SECOND AMENDMENT TO LEASE AGREEMENT
Exhibit 10.28
SECOND AMENDMENT TO LEASE AGREEMENT
THIS SECOND AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is entered into on
February 28, 2003 by XXXX COMPANIES US, INC., a Minnesota corporation (“Landlord”), Pegasus
Solutions Companies, a Delaware corporation (“Tenant”), and Pegasus Solutions, Inc., a
Delaware corporation (“Guarantor”).
Recitals:
A. Landlord and Tenant entered into that certain Lease Agreement (“Lease”)
for the Premises dated as of September 14, 2001, as amended by that certain First
Amendment (“First Amendment”) to Lease Agreement dated as of June 28, 2002.
Undefined capitalized terms in this Amendment are used as defined in the Lease.
B. The Scheduled Commencement Date under the Lease was January 1,
2003. Subsequently, Landlord and Tenant agreed to extend the Scheduled
Commencement Date to January 15, 2003. Landlord tendered possession of the
Premises to Tenant, on schedule, upon Substantial Completion of the Project.
C. Tenant is in possession of the Premises and conducting business, and the
Term of the Lease has commenced.
D. Accordingly, Landlord and Tenant desire to amend the Lease to
memorialize the Lease Term Commencement Date, Total Project Cost, annual Base
Rent and other matters relating to the Building and the Premises.
Covenants:
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Landlord and Tenant agree as follows:
1. The Lease Term Commencement Date is January 15, 2003. Tenant’s
obligation for the payment of annual Base Rent and other performance under the Lease
began on that date.
2. The Lease Expiration Date is January 31, 2013 unless the Lease is
sooner terminated or thereafter extended as provided in the Lease.
3. The Rentable Area of the Building is 144,959 square feet, and the
Rentable Area of the Premises is 124,984 square feet, as calculated and certified by the
Project Architect, Evolution Design. Tenant’s Share of Operating Costs is eighty-six and
twenty-two hundredths percent (86.22%).
-1-
4. Total Project Cost verified to date is Twenty-Three Million Five Hundred
Two Thousand Nine Hundred Dollars ($23,502,900.00), as reflected in Exhibit A, which
supersedes the cost estimates in Exhibit E to the Lease.
5. Based on Total Project Cost of $23,502,900.00, annual Base Rent is:
| Rental Period | Annual Base Rent | |
Years 1–5 |
$3,086,420.00 | |
Years 6–10 |
$3,414,073,00 |
6. Rent payable by Tenant under the Lease will include, in addition to Base
Rent, Operating Costs and all other sums payable by Tenant to Landlord, a sum equal
to the product of $4.00 and the Rentable Area of the Premises, representing certain
Tenant Improvement costs over the Tenant Improvement Allowance, which will be
amortized over the initial ten-year Term of the Lease at a per annum rate of interest of
ten percent (10). The payment schedule for such additional Rent is set forth in Exhibit B.
7. In the event of any inconsistency between the provisions of the Lease
(including the First Amendment) and this Amendment, this Amendment will govern.
Except as expressly provided above, the Lease shall remain in full force and effect
without change.
