Loan No.: 1700020082
Property: Green Valley Mall
Green Valley, Arizona
FIXED RATE NOTE
$5,400,000 September 23, 1997
FOR VALUE RECEIVED, CONCORD MILESTONE PLUS, L.P., a Delaware limited
partnership (hereinafter referred to as "Maker"), promises to pay to the order
of WESTCO REAL ESTATE FINANCE CORP., a California corporation, its successors
and assigns (hereinafter referred to as "Payee"), at the office of Payee or its
agent, designee, or assignee at 0 Xxxx Xxxxx, Xxxxx 000, Xxxxxx, Xxxxxxxxxx
00000, or at such place as Payee or its agent, designee, or assignee may from
time to time designate in writing, the principal sum of FIVE MILLION FOUR
HUNDRED THOUSAND AND NO/100 DOLLARS ($5,400,000), in lawful money of the United
States of America, with interest thereon to be computed on the unpaid principal
balance from time to time outstanding at the Applicable Interest Rate
(hereinafter defined) at all times prior to the occurrence of an Event of
Default (as defined in the Mortgage (hereinafter defined)), and to be paid in
installments as follows:
(1) A payment of interest only on the date hereof for the period
from the date of funding through September 30, 1997, both
inclusive;
(2) A constant payment of $41,252.24, on the first day of
November, 1997, and on the first day of each calendar month
thereafter up to and including the first day of September,
2007;
and the balance of said principal sum, together with accrued and unpaid interest
and any other amounts due under this Note shall be due and payable on the first
day of October, 2007, or upon earlier maturity hereof whether by acceleration or
otherwise (the "Maturity Date"). Interest on the principal sum of this Note
shall be calculated on a year of three hundred sixty (360) days and a month of
thirty (30) days but charged for the actual number of days elapsed. Payments
under this Note shall be applied first, to the payment of interest and other
costs and charges due in connection with this Note or the Debt (as hereinafter
defined), as Payee may determine in its sole discretion, and the balance shall
be applied toward the reduction of the principal sum. All amounts due under this
Note shall be payable without setoff, counterclaim or any other deduction
whatsoever.
1. Interest Rate. The term "Applicable Interest Rate" means from the date of
this Note through and including the Maturity Date, a rate of Eight and
Twenty-Five One Hundredths
percent (8.25%) per annum.
Maker agrees to an effective rate of interest that is the rate stated
above plus any additional rate of interest resulting from any other charges in
the nature of interest paid or to be paid by or on behalf of Maker, or any
benefit received or to be received by Xxxxx, in connection with this Note.
2. Security.
(a) This Note is secured by, and Xxxxx is entitled to the
benefits of, the Mortgage, the Assignment of Leases and Rents, the Environmental
Liabilities Agreement, and the other Loan Documents (hereinafter defined). The
term "Mortgage" means the Mortgage, Deed of Trust and Security Agreement dated
the date hereof given by Maker for the use and benefit of Payee covering the
estate of Maker in certain premises as more particularly described therein (the
"Mortgaged Property"). The term "Assignment" means the Assignment of Leases and
Rents of even date herewith executed by Maker in favor of Xxxxx. The term
"Environmental Agreement" means the Environmental Liabilities Agreement of even
date herewith executed by Maker in favor of Xxxxx. The term "Loan Documents"
refers collectively to this Note, the Mortgage, the Assignment, the
Environmental Agreement and any and all other documents executed in connection
with this Note or now or hereafter executed by Maker and/or others and by or in
favor of Xxxxx, which wholly or partially secure or guarantee payment of this
Note or pertains to indebtedness evidenced by this Note.
(b) This Note is also secured by, and Xxxxx is entitled to the
benefits of, the Loan Documents, as such term is defined in a Fixed Rate Note
dated concurrently herewith executed by Maker in favor of Payee in the original
principal amount of $2,865,000 evidencing a loan secured in part by a mortgage
encumbering property commonly known as Town & Country Shopping Center located in
Searcy, Arkansas, as such property is more particularly described in such Loan
Documents.
