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R98-41 AUTHORIZING LOAN AGREEMENT
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R98-41 AUTHORIZING LOAN AGREEMENT
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Last modified
4/12/2016 11:58:02 AM
Creation date
4/12/2016 11:58:00 AM
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Resolution/Ordinance
Res Ord Num
R98-41
Res Ord Title
AUTHORIZING LOAN AGREEMENT - ONE MAIN PLACE
Approved Date
3/30/1998
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� f ' 'f � <br /> � <br /> , � <br /> � � <br /> -6- <br /> all of his principal indebtedness incurred pursuant to Article II <br /> of this Agreement together with interest on the principal so <br /> prepaid to the date of such prepayment. <br /> A. Prior to the Public Offering Date as defined in the <br /> Decatur Notes, Cardwell may prepay the Loan in full or in <br /> part at no additional costs to Cardwell. <br /> B. After the Public Offering Date, Cardwell may prepay the <br /> Loan in full upon sale of the Real Property. In the event <br /> of prepayment upon sale of the Real Property, Cardwell shall <br /> pay the prepayment penalty, if any, as set forth in <br /> Subparagraph D of this Paragraph 2 .4 . <br /> C. After the Public Offering Date, Cardwell may prepay the <br /> Loan only if he is able to obtain financing to prepay the <br /> Loan at an interest rate which is at least one percent (1%) <br /> per annum less than the interest rate of the Loan. In the <br /> event of prepayment under this Subparagraph, Cardwell shall <br /> pay the prepayment penalty as set forth in Subparagraph D of <br /> this Paragraph 2 .4 . <br /> D. In the event of prepayment, Decatur, under the terms of <br /> the Decatur Loan Contract, is required to defease that <br /> portion of the Decatur Notes prepaid by Cardwell. Decatur <br /> agrees to make a diligent and good faith effort to obtain <br /> Government Obligation or other financial instruments <br /> acceptable to the Secretary of Housing and Urban Development <br /> which earn the highest interest rate then available. In the <br />
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