Common use of First Note Clause in Contracts

First Note. The first note ("First Note") shall be in the principal amount of Seven Hundred Fifty Thousand and 00/100 ($750,000.00). The First Note shall (i) bear interest at the rate of eight percent (8%) per annum, (ii) shall provide for monthly payments of principal and interest based on a 25-year amortization schedule; (iii) provide for a principal reduction payment in the amount of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) on the date which is six (6) months from the date of the First Note; and (iv) shall be fully due and payable on the date which is one (1) year from the date of the First Note.