| LANDLORD: | TENANT: | |||||||||||||
| XXXX COMPANIES US, INC., | PEGASUS SOLUTIONS COMPANIES, | |||||||||||||
| a Minnesota corporation | a Delaware corporation | |||||||||||||
| By: | By: | |||||||||||||
| Its: | Its: | |||||||||||||
| GUARANTOR: | ||||||||||||||
| PEGASUS SOLUTIONS, INC., | ||||||||||||||
| a Delaware corporation | ||||||||||||||
| By: | ||||||||||||||
| Its: | ||||||||||||||
-2-
EXHIBIT A
Summary
Summary
Pegasus |
2/12/03 | |||||||||||||||||||||||
| SPACE TYPE | SF | COST PSF | CONST. COST | |||||||||||||||||||||
OFFICE |
144,959 | $ | 62.78 | 9,100,526 | ||||||||||||||||||||
WAREHOUSE |
0 | $ | 0.00 | 0 | ||||||||||||||||||||
OTHER |
0 | $ | 0.00 | 0 | ||||||||||||||||||||
OTHER |
0 | $ | 0.00 | 0 | ||||||||||||||||||||
OTHER |
0 | $ | 0.00 | 0 | ||||||||||||||||||||
OTHER |
0 | $ | 0.00 | 0 | ||||||||||||||||||||
OTHER |
0 | $ | 0.00 | 0 | ||||||||||||||||||||
OTHER |
0 | $ | 0.00 | 0 | ||||||||||||||||||||
| TOTAL | 144,959 | 11 | MONTH CONSTRUCTION PERIOD | |||||||||||||||||||||
CONSTRUCTION COST |
||||||||||||||||||||||||
SHELL @ SQ FT COST OF |
62.78 | 9,100,526 | ||||||||||||||||||||||
SITE WORK |
0.00 | 0 | ||||||||||||||||||||||
DESIGN & PERMITS |
0.00 | 0 | ||||||||||||||||||||||
CITY FEE |
0.00 | 0 | ||||||||||||||||||||||
PARKING DECK |
26.91 | 3,900,847 | ||||||||||||||||||||||
LAND CARRY |
0.30 | 43,488 | ||||||||||||||||||||||
INFRASTRUCTURE |
0.00 | 0 | ||||||||||||||||||||||
TOTAL CONSTRUCTION COSTS |
13,044,860 | |||||||||||||||||||||||
LAND |
5.00 | ACRES | |
PSF@ | 16.41 | 3,574,098 | ||||||||||||||||||
DEVELOPMENT COSTS |
||||||||||||||||||||||||
LEGAL |
70,000 | |||||||||||||||||||||||
TITLE |
26,452 | |||||||||||||||||||||||
FINANCING FEES |
235,029 | |||||||||||||||||||||||
MISCELLANEOUS |
40,000 | |||||||||||||||||||||||
TOTAL DEVELOPMENT COSTS |
371,481 | |||||||||||||||||||||||
INTERIM INTEREST |
813,853 | |||||||||||||||||||||||
CARRY |
0 | |||||||||||||||||||||||
MARKETING |
10,000 | |||||||||||||||||||||||
CONTINGENCY |
25,000 | |||||||||||||||||||||||
DEVELOPERS FEE |
400,000 | |||||||||||||||||||||||
TOTAL BASE BUILDING |
18,239,292 | |||||||||||||||||||||||
LEASING FEES |
MONTH LEASE STARTS | SQ FT | ALLOW PER SF | |||||||||||||||||||||
PEGASUS |
1 | 124,984 | 8.00 | 999,872 | ||||||||||||||||||||
TENANT 2 |
7 | 19,975 | 7.00 | 139,825 | ||||||||||||||||||||
TENANT 3 |
0 | 0 | 0.00 | 0 | ||||||||||||||||||||
TENANT 4 |
0 | 0 | 0.00 | 0 | ||||||||||||||||||||
TENANT 5 |
0 | 0 | 0.00 | 0 | ||||||||||||||||||||
TENANT 6 |
0 | 0 | 0.00 | 0 | ||||||||||||||||||||
TENANT 7 |
0 | 0 | 0.00 | 0 | ||||||||||||||||||||
