Exhibit 4.3
AMENDED AND RESTATED REVOLVING CREDIT NOTE
This is one of a series of notes which amend and restate but do not
extinguish the obligations under those certain Revolving Credit Notes
executed in connection with the Credit Agreement dated as of October
30, 1997 by and among Cornerstone Realty Income Trust, Inc., each
Additional Borrower party thereto, the Lenders party thereto and First
Union National Bank, as Agent.
$65,000,000 December 31, 1997
FOR VALUE RECEIVED, the undersigned, CORNERSTONE REALTY INCOME TRUST,
INC., a corporation organized under the laws of Virginia ("Cornerstone"), and
CRIT-NC, LLC, a limited liability company organized under the laws of Virginia
("CRIT-NC", and together with Cornerstone, the "Borrowers") hereby jointly and
severally promise to pay to the order of FIRST UNION NATIONAL BANK (the "Bank"),
at the times, at the place and in the manner provided in the Credit Agreement
hereinafter referred to, the principal sum of up to Sixty-Five Million Dollars
($65,000,000), or, if less, the aggregate unpaid principal amount of all Loans
disbursed by the Bank under the Credit Agreement referred to below, together
with interest at the rates as in effect from time to time with respect to each
portion of the principal amount hereof, determined and payable as provided in
Article IV of the Credit Agreement.
This Note is the Note referred to in, and is entitled to the benefits
of, the Credit Agreement dated as of October 30, 1997 (as amended, restated,
supplemented or otherwise modified, the "Credit Agreement") by and among the
Borrowers, each Additional Borrower that may become party thereto, the lenders
(including the Bank) party thereto (the "Lenders") and First Union National
Bank, as Agent (the "Agent"). The Credit Agreement contains, among other things,
provisions for the time, place and manner of payment of this Note, the
determination of the interest rate borne by and fees payable in respect of this
Note, acceleration of the payment of this Note upon the happening of certain
stated events and the mandatory repayment of this Note under certain
circumstances.
The Borrowers agree to pay on demand all costs of collection, including
reasonable attorneys' fees, if any part of this Note, principal or interest, is
collected after maturity with the aid of an attorney.
Presentment for payment, notice of dishonor, protest and notice of
protest are hereby waived.
THIS NOTE IS MADE AND DELIVERED IN THE STATE OF NORTH CAROLINA AND
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NORTH CAROLINA.
The Debt evidenced by this Note is senior in right of payment to all
Subordinated Debt referred to in the Credit Agreement.
[Signature Page Follows]
IN WITNESS WHEREOF, the Borrower has caused this Note to be executed
under seal by a duly authorized officer as of the day and year first above
written.
CORNERSTONE REALTY INCOME TRUST, INC.
[CORPORATE SEAL]
By:/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
---------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
-------------------------------------
Title: Vice President and CFO
------------------------------------
CRIT-NC, LLC
By: CORNERSTONE REALTY INCOME TRUST, INC.,
its sole Member/Manager
By:/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
-----------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
---------------------------------
Title: Vice President and CFO
--------------------------------
AMENDED AND RESTATED REVOLVING CREDIT NOTE
This is one of a series of notes which amend and restate but do not
extinguish the obligations under those certain Revolving Credit Notes
executed in connection with the Credit Agreement dated as of October
30, 1997 by and among Cornerstone Realty Income Trust, Inc., each
Additional Borrower party thereto, the Lenders party thereto and First
Union National Bank, as Agent.
$35,000,000 December 31, 1997
FOR VALUE RECEIVED, the undersigned, CORNERSTONE REALTY INCOME TRUST,
INC., a corporation organized under the laws of Virginia ("Cornerstone"), and
CRIT-NC, LLC, a limited liability company organized under the laws of Virginia
("CRIT-NC", and together with Cornerstone, the "Borrowers") hereby jointly and
severally promise to pay to the order of AMSOUTH BANK (the "Bank"), at the
times, at the place and in the manner provided in the Credit Agreement
hereinafter referred to, the principal sum of up to Thirty-Five Million Dollars
($35,000,000), or, if less, the aggregate unpaid principal amount of all Loans
disbursed by the Bank under the Credit Agreement referred to below, together
with interest at the rates as in effect from time to time with respect to each
portion of the principal amount hereof, determined and payable as provided in
Article IV of the Credit Agreement.
This Note is the Note referred to in, and is entitled to the benefits
of, the Credit Agreement dated as of October 30, 1997 (as amended, restated,
supplemented or otherwise modified, the "Credit Agreement") by and among the
Borrowers, each Additional Borrower that may become party thereto, the lenders
(including the Bank) party thereto (the "Lenders") and First Union National
Bank, as Agent (the "Agent"). The Credit Agreement contains, among other things,
provisions for the time, place and manner of payment of this Note, the
determination of the interest rate borne by and fees payable in respect of this
Note, acceleration of the payment of this Note upon the happening of certain
stated events and the mandatory repayment of this Note under certain
circumstances.
