Common use of Note Payments and Payment Dates Clause in Contracts

Note Payments and Payment Dates. Commencing on the 1st day of May, 2007, and continuing on the first (1st) day of each successive month thereafter, provided that, if the first (1st) day of any month is not a Business Day, such payment shall be due and payable on the immediately preceding Business Day (each being a “Payment Date”), through and including the Payment Date immediately prior to the Maturity Date, Borrower shall make twelve (12) consecutive monthly payments of interest only at the Note Rate (determined as of the immediately preceding Note Rate Payment Adjustment Date) based upon the principal outstanding during the Interest Accrual Period in which the applicable Payment Date occurs, and any other amounts due under the Loan Documents. Thereafter, commencing on the May 1, 2008, Payment Date, Borrower shall make consecutive monthly payments of (i) principal in an amount necessary to fully amortize the original principal amount of the Loan over a twenty-five (25) year amortization period in which each month is deemed to consist of thirty (30) days; and (ii) interest at the Note Rate (determined as of the immediately preceding Note Rate Adjustment Date) based on principal outstanding during the Interest Accrual Period in which the applicable Payment Date occurs.

Note Payments and Payment Dates. Commencing on the 1st first (1st) day of May, 2007, 2008 and continuing on the first (1st) day of each successive month thereafter, provided that, if the first (1st) day of any month is not a Business Day, such payment shall be due and payable on the immediately preceding Business Day (each being a “Payment Date”), through and including the Payment Date immediately prior to the Maturity Datepayment due March 1, 2010, Borrower shall make twelve (12x) consecutive monthly payments of interest only at the Note Rate (determined as of the immediately preceding Note Rate Payment Adjustment Date) based upon the principal outstanding during the Interest Accrual Period in which the applicable Payment Date occurs, and (y) any other amounts then due and owing under the Loan Documents. Thereafter, commencing Commencing on the May 1first (1st) day of April, 20082010, and continuing on each Payment Date through and including the payment due immediately prior to the Maturity Date, Borrower shall make (x) consecutive monthly payments of (i) principal in an amount necessary to fully amortize the original principal amount balance of the Loan over a twenty-five (25) year amortization period based upon the actual number of days in which each month is deemed to consist of thirty and a three hundred and sixty (30360) days; day year, and (ii) interest at the Note Rate (determined as of the immediately preceding Note Rate Payment Adjustment Date) based on upon the principal outstanding during the Interest Accrual Period in which the applicable Payment Date occurs, and (y) any other amounts then due and owing under the Loan Documents.”