TENANT 8 |
0 | 0 | 0.00 | 0 | ||||||||||||||||||||
TOTAL LEASING COSTS |
1,139,697 | |||||||||||||||||||||||
TENANT IMPROVEMENTS |
SQ FT | ALLOW PER SF | ||||||||||||||||||||||
PEGASUS |
124,984 | 29.00 | 3,624,536 | |||||||||||||||||||||
TENANT 2 |
19,975 | 25.00 | 499,375 | |||||||||||||||||||||
TENANT 3 |
0 | 0.00 | 0 | |||||||||||||||||||||
TENANT 4 |
0 | 0.00 | 0 | |||||||||||||||||||||
TENANT 5 |
0 | 0.00 | 0 | |||||||||||||||||||||
TENANT 6 |
0 | 0.00 | 0 | |||||||||||||||||||||
TENANT 7 |
0 | 0.00 | 0 | |||||||||||||||||||||
TENANT 8 |
0 | 0.00 | 0 | |||||||||||||||||||||
TOTAL TENANT IMPROVEMENTS |
4,123,911 | |||||||||||||||||||||||
TOTAL TENANT COSTS |
5,263,608 | |||||||||||||||||||||||
TOTAL PROJECT COSTS |
162.13 / SQ FT | 23,502,900 | ||||||||||||||||||||||
2/25/03 |
Pegasus 2-proforma | |||||||||||||||||||||||
EXHIBIT ‘A’ Continued
Development Costs
ASSUME MORTGAGE OF |
$ | 23,502,900 | ||||||
LEGAL |
||||||||
XXXX |
0 | |||||||
LENDER |
INTERIM | 20,000 | ||||||
LENDER |
PERMANENT | 0 | ||||||
OTHER |
50,000 | |||||||
OTHER |
0 | |||||||
TOTAL LEGAL |
0 | 70,000 | ||||||
TITLE |
||||||||
MORT REG TAX INTERIM |
0 | |||||||
MORT REG TAX PERM |
0 | |||||||
TITLE INS PREM |
16,452 | |||||||
TITLE DISB FEE |
2,500 | |||||||
CLOSING,RECORD,MISC |
7,500 | |||||||
TOTAL TITLE |
26,452 | |||||||
FINANCING FEE |
||||||||
INTERIM |
1.00 | 235,029 | ||||||
PERMANENT |
0.00 | 0 | ||||||
OTHER |
0 | |||||||
TOTAL FINANCING |
235,029 | |||||||
MISCELLANEOUS |
||||||||
SURVEY |
5,000 | |||||||
INSPECT ARCH |
0 | |||||||
APPRAISAL |
5,000 | |||||||
ENVIROMENTAL |
5,000 | |||||||
PARK DEDICATION |
0 | |||||||
TRAVEL |
0 | |||||||
INTERIM RE TAXES |
15,000 | |||||||
OTHER |
10,000 | |||||||
OTHER |
0 | |||||||
LAND RENT/YEAR CONST |
0 | |||||||
INFRASTRUCTURE |
0 | |||||||
TOTAL MISCELLANEOUS |
40,000 | |||||||
MARKETING |
||||||||
BROCHURE |
0 | |||||||
ADVERTISING |
0 | |||||||
FUNCTIONS |
10,000 | |||||||
MODELS |
0 | |||||||
OFFICE |
0 | |||||||
OTHER |
0 | |||||||
TOTAL MARKETING |
10,000 | |||||||
2/25/03 |
Pegasus 2-proforma | |||||||
EXHIBIT B
| LOAN AMORT, SCHEDULE | 25-Feb-03 | |||
PROPERTY :
|
PEGASUS SOLUTIONS | |||
ASSUMPTIONS:
First Payment Date
|
01-Feb-03 | XXX.XXXX | ||||||
Principal
Borrowed
|
$ | 499,936.00 | EST BEG BAL | $4 Per RSF = 124,984 | ||||
Term in Months
|
120 | |||||||
Interest Rate
|
10.00 | % | ||||||
Payment
|
$ | 6,606.69 | ||||||
AMORTIZATION
TABLE
| Payment | Interest | Principal | Principal | |||||||||||||||||||||
| Payment # | Date | Rate | Payment | Interest | Portion | Balance | ||||||||||||||||||