The Borrowers agree to pay on demand all costs of collection, including
reasonable attorneys' fees, if any part of this Note, principal or interest, is
collected after maturity with the aid of an attorney.
Presentment for payment, notice of dishonor, protest and notice of
protest are hereby waived.
THIS NOTE IS MADE AND DELIVERED IN THE STATE OF NORTH CAROLINA AND
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NORTH CAROLINA.
The Debt evidenced by this Note is senior in right of payment to all
Subordinated Debt referred to in the Credit Agreement.
[Signature Page Follows]
IN WITNESS WHEREOF, the Borrower has caused this Note to be executed
under seal by a duly authorized officer as of the day and year first above
written.
CORNERSTONE REALTY INCOME TRUST, INC.
[CORPORATE SEAL]
By:/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
---------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
-------------------------------------
Title: Vice President and CFO
------------------------------------
CRIT-NC, LLC
By: CORNERSTONE REALTY INCOME TRUST, INC.,
its sole Member/Manager
By:/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
-----------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
---------------------------------
Title: Vice President and CFO
--------------------------------
AMENDED AND RESTATED REVOLVING CREDIT NOTE
This is one of a series of notes which amend and restate but do not
extinguish the obligations under those certain Revolving Credit Notes
executed in connection with the Credit Agreement dated as of October
30, 1997 by and among Cornerstone Realty Income Trust, Inc., each
Additional Borrower party thereto, the Lenders party thereto and First
Union National Bank, as Agent.
$25,000,000 December 31, 1997
FOR VALUE RECEIVED, the undersigned, CORNERSTONE REALTY INCOME TRUST,
INC., a corporation organized under the laws of Virginia ("Cornerstone"), and
CRIT-NC, LLC, a limited liability company organized under the laws of Virginia
("CRIT-NC", and together with Cornerstone, the "Borrowers") hereby jointly and
severally promise to pay to the order of CRESTAR BANK (the "Bank"), at the
times, at the place and in the manner provided in the Credit Agreement
hereinafter referred to, the principal sum of up to Twenty-Five Million Dollars
($25,000,000), or, if less, the aggregate unpaid principal amount of all Loans
disbursed by the Bank under the Credit Agreement referred to below, together
with interest at the rates as in effect from time to time with respect to each
portion of the principal amount hereof, determined and payable as provided in
Article IV of the Credit Agreement.
This Note is the Note referred to in, and is entitled to the benefits
of, the Credit Agreement dated as of October 30, 1997 (as amended, restated,
supplemented or otherwise modified, the "Credit Agreement") by and among the
Borrowers, each Additional Borrower that may become party thereto, the lenders
(including the Bank) party thereto (the "Lenders") and First Union National
Bank, as Agent (the "Agent"). The Credit Agreement contains, among other things,
provisions for the time, place and manner of payment of this Note, the
determination of the interest rate borne by and fees payable in respect of this
Note, acceleration of the payment of this Note upon the happening of certain
stated events and the mandatory repayment of this Note under certain
circumstances.
The Borrowers agree to pay on demand all costs of collection, including
reasonable attorneys' fees, if any part of this Note, principal or interest, is
collected after maturity with the aid of an attorney.
Presentment for payment, notice of dishonor, protest and notice of
protest are hereby waived.
THIS NOTE IS MADE AND DELIVERED IN THE STATE OF NORTH CAROLINA AND
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NORTH CAROLINA.
The Debt evidenced by this Note is senior in right of payment to all
Subordinated Debt referred to in the Credit Agreement.
[Signature Page Follows]
IN WITNESS WHEREOF, the Borrower has caused this Note to be executed
under seal by a duly authorized officer as of the day and year first above
written.
CORNERSTONE REALTY INCOME TRUST, INC.
[CORPORATE SEAL]
By:/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
---------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
-------------------------------------
Title: Vice President and CFO
------------------------------------
CRIT-NC, LLC
By: CORNERSTONE REALTY INCOME TRUST, INC.,
its sole Member/Manager
By:/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
-----------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
---------------------------------
Title: Vice President and CFO
--------------------------------
AMENDED AND RESTATED REVOLVING CREDIT NOTE
This is one of a series of notes which amend and restate but do not
extinguish the obligations under those certain Revolving Credit Notes
executed in connection with the Credit Agreement dated as of October
30, 1997 by and among Cornerstone Realty Income Trust, Inc., each
Additional Borrower party thereto, the Lenders party thereto and First
Union National Bank, as Agent.
$20,000,000 December 31, 1997
FOR VALUE RECEIVED, the undersigned, CORNERSTONE REALTY INCOME TRUST,
INC., a corporation organized under the laws of Virginia ("Cornerstone"), and
CRIT-NC, LLC, a limited liability company organized under the laws of Virginia
("CRIT-NC", and together with Cornerstone, the "Borrowers") hereby jointly and
severally promise to pay to the order of FLEET NATIONAL BANK (the "Bank"), at
the times, at the place and in the manner provided in the Credit Agreement
hereinafter referred to, the principal sum of up to Twenty Million Dollars
($20,000,000), or, if less, the aggregate unpaid principal amount of all Loans
disbursed by the Bank under the Credit Agreement referred to below, together
with interest at the rates as in effect from time to time with respect to each
portion of the principal amount hereof, determined and payable as provided in
Article IV of the Credit Agreement.