(c) This Note is also secured by, and Payee is entitled to the
benefits of, the Loan Documents, as such term is defined in a Fixed Rate Note
dated concurrently herewith executed by Maker in favor of Payee in the original
principal amount of $8,445,000 evidencing a loan secured in part by a mortgage
encumbering property commonly known as Old Orchard Shopping Center located in
Santa Clarita (Valencia), California, as such property is more particularly
described in such Loan Documents.
3. Grace Period; Late Payments. If any installment payable under this
Note (including the final monthly installment due on the Maturity Date but
excluding the balance of the unpaid principal due thereon) is not received by
Payee within ten (10) days after the date on which it is due (without regard to
any applicable cure and/or notice period), Maker shall pay to Payee upon demand
an amount equal to the lesser of (a) five percent (5%) of such unpaid sum or (b)
the maximum amount permitted by applicable law to defray the expenses incurred
by Xxxxx in handling and processing such delinquent payment and to compensate
Payee for the loss of the
use of such delinquent payment, and such amount shall be secured by the Loan
Documents. The term "Debt" means, collectively, (i) the unpaid principal balance
of and the accrued but unpaid interest on this Note, (ii) all other sums due,
payable or reimbursable to Payee under the Loan Documents (including, without
limitation, sums due or payable by Maker for deposit into the Tax and Insurance
Escrow Fund [as defined in the Mortgage], the Replacement Escrow Fund [as
defined in the Mortgage], and any other escrows established or required under
the Loan Documents), and (iii) any and all other liabilities and obligations of
Maker under this Note or the other Loan Documents.
4. Remedies Generally. So long as an Event of Default exists, Payee
may, at its option, without notice or demand to Maker except as may be required
under applicable law, declare the Debt immediately due and payable. All remedies
hereunder, under the Loan Documents and at law or in equity shall be cumulative.
In the event that it should become necessary to employ counsel to collect the
Debt or to protect or foreclose the security for the Debt or to defend against
any claims asserted by Maker arising from or related to the Loan Documents,
Maker also agrees to pay to Payee on demand all costs of collection or defense
incurred by Xxxxx, including reasonable attorneys' fees for the services of
counsel whether or not suit be brought.
5. Default Interest. Upon the occurrence of an Event of Default Maker
shall pay interest on the entire unpaid principal sum and any other amounts due
under the Loan Documents until such default is cured at the rate equal to the
lesser of (a) the maximum rate permitted by applicable law, or (b) the greater
of (i) three percent (3%) plus the Applicable Interest Rate or (ii) four percent
(4%) plus the Prime Rate (hereinafter defined), in effect at the time of the
occurrence of the Event of Default (the "Default Rate"). The term "Prime Rate"
means the prime rate reported by Citibank, N.A. In the event that Citibank, N.A.
should cease or temporarily interrupt publication, the term "Prime Rate" shall
mean the daily average prime rate published in The Wall Street Journal or
business section of another newspaper of national standing and general
circulation chosen by Xxxxx. In the event that a prime rate is no longer
generally published or is limited, regulated or administered by a governmental
or quasi-governmental body, then Payee shall select a comparable interest rate
index which is readily available and verifiable to Maker but is beyond Payee's
control. The Default Rate shall be computed from the occurrence of the Event of
Default until the actual receipt and collection of a sum of money determined by
Payee to be sufficient to cure the Event of Default. Amounts of interest accrued
at the Default Rate shall constitute a portion of the Debt, and shall be deemed
secured by the Loan Documents. This clause, however, shall not be construed as
an agreement or privilege to extend the date of the payment of the Debt, nor as
a waiver of any other right or remedy accruing to Payee by reason of the
occurrence of any Event of Default.
