ADJUSTABLE RATE NOTEAmerican Real Estate Investment Corp • February 27th, 1997 • Real estate investment trusts
FOR VALUE RECEIVED, the undersigned, AMERICAN SEDONA PARTNERS, L.P., a Colorado limited partnership ("Maker"), promises to pay GMAC COMMERCIAL MORTGAGE CORPORATION, a California corporation, or order ("Lender"), the principal sum of FIVE MILLION SEVEN HUNDRED THOUSAND AND NO/100THS DOLLARS ($5,700,000.00), with interest on the unpaid principal balance at the Adjustable Rate (hereinafter defined). The Adjustable Rate shall change monthly on the first day of each month during the term hereof ("Rate Change Date"), commencing on the 1st day of February, 1997; provided, however, that if the first day of any month during the term hereof is not a Business Day, then the Rate Change Date shall be the first Business Day following the first day of such month.
