed between BNB and all other amounts due hereunder and under the Note, the Security Instrument BNB FTC and the other Loan DocumentsBorrower. (d) If On the completion of the sale of each Lot, BNB or BNB FTC shall be paid a Release Fee by the Borrower calculated using the following formula:- (i) On any principalsales in Year 1 and 2 following the 4th day of May 2006 - US$350,000.00 per acre or part thereof. (ii) On any sales in Year 3 following the 4th day of May 2006 - US$400,000.00 per acre or part thereof (iii) On any sales in Year 4 following the 4th day of May 2006 – US$550,000.00 per acre or part thereof; and (iv) On any sales in Year 5 following the 4th day of May 2006 - US$600,000.00 per acre or part thereof (e) In addition to the Release Fee referred to in Clause 6.1(d), the Borrower shall on the sale of each Lot pay to BNB or BNB FTC out of the proceeds of the sale of such Lot remaining after payment of the Release Fee any outstanding interest which has accrued to the date of the completion of the sale of such Lot or any other sum due under part of the Loan Documents, other than Land but has not yet been capitalized. (f) On the completion of the sale of each Lot and after the payment of principal due on the Maturity DateRelease Fee referred to in Clause 6.1(d) and any accrued interest referred to in Clause 6.1(e), is not paid by Borrower on the date on which it is due, Borrower shall pay to Lender BNB or BNB FTC out of the remaining proceeds of the sale of such Lot on account of the Advances made in respect of the Fourth Tranche such amount as may be agreed from time to time between the Borrower and BNB or BNB FTC, provided however that if such amount is not agreed then the amount to be paid by the Borrower to BNB or BNB FTC shall be determined by BNB or BNB FTC. (g) In the event that any Lot is sold at a price per acre or part thereof which would result in a Release Fee that is less than the amount set out in Clause 6.1(d), the Borrower shall make up any shortfall between the sale price of such Lot and the amount set out in Clause 6.1(d) hereto. (h) In the event that the Borrower wishes to sell any part of the Land that does not consist of Lots, the Borrower shall obtain the consent of BNB and BNB FTC to such sale prior to entering into the same and BNB and BNB FTC shall stipulate the payment that it will require in order to release such part of the Land from the Mortgage / Debenture, the Composite Mortgage / Debenture or the third Mortgage / Debenture referred to in Clause 7.1 hereto, Provided however that all common areas and open spaces relating to a particular Parcel shall be released without any payment for such release upon demand an amount equal to the lesser sale of the last Lot in such Parcel. (i) five percent In addition to the Release Fees specified in Clause 6.1 (5%d), any interest payable in accordance with Clause 6.1 (e) or any payment under Clause 6.1(f), the Borrower shall on the sale of each Lot or other part of the Land pay any legal fees, stamp duty and other costs, fees and expenses in connection with the release by BNB of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss Lot or other part of the use Land and in connection with the release by BNB of the Beachfront Land or any part thereof. (j) The facility contemplated by this Agreement is not a revolving credit facility and, even if each Advance hereunder is repaid to BNB or BNB FTC before such delinquent payment. Any such amount shall be secured by the Security Instrument repayment is required hereunder, BNB and the other Loan DocumentsBNB FTC are not required to make any further Advance hereunder.