6. Lock-Out Period; Prepayment Terms. The principal balance of this
Note may not be prepaid in whole or in part (except with respect to the
application of casualty or condemnation proceeds) prior to the first day of the
Sixth Loan Year (as hereinafter defined). During the Sixth Loan Year or at
anytime thereafter, provided no Event of Default exists, the principal balance
of this Note may be prepaid, in whole but not in part (except with respect to
the application of casualty or condemnation proceeds), on any scheduled payment
date under this Note upon not
less than thirty (30) days' prior written notice to Payee specifying the
scheduled payment date on which prepayment is to be made (the "Prepayment Date")
and upon payment of (a) interest accrued and unpaid on the principal balance of
this Note to and including the Prepayment Date, (b) all other sums then due
under this Note, and the other Loan Documents, and (c) a prepayment
consideration in an amount equal to the greater of (i) one percent (1%) of the
outstanding principal balance of this Note at the time of prepayment, or (ii)
the present value as of the Prepayment Date of the remaining scheduled payments
of principal and interest from the Prepayment Date through the Maturity Date
(including any balloon payment) determined by discounting such payments at the
Discount Rate (as hereinafter defined) less the amount of principal being
prepaid. The term "Discount Rate" means the rate which, when compounded monthly,
is equivalent to the Treasury Rate (as hereinafter defined), when compounded
semi-annually. The term "Treasury Rate" means the yield calculated by the linear
interpolation of the yields, as reported in Federal Reserve Statistical Release
H.15-Selected Interest Rates under the heading "U.S. Government
Securities/Treasury Constant Maturities" for the week ending prior to the
Prepayment Date, of U.S. Treasury constant maturities with maturity dates (one
longer and one shorter) most nearly approximating the Maturity Date. (In the
event Release H.15 is no longer published, Payee shall select a comparable
publication to determine the Treasury Rate.) Payee shall notify Maker of the
amount and the basis of determination of the required prepayment consideration.
Notwithstanding the foregoing, Maker shall have the additional privilege to
prepay the entire principal balance of this Note (together with any other sums
constituting the Debt) on any scheduled payment date during the six (6) months
preceding the Maturity Date without any fee or consideration for such privilege.
If any such notice of prepayment is given, the principal balance of this Note
and the other sums required under this paragraph shall be due and payable on the
Prepayment Date. Payee shall not be obligated to accept any prepayment of the
principal balance of this Note unless it is accompanied by the prepayment
consideration due in connection therewith. The term "Loan Year" for purposes of
this paragraph means each complete 365-day period (366 days in a leap year)
after the first scheduled payment date set forth in section 2 on page 1 of this
Note.
7. Post-Default Payment of Entire Debt: Prepayments Resulting From
Casualty or Condemnation. If following the occurrence of any Event of Default,
Maker shall tender payment of an amount sufficient to satisfy the Debt at any
time prior to a sale of the Mortgaged Property, either through foreclosure or
the exercise of the other remedies available to Payee under the Mortgage, such
tender by Maker shall be deemed to be a voluntary prepayment under this Note in
the amount tendered. If at the time of such tender, prepayment of the principal
balance of this Note is not permitted, Maker shall, in addition to the entire
Debt, also pay to Payee a sum equal to the interest which would have accrued on
the principal balance of this Note at the Applicable Interest Rate in effect on
the date which is five (5) days prior to the date of prepayment, from the date
of such tender to the first day of the period during which prepayment of the
principal balance of this Note would have been permitted, together with a
prepayment consideration equal to the prepayment consideration which would have
been payable as of the first day of the period during which prepayment would
have been permitted. If at the time of such tender, prepayment of the principal
balance of this Note is permitted, Maker shall, in addition to the entire Debt,
also pay to Payee the applicable prepayment consideration specified in this
Note. If the prepayment results from the application to the Debt of the casualty
or condemnation proceeds from the
Mortgaged Property, no prepayment consideration will be imposed. Partial
prepayments of principal resulting from the application of casualty or insurance
proceeds to the Debt shall not change the amounts of subsequent monthly
installments nor change the dates on which such installments are due, unless
Payee shall otherwise agree in writing.
