Common use of The Note Clause in Contracts

The Note. The disbursement of the Loan pursuant to Section 1.1 hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight (48) equal quarterly installments consisting of both principal and interest amortized over a forty- eight (48) month period in an amount sufficient to repay all borrowed amounts plus interest, commencing on ___________ 31, 1999 and on the last day of each and every March, June, September and December of each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ 31, 20__, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Commitment Letter (First Bancorp of Indiana Inc)

The Note. The disbursement of the Loan pursuant to Section 1.1 hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature shall become due and payable in forty-eight ______ (48__) consecutive annual equal quarterly installments consisting of both principal and interest amortized over a forty- eight _____ (48__) month year period in an amount sufficient to repay all borrowed amounts the Loan plus interest, commencing on ___________ 31___, 1999 1997 and on the last day of each and every March, June, September and December of _____________ each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ 31, 20___, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Loan Agreement (Bayonne Bancshares Inc)

The Note. The disbursement of the Loan pursuant to Section 1.1 hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight fifteen (4815) equal quarterly annual installments consisting of both principal and interest amortized over a forty- eight fifteen (4815) month year period in an amount sufficient to repay all borrowed amounts plus interest, commencing on on____________, 199__ 31, 1999 and on the last day of each and every March, June, September and December of each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on on___________ 31___, 20__, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Funding Commitment Agreement (South Jersey Financial Corp Inc)

The Note. The disbursement of the Loan pursuant to Section 1.1 hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight eighty (4880) equal quarterly installments consisting of both principal and interest amortized over a forty- eight an eighty (4880) month period in an amount sufficient to repay all borrowed amounts plus interest, commencing on ___________ December 31, 1999 1998 and on the last day of each and every March, June, September and December of each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ 31September 30, 20__2018, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Commitment Letter (Virginia Capital Bancshares Inc)

The Note. The disbursement of the Loan pursuant to Section 1.1 -------- hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature shall become due and payable in forty-eight ________ (48___) consecutive annual equal quarterly installments consisting of both principal and interest amortized over a forty- eight ________ (48__) month year period in an amount sufficient to repay all borrowed amounts the Loan plus interest, commencing on ___________ 31________, 1999 1998 and on the last day of each and every March, June, September and December of ____________________ each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ 31, 20______, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Loan and Security Agreement (First Source Bancorp Inc)

The Note. The disbursement of the Loan pursuant to Section 1.1 -------- hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature shall become due and payable in forty-eight fifteen (4815) equal quarterly annual installments consisting of both principal and interest amortized over a forty- eight fifteen (4815) month year period in an amount sufficient to repay all borrowed amounts the Loan plus interest, commencing on _____ __, 1998 and on the last Business Day of each and every ____________ 31, 1999 and on the last day of each and every March, June, September and December of each year thereafteryear, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ 31, 20__, __ the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Loan Agreement (First Place Financial Corp /De/)

The Note. The disbursement of the Loan pursuant to Section 1.1 -------- hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight twenty (4820) equal quarterly annual installments consisting of both principal and interest amortized over a forty- eight twenty (4820) month period in an amount sufficient to repay all borrowed amounts plus interest, commencing on ________________ 31, 1999 and on the last day of each and every March, June, September and December of ______________ each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ 31, 20____, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Loan Agreement (Richmond Country Financial Corp)

The Note. The disbursement of the Loan pursuant to Section 1.1 hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight ten (48__) equal quarterly annual installments consisting of both principal and interest amortized over a forty- eight (48) month period in an amount sufficient to repay all borrowed amounts plus interest, commencing on ___________ 31_, 1999 ____, and on the last day of each and every March, June, September and December of _____ each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ 31_, 20____, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Esop Funding Commitment (Woronoco Bancorp Inc)

The Note. The disbursement of the Loan pursuant to Section 1.1 hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight _____ (48___) equal quarterly annual installments consisting of both principal and interest amortized over a forty- eight _________ (48___) month year period in an amount sufficient to repay all borrowed amounts plus interest, commencing on ___________ 31____, 1999 200___, and on the last day of each and every March, June, September and December of ______________ each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ 31_____, 20__, _ the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Esop Funding Commitment (Berkshire Hills Bancorp Inc)

The Note. The disbursement of the Loan pursuant to Section 1.1 -------- hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight _______ (48__) equal quarterly annual installments consisting of both principal and interest amortized over a forty- eight _______ (48__) month year period in an amount sufficient to repay all borrowed amounts plus interest, commencing on __________________ 31, 1999 and on the last day of each and every March, June, September and December of ___________ each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on on___________ 31, 20______, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Loan Agreement (First Lincoln Bancshares Inc)

The Note. The disbursement of the Loan pursuant to Section 1.1 1. I hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "NoteNote "), such which Note is to shall bear interest as hereinafter provided, and to mature be payable in forty-eight forty (4840) equal quarterly principal installments consisting of both principal and interest amortized over a forty- eight (48) month period in an amount sufficient to repay all borrowed amounts plus interest, commencing on ___________ 31, 1999 and on the last day Business Day (as defined below) in September, 1997 and continuing on the last Business Day of each and every Marchcalendar quarter thereafter, Juneeach such principal installment to be in an amount equal to the principal amount outstanding on the due date of the installment multiplied by a fraction, September the numerator of which shall be one and December the denominator of each year thereafterwhich shall be the number of principal installments remaining on the Note, including the installment due in the current calendar quarter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ 31June 30, 20__2007, the final maturity thereof. For purposes of this Section 1.2 and the other provisions of this Agreement, the phrase "Business Day" shall mean any day on which savings institutions are generally open for business in New York other than a Saturday or Sunday. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender Under on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Loan and Security Agreement (GSB Financial Corp)