Loan Payments. (a) Borrower The Loan shall make bear interest at a payment rate per annum equal to Lender of interest only the LIBOR Rate or the Static LIBOR Rate, as applicable (the "NOTE RATE"). Interest shall be computed based on the Closing Date for the period from the Closing Date through and including the next succeeding fourteenth daily rate produced assuming a three hundred sixty (14th360) day year, multiplied by the actual number of a calendar monthdays elapsed. Except as otherwise set forth in this Agreement, whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment of interest shall be due). Each interest accrual period (the “Interest Period”) thereafter shall commence on the fifteenth (15th) day of each calendar month during the term of the Loan and shall end on and include the fourteenth (14th) day of the next occurring calendar month. No Interest Period shall be shortened by reason of any payment of the Loan prior to the expiration of such Interest Periodpaid in arrears. (b) Borrower shall make hereby agrees to pay sums due under the Note as follows: Except as may be adjusted in accordance with Section 2.3(c), (i) on each Monthly Payment Date throughout the term of the Loan, a payment to Lender consecutive monthly installments of interest accruing on calculated at the outstanding principal balance of applicable Note Rate for the Loan during the applicable Interest Period in which such Monthly Payment Date occurs, which payments shall be applied payable pursuant to accrued and unpaid interest, the terms of Section 2.3(d) and (ii) if applicable, the Interest Floor Differential (the "MONTHLY PAYMENT AMOUNT") on each Monthly Amortization Payment Date, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each such payment in (i) and (ii), a “Monthly Debt Service Payment”). (c) . Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loanbalance, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Security Instrument Mortgage and other Loan Documents. The accrued and unpaid interest due on the Maturity Date shall be calculated for the full final Interest Period, notwithstanding that such Interest Period may extend beyond the Maturity Date. Notwithstanding any other provision hereof to the contrary, Borrower's obligation to pay the Interest Floor Differential shall survive the payment in full of the Loan as an unsecured obligation. (c) All interest shall be computed on the basis of a three hundred sixty (360) day year and paid for the actual number of days elapsed in an Interest Period. Lender shall determine the Note Rate applicable to the Debt in accordance with this Agreement and its determination thereof shall be conclusive in the absence of manifest error. The books and records of Lender shall be prima facie evidence of all sums owing to Lender from time to time under this Agreement, but the failure to record any such information shall not limit or affect the obligations of Borrower under the Loan Documents. (d) If any principal, interest Each payment by Borrower hereunder or any other sum due under the Note shall be payable at ▇.▇. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇, Attn: Commercial Mortgage Loan DocumentsServicing #1777, or at such other than place as the Lender may designate from time to time in writing, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Each payment by Borrower hereunder or under the Note shall be made in funds settled through the New York Clearing House Interbank Payments System or other funds immediately available to Lender by 2:00 p.m., New York City time, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Whenever any payment hereunder or under the Note shall be stated to be due on a day which is not a Business Day, such payment shall be made on the first Business Day preceding such scheduled due date. (e) Prior to the occurrence of an Event of Default, all monthly payments made as scheduled under this Agreement and the Note shall be applied to the payment of principal due interest computed at the Note Rate. All voluntary and involuntary prepayments on the Maturity DateNote shall be applied, is not paid to the extent thereof, to accrued but unpaid interest on the amount prepaid, to the remaining principal amount, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion. Following the occurrence of an Event of Default, any payment made on the Note shall be applied to accrued but unpaid interest, late charges, accrued fees, the unpaid principal amount of the Note, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion. (f) All payments made by Borrower on hereunder or under the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of (i) five percent (5%) of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Security Instrument and Note or the other Loan DocumentsDocuments shall be made irrespective of, and without any deduction for, any setoff, defense or counterclaims. (g) Borrower acknowledges that in connection with a Securitization of the Loan, the Senior Mezzanine Loan and/or the Mortgage Loan, Lender may in its sole discretion change the day of the month that constitutes the Selected Day.

Loan Payments. (a) Borrower The Loan shall make bear interest at a payment fixed rate per annum equal to Lender of interest only the Note Rate. Interest shall be computed based on the Closing Date for the period from the Closing Date through and including the next succeeding fourteenth daily rate produced assuming a three hundred sixty (14th360) day year, multiplied by the actual number of a calendar monthdays elapsed. Except as otherwise set forth in this Agreement, whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment of interest shall be due). Each interest accrual period (the “Interest Period”) thereafter shall commence on the fifteenth (15th) day of each calendar month during the term of the Loan and shall end on and include the fourteenth (14th) day of the next occurring calendar month. No Interest Period shall be shortened by reason of any payment of the Loan prior to the expiration of such Interest