8. Usury Savings Provisions. It is expressly stipulated and agreed to
be the intent of Maker and Payee at all times to comply with applicable state
law or applicable United States federal law (to the extent that it permits Payee
to contract for, charge, take, reserve or receive a greater amount of interest
than under state law) and that this section shall control every other covenant
and agreement in this Note and the other Loan Documents. If the applicable law
(state or federal) is ever judicially interpreted so as to render usurious any
amount called for under this Note or under any of the other Loan Documents, or
contracted for, charged, taken, reserved or received with respect to the
indebtedness evidenced by this Note and the other Loan Documents, or if Xxxxx's
exercise of the option to accelerate the maturity of this Note, or if any
prepayment by Maker results in Maker having paid any interest in excess of that
permitted by applicable law, then it is Maker's and Xxxxx's express intent that
all excess amounts theretofore collected by Xxxxx be credited on the principal
balance of this Note (or, if this Note has been or would thereby be paid in
full, refunded to Maker within sixty (60) days after such determination), and
the provisions of this Note and the other Loan Documents immediately be deemed
reformed and the amounts thereafter collectible hereunder and thereunder
reduced, without the necessity of the execution of any new document, so as to
comply with the applicable law, but so as to permit the recovery of the fullest
amount otherwise called for hereunder and thereunder. All sums paid or agreed to
be paid to Payee for the use, forbearance and detention of the indebtedness
evidenced hereby and by the other Loan Documents shall, to the extent permitted
by applicable law, be amortized, prorated, allocated and spread throughout the
full term of such indebtedness until payment in full so that the rate or amount
of interest on account of such indebtedness does not exceed the maximum rate
permitted under applicable law from time to time in effect and applicable to the
indebtedness evidenced hereby for so long as such indebtedness remains
outstanding. Notwithstanding anything to the contrary contained herein or in any
of the other Loan Documents, it is not the intention of Payee to accelerate the
maturity of any interest that has not accrued at the time of such acceleration
or to collect unearned interest at the time of such acceleration.
9. Waivers. Except as specifically provided in the Loan Documents,
Maker and any endorsers, sureties or guarantors hereof jointly and severally
waive presentment and demand for payment, notice of intent to accelerate
maturity, notice of acceleration of maturity, protest and notice of protest and
non-payment, all applicable exemption rights, valuation and appraisement, notice
of demand, and all other notices in connection with the delivery, acceptance,
performance, default or enforcement of the payment of this Note and the bringing
of suit and diligence in taking any action to collect any sums owing hereunder
or in proceeding against any of the rights and collateral securing payment
hereof. Maker and any surety, endorser or guarantor hereof agree (i) that the
time for any payments hereunder may be extended from time to time without notice
and consent, (ii) to the acceptance of further collateral, (iii) the release of
any existing collateral for the payment of this Note, (iv) to any and all
renewals, waivers or modifications that may be granted by Payee with respect to
the payment or other provisions of this Note, and/or
(v) that additional makers, endorsers, guarantors or sureties may become parties
hereto all without notice to them and without in any manner affecting their
liability under or with respect to this Note. No extension of time for the
payment of this Note or any installment hereof shall affect the liability of
Maker under this Note or any endorser or guarantor hereof even though the Maker
or such endorser or guarantor is not a party to such agreement.
10. No Impairment of Remedies. Failure of Payee to exercise any of the
options granted herein to Payee upon the happening of one or more of the events
giving rise to such options shall not constitute a waiver of the right to
exercise the same or any other option at any subsequent time in respect to the
same or any other event. The acceptance by Payee of any payment hereunder that
is less than payment in full of all amounts due and payable at the time of such
payment shall not constitute a waiver of the right to exercise any of the
options granted herein to Payee at that time or at any subsequent time or
nullify any prior exercise of any such option without the express written
acknowledgment of the Payee.
