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EXHIBIT 10.6
DEED OF TRUST NOTE
$5,782,900.00 Phoenix, Arizona
January 29, 2001
FOR VALUE RECEIVED, the undersigned, XXX XXXXXXXX XXXXXX, L.P., a
California limited partnership, promises to pay to RED MORTGAGE CAPITAL, INC.,
an Ohio corporation, or order, at its principal office at 000 Xxxx Xxx Xxxxxx,
00xx Xxxxx, Xxxxxxxx, Xxxx 00000, or at such other place as may be designated in
writing by the holder of this Note, the principal sum of FIVE MILLION SEVEN
HUNDRED EIGHTY-TWO THOUSAND NINE HUNDRED AND NO/100THS DOLLARS ($5,782,900.00),
with interest thereon from the date hereof at the rate of Eight and six
hundredths per centum (8.06 %) per annum on the unpaid balance until paid. The
principal and interest shall be payable in monthly installments as follows:
Interest alone shall be due and payable on the first day of
February, 2001. Commencing on March 1, 2001, monthly installments of
interest and principal shall be due and payable in the sum of Forty-One
Thousand Three Hundred Twenty-Five and 94/100ths Dollars ($41,325.94)
each, such payments to continue monthly thereafter on the first day of
each succeeding month until the entire indebtedness has been paid in
full. In any event, the balance of principal (if any) remaining unpaid,
plus accrued interest, shall be due and payable February 1, 2036. The
installments of principal and interest shall be applied first to
interest at the applicable rate aforesaid upon the principal sum or so
much thereof as shall from time to time remain unpaid, and the balance
thereof shall be applied on account of principal.
Both principal and interest under this Note shall be payable at the
office of RED MORTGAGE CAPITAL, INC., at its principal office at 000 Xxxx Xxx
Xxxxxx, 00xx Xxxxx, Xxxxxxxx, Xxxx 00000, or such other place as the holder may
designate in writing.
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XXX XXXXXXXX VILLAS, L.P.
a California limited partnership
By: American Retirement Villas Properties III, L.P.
a California limited partnership
General Partner
By: ARV Assisted Living, Inc.
a Delaware corporation
General Partner
By:
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Xxxxxxx Xxxxxxxxx
Vice President
