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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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�, , y. . <br /> , � <br /> � � <br /> < < <br /> -7- <br /> event the cost of said Government Obligation or financial <br /> instruments exceed the prepayment amount, Decatur agrees to <br /> pay the first $50, 000. 00 of said excess cost. Cardwell, as <br /> a prepayment penalty, shall pay all remaining excess cost of <br /> the Government Obligations or financial instruments. <br /> 2 . 5 No Personal Liability. Cardwell shall have no personal <br /> liability for the repayment of the Loan. The Mortgage and Note <br /> shall be executed by the Land Trustee which shall not be <br /> obligated to repay the Loan. In the event of default under the <br /> terms of this Loan Agreement, the Note, or any of the Additional <br /> Documents, Decatur's recourse shall be limited to foreclosure of <br /> the Mortgaqe and all rights under the Assignment of Leases And <br /> Rents. This paragraph 2 . 5, shall take precedence over any <br /> contradictory language in this Loan Agreement, the Mortgage, Note I, <br /> or any of the Additional Documents. <br /> ARTICLE III = Conditions to the Loan <br /> Decatur's agreement to lend, contained in this Agreement, <br /> shall be effective only upon fulfillment of the following <br /> conditions at or prior to the date of execution of this <br /> Agreement. <br /> 3 . 1 Action. Cardwell shall have taken all necessary and <br /> appropriate corporate action authorizing the Loan, the execution <br /> and delivery of this Agreement, the Note, and the Additional <br /> Documents, and the taking of all action required of him by this <br /> Agreement; and Cardwell shall have furnished to Decatur <br />
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