11. Non-Recourse Provisions; Exceptions to Non-Recourse.
Notwithstanding anything in the Loan Documents to the contrary, but subject to
the qualifications below, Payee and Maker agree that:
(A) Except as hereinafter provided in this Section 11, no
judgment in the nature of a deficiency judgment for the payment of the
indebtedness or interest thereon or the collection of any amount due
under the Loan Documents will be enforced personally against Maker, its
general partner or any of its or their officers, directors, principals
or shareholders except to the full extent (but only to the extent) of
the security therefor, the same being all properties (whether real or
personal), rights, estates and interests now or at any time hereafter
securing the payment of the Debt and/or the other obligations of Maker
under the Loan Documents (collectively with the Mortgaged Property, the
"Security Property"), provided, however, in the event (i) of fraud or
material misrepresentation by Maker or guarantors in connection with
the loan evidenced by this Note, or (ii) the first full monthly payment
on the Note is not paid when due, the limitation on recourse set forth
in this section (A) will be null and void and completely inapplicable,
and this Note shall be with full recourse to Maker and its general
partner;
(B) if a default occurs in the timely and proper payment of
all or any part of the Debt, any judicial proceedings brought by Payee
against Maker and/or its general partner shall be limited to the
preservation, enforcement and foreclosure, or any thereof, of the
liens, security titles, estates, assignments, rights and security
interests now or at any time hereafter securing the payment of the Debt
and/or the other obligations of Maker under the Loan Documents, and no
attachment, execution or other writ of process shall be sought, issued
or levied upon any assets, properties or funds of Maker or its general
partner, or its or their officers, directors, principals or
shareholders other than the Security Property, except with respect to
the liability described below in this section; and
(C) in the event of a foreclosure of such liens, security
titles, estates, assignments, rights or security interests securing the
payment of the Debt, no judgment
for any deficiency upon the Debt shall be sought or obtained by Payee
against Maker or its general partner, or its or their officers,
directors, principals or shareholders except with respect to the
liability described below in this section (C); provided that,
notwithstanding the foregoing provisions of this section, nothing
contained therein shall in any manner or way release, affect or impair
the right of Payee to recover, from Maker and its general partner any
loss, cost, expense, damage, claim or other obligation (including
without limitation reasonable attorneys' fees and court costs) incurred
or suffered by Payee arising out of or in connection with the
following:
(1) any breach of the Environmental Agreement, including the
indemnification provisions contained therein;
(2) Maker's failure to obtain Xxxxx's prior written consent to (a)
any subordinate financing or any other encumbrance on the
Mortgaged Property, or (b) any transfer of the Mortgaged
Property or majority ownership in Maker in violation of the
Mortgage;
(3) any litigation or other legal proceeding related to the Debt
that delays or impairs Payee's ability to preserve, enforce or
foreclose its lien on the Security Property, including, but
not limited to, the filing of a voluntary or involuntary
petition concerning Maker under the U.S. Bankruptcy Code, in
which action a claim, counterclaim, or defense is asserted
against Payee, other than any litigation or other legal
proceeding in which a final, non-appealable judgment for money
damages or injunctive relief is entered against Payee;
(4) Maker's failure to pay required taxes, assessments, and
insurance premiums payable with respect to the Mortgaged
Property or to maintain the required escrows therefor, to the
extent that monies are not paid by Maker in escrow for the
payment of such amounts, except for any amounts applicable to
the period after foreclosure of Payee's lien on the Mortgaged
Property, or the delivery by Maker of a deed to the Mortgaged
Property in lieu of foreclosure (which deed has been accepted
by Payee in writing), or the appointment of a receiver for the
Mortgaged Property;
(5) the gross negligence or willful misconduct of Maker, its
agents, affiliates, officers or employees which causes or
results in a diminution, or loss of value, of the Security
Property that is not reimbursed by insurance or which gross
negligence or willful misconduct exposes Payee to claims,
liability or costs of defense in any litigation or other legal
proceeding;
(6) the seizure or forfeiture of the Security Property, or any
portion thereof, or Xxxxx's interest therein, resulting from
criminal wrongdoing by any person or entity other than Payee
under any federal, state or local law;
(7) (a) any physical waste of the Mortgaged Property caused by
the intentional or
grossly negligent act(s) or omission(s) of Maker, its agents,
affiliates, officers and employees, (b) the failure by Maker
to maintain, repair or restore any part of the Mortgaged
Property as may be required by the Mortgage or any of the