Periodpaid in arrears. (b) Borrower hereby agrees to pay sums due under the Note as follows: A payment of $719,409.17 is due on September 1, 2004. Thereafter, except as may be adjusted in accordance with the last sentence of Section 2.02(c), consecutive monthly installments of principal and interest in an amount equal to $889,145.86 shall make be payable pursuant to the terms of Section 2.02(d) (ithe “Monthly Payment Amount”) on the first (1st) day of each month beginning on October 1, 2004 (each a “Scheduled Payment Date”) until the entire indebtedness evidenced hereby is fully paid, except that any remaining indebtedness, if not sooner paid, shall be due and payable on the Maturity Date. (c) The Monthly Payment Date throughout Amount shall mean the term amount of interest and principal which would be due in order to fully amortize the principal amount of the Loan, over an amortization term of twenty-seven and one half (27.5) years assuming an annual interest rate equal to the Note Rate, computed on the basis of a payment to Lender three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each. Borrower expressly understands and agrees that such computation of interest based on a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each is solely for the purpose of determining the Monthly Payment Amount, and, notwithstanding such computation, interest shall accrue on the outstanding principal amount of the Loan as provided in Section 2.02(a) above. Borrower understands and acknowledges that such interest accrual requirement results in more interest accruing on the outstanding principal balance Loan than if either a thirty (30) day month and a three hundred sixty (360) day year or the actual number of days and a three hundred sixty-five (365) day year were used to compute the accrual of interest on the Loan. Borrower recognizes that such interest accrual requirement will not fully amortize the Loan within the amortization period set forth above. Following any partial prepayment occurring solely as a result of the Loan during application of Insurance Proceeds or Awards pursuant to the Interest Period terms of this Agreement, Lender may, in which such its sole and absolute discretion, adjust the Monthly Payment Date occursAmount to give effect to any such partial prepayment, provided, however, that in no event will any such adjustment result in any such installment becoming due and payable on any date after the Maturity Date. (d) Each payment by Borrower hereunder or under the Note shall be payable at Bank of America, ▇.▇. ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇, or at such other place as the Lender may designate from time to time in writing, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Whenever any payment hereunder or under the Note shall be stated to be due on a day which is not a Business Day, such payment shall be made on the first Business Day preceding such scheduled due date. (e) For so long as no Event of Default has occurred and is continuing, all monthly payments made as scheduled under this Agreement and the Note shall be applied first to the payment of interest computed at the Note Rate, and the balance toward the reduction of the principal amount of the Note. All voluntary and involuntary prepayments on the Note shall be applied, to the extent thereof, to accrued but unpaid interest on the amount prepaid, to the remaining principal amount, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion, including, but not limited to, application to principal installments in inverse order of maturity. For so long as an Event of Default has occurred and is continuing, any payment made on the Note shall be applied to accrued and but unpaid interest, late charges, accrued fees, the unpaid principal amount of the Note, and (ii) on each Monthly Amortization Payment Dateany other sums due and unpaid to Lender in connection with the Loan, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each in such payment manner and order as Lender may elect in (i) its sole and (ii), a “Monthly Debt Service Payment”)absolute discretion. (cf) All payments made by Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and or under the Note, the Security Instrument and Note or the other Loan Documents. (d) If any principal, interest or any other sum due under the Loan Documents, other than the payment of principal due on the Maturity Date, is not paid by Borrower on the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of (i) five percent (5%) of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount Documents shall be secured by the Security Instrument made irrespective of, and the other Loan Documentswithout any deduction for, any setoff, defense or counterclaims.

Loan Payments. (a) The Loan shall bear interest at a rate per annum equal to the LIBOR Rate or the Static LIBOR Rate, as applicable (the "NOTE RATE"). Interest shall be computed based on the daily rate produced assuming a three hundred sixty (360) day year, multiplied by the actual number of days elapsed. Except as otherwise set forth in this Agreement, interest shall be paid in arrears. (b) Borrower shall make a hereby agrees to pay sums due under the Note as follows: An initial payment to Lender of interest only $____________ is due on the Closing Date for the period interest from the Closing Date through and including _______________________. Thereafter, except as may be adjusted in accordance with the next succeeding fourteenth (14th) day last sentence of a calendar monthSection 2.3(c), whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment consecutive monthly installments of interest shall be due). Each interest accrual period (calculated at the “Interest Period”) thereafter shall commence on applicable Note Rate for the fifteenth (15th) day of each calendar month during the term of the Loan and shall end on and include the fourteenth (14th) day of the next occurring calendar month. No applicable Interest Period shall be shortened by reason of any payment of the Loan prior payable pursuant to the expiration terms of such Interest Period. Section 2.3(d) (b) Borrower shall make (ithe "MONTHLY PAYMENT AMOUNT") on each Monthly Payment Date throughout the term of the Loan, a payment to Lender of interest accruing on the outstanding principal balance of the Loan during the Interest Period in which such Monthly Payment Date occurs, which payments shall be applied to accrued and unpaid interest, and (ii) on each Monthly Amortization Payment Date, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each such payment in (i) and (ii), a “Monthly Debt Service Payment”). (c) . Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loanbalance, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Security Instrument Mortgage and other Loan Documents. The accrued and unpaid interest due on the other Maturity Date shall be calculated for the full final Interest Period, notwithstanding that such Interest Period may extend beyond the Maturity Date. (c) All interest shall be computed on the basis of a three hundred sixty (360) day year and paid for the actual number of days elapsed in an Interest Period (including the first day but excluding the last day of an Interest Period). Lender shall determine the Note Rate applicable to the Debt in accordance with this Agreement and its determination thereof shall be conclusive in the absence of manifest error. The books and records of Lender shall be prima facie evidence of all sums owing to Lender from time to time under this Agreement, but the failure to record any such information shall not limit or affect the obligations of Borrower under the Loan Documents. (d) If Each payment by Borrower hereunder or under the Note shall be payable at P.O. Box 515228, Los Angeles, California 90051-6528, Attn: Commercia▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ #▇▇▇▇, ▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇lace as the Lender may designate from time to time in writing, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Each payment by Borrower hereunder or under the Note shall be made in funds settled through the New York Clearing House Interbank Payments System or other funds immediately available to Lender by 2:00 p.m., New York City time, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Whenever any principalpayment hereunder or under the Note shall be stated to be due on a day which is not a Business Day, interest or any other sum such payment shall be made on the first Business Day preceding such scheduled due date. Notwithstanding the foregoing, amounts due under the Loan DocumentsDocuments shall be deemed paid so long as there is sufficient money in the Cash Management Account for payment of such amounts and Lender's access to such money has not been constrained or constricted in any manner. (e) Prior to the occurrence of an Event of Default, other than all monthly payments made as scheduled under this Agreement and the Note shall be applied to the payment of principal due interest computed at the Note Rate. All voluntary and involuntary prepayments on the Maturity DateNote shall be applied, is not paid to the extent thereof, to accrued but unpaid interest on the amount prepaid, to the remaining principal amount, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion. Following the occurrence of an Event of Default, any payment made on the Note shall be applied to accrued but unpaid interest, late charges, accrued fees, the unpaid principal amount of the Note, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion. (f) All payments made by Borrower on hereunder or under the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of (i) five percent (5%) of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Security Instrument and Note or the other Loan DocumentsDocuments shall be made irrespective of, and without any deduction for, any setoff, defense or counterclaims.

Loan Payments. (a) The Loan shall bear interest at a fixed rate per annum equal to the Note Rate. Interest shall be computed based on the daily rate produced assuming a three hundred sixty (360) day year, multiplied by the actual number of days elapsed. Except as otherwise set forth in this Agreement, interest shall be paid in arrears. (b) Borrower shall make a hereby agrees to pay sums due under the Note as follows: An initial payment to Lender of interest only $123,099.02 is due on the Closing Date for the period interest from the Closing Date through and including December 31, 2006. Thereafter, except as may be adjusted in accordance with the next succeeding fourteenth (14th) day last sentence of a calendar monthSection 2.2(c), whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment consecutive monthly installments of interest shall be due). Each interest accrual period payable pursuant to the terms of Section 2.2(d) (the “Interest Period”"Monthly Payment Amount") thereafter shall commence on the fifteenth first (15th1st) day of each calendar month during beginning on February 1, 2007 (each a "Scheduled Payment Date") until the term of the Loan and shall end on and include the fourteenth (14th) day of the next occurring calendar month. No Interest Period entire indebtedness evidenced hereby is fully paid, except that any remaining indebtedness, if not sooner paid, shall be shortened by reason of any payment of due and payable on the Loan prior to the expiration of such Interest PeriodMaturity Date. (bc) [intentionally omitted]. (d) Each payment by Borrower hereunder or under the Note shall make be payable at P.O. Box 65585, Charlotte, North Carolina 28265-0585, or by wire trans▇▇▇ ▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇, ▇.▇., ▇▇▇ #▇▇▇-▇▇▇-▇▇▇, ▇▇▇▇unt #4782779943 for credit to CMSG, Loan #3404536, or ▇▇ ▇▇▇▇ ▇▇her place as the Lender may designate from time to time in writing, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Whenever any payment hereunder or under the Note shall be stated to be due on a day which is not a Business Day, such payment shall be made on the first Business Day preceding such scheduled due date. (ie) Prior to the occurrence of an Event of Default, all monthly payments made as scheduled under this Agreement and the Note shall be applied first to the payment of interest computed at the Note Rate, and the balance toward the reduction of the principal amount of the Note. All voluntary and involuntary prepayments on each Monthly Payment Date throughout the term of Note shall be applied, to the extent thereof, to accrued but unpaid interest on the amount prepaid, to the remaining principal amount, and any other sums due and unpaid to Lender in connection with the Loan, a in such manner and order as Lender may elect in its sole and absolute discretion, including, but not limited to, application to principal installments in inverse order of maturity. Following the occurrence of an Event of Default, any payment to Lender of interest accruing made on the outstanding principal balance of the Loan during the Interest Period in which such Monthly Payment Date occurs, which payments Note shall be applied to accrued and but unpaid interest, late charges, accrued fees, the unpaid principal amount of the Note, and (ii) on each Monthly Amortization Payment Dateany other sums due and unpaid to Lender in connection with the Loan, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each in such payment manner and order as Lender may elect in (i) its sole and (ii), a “Monthly Debt Service Payment”)absolute discretion. (cf) All payments made by Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and or under the Note, the Security Instrument and Note or the other Loan Documents. (d) If any principal, interest or any other sum due under the Loan Documents, other than the payment of principal due on the Maturity Date, is not paid by Borrower on the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of (i) five percent (5%) of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount Documents shall be secured by the Security Instrument made irrespective of, and the other Loan Documentswithout any deduction for, any setoff, defense or counterclaims.

Loan Payments. (a) The Loan shall bear interest at a fixed rate per annum equal to the Note Rate. Interest shall be computed based on the daily rate produced assuming a three hundred sixty (360) day year, multiplied by the actual number of days elapsed. Except as otherwise set forth in this Agreement, interest shall be paid in arrears. (b) Borrower shall make a hereby agrees to pay sums due under the Note as follows: An initial payment to Lender of interest only $73,605.18 is due on the Closing Date for the period interest from the Closing Date through and including the next succeeding fourteenth (14th) day of a calendar monthJune 30, whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month2004. Thereafter, in which case no such separate payment consecutive monthly installments of interest only computed in accordance with Section 2.2(a) shall be due). Each interest accrual period payable (the “Interest Period”"IO MONTHLY PAYMENT AMOUNT") thereafter shall commence on the fifteenth first (15th1st) day of each calendar month during beginning on August 1, 2004 through an including the term of the Loan and shall end on and include the fourteenth first (14th1st) day of January 1, 2007 (each an "IO SCHEDULED PAYMENT DATE"). Thereafter, except as may be adjusted in accordance with the next occurring calendar month. No Interest Period last sentence of Section 2.2(c), consecutive monthly installments of principal and interest in an amount equal $126,002.31 shall be shortened by reason of any payment of payable (the Loan prior to "P&I MONTHLY PAYMENT AMOUNT"; collectively with the expiration of such Interest Period. (b) Borrower shall make (iIO Monthly Payment Amount, the "MONTHLY PAYMENT AMOUNT") on the first (1st) day of each Monthly Payment Date throughout month beginning on February 1, 2007 (each a "P&I SCHEDULED PAYMENT DATE"; collectively with the term of the Loan, a payment to Lender of interest accruing on the outstanding principal balance of the Loan during the Interest Period in which such Monthly Payment Date occurs, which payments shall be applied to accrued and unpaid interest, and (ii) on each Monthly Amortization IO Scheduled Payment Date, each a Monthly Amortization Payment to Lender"SCHEDULED PAYMENT DATE") until the entire indebtedness evidenced hereby is fully paid, which payments except that any remaining indebtedness, if not sooner paid, shall be applied to principal (each such payment in (i) due and (ii), a “Monthly Debt Service Payment”)payable on the Maturity Date. (c) Borrower The P&I Monthly Payment Amount shall pay mean the amount of interest and principal which would be due in order to Lender on fully amortize the Maturity Date the outstanding principal balance amount of the Loan, all accrued and unpaid over an amortization term of thirty (30) years assuming an annual interest and all other amounts due hereunder and under the Note, the Security Instrument and the other Loan Documents. (d) If any principal, interest or any other sum due under the Loan Documents, other than the payment of principal due on the Maturity Date, is not paid by Borrower on the date on which it is due, Borrower shall pay to Lender upon demand an amount rate equal to the lesser Note Rate, computed on the basis of a three hundred sixty (i360) five percent day year consisting of twelve (5%12) months of thirty (30) days each. Borrower expressly understands and agrees that such unpaid sum and computation of interest based on a three hundred sixty (ii360) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss day year consisting of the use twelve (12) months of such delinquent payment. Any such amount shall be secured by the Security Instrument and the other Loan Documents.thirty