1 |
0l-Feb-03 | 10.00 | % | $ | 6,606.69 | $ | 4,166.13 | $ | 2,440.56 | $ | 497,495.44 | |||||||||||||
2 |
0l-Mar-03 | 10.00 | % | $ | 6,606.69 | $ | 4,145.80 | $ | 2,460.90 | $ | 495,034.55 | |||||||||||||
3 |
0l-Apr-03 | 10.00 | % | $ | 6,606.69 | $ | 4,125.29 | $ | 2,481.40 | $ | 492,553.14 | |||||||||||||
4 |
0l-May-03 | 10.00 | % | $ | 6,606.69 | $ | 4,104.61 | $ | 2,502.08 | $ | 490,051.06 | |||||||||||||
5 |
01-Jun-03 | 10.00 | % | $ | 6,606.69 | $ | 4,083.76 | $ | 2,522.93 | $ | 487,528.13 | |||||||||||||
6 |
0l-Jul-03 | 10.00 | % | $ | 6,606.69 | $ | 4,062.73 | $ | 2,543.96 | $ | 484,984.17 | |||||||||||||
7 |
0l-Aug-03 | 10.00 | % | $ | 6,606.69 | $ | 4,041.53 | $ | 2,565.16 | $ | 482,419.02 | |||||||||||||
8 |
0l-Sep-03 | 10.00 | % | $ | 6,606.69 | $ | 4,020.16 | $ | 2,586.53 | $ | 479,832.48 | |||||||||||||
9 |
02-Oct-03 | 10.00 | % | $ | 6,606.69 | $ | 3,998.60 | $ | 2,608.09 | $ | 477,224.40 | |||||||||||||
10 |
02-Nov-03 | 10.00 | % | $ | 6,606.69 | $ | 3,976.87 | $ | 2,629.82 | $ | 474,594.58 | |||||||||||||
11 |
02-Dec-03 | 10.00 | % | $ | 6,606.69 | $ | 3,954.95 | $ | 2,651.74 | $ | 471,942.84 | |||||||||||||
12 |
02-Jan-04 | 10.00 | % | $ | 6,606.69 | $ | 3,932.86 | $ | 2,673.83 | $ | 469,269.01 | |||||||||||||
13 |
02-Feb-04 | 10.00 | % | $ | 6,606.69 | $ | 3,910.58 | $ | 2,696.12 | $ | 466,572.89 | |||||||||||||
14 |
02-Mar-04 | 10.00 | % | $ | 6,606.69 | $ | 3,888.11 | $ | 2,718.58 | $ | 463,854.31 | |||||||||||||
15 |
02-Apr-04 | 10.00 | % | $ | 6,606.69 | $ | 3,865.45 | $ | 2,741.24 | $ | 461,113.07 | |||||||||||||
16 |
02-May-04 | 10.00 | % | $ | 6,606.69 | $ | 3,842.61 | $ | 2,764.08 | $ | 458,348.99 | |||||||||||||
17 |
02-Jun-04 | 10.00 | % | $ | 6,606.69 | $ | 3,819.57 | $ | 2,787.12 | $ | 455,561.87 | |||||||||||||
18 |
02-Jul-04 | 10.00 | % | $ | 6,606.69 | $ | 3,796.35 | $ | 2,810.34 | $ | 452,751.53 | |||||||||||||
19 |
02-Aug-04 | 10.00 | % | $ | 6,606.69 | $ | 3,772.93 | $ | 2,833.76 | $ | 449,917.76 | |||||||||||||
20 |
02-Sep-04 | 10.00 | % | $ | 6,606.69 | $ | 3,749.31 | $ | 2,857.38 | $ | 447,060.39 | |||||||||||||
21 |
02-Oct-04 | 10.00 | % | $ | 6,606.69 | $ | 3,725.50 | $ | 2,881.19 | $ | 444,179.20 | |||||||||||||
22 |
02-Nov-04 | 10.00 | % | $ | 6,606.69 | $ | 3,701.49 | $ | 2,905.20 | $ | 441,274.00 | |||||||||||||
23 |
02-Dec-04 | 10.00 | % | $ | 6,606.69 | $ | 3,677.28 | $ | 2,929.41 | $ | 438,344.60 | |||||||||||||
24 |
02-Jan-05 | 10.00 | % | $ | 6,606.69 | $ | 3,652.87 | $ | 2,953.82 | $ | 435,390.78 | |||||||||||||
25 |
02-Feb-05 | 10.00 | % | $ | 6,606.69 | $ | 3,628.26 | $ | 2,978.43 | $ | 432,412.34 | |||||||||||||