other Loan Documents to the extent of all gross revenues that
have been generated by the Mortgaged Property following the
date which is eighteen (18) months' prior to notice to Maker
from Payee of such failure to maintain, repair or restore any
part of the Mortgaged Property and that have not been applied
to pay any portion of the Debt, reasonable and customary
operating expenses and capital expenditures for the Mortgaged
Property paid to third parties not affiliated (directly or
indirectly) with Maker, taxes and insurance premiums for the
Mortgaged Property and escrows deposited with Payee, or (c)
the removal or disposal of any portion of the Mortgaged
Property after an Event of Default under the Loan Documents to
the extent such Mortgaged Property is not replaced by Maker
with like property of equivalent value, function and design;
(8) Maker's misapplication or conversion of any insurance proceeds
paid by reason of any loss, damage or destruction to the
Mortgaged Property and any awards or amounts received in
connection with the condemnation of all or a portion of the
Mortgaged Property and not used by Maker for restoration or
repair of the Mortgaged Property;
(9) Maker's failure to pay in accordance with the terms of the
Mortgage any charges for labor or materials or other charges
for work performed or materials furnished prior to foreclosure
that can create liens on any portion of the Mortgaged
Property, to the extent of the amount rightfully claimed by
the lien claimant, or found in any legal proceeding to be owed
to the lien claimant, and not so paid;
(10) Maker's failure to deliver any security deposits collected
with respect to the Mortgaged Property to Payee or any other
party entitled to receive such security deposits under the
Loan Documents, following an Event of Default; and
(11) any rents (including advanced or prepaid rents), issues,
profits, accounts or other amounts generated by or related to
the Mortgaged Property attributable to, or accruing after an
Event of Default, which amounts were collected by Maker or its
property manager and not turned over to the Payee or used to
pay unaffiliated third parties for reasonable and customary
operating expenses and capital expenditures for the Mortgaged
Property, and taxes and insurance premiums with respect to the
Mortgaged Property.
12. References to Loan Documents. References to particular sections of
the Loan Documents shall be deemed references to such sections as affected by
other provisions of the Loan Documents relating thereto. Nothing contained in
this section shall (a) be deemed to be a release or impairment of the Debt or
the lien of the Loan Documents upon the Mortgaged Property, or (b) preclude
Payee from foreclosing under the Loan Documents in case of any default or from
enforcing any of the other rights of Payee, including naming Maker as a party
defendant in any action or suit for foreclosure and sale under the Mortgage, or
obtaining the appointment of a receiver, except as stated in this section, or
(c) limit or impair in any way whatsoever the Guaranty (the "Guaranty") of even
date executed and delivered in connection with the indebtedness evidenced by
this Note or release, relieve, reduce, waive or impair in any way whatsoever,
any obligation of any party to the Guaranty.
13. No Waiver of Xxxxxx's Rights in Bankruptcy. Nothing herein shall be
deemed to be a waiver of any right which Payee may have under Sections 506(a),
506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a
claim for the full amount of the Debt secured by the Loan Documents or to
require that all collateral shall continue to secure all of the Debt owing to
Payee in accordance with this Note and the other Loan Documents.
14. Maker's Authority; Loan for Business Purposes. Maker (and the
undersigned representative of Maker, if any) represents that Maker has full
power, authority and legal right to execute, deliver and perform its obligations
pursuant to this Note and the other Loan Documents and that this Note and the
other Loan Documents constitute legal, valid and binding obligations of Maker.
Maker further represents that the loan evidenced by the Loan Documents was made
for business or commercial purposes and not for personal, family or household
use.
15. Notices. All notices or other communications required or permitted
to be given pursuant hereto shall be given in the manner and be effective as
specified in the Mortgage, directed to the parties at their respective addresses
as provided therein.
16. Transfer of Loan by Xxxxx. Payee shall have the unrestricted right
at any time or from time to time to sell this Note and the loan evidenced by
this Note and the Loan Documents or participation interests therein. Maker shall
execute, acknowledge and deliver any and all instruments requested by Xxxxx to
satisfy such purchasers or participants that the unpaid indebtedness evidenced
by this Note is outstanding upon the terms and provisions set out in this Note
and the other Loan Documents. To the extent, if any specified in such assignment
or participation, such assignee(s) or participant(s) shall have the rights and
benefits with respect to this Note and the other Loan Documents as such
assignee(s) or participant(s) would have if they were the Payee hereunder.
