Common Contracts
2 similar Subordinated Deficiency Note contracts by Comstock Homebuilding Companies, Inc.
AMENDED AND RESTATED SUBORDINATED DEFICIENCY NOTESubordinated Deficiency Note • March 31st, 2010 • Comstock Homebuilding Companies, Inc. • Operative builders
FOR VALUE RECEIVED, the undersigned, COMSTOCK HOMEBUILDING COMPANIES, INC., a Delaware corporation (the “Borrower”), promises to pay to the order of WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (the “Noteholder” or “Wachovia”), the sum of Two Hundred and Five Thousand, Four Hundred Eighty-Eight and 23/100 Dollars ($205,488.23) (the “Subordinated Deficiency Note”), or so much thereof as shall remain unpaid; this Note being non-interest bearing provided that Borrower is not in default of its obligations hereunder. This Subordinated Deficiency Note is issued pursuant to that certain Consensual Foreclosure and Settlement Agreement dated August 17, 2009 (the “Agreement”), and shall restate in full and supersede that certain Subordinated Deficiency Note dated August 17, 2009 in the original principal amount of $1,805,243.00. Borrower hereby agrees to pay Noteholder in full on the Maturity Date (as defined herein). As consideration for the entry into this Subordinated D
SUBORDINATED DEFICIENCY NOTESubordinated Deficiency Note • March 31st, 2010 • Comstock Homebuilding Companies, Inc. • Operative builders • Virginia
FOR VALUE RECEIVED, the undersigned, COMSTOCK HOMEBUILDING COMPANIES, INC., a Delaware corporation (the “Borrower”), promises to pay to the order of CORNERSTONE BANK (“Noteholder” or “Lender”), the sum of Four Hundred Thousand Dollars and No/cents ($400,000.00) (the “Subordinated Deficiency Note”), or so much thereof as shall remain unpaid; this Note being non-interest bearing. This Subordinated Deficiency Note is being issued pursuant to and shall be administered in accordance with that certain Settlement Agreement of even date herewith (the “Agreement”). Borrower hereby agrees to pay Noteholder in full on the Maturity Date (as defined herein). As consideration for the entry into this Subordinated Deficiency Note and payment by Borrower hereunder, Noteholder has executed the release contained in the Agreement.