26 |
02-Mar-05 | 10.00 | % | $ | 6,606.69 | $ | 3,603.44 | $ | 3,003.25 | $ | 429,409.09 | |||||||||||||
27 |
02-Apr-05 | 10.00 | % | $ | 6,606.69 | $ | 3,578.41 | $ | 3,028.28 | $ | 426,380.80 | |||||||||||||
28 |
02-May-05 | 10.00 | % | $ | 6,606.69 | $ | 3,553.17 | $ | 3,053.52 | $ | 423,327.29 | |||||||||||||
29 |
02-Jun-05 | 10.00 | % | $ | 6,606.69 | $ | 3,527.73 | $ | 3,078.96 | $ | 420,248.32 | |||||||||||||
30 |
02-Jul-05 | 10.00 | % | $ | 6,606.69 | $ | 3,502.07 | $ | 3,104.62 | $ | 417,143.70 | |||||||||||||
31 |
02-Aug-05 | 10.00 | % | $ | 6,606.69 | $ | 3,476.20 | $ | 3,130.49 | $ | 414,013.21 | |||||||||||||
32 |
02-Sep-05 | 10.00 | % | $ | 6,606.69 | $ | 3,450.11 | $ | 3,156.58 | $ | 410,856.63 | |||||||||||||
33 |
02-0ct-05 | 10.00 | % | $ | 6,606.69 | $ | 3,423.81 | $ | 3,182.89 | $ | 407,673.74 | |||||||||||||
34 |
02-Nov-05 | 10.00 | % | $ | 6,606.69 | $ | 3,397.28 | $ | 3,209.41 | $ | 404,464.33 | |||||||||||||
Page 1 of 3
EXHIBIT B
| Payment | Interest | Principal | Principal | |||||||||||||||||||||
| Payment # | Date | Rate | Payment | Interest | Portion | Balance | ||||||||||||||||||
35 |
02-Dec-05 | 10.00 | % | $ | 6,606.69 | $ | 3,370.54 | $ | 3,236.15 | $ | 401,228.18 | |||||||||||||
36 |
02-Jan-06 | 10.00 | % | $ | 6,606.69 | $ | 3,343.57 | $ | 3,263.12 | $ | 397,965.05 | |||||||||||||
37 |
02-Feb-06 | 10.00 | % | $ | 6,606.69 | $ | 3,316.38 | $ | 3,290.32 | $ | 394,674.74 | |||||||||||||
38 |
02-Mar-06 | 10.00 | % | $ | 6,606.69 | $ | 3,288.96 | $ | 3,317.73 | $ | 391,357.00 | |||||||||||||
39 |
02-Apr-06 | 10.00 | % | $ | 6,606.69 | $ | 3,261.31 | $ | 3,345.38 | $ | 388,011.62 | |||||||||||||
40 |
02-May-06 | 10.00 | % | $ | 6,606.69 | $ | 3,233.43 | $ | 3,373.26 | $ | 384,638.36 | |||||||||||||
41 |
02-Jun-06 | 10.00 | % | $ | 6,606.69 | $ | 3,205.32 | $ | 3,401.37 | $ | 381,236.99 | |||||||||||||
42 |
02-Jul-06 | 10.00 | % | $ | 6,606.69 | $ | 3,176.97 | $ | 3,429.72 | $ | 377,807.27 | |||||||||||||
43 |
02-Aug-06 | 10.00 | % | $ | 6,606.69 | $ | 3,148.39 | $ | 3,458.30 | $ | 374,348.97 | |||||||||||||
44 |
02-Sep-06 | 10.00 | % | $ | 6,606.69 | $ | 3,119.57 | $ | 3,487.12 | $ | 370,861.86 | |||||||||||||
45 |
02-0ct-06 | 10.00 | % | $ | 6,606.69 | $ | 3,090.52 | $ | 3,516.18 | $ | 367,345.68 | |||||||||||||
46 |
02-Nov-06 | 10.00 | % | $ | 6,606.69 | $ | 3,061.21 | $ | 3,545.48 | $ | 363,800.20 | |||||||||||||
47 |
02-Dec-06 | 10.00 | % | $ | 6,606.69 | $ | 3,031.67 | $ | 3,575.02 | $ | 360,225.18 | |||||||||||||
48 |
02-Jan-07 | 10.00 | % | $ | 6,606.69 | $ | 3,001.88 | $ | 3,604.81 | $ | 356,620.37 | |||||||||||||