17. Waiver of Trial by Jury. MAKER HEREBY AGREES NOT TO ELECT A TRIAL
BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY
JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH
REGARD TO THIS NOTE OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR
OTHER ACTION ARISING IN CONNECTION THEREWITH INCLUDING, BUT NOT LIMITED TO THOSE
RELATING TO (A) ALLEGATIONS THAT A PARTNERSHIP EXISTS BETWEEN PAYEE AND MAKER;
(B) USURY OR PENALTIES OR DAMAGES THEREFOR; (C) ALLEGATIONS OF UNCONSCIONABLE
ACTS, DECEPTIVE TRADE PRACTICE, LACK OF GOOD FAITH OR FAIR DEALING, LACK OF
COMMERCIAL REASONABLENESS, OR SPECIAL RELATIONSHIPS (SUCH AS FIDUCIARY, TRUST OR
CONFIDENTIAL RELATIONSHIP);
(D) ALLEGATIONS OF DOMINION, CONTROL, ALTER EGO, INSTRUMENTALITY, FRAUD, REAL
ESTATE FRAUD, MISREPRESENTATION, DURESS, COERCION, UNDUE INFLUENCE, INTERFERENCE
OR NEGLIGENCE; (E) ALLEGATIONS OF TORTIOUS INTERFERENCE WITH PRESENT OR
PROSPECTIVE BUSINESS RELATIONSHIPS OR OF ANTITRUST; OR (F) SLANDER, LIBEL OR
DAMAGE TO REPUTATION. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY
AND VOLUNTARILY BY MAKER, XXXXX, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH
INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE
ACCRUE. XXXXX IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY
PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY MAKER.
18. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE IN WHICH THE REAL PROPERTY ENCUMBERED BY
THE MORTGAGE IS LOCATED (WITHOUT REGARD TO ANY CONFLICT OF LAWS PRINCIPLES) AND
THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. MAKER HEREBY IRREVOCABLY
SUBMITS TO THE JURISDICTION OF ANY COURT OF COMPETENT JURISDICTION LOCATED IN
THE STATE IN WHICH THE MORTGAGED PROPERTY IS LOCATED IN CONNECTION WITH ANY
PROCEEDING OUT OF OR RELATING TO THIS NOTE.
19. No Oral Modification. THE PROVISIONS OF THIS NOTE AND THE LOAN
DOCUMENTS MAY BE AMENDED OR REVISED ONLY BY AN INSTRUMENT IN WRITING SIGNED BY
THE MAKER AND PAYEE. THIS NOTE AND ALL THE OTHER LOAN DOCUMENTS EMBODY THE
FINAL, ENTIRE AGREEMENT OF MAKER AND PAYEE AND SUPERSEDE ANY AND ALL PRIOR
COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR
ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE
CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OR DISCUSSIONS OF MAKER AND PAYEE. THERE ARE NO ORAL AGREEMENTS
BETWEEN MAKER AND PAYEE.
20. Due on Sale/Due on Encumbrance. Payment of the indebtedness
evidenced by this Note may be accelerated in the event that Maker transfers or
encumbers the Mortgaged Property in violation of Section 12 of the Deed of
Trust.
(Signature page follows)
Executed as of the day and year first above written.
MAKER:
CONCORD MILESTONE PLUS, L.P.,
a Delaware limited partnership
By: CM PLUS CORPORATION,
a Delaware corporation,
Its General Partner
By:
Name:
Title:
LEGAL DESCRIPTION
(For informational purposes only)
PARCEL 1:
All of those portions of Block 4 of TUCSON GREEN VALLEY UNIT NO. 1, Blocks 1
thru 12, according to the plat of record in the office of the County Recorder of
Pima County, Arizona, recorded in Book 16, of Maps, Page 76, more particularly
described as follows:
BEGINNING at the Southwest corner of said Block 4;
THENCE South 08 degrees 09 minutes 55 seconds West on a Southerly extension of
the West line of said Block 4, a distance of 10.0 feet to a point, said point
being the TRUE POINT OF BEGINNING;
THENCE North 08 degrees 09 minutes 55 seconds East, along said previous line and
the West line of Block 4, a distance of 927.81 feet to a point of curvature;
THENCE Northeasterly around said curve to the right whose radius is 25.0 feet, a
distance of 35.71 feet to a point of tangency on the South right of way line of
Xxxxxxxxx Boulevard, said point also being on the Northerly line of Block 4;
THENCE East, along the North line of said Block 4, a distance of 613.60 feet to
a point;
THENCE South, a distance of 220.0 feet to a point;
THENCE East, a distance of 148.43 feet to a point;
THENCE North 08 degrees 09 minutes 55 seconds East, a distance of 45.98 feet to
a point;
THENCE South 81 degrees 50 minutes 05 seconds East, a distance of 152.70 feet to
a point;
THENCE North 08 degrees 09 minutes 55 seconds East, a distance of 198.18 feet to
a point on the South right of way line of Xxxxxxxxx Boulevard.
