of the Commitment. 2. Disbursed proceeds of the Development Financing shall accrue interest at a rate of seven percent (7.0%) per annum, which interest shall accrue unpaid unless advanced by Lessor to itself, or Lessee shall default hereunder, which default shall remain uncured after the expiration of any applicable notice and cure period. However, one hundred and eighty days (180) from the date hereof, (the "Rental Modification Date"), Lessee shall begin making monthly payments of subsequently accruing interest at the rate of 10.5% per annum out of pocket ("Out of Pocket Invoiced Interest") within 5 days after invoice from Lessor.
of the Commitment. If necessary, Mortgagor shall make a prepayment of the Loan, without premium, sufficient to achieve this Loan- to-Value ratio. The independent fee appraisal shall be at Mortgagor's expense, and Mortgagor shall pay Mortgagee an administrative fee of $2,500 in connection with its review. Mortgagee may require that Mortgagor deposit $10,000 with Mortgagee as security for these expenses or may pay the fee appraiser's and administrative fees from the proceeds at its sole discretion. Unless Mortgagor has the right to use the Insurance Proceeds or the Condemnation Proceeds under the foregoing paragraph, Mortgagee may, in its sole and absolute discretion, either apply
of the Commitment. The Borrower acknowledges that the prepayment fee is an integral part of the pricing of the Credit Facility and has been established in conjunction with the interest rate under the Note and the commission with respect to each Letter of Credit and that establishment of the prepayment fee in lieu of increasing the margin used to compute the interest rate under the Note or the commission with respect to each Letter of Credit. The Borrower hereby acknowledges that such prepayment fee is reasonable.
of the Commitment. 2. Disbursed proceeds of the Development Financing shall accrue interest at a rate of Eight and one-half percent (8.5%) per annum, which interest shall accrue unpaid unless advanced by Lessor to itself, or Lessee shall default hereunder, which default shall remain uncured after the expiration of any applicable notice and cure period. However, one hundred and twenty days (120) from the date hereof, (the "Rental Modification Date"), Lessee shall begin making monthly payments of subsequently accruing interest at the rate of 9.875% per annum out of pocket ("Out of Pocket Invoiced Interest") within 5 days after invoice from Lessor. 3. Upon the occurrence of an event of default which remains uncured after the expiration of applicable notice and cure periods, disbursed proceeds of the Development Financing shall accrue interest at a rate of Fifteen Percent (15.0%) per annum, or the highest rate allowed by law, whichever is less, and the rental rate on the Initial Disbursed funds shall increase to Fifteen Percent (15.0%) per annum, or the highest rental rate allowed by law, whichever is less. 4. ARTICLE XVI
of the Commitment. The Borrower agrees that it will, from time to time, execute and deliver to the Bank, or cause to be executed and delivered, such further instruments, documents, contracts and agreement as may reasonably be required by the Bank for carrying out the requirements for interest rate protection or facilitating the performance by the Borrower of its obligations under this Section 6.25.
of the Commitment. If the review appraiser's opinion of the updated value of the Leesburg Pike Shopping Center is less than $17,667,000 (which is the current value determined pursuant to the procedures contained in Section 4.2.1 of the Commitment plus the amount which would support the $2,000,000 funding increase at a loan-to-value ratio of 75%), then Borrower shall make a principal prepayment under the Leesburg Pike Shopping Center Note sufficient to reduce the aggregate outstanding principal balance of the Loan to the amount that is $1,000,000 less than the aggregate principal balance that would produce an aggregate loan-to-value ratio of 75%, using as a total value, the review appraiser's conclusions as to value obtained from the Leesburg Updated Appraisal plus the aggregate values ,of the remaining Real Properties as determined by the appraisal process conducted pursuant to the Commitment at the time of funding. In no event shall the prepayment required under this section exceed $2,000,000. Any such principal prepayment shall be due and payable by Borrower in full, without prepayment premium, within thirty (30) days of Lender's notification of the amount of the prepayment determined to be due. The prepayment of principal under this section is unconditionally and irrevocably guaranteed by Xxxx Centers, Inc. under the Indemnification Agreement executed and delivered by Xxxx Centers, Inc. with respect to the Leesburg Pike Shopping Center Note.
of the Commitment. If necessary, Grantor shall make a prepayment of the Loan, without premium, sufficient to achieve this Loan-to-Value ratio. The independent fee appraisal shall be at Grantor's expense, and Grantor shall pay Beneficiary an administrative fee of $2,500 in connection with its review. Beneficiary may require that Grantor deposit $10,000 with Beneficiary as security for these expenses or may pay the fee appraiser's and administrative fees from the proceeds at its sole discretion. Unless Grantor has the right to use the Insurance Proceeds or the Condemnation Proceeds under the foregoing paragraph, Beneficiary may, in its sole and absolute discretion, either apply them to the Loan balance or disburse them for the purposes of repair and reconstruction, or to remedy the effects of the condemnation. No prepayment premium will be charged on amounts applied to reduce the principal balance of the Loan.
of the Commitment. The Commitment Deposit is earned and shall only be refunded by the Lender to the Borrower in the event that the Borrower complies with each of the terms, conditions and requirements contained or referred to in this Commitment and the Lender fails to complete the transaction contemplated by this Commitment. Except as set forth in the preceding sentence, the Commitment Deposit is non-refundable.
of the Commitment. The Borrower's consent to this Consent and Waiver and to each of the terms hereof shall be evidenced by its signature as indicated below.
of the Commitment. 2. Disbursed proceeds of the Development Financing shall accrue interest at a rate of Eight and one-quarter percent (8.25%) per annum, which interest shall accrue unpaid unless advanced by Lessor to itself, or Lessee shall default hereunder, which default shall remain uncured after the expiration of any applicable notice and cure period. However, one hundred and twenty days (120) from the date hereof, (the "Rental Modification Date"), Lessee shall begin making monthly payments of subsequently accruing interest at the rate of 9.875% per annum out of pocket ("Out of Pocket Invoiced Interest") within 5 days after invoice from Lessor.