49 |
02-Feb-07 | 10.00 | % | $ | 6,606.69 | $ | 2,971.84 | $ | 3,634.85 | $ | 352,985.51 | |||||||||||||
50 |
02-Mar-07 | 10.00 | % | $ | 6,606.69 | $ | 2,941.55 | $ | 3,665.15 | $ | 349,320.37 | |||||||||||||
51 |
02-Apr-07 | 10.00 | % | $ | 6,606.69 | $ | 2,911.00 | $ | 3,695.69 | $ | 345,624.68 | |||||||||||||
52 |
02-May-07 | 10.00 | % | $ | 6,606.69 | $ | 2,880.21 | $ | 3,726.49 | $ | 341,898.19 | |||||||||||||
53 |
02-Jun-07 | 10.00 | % | $ | 6,606.69 | $ | 2,849.15 | $ | 3,757.54 | $ | 338,140.65 | |||||||||||||
54 |
02-Jul-07 | 10.00 | % | $ | 6,606.69 | $ | 2,817.84 | $ | 3,788.85 | $ | 334,351.80 | |||||||||||||
55 |
02-Aug-07 | 10.00 | % | $ | 6,606.69 | $ | 2,786.27 | $ | 3,820.43 | $ | 330,531.38 | |||||||||||||
56 |
02-Sep-07 | 10.00 | % | $ | 6,606.69 | $ | 2,754.43 | $ | 3,852.26 | $ | 326,679.11 | |||||||||||||
57 |
02-Oct-07 | 10.00 | % | $ | 6,606.69 | $ | 2,722.33 | $ | 3,884.37 | $ | 322,794.75 | |||||||||||||
58 |
02-Nov-07 | 10.00 | % | $ | 6,606.69 | $ | 2,689.96 | $ | 3,916.73 | $ | 318,878.01 | |||||||||||||
59 |
02-Dec-07 | 10.00 | % | $ | 6,606.69 | $ | 2,657.32 | $ | 3,949.37 | $ | 314,928.64 | |||||||||||||
60 |
02-Jan-08 | 10.00 | % | $ | 6,606.69 | $ | 2,624.41 | $ | 3,982.29 | $ | 310,946.35 | |||||||||||||
61 |
02-Feb-08 | 10.00 | % | $ | 6,606.69 | $ | 2,591.22 | $ | 4,015.47 | $ | 306,930.88 | |||||||||||||
62 |
02-Mar-08 | 10.00 | % | $ | 6,606.69 | $ | 2,557.76 | $ | 4,048.93 | $ | 302,881.95 | |||||||||||||
63 |
02-Apr-08 | 10.00 | % | $ | 6,606.69 | $ | 2,524.02 | $ | 4,082.67 | $ | 298,799.27 | |||||||||||||
64 |
02-May-08 | 10.00 | % | $ | 6,606.69 | $ | 2,489.99 | $ | 4,116.70 | $ | 294,682.58 | |||||||||||||
65 |
02-Jun-08 | 10.00 | % | $ | 6,606.69 | $ | 2,455.69 | $ | 4,151.00 | $ | 290,531.57 | |||||||||||||
66 |
02-Jul-08 | 10.00 | % | $ | 6,606.69 | $ | 2,421.10 | $ | 4,185.59 | $ | 286,345.98 | |||||||||||||
67 |
02-Aug-08 | 10.00 | % | $ | 6,606.69 | $ | 2,386.22 | $ | 4,220.47 | $ | 282,125.50 | |||||||||||||
68 |
02-Sep-08 | 10.00 | % | $ | 6,606.69 | $ | 2,351.05 | $ | 4,255.65 | $ | 277,869.86 | |||||||||||||
69 |
02-Oct-08 | 10.00 | % | $ | 6,606.69 | $ | 2,315.58 | $ | 4,291.11 | $ | 273,578.75 | |||||||||||||
70 |
02-Nov-08 | 10.00 | % | $ | 6,606.69 | $ | 2,279.82 | $ | 4,326.87 | $ | 269,251.88 | |||||||||||||
71 |
02-Dec-08 | 10.00 | % | $ | 6,606.69 | $ | 2,243.77 | $ | 4,362.93 | $ | 264,888.96 | |||||||||||||
72 |
02-Jan-09 | 10.00 | % | $ | 6,606.69 | $ | 2,207.41 | $ | 4,399.28 | $ | 260,489.67 | |||||||||||||
73 |