THENCE East, along the South right of way line of Xxxxxxxxx Boulevard, a
distance of 40.46 feet to a point;
THENCE South 08 degrees 09 minutes 55 seconds West, a distance of 161.57 feet to
a point;
THENCE South, 81 degrees 50 minutes 55 seconds East, a distance of 192.24 feet
to a point on the Westerly right of way line of Tucson-Nogales Highway;
THENCE South 00 degrees 25 minutes 06 seconds East, along said Westerly right of
way line, a distance of 536.0 feet to a point;
THENCE South 08 degrees 09 minutes 55 seconds West, along said Westerly right of
way line, a distance of 361.36 feet to a point;
THENCE North 81 degrees 50 minutes 05 seconds West, a distance of 30.0 feet to a
point;
THENCE South 08 degrees 09 minutes 55 seconds West, a distance of 40.0 feet to a
point;
THENCE North 81 degrees 50 minutes 05 seconds West, a distance of 1,242.0 feet
to a point, said point being the TRUE POINT OF BEGINNING;
EXCEPT the following described Parcels "A" and "B":
PARCEL "A"
All of that portion of Lot 5, in Block 4, of TUCSON GREEN VALLEY UNIT NO. 1, a
subdivision of record, according to the plat of record in the office of the
County Recorder of Pima County, Arizona, recorded in Book 16, of Maps, Page 76,
more particularly described as follows:
BEGINNING at the Southerly point of curvature of Curve No. 2 in said Lot 5;
THENCE South 08 degrees 09 minutes 55 seconds West, along the East right of way
line of La Canada Drive, a distance of 134.92 feet to a point, said point being
the TRUE POINT OF BEGINNING;
THENCE East, a distance of 162.78 feet to a point;
THENCE South, a distance of 105.07 feet to a point;
THENCE North 81 degrees 50 minutes 05 seconds West, a distance of 176.05 feet to
a point on the East right of way of La Canada Drive;
THENCE North 08 degrees 09 minutes 55 seconds East, along said right of way
line, a distance of 80.89 feet to a point, said point being the TRUE POINT OF
BEGINNING.
PARCEL "B"
All of that portion of Lot 5, in Block 4, of TUCSON GREEN VALLEY UNIT NO. 1, a
subdivision of record, according to the plat of record in the office of the
County Recorder of Pima County, Arizona, recorded in Book 16, of Maps, Page 76,
being more particularly described as follows:
BEGINNING at the Southwest corner of said Lot 5;
THENCE North 08 degrees 09 minutes 55 seconds East, along the West line of said
Lot 5, a distance of 40.0 feet to the TRUE POINT OF BEGINNING;
THENCE South 81 degrees 50 minutes 05 seconds East, along a line being 40.0 feet
North of and parallel with the South line of said Lot 5, a distance of 320.0
feet to a point;
THENCE North 08 degrees 09 minutes 55 seconds East, along a line being 320.0
feet Easterly of and parallel with the said West line of Lot 5, a distance of
600.0 feet to a point;
THENCE North 81 degrees 50 minutes 05 seconds West, along a line being 640.0
feet North of and parallel with said South line of Lot 5, a distance of 320.0
feet to a point in the said West line of Lot 5;
THENCE south 08 degrees 09 minutes 55 seconds West, along said West line, a
distance of 600.0 feet to the TRUE POINT OF BEGINNING.
Property Address: Green Valley Mall
00-000 Xxxxxxxxx
000 Xx Xxxxxx Xxxx
Xxxxx Xxxxxx, Xxxxxxx 00000