Loan Payments. (a) The Loan shall bear interest at a fixed rate per annum equal to the Note Rate. Interest shall be computed based on the daily rate produced assuming a three hundred sixty (360) day year, multiplied by the actual number of days elapsed. Except as otherwise set forth in this Agreement, interest shall be paid in arrears. (b) Borrower shall make a hereby agrees to pay sums due under the Note as follows: An initial payment to Lender of interest only is due on the Closing Date for the period interest from the Closing Date through and including October 31, 2003. Thereafter, except as may be adjusted in accordance with the next succeeding fourteenth last sentence of Section 2.2(c), (14th1) day of a calendar month, whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment consecutive monthly installments of interest only in an amount calculated in accordance with Section 2.2(a) above (such amount, the "I/O Monthly Payment Amount") shall be due). Each interest accrual period (the “Interest Period”) thereafter shall commence payable on the fifteenth (15th) first day of each calendar month during beginning December 1, 2003 (each such date through and including the term Maturity Date, a "Scheduled Payment Date") through and including the Scheduled Payment Date occurring in November, 2005 and (2) thereafter, consecutive monthly installments of principal and interest in an amount equal to the sum set forth on Schedule 1, attached hereto, shall be payable pursuant to the terms of Section 2.2(d) (the "Constant Monthly Payment Amount"; the I/O Monthly Payment Amount and the Constant Monthly Payment Amount shall hereinafter be collectively referred to as the "Monthly Payment Amount") on each Scheduled Payment Date until the entire indebtedness evidenced hereby is fully paid, except that any remaining indebtedness, if not sooner paid, shall be due and payable on the Maturity Date. (c) The Constant Monthly Payment Amount shall mean the amount of interest and principal which would be due in order to fully amortize the principal amount of the Loan and shall end over an amortization term of thirty (30) years assuming an annual interest rate equal to the Note Rate, computed on and include the fourteenth basis of a three hundred sixty (14th360) day year consisting of twelve (12) months of thirty (30) days each. Borrower expressly understands and agrees that such computation of interest based on a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each is solely for the next occurring calendar month. No Interest Period purpose of determining the Monthly Payment Amount, and, notwithstanding such computation, interest shall be shortened by reason of any payment accrue on the outstanding principal amount of the Loan prior to the expiration of as provided in Section 2.2(a) above. Borrower understands and acknowledges that such Interest Period. (b) Borrower shall make (i) on each Monthly Payment Date throughout the term of the Loan, a payment to Lender of interest accrual requirement results in more interest accruing on the outstanding principal balance Loan than if either a thirty (30) day month and a three hundred sixty (360) day year or the actual number of days and a three hundred sixty-five (365) day year were used to compute the accrual of interest on the Loan. Borrower recognizes that such interest accrual requirement will not fully amortize the Loan within the amortization period set forth above. Following any partial prepayment occurring solely as a result of the Loan application of Insurance Proceeds or Awards pursuant to the terms of this Agreement, Lender may, in its sole and absolute discretion, adjust the Monthly Payment Amount to give effect to any such partial prepayment, provided, however, that in no event will any such adjustment result in any such installment becoming due and payable on any date after the Maturity Date. (d) Each payment by Borrower hereunder or under the Note shall be payable at the payment address set forth on Schedule 1, attached hereto, or at such other place as the Lender may designate from time to time in writing, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Whenever any payment hereunder or under the Note shall be stated to be due on a day which is not a Business Day, such payment shall be made on the first Business Day preceding such scheduled due date. (e) Prior to the occurrence and following the cure (in accordance with the terms hereof) of an Event of Default, all monthly payments made as scheduled under this Agreement and the Note shall be applied first to the payment of interest computed at the Note Rate, and the balance toward the reduction of the principal amount of the Note. All voluntary and involuntary prepayments on the Note shall be applied, to the extent thereof, to accrued but unpaid interest on the amount prepaid, to the remaining principal amount, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion, including, but not limited to, application to principal installments in inverse order of maturity. Following the occurrence and during the Interest Period in which such Monthly Payment Date occurscontinuance of an Event of Default, which payments any payment made on the Note shall be applied to accrued and but unpaid interest, late charges, accrued fees, the unpaid principal amount of the Note, and (ii) on each Monthly Amortization Payment Dateany other sums due and unpaid to Lender in connection with the Loan, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each in such payment manner and order as Lender may elect in (i) its sole and (ii), a “Monthly Debt Service Payment”)absolute discretion. (cf) All payments made by Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and or under the Note, the Security Instrument and Note or the other Loan Documents. (d) If any principal, interest or any other sum due under the Loan Documents, other than the payment of principal due on the Maturity Date, is not paid by Borrower on the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of (i) five percent (5%) of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount Documents shall be secured by the Security Instrument made irrespective of, and the other Loan Documentswithout any deduction for, any setoff, defense or counterclaims.