02-Feb-09 | 10.00 | % | $ | 6,606.69 | $ | 2,170.75 | $ | 4,435.94 | $ | 256,053.73 | |||||||||||||
74 |
02-Mar-09 | 10.00 | % | $ | 6,606.69 | $ | 2,133.78 | $ | 4,472.91 | $ | 251,580.82 | |||||||||||||
75 |
02-Apr-09 | 10.00 | % | $ | 6,606.69 | $ | 2,096.51 | $ | 4,510.18 | $ | 247,070.64 | |||||||||||||
76 |
02-May-09 | 10.00 | % | $ | 6,606.69 | $ | 2,058.92 | $ | 4,547.77 | $ | 242,522.87 | |||||||||||||
77 |
02-Jun-09 | 10.00 | % | $ | 6,606.69 | $ | 2,021.02 | $ | 4,585.67 | $ | 237,937.20 | |||||||||||||
78 |
02-Jul-09 | 10.00 | % | $ | 6,606.69 | $ | 1,982.81 | $ | 4,623.88 | $ | 233,313.32 | |||||||||||||
79 |
02-Aug-09 | 10.00 | % | $ | 6,606.69 | $ | 1,944.28 | $ | 4,662.41 | $ | 228,650.90 | |||||||||||||
80 |
02-Sep-09 | 10.00 | % | $ | 6,606.69 | $ | 1,905.42 | $ | 4,701.27 | $ | 223,949.64 | |||||||||||||
81 |
02-Oct-09 | 10.00 | % | $ | 6,606.69 | $ | 1,866.25 | $ | 4,740.44 | $ | 219,209.19 | |||||||||||||
82 |
02-Nov-09 | 10.00 | % | $ | 6,606.69 | $ | 1,826.74 | $ | 4,779.95 | $ | 214,429.25 | |||||||||||||
83 |
02-Dec-09 | 10.00 | % | $ | 6,606.69 | $ | 1,786.91 | $ | 4,819.78 | $ | 209,609.47 | |||||||||||||
84 |
02- Jan- 10 | 10.00 | % | $ | 6,606.69 | $ | 1,746.75 | $ | 4,859.95 | $ | 204,749.52 | |||||||||||||
85 |
02-Feb-10 | 10.00 | % | $ | 6,606.69 | $ | 1,706.25 | $ | 4,900.45 | $ | 199,849.07 | |||||||||||||
86 |
02-Mar-10 | 10.00 | % | $ | 6,606.69 | $ | 1,665.41 | $ | 4,941.28 | $ | 194,907.79 | |||||||||||||
Page 2 of 3
EXHIBIT B
| Payment | Interest | Principal | Principal | |||||||||||||||||||||
| Payment # | Date | Rate | Payment | Interest | Portion | Balance | ||||||||||||||||||
87 |
02-Apr-10 | 10.00 | % | $ | 6,606.69 | $ | 1,624.23 | $ | 4,982.46 | $ | 189,925.33 | |||||||||||||
88 |
02-May -10 | 10.00 | % | $ | 6,606.69 | $ | 1,582.71 | $ | 5,023.98 | $ | 184,901.35 | |||||||||||||
89 |
02-Jun-10 | 10.00 | % | $ | 6.606.69 | $ | 1,540.84 | $ | 5,065.85 | $ | 179,835.51 | |||||||||||||
90 |
02-Jul-10 | 10.00 | % | $ | 6,606.69 | $ | 1,498.63 | $ | 5,108.06 | $ | 174,727.44 | |||||||||||||
91 |
02-Aug-10 | 10.00 | % | $ | 6,606.69 | $ | 1,456.06 | $ | 5,150.63 | $ | 169,576.82 | |||||||||||||
92 |
02-Sep-10 | 10.00 | % | $ | 6,606.69 | $ | 1,413.14 | $ | 5,193.55 | $ | 164,383.26 | |||||||||||||
93 |
02-0ct-10 | 10.00 | % | $ | 6,606.69 | $ | 1,369.86 | $ | 5,236.83 | $ | 159,146.43 | |||||||||||||
94 |
02-Nov-10 | 10.00 | % | $ | 6,606.69 | $ | 1,326.22 | $ | 5.280.47 | $ | 153,865.96 | |||||||||||||
95 |
02-Dec-10 | 10.00 | % | $ | 6.606.69 | $ | 1,282.22 | $ | 5,324.47 | $ | 148,541.49 | |||||||||||||
96 |
