MULTIFAMILY NOTE MULTISTATE – FIXED TO FLOAT (REVISION DATE 03-30-2006)Multifamily Note • October 2nd, 2007 • Paladin Realty Income Properties Inc • Real estate investment trusts
FOR VALUE RECEIVED, the undersigned (together with such party’s or parties’ successors and assigns, “Borrower”), jointly and severally (if more than one) promises to pay to the order of NorthMarq Capital, Inc., a Minnesota corporation, the principal sum of Six Million Two Hundred Fifty Thousand and No/100 Dollars (US $6,250,000.00), with interest on the unpaid principal balance, as hereinafter provided.
DOCUMENT TITLE: Multifamily Deed of Trust, Assignment of Rents and Security Agreement DOCUMENT DATE: As of September 26, 2007 GRANTOR NAME AND MAILING ADDRESS: KC PHEASANT ASSOCIATES, LLC GRANTEE (TRUSTEE) NAME AND MAILING ADDRESS: Roger W. Hershey...Multifamily Deed of Trust, Assignment of Rents and Security Agreement • October 2nd, 2007 • Paladin Realty Income Properties Inc • Real estate investment trusts
THIS MULTIFAMILY DEED OF TRUST, ASSIGNMENT OF RENTS AND SECURITY AGREEMENT (the “Instrument”) is made as of September 26, 2007, among KC Pheasant Associates, LLC, a limited liabilty company organized and existing under the laws of Delaware, whose mailing address is 2300 Main, Suite 910, Kansas City, MO 64018, as grantor (“Borrower”), Roger W. Hershey, whose mailing address is 2345 Grand Blvd., Suite 2100, Kansas City, MO 64108-2619, as trustee (“Trustee”), for the benefit of NorthMarq Capital, Inc., a corporation organized and existing under the laws of Minnesota, whose mailing address is 3500 American Boulevard West, Suite 500, Bloomington, Minnesota 55431, as beneficiary (“Lender”). Borrower’s organizational identification number, if applicable, is 4399264.
OPERATING AGREEMENT OF KC PHEASANT ASSOCIATES, LLCOperating Agreement • October 2nd, 2007 • Paladin Realty Income Properties Inc • Real estate investment trusts • Delaware
The Percentage Interest of the Non-Contributing Member therefore would be reduced by 0.24 percentage points from 2.5% to 2.26%, and the Percentage Interest of the Contributing Member would be increased by a like amount of percentage points from 97.5% to 97.74%.