Loan Payments. The Borrower shall pay to the Trustee, one business day prior to the dates set forth below, all amounts due under the Note for principal, premium, if any, and interest. as follows: (a) During the Construction Term, interest on the Principal Balance calculated at the Applicable Rate shall be due and payable on each Payment Date commencing on the first Payment Date identified in the Indenture and continuing on each Payment Date until the Principal Balance shall be paid in full. The entire Principal Balance, together with all interest accrued and unpaid thereon and all other sums due under the Note shall be due and payable on the First Maturity Date, unless extended pursuant to Section 2.07(b) next following. (b) Provide further that (i) Extension Conditions have been satisfied and (ii) the Borrower provides the Holder and Bondholder Representative for at least 30 but not more than 90 days’ notice prior to the First Maturity Date, maturity of the Note will be extended from the First Maturity Date to the Second Maturity Date. If the term of this Note is extended as provided in this subparagraph (b), the entire Principal Balance, together with all interest accrued and unpaid thereon and all other sums due under the Note, shall be due and payable on the Second Maturity Date, unless extended pursuant to Section 2.07(c) next following. (c) Provide further that (i) Extension Conditions have been satisfied and (ii) the Borrower provides the Holder and Bondholder Representative for at least 30 but not more than 90 days’ notice prior to the Second Maturity Date, maturity of the Note will be extended from the Second Maturity Date to the Third Maturity Date. If the term of this Note is expended as provided in this subparagraph (c), the entire Principal Balance, together with all interest accrued and unpaid thereon and all other sums due under the Note, shall be due and payable on the Third Maturity Date unless extended pursuant to Section 2.07(d) next following. (d) Provided the Conversion Conditions have been satisfied, the maturity of the Note will be extended to the Permanent Term Maturity Date. If the term of the Note is extended to the Permanent Term Maturity Date, on the Amortization Commencement Date, the Borrower shall make a payment to Lender of interest only on at the Closing Date Applicable Rate for the period interest due in advance from the Closing Amortization Commencement Date through and including to the next succeeding fourteenth (14th) day of a calendar month, whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment of interest shall be due). Each interest accrual period (the “Interest Period”) thereafter shall commence on the fifteenth (15th) day of each calendar month during the term of the Loan and shall end on and include the fourteenth (14th) first day of the next occurring calendar monthmonth following the Amortization Commencement Date. No Interest Period shall be shortened by reason of any payment For the period beginning on the first day of the Loan prior to month following the expiration of such Interest Period. (b) Borrower shall make (i) Amortization Commencement Date and continuing on each Monthly Payment Date thereafter throughout the term of the Loan, a payment to Lender of interest accruing on the outstanding principal balance of the Loan during Permanent Term, the Interest Period in which such Monthly Payment Date occurs, which payments shall be applied to accrued and unpaid interest, and (ii) on each Monthly Amortization Payment Date, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each such payment in (i) and (ii), a “Monthly Debt Service Payment”). (c) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Security Instrument and the other Loan Documents. (d) If any principal, interest or any other sum due under the Loan Documents, other than the payment monthly installments of principal due on as set forth in the Amortization Schedule, and shall pay interest at the Applicable Rate. On the Permanent Term Maturity Date, is not paid by Borrower on the date on which it is dueentire principal balance, Borrower shall pay to Lender upon demand an amount equal to the lesser of (i) five percent (5%) of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount together with all accrued interest thereon, shall be secured by the Security Instrument due and the other Loan Documentspayable.

