Purchase Money Note. (Strike if not applicable)
Purchase Money Note. In a form to be reasonably agreed to by both Seller and Purchaser during the Due Diligence Period and thereafter attached hereto and incorporated herein as Exhibit “C” but having the basic terms as follows (“Note”): The Note shall have a term of five (5) years (“Term”), with interest being charged annually and due thirty (30) days after each annual maturity date:
i. Year One (1) at 1.5%;
ii. Year Two (2) at 2.0%;
iii. Year Three (3) at 3.25%;
iv. Year Four (4) at 4.00%; and
v. Year Five (5) at 5.00%). Interest Only payments to be made and required annually as stated above, but principal payments shall be allowed at any time and in any amount, without prepayment penalty or penalty for early payoff; In calculating the payoff of the Note, certain Lease payment credits shall be applied to the outstanding balance due, in an amount equal to the Lease payments made by Purchaser under the Lease. Such Lease credit will be based solely with respect to the 2020 calendar year Lease payments or such portions(s) thereof if the Lease is earlier terminated pursuant to the terms of this Agreement. If the Note is paid in full on or before December 31st of an applicable year during the Term, a “Lease Credit” shall be issued by Seller immediately prior to such payoff to reduce the remaining balance on the Note as provided below: vi. 2021: 100%;
Purchase Money Note. The Purchase Money Note, which shall be in the form attached hereto as Exhibit "B" and incorporated herein by this reference, (i) shall provide for interest to accrue on the unpaid balance of the Purchase Price at the rates determined as follows:
a) Years 1-4 of the term of the Purchase Money Note - The interest rate shall be Two and One-Half percent (2.5%), compounded annually. and (ii) shall require minimum annual payments in an amount equal to one-fourth (1/4) of the total principal amount of the Purchase Money Note ("Minimum Annual Principal Payment"), plus accrued interest only with respect to the principal actually paid in such year (regardless of the total amount of interest accrued under the Purchase Money Note during such year), and Buyer will receive credit for earlier principal payments against the required annual payments, and (iii) shall be due and payable in full four (4) years from the date of Closing, and (iv) shall provide that all amounts due under the Purchase Money Note may be prepaid in whole or in part at any time without premium or penalty.
Purchase Money Note. This Note is given as part of the purchase price for the Property.
Purchase Money Note. The Purchase Money Note, executed by ------------------- Buyer.
Purchase Money Note. Seller agrees to take back a Purchase Money Note, as contained in paragraph 1D, for the amount of $____________________ for a period of _________ months. Payments, which include principal and interest are $__________ per month. In the event of default, Seller must notify Buyer, in writing by certified mail, of default, and give Buyer 30 days to cure default. This property shall stand as sole security for the Purchase Money Note. Buyer may at any time, without penalty, pay in part or in full the principal balance of the Purchase Money Note owing to Seller. Buyer has the right to substitute like collateral of equal or greater value. Should Seller decide to sell Purchase Money Note, the Buyer shall have the first right of refusal to buy Seller's interest. Any mortgage created by this transaction must be acceptable to Buyer.
Purchase Money Note. (STRIKE IF NOT APPLICABLE)
Purchase Money Note. THREE MILLION FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($3,400,000.00) shall be paid by Buyer executing and delivering to Walker at the closing Buyer's purchase money promissory note xx xxat face amount (the "Purchase Money Note"). The Purchase Money Note shall: (i) provide for interest prior to default at a variable rate equal to the interest rate announced and established by NationsBank, NA from time to time as its Prime Rate; (ii) provide for monthly payments of interest only commencing on the first day of the first month following the closing and continuing on the first day of each month thereafter to and including the maturity date; (iii) provide for a maturity date which shall be the first anniversary of the closing on which maturity date the entire principal amount of the Purchase Money Note, together with all accrued unpaid interest thereon, shall be due and payable in one lump sum payment; (iv) be prepayable in whole or in part at any time without prepayment penalty or fee; (v) be secured by a purchase money deed of trust constituting a first priority lien upon the Manufacturing Facility (the "Purchase Money Deed of Trust"); and (vi) provide that it is a non-recourse indebtedness as provided for in NCGS Section 45-21.38 The Purchase Money Deed of Trust shall: (i) constitute a first priority lien upon that portion of the Walker Property lying east of Third Street (Lots 1 and 2 as xxxxx on the Survey); and (ii) contain a due on sale clause pursuant to which the Purchase Money Note shall become due and payable in the event the security property or any interest therein or portion thereof is conveyed except coincident to rearrangement of utility services on the Walker Property and the Additional Property provided such rexxxxxxements do not materially adversely affect Walker's use of the Manufacturing Facility pursuant to the Xxxxxxxxuring Facility Lease. The Purchase Price due Walker for the Walker Property shall not include credit for xxx xurchase pxxxxx to be paid under the Additional Property Contracts which purchase prices shall be paid to the sellers thereunder by Buyer when and as due pursuant to the Additional Property Contracts following the assignment thereof to Buyer as provided in Paragraph 4 below. In addition to paying the Purchase Price, in exchange for Walker's assignment of the Additional Property Contracts to Xxxxx, Buyer shall reimburse Walker at Closing for the earnest money deposits made by Waxxxx xnder such Additional Xxxxxxty Cont...
Purchase Money Note. (Strike if applicable) Not applicable. --------------
6.1 The Purchase Money Note shall provide for interest on unpaid principal at the rate of ____% per annum, with principal and interest to be paid as follows: ___________________________________________________________________ The Purchase Money Note and Purchase Money Deed of Trust shall be on the current forms commonly used by Escrow Holder, and be junior and subordinate only to the Existing Note(s) and/or New Loan expressly called for by this Agreement.
6.2 The Purchase Money Note and the Purchase Money Deed of Trust shall contain provisions regarding the following:
Purchase Money Note. Lenders shall have received the original executed ------------------- Purchase Money Note, together with the original Allonge to Note in the form attached as Exhibit 1 to the Pledge Agreement.
