MORTGAGE NOTE
June 1, 1998
New York, New York
US $20,700,000
FOR VALUE RECEIVED, Wesmark Fifty, L.P., a South
Carolina limited partnership, and Mark Twelve Associates, L.P.,
Mark Plaza Fifty, L.P., and Xxxxxxxx Fifty, L.P., each a
Pennsylvania limited partnership, each having an address at 000
Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxxxx 00000, ("collectively,
Maker"), promise to pay to the order of CREDIT SUISSE FIRST
BOSTON MORTGAGE CAPITAL, LLC, a Delaware limited liability
company, having an address at 00 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx
Xxxx 00000 (together with its successors and assigns, "Holder",
the principal sum of TWENTY MILLION SEVEN HUNDRED THOUSAND AND
NO/100 DOLLARS (US $20,700,000.00), in lawful money of the United
States of America, or so much thereof as may be advanced by
Holder pursuant to the terms of that certain Loan Agreement of
even date herewith by and between Maker and Holder (as the same
may hereafter be consolidated, extended, amended, modified,
and/or restated from time to time, the "Loan Agreement"; all
capitalized terms used herein and not otherwise defined shall
have the meanings ascribed to such terms in the Loan Agreement),
on the dates provided in the Loan Agreement, together with all
other amounts payable to Holder hereunder and under any of the
other Loan Documents.
Maker further agrees to pay to Holder interest in like
money on the unpaid principal amount hereof from time to time
outstanding from the date hereof until paid in full at the rates
and at the times set forth in the Loan Agreement. Principal and
interest shall be payable on the dates and in the manner provided
in the Loan Agreement with all unpaid amounts of principal and
interest due on the day which is the earlier to occur (i)
December 1, 1998, as the same may be extended pursuant to Section
2.2.2 of the Loan Agreement, or (ii) the date on which payment of
the Loan shall have been accelerated pursuant to Section 5.2 of
the Loan Agreement.
This Mortgage Note (i) is the Note referred to in the
Loan Agreement and is entitled to the benefits thereof, (ii) is
secured as provided in the Loan Agreement, and (iii) is subject
to optional and mandatory prepayment in whole or in part as
provided in the Loan Agreement.
After the occurrence of any one or more of the Events
of Default specified in the Loan Agreement, all amounts then
remaining unpaid on this Mortgage Note may be declared to be
immediately due and payable, all as provided in the Loan
Agreement and the other Loan Documents.
Maker hereby waives presentment, demand, protest or notice
of any kind in connection with this Mortgage Note.
The provisions of Section 6.20 of the Loan Agreement
are hereby incorporated by reference herein.
Borrower's Tax Identification No.:
Wesmark Fifty, L.P. - 00-0000000
Mark Twelve Associates, L.P. - 00-0000000
Mark Plaza Fifty, L.P. - 00-0000000
Xxxxxxxx Fifty, L.P. - 00-0000000
THE PLACE OF NEGOTIATION, EXECUTION AND DELIVERY OF
THIS MORTGAGE NOTE IS THE STATE OF NEW YORK. THIS MORTGAGE NOTE
SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. IT IS THE INTENT OF MAKER
THAT THE PROVISIONS OF SECTION 5-1401 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK SHALL APPLY TO THIS MORTGAGE NOTE.
IN WITNESS WHEREOF, Maker has executed and delivered
this Mortgage Note or caused the same to be executed and
delivered by its duly authorized representative as of the date
first above written.
WESMARK FIFTY, L.P., a South Carolina
limited partnership
By: Wesmark Fifty Realty Corp., its
general partner
By: /s/ Xxxxxx Xxxx
Name: Xxxxxx Xxxx
Title: Senior Vice President
MARK TWELVE ASSOCIATES, L.P., a
Pennsylvania limited partnership
By: Newcastle Fifty Realty Corp., its
general partner
By: /s/ Xxxxxx Xxxx
Name: Xxxxxx Xxxx
Title: Senior Vice President
XXXX XXXXX FIFTY, L.P., a Pennsylvania
limited partnership
By: Xxxx Xxxxx Fifty Realty Corp., its
general partner
By: /s/ Xxxxxx Xxxx
Name: Xxxxxx Xxxx
Title: Senior Vice President
XXXXXXXX FIFTY, L.P., a Pennsylvania
limited partnership
By: Xxxxxxxx Fifty Realty Corp., its
general partner
By: /s/ Xxxxxx Xxxx
Name: Xxxxxx Xxxx
Title: Senior Vice President