The Note. The disbursement of the Loan pursuant to Section 1.1 -------- hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight [number] (48#) equal quarterly annual installments consisting of both principal and interest amortized over a forty- eight [number] (48#) month year period in an amount sufficient to repay all borrowed amounts plus interest, commencing on ___________ December 31, 1999 1998 and on the last day of each and every March, June, September and December of each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ 31, 20__[Date], the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Loan and Security Agreement (West Essex Bancorp Inc)

The Note. The disbursement of the Loan pursuant to Section 1.1 hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight ___________ (48___) equal quarterly annual installments consisting of both principal and interest amortized over a forty- eight __________ (48___) month year period in an amount sufficient to repay all borrowed amounts plus interest, commencing on _________December 31, 199__ 31, 1999 and on the last day of each and every March, June, September and December of each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ December 31, 20___, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Commitment Letter (Virginia Capital Bancshares Inc)

The Note. The disbursement of the Loan pursuant to Section 1.1 hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight (48) equal quarterly consecutive annual principal installments consisting of both principal and interest amortized over a forty- eight (48) month period in an amount sufficient to repay all borrowed amounts plus interest, commencing on ___________ December 31, 1999 1994 and on the last day of each and every March, June, September and December of each year thereafter, each such installment to be in an amount equal to 1/12th of the outstanding principal amount of the Loan made under Section 1.1 hereof, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ December 31, 20__2005, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Loan and Security Agreement (Astoria Financial Corp)

The Note. The disbursement of the Loan pursuant to Section 1.1 hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight ten (4810) equal quarterly annual installments consisting of both principal and interest amortized over a forty- eight ten (4810) month year period in an amount sufficient to repay all borrowed amounts plus interest, commencing on ___________ December 31, 1999 1998 and on the last day of each and every March, June, September and December of each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ December 31, 20__2007, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Loan and Security Agreement (West Essex Bancorp Inc)

The Note. The disbursement of the Loan made pursuant to Section 1.1 hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed (with appropriate insertions) attached hereto as Exhibit A (the "Note"), such Note is shall be dated the date of issuance thereof, be payable to bear interest as hereinafter provided, the order of the Bank in the face principal amount of ONE HUNDRED NINETY-ONE THOUSAND SIX HUNDRED NINETY AND 47/100 DOLLARS ($191,690.47) and be expressed to mature in forty-eight (48) equal quarterly installments consisting of both principal and interest amortized over a forty- eight (48) month period in an amount sufficient to repay all borrowed amounts plus intereston April 30, commencing on ___________ 31, 1999 and on the last day of each and every March, June, September and December of each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ 31, 20__2000, the final maturity thereof. The principal amount of the Loan from time to time remaining unpaid hereon shall bear interest as provided in Section 2 hereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed owing by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender disbursed under Section 1.1 hereof less all payments of principal actually received by the LenderBank. The amount of such disbursement made by the Lender and any repayments of principal thereof Bank shall be recorded by the Lender record on its books or and records or, at its option, endorsed on a schedule to the reverse side Note the amount of the Loan disbursed by the Bank under Section 1.1 hereof, any repayments of principal thereof and the principal balance from time to time outstanding, provided that prior to any transfer of the Note by all such amounts shall be recorded on a schedule to the Lender Note. The Borrower agrees that the record thereof, whether shown on such books and records or on a schedule to the unpaid principal balance at any time so recorded or endorsed by the Lender Note, shall be prima facie evidence in any court action or other proceedings brought proceeding instituted to collect or enforce collection of the Note of the principal amount remaining unpaid thereon; provided, however, that the failure of the Bank to record any of the foregoing shall not limit or otherwise affect the obligation of the Borrower to repay the principal amount of the Loan together with accrued interest thereon.

Appears in 1 contract

Sources: Esop Loan and Security Agreement (Aasche Transportation Services Inc)

The Note. The disbursement of the Loan pursuant to Section 1.1 hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight forty (4840) equal quarterly installments consisting of both principal and interest amortized over a forty- eight forty (4840) month period in an amount sufficient to repay all borrowed amounts plus interest, commencing on ___________ 31, 1999 and on the last day of each and every March, June, September and December of each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on ___________ 31, 20__, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Commitment Letter (PFSB Bancorp Inc)

The Note. The disbursement of the Loan pursuant to Section 1.1 hereof -------- shall be made against and evidenced by a promissory note of the Borrower in the form annexed hereto as Exhibit A (the "Note"), such Note is to bear interest as hereinafter provided, and to mature in forty-eight 3 twenty (4820) equal quarterly annual installments consisting of both principal and interest amortized over a forty- eight twenty (4820) month year period in an amount sufficient to repay all borrowed amounts plus interest, commencing on __________________ 31, 1999 and on the last day of each and every March, June, September and December of ___________ each year thereafter, except that the final installment in the amount of all principal and interest not sooner paid shall be due on on___________ 31, 20______, the final maturity thereof. Without regard to the principal amount of the Note stated on its face, the actual principal amount at any time outstanding and owed by the Borrower on account of the Note shall be the amount of the disbursement of the Loan made by the Lender under Section 1.1 hereof less all payments of principal actually received by the Lender. The amount of such disbursement made by the Lender and any repayments of principal thereof shall be recorded by the Lender on its books or records or, at its option, endorsed on the reverse side of the Note by the Lender and the unpaid principal balance at any time so recorded or endorsed by the Lender shall be prima facie evidence in any court or other proceedings brought to enforce the Note of the principal amount remaining unpaid thereon.

Appears in 1 contract

Sources: Loan Agreement (Bay State Bancorp Inc)