02-28-2013 Council Agenda - Laserfiche WebLink

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On March 20, 2023 (the "First Adjustment Date ") and on March 20, 2028 (the "Second Adjustment Date ") (each such date being hereinafter referred to as an "Adjustment Date ") and continuing thereafter through March 20, 2033 (the "Final Maturity Date "), the interest rate on this Note shall be recomputed according to the terms of this Note. On each of the Adjustment Dates until the day immediately preceding the next Adjustment Date or the Maturity Date, as the case may be, the interest rate on this Note shall be the "Recomputed Rate ", (as hereinafter defined) in effect on each of the applicable Adjustment Dates. For purposes of this Note, the term "Recomputed Rate" shall mean an interest rate per annum equal to the sum of 200 basis points plus the then current rate of the Treasury Constant Maturities for ten -year obligations as reported by the Federal Reserve for the preceding month, provided, however, that the Recomputed Rate shall be not less than 3.85% nor greater than 4.85 %. All interest payable shall he calculated on the basis of a 360 day year, but shall be payable on the actual days elapsed during the term of this Note. 3. The Original Note is hereby amended from and after the date hereof by deleting Section 3 in its entirety and replacing it with the following: 3. The current principal balance of this Note $1,548,929.88, or such lesser sum as may be actually owing, together with interest on the unpaid principal balance at the Note Rate or the Recomputed Rate, as the case may be, in effect from time to time, during the term of this Note, shall be payable in successive monthly installments according to the terms of this Section 3. The monthly installments of principal and interest due hereunder, at the Note Rate or the Recomputed Rate, in effect from time to time, as the case may be, shall be payable initially in the amount of Nine Thousand Three Hundred Ten and 57/I00 Dollars ($9,310.57), which installments will commence on April 20, 2013 and continue on the 20i1' day of each month thereafter until the First Adjustment Date when the fixed monthly installments of principal and interest shall be adjusted according to the following paragraph of this Note, unless the Borrower makes a prepayment of principal as hereinafter provided, in which event the monthly installments may be adjusted earlier according to the terms of this Note. The monthly installments of principal and interest beginning on April 20, 2013 in the amount of Nine Thousand Three Hundred Ten and 57/100 Dollars ($9,310.57) were calculated by amortizing the anticipated outstanding principal balance as of March 20, 2013 ($1,548,929.88) over 20 years ( "Original Amortization Period ") at the Note Rate (3.85 %) in effect on March 20, 2013. If the Note Rate changes on the First Adjustment Date or the Second Adjustment Date, the monthly installment will be increased or decreased by amortizing the then outstanding principal balance of the Note over the remaining term of the Original Amortization Period using the applicable Recomputed Rate e.g. if the principal balance on the First Adjustment Date is $923,542.47 and the new Note Rate is 4% and the remaining term of the Original Amortization Period is 10 years, the monthly installments due on the 20th day of each month, until the Second Adjustment Date would be $9,377.39. 5216651v2 9 2