02-Jan-11 | 10.00 | % | $ | 6,606.69 | $ | 1,237.85 | $ | 5,368.85 | $ | 143,172.64 | |||||||||||||
97 |
02-Feb-11 | 10.00 | % | $ | 6,606.69 | $ | 1,193.11 | $ | 5,413.59 | $ | 137,759.06 | |||||||||||||
98 |
02-Mar-11 | 10.00 | % | $ | 6,606.69 | $ | 1,147.99 | $ | 5,458.70 | $ | 132,300.36 | |||||||||||||
99 |
02-Apr-11 | 10.00 | % | $ | 6,606.69 | $ | 1,102.50 | $ | 5,504.19 | $ | 126,796.17 | |||||||||||||
100 |
02-May-11 | 10.00 | % | $ | 6,606.69 | $ | 1,056.63 | $ | 5,550.06 | $ | 121,246.11 | |||||||||||||
101 |
02-Jun-11 | 10.00 | % | $ | 6,606.69 | $ | 1,010.38 | $ | 5,596.31 | $ | 115,649.81 | |||||||||||||
102 |
02-Jul-11 | 10.00 | % | $ | 6,606.69 | $ | 963.75 | $ | 5,642.94 | $ | 110,006.86 | |||||||||||||
103 |
02-Aug-11 | 10.00 | % | $ | 6,606.69 | $ | 916.72 | $ | 5,689.97 | $ | 104,316.90 | |||||||||||||
104 |
02-Sep-11 | 10.00 | % | $ | 6,606.69 | $ | 869.31 | $ | 5,737.38 | $ | 98,579.51 | |||||||||||||
105 |
02-Oct-11 | 10.00 | % | $ | 6,606.69 | $ | 821.50 | $ | 5,785.20 | $ | 92,794.32 | |||||||||||||
106 |
02-Nov-11 | 10.00 | % | $ | 6,606.69 | $ | 773.29 | $ | 5,833.41 | $ | 86,960.91 | |||||||||||||
107 |
02-Dec-11 | 10.00 | % | $ | 6,606.69 | $ | 724.67 | $ | 5,882.02 | $ | 81,078.90 | |||||||||||||
108 |
02-Jan-12 | 10.00 | % | $ | 6,606.69 | $ | 675.66 | $ | 5,931.03 | $ | 75,147.86 | |||||||||||||
109 |
02-Feb-12 | 10.00 | % | $ | 6,606.69 | $ | 626.23 | $ | 5,980.46 | $ | 69,167.40 | |||||||||||||
110 |
02-Mar-12 | 10.00 | % | $ | 6,606.69 | $ | 576.40 | $ | 6,030.30 | $ | 63,137.11 | |||||||||||||
111 |
02-Apr-12 | 10.00 | % | $ | 6,606.69 | $ | 526.14 | $ | 6,080.55 | $ | 57,056.56 | |||||||||||||
112 |
02-May-12 | 10,00 | % | $ | 6,606.69 | $ | 475.47 | $ | 6,131.22 | $ | 50,925.34 | |||||||||||||
113 |
02-Jun-12 | 10.00 | % | $ | 6,606.69 | $ | 424.38 | $ | 6,182.31 | $ | 44,743.03 | |||||||||||||
114 |
02-Jul-12 | 10.00 | % | $ | 6,606.69 | $ | 372.86 | $ | 6,233.83 | $ | 38,509.19 | |||||||||||||
115 |
02-Aug-12 | 10.00 | % | $ | 6,606.69 | $ | 320.91 | $ | 6,285.78 | $ | 32,223.41 | |||||||||||||
116 |
02-Sep-12 | 10.00 | % | $ | 6,606.69 | $ | 268.53 | $ | 6,338.16 | $ | 25,885.25 | |||||||||||||
117 |
02-0ct-12 | 10.00 | % | $ | 6,606.69 | $ | 215.71 | $ | 6,390.98 | $ | 19,494.27 | |||||||||||||
118 |
02-Nov-12 | 10.00 | % | $ | 6,606.69 | $ | 162.45 | $ | 6,444.24 | $ | 13,050.03 | |||||||||||||
119 |
02-Dec-12 | 10.00 | % | $ | 6,606.69 | $ | 108.75 | $ | 6,497.94 | $ | 6,552.09 | |||||||||||||
120 |
02-Jan-13 | 10.00 | % | $ | 6,606.69 | $ | 54.60 | $ | 6,552.09 | $ | 0.00 | |||||||||||||
| $ | 292,866.93 | |||||||||||||||||||||||
Page 3 of 3
