TERM NOTE BWellsford Real Properties Inc • November 14th, 1997 • Real estate investment trusts
This Note is "Term Note B" referred to in that certain Term Loan Agreement dated as of the date hereof between Borrower and Payee (as same may be amended, modified, restated or supplemented from time to time, the "Loan Agreement") and is subject to the terms and conditions set forth therein, which terms and conditions are incorporated herein by reference. This Note evidences the Term Loan B made by the Payee thereunder. All capitalized terms used herein but not otherwise defined shall have the meanings given them in the Loan Agreement. If any payment of this Note becomes due and payable on a day other than a Business Day, the maturity hereof shall be extended to the next succeeding Business Day and interest hereon shall be payable at the rate set forth above during such extension, or if such succeeding Business Day falls in the next calendar month, any payment due hereunder shall be payable on the preceding Business Day in the appropriate calendar month.