This Note is the Note referred to in, and is entitled to the benefits
of, the Credit Agreement dated as of October 30, 1997 (as amended, restated,
supplemented or otherwise modified, the "Credit Agreement") by and among the
Borrowers, each Additional Borrower that may become party thereto, the lenders
(including the Bank) party thereto (the "Lenders") and First Union National
Bank, as Agent (the "Agent"). The Credit Agreement contains, among other things,
provisions for the time, place and manner of payment of this Note, the
determination of the interest rate borne by and fees payable in respect of this
Note, acceleration of the payment of this Note upon the happening of certain
stated events and the mandatory repayment of this Note under certain
circumstances.
The Borrowers agree to pay on demand all costs of collection, including
reasonable attorneys' fees, if any part of this Note, principal or interest, is
collected after maturity with the aid of an attorney.
Presentment for payment, notice of dishonor, protest and notice of
protest are hereby waived.
THIS NOTE IS MADE AND DELIVERED IN THE STATE OF NORTH CAROLINA AND
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NORTH CAROLINA.
The Debt evidenced by this Note is senior in right of payment to all
Subordinated Debt referred to in the Credit Agreement.
[Signature Page Follows]
IN WITNESS WHEREOF, the Borrower has caused this Note to be executed
under seal by a duly authorized officer as of the day and year first above
written.
CORNERSTONE REALTY INCOME TRUST, INC.
[CORPORATE SEAL]
By:/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
---------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
-------------------------------------
Title: Vice President and CFO
------------------------------------
CRIT-NC, LLC
By: CORNERSTONE REALTY INCOME TRUST, INC.,
its sole Member/Manager
By:/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
---------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
-------------------------------------
Title: Vice President and CFO
------------------------------------
AMENDED AND RESTATED REVOLVING CREDIT NOTE
This is one of a series of notes which amend and restate but do not
extinguish the obligations under those certain Revolving Credit Notes
executed in connection with the Credit Agreement dated as of October
30, 1997 by and among Cornerstone Realty Income Trust, Inc., each
Additional Borrower party thereto, the Lenders party thereto and First
Union National Bank, as Agent.
$30,000,000 December 31, 1997
FOR VALUE RECEIVED, the undersigned, CORNERSTONE REALTY INCOME TRUST,
INC., a corporation organized under the laws of Virginia ("Cornerstone"), and
CRIT-NC, LLC, a limited liability company organized under the laws of Virginia
("CRIT-NC", and together with Cornerstone, the "Borrowers") hereby jointly and
severally promise to pay to the order of GUARANTY FEDERAL BANK, F.S.B. (the
"Bank"), at the times, at the place and in the manner provided in the Credit
Agreement hereinafter referred to, the principal sum of up to Thirty Million
Dollars ($30,000,000), or, if less, the aggregate unpaid principal amount of all
Loans disbursed by the Bank under the Credit Agreement referred to below,
together with interest at the rates as in effect from time to time with respect
to each portion of the principal amount hereof, determined and payable as
provided in Article IV of the Credit Agreement.
This Note is the Note referred to in, and is entitled to the benefits
of, the Credit Agreement dated as of October 30, 1997 (as amended, restated,
supplemented or otherwise modified, the "Credit Agreement") by and among the
Borrowers, each Additional Borrower that may become party thereto, the lenders
(including the Bank) party thereto (the "Lenders") and First Union National
Bank, as Agent (the "Agent"). The Credit Agreement contains, among other things,
provisions for the time, place and manner of payment of this Note, the
determination of the interest rate borne by and fees payable in respect of this
Note, acceleration of the payment of this Note upon the happening of certain
stated events and the mandatory repayment of this Note under certain
circumstances.
The Borrowers agree to pay on demand all costs of collection, including
reasonable attorneys' fees, if any part of this Note, principal or interest, is
collected after maturity with the aid of an attorney.
Presentment for payment, notice of dishonor, protest and notice of
protest are hereby waived.
THIS NOTE IS MADE AND DELIVERED IN THE STATE OF NORTH CAROLINA AND
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NORTH CAROLINA.
The Debt evidenced by this Note is senior in right of payment to all
Subordinated Debt referred to in the Credit Agreement.
[Signature Page Follows]
IN WITNESS WHEREOF, the Borrower has caused this Note to be executed
under seal by a duly authorized officer as of the day and year first above
written.
CORNERSTONE REALTY INCOME TRUST, INC.
[CORPORATE SEAL]
By:/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
---------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
-------------------------------------
Title: Vice President and CFO
------------------------------------
CRIT-NC, LLC
By: CORNERSTONE REALTY INCOME TRUST, INC.,
its sole Member/Manager
By:/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
---------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
-------------------------------------
Title: Vice President and CFO
------------------------------------