Loan Payments. (a) Borrower The Loan shall make bear interest at a payment rate per annum equal to Lender of interest only the LIBOR Rate or the Static LIBOR Rate, as applicable (the "NOTE RATE"). Interest shall be computed based on the Closing Date for the period from the Closing Date through and including the next succeeding fourteenth daily rate produced assuming a three hundred sixty (14th360) day year, multiplied by the actual number of a calendar monthdays elapsed. Except as otherwise set forth in this Agreement, whether such fourteenth (14th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment of interest shall be due). Each interest accrual period (the “Interest Period”) thereafter shall commence on the fifteenth (15th) day of each calendar month during the term of the Loan and shall end on and include the fourteenth (14th) day of the next occurring calendar month. No Interest Period shall be shortened by reason of any payment of the Loan prior to the expiration of such Interest Periodpaid in arrears. (b) Borrower hereby agrees to pay sums due under the Note as follows: An initial payment of $293,472.22 is due on July 9, 2003 for interest from the date the Loan is funded by Lender into escrow with the title company through and including July 14, 2003. Thereafter, except as may be adjusted in accordance with the last sentence of Section 2.3(c), consecutive monthly installments of interest calculated at the applicable Note Rate for the applicable Interest Period shall make be payable pursuant to the terms of Section 2.3(d) (ithe "MONTHLY PAYMENT AMOUNT") on each Monthly Payment Date throughout the term of the Loan, a payment to Lender of interest accruing on the outstanding principal balance of the Loan during the Interest Period in which such Monthly Payment Date occurs, which payments shall be applied to accrued and unpaid interest, and (ii) on each Monthly Amortization Payment Date, a Monthly Amortization Payment to Lender, which payments shall be applied to principal (each such payment in (i) and (ii), a “Monthly Debt Service Payment”). (c) . Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loanbalance, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Security Instrument Mortgage and other Loan Documents. The accrued and unpaid interest due on the other Maturity Date shall be calculated for the full final Interest Period, notwithstanding that such Interest Period may extend beyond the Maturity Date. (c) All interest shall be computed on the basis of a three hundred sixty (360) day year and paid for the actual number of days elapsed in an Interest Period. Lender shall determine the Note Rate applicable to the Debt in accordance with this Agreement and its determination thereof shall be conclusive in the absence of manifest error. The books and records of Lender shall be prima facie evidence of all sums owing to Lender from time to time under this Agreement, but the failure to record any such information shall not limit or affect the obligations of Borrower under the Loan Documents. (d) If Each payment by Borrower hereunder or under the Note shall be payable at P.O. Box 515228, Los Angeles, California 90051-6528, Attn: Commerci▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ #▇▇▇▇, ▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇ place as the Lender may designate from time to time in writing, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Each payment by Borrower hereunder or under the Note shall be made in funds settled through the New York Clearing House Interbank Payments System or other funds immediately available to Lender by 2:00 p.m., New York City time, on the date such payment is due, to Lender by deposit to such account as Lender may designate by written notice to Borrower. Whenever any principalpayment hereunder or under the Note shall be stated to be due on a day which is not a Business Day, interest or any other sum such payment shall be made on the first Business Day preceding such scheduled due date. Notwithstanding the foregoing, amounts due under the Loan DocumentsDocuments shall be deemed paid so long as there is sufficient money in the Cash Management Account for payment of such amounts and Lender's access to such money has not been constrained or constricted in any manner. (e) Prior to the occurrence of an Event of Default, other than all monthly payments made as scheduled under this Agreement and the Note shall be applied to the payment of principal due interest computed at the Note Rate. All voluntary and involuntary prepayments on the Maturity DateNote shall be applied, is not paid to the extent thereof, to accrued but unpaid interest on the amount prepaid, to the remaining principal amount, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion. Following the occurrence of an Event of Default, any payment made on the Note shall be applied to accrued but unpaid interest, late charges, accrued fees, the unpaid principal amount of the Note, and any other sums due and unpaid to Lender in connection with the Loan, in such manner and order as Lender may elect in its sole and absolute discretion. (f) All payments made by Borrower on hereunder or under the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of (i) five percent (5%) of such unpaid sum and (ii) the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Security Instrument and Note or the other Loan DocumentsDocuments shall be made irrespective of, and without any deduction for, any setoff, defense or counterclaims.