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_. _.. ?._._... ._ __ <br />+ 4 N4AW <br />UNI'1'ED STATES OF Ai•IER:ICA <br />STATE OF OHIO <br />CITY OF NORTH OLMSTGll <br />r.wo <br />INtiUSTRIAL DEVELOPMENT FIRS'I' MORTGAGB REVENUE BOIVD <br />(Bryant & Stratton ?roject) <br />The City of North Olmstec3, Ohio (tne "Issuer"), a <br />municiL3a1 cor_poration or_ganized and existing under the laws of <br />the State oi Ohio, for value received, pro:nises to pay to <br />TRAtISOHIO Savings Association, Cleveland, Uhio, or reyistered <br />assigns (the "Holder"), but solzly from the sources and in the <br />manner hereinafter reL-erred to, the principal sum of <br />FIVE HUNDRED NINETY THOUSAND DO.GLARS ($590, 000 ) <br />and to pay, from such sources and in such manner, interest (on <br />the basis of a 360-day year o:f: twelve 30-day month$) on the <br />unpaid balance of the principal sum hereof from and after <br />January , 1981 (the date of original delivery oi this Bond) <br />at the rate of ten and one quarter percent (10.250) per annurn <br />(.or, as hereinafLer provided, at the Taxable Rate, as <br />he-leinafter defined) until pay:-i+nnt of t.ne enti.re arincipal sum <br />hereof has been paid. Interest on this Bond from the date of <br />original delivery hereof to and including the 31st day oi <br />January, 1981 ("advance interest" ) shall be paid on the date of <br />such delivery. AFter the payrnent of advance interest, this Bond <br />shall qe payable as to principal and interest as follows: (a) <br />Interest only shall be due and payable commencing on the 1st day <br />of March, 1981 and continuing on the 1st day of each and every <br />calendar month thereafter up to and including the 1st day of tne <br />month following the Completion Date, as defined in the <br />Agreement, as hereinafter defined, of the Project, as <br />hereinafter defined, or tne 1st day of February, 1982, whichever <br />occurs first; (b) principal and interest shall be due and <br />payable in equal monthly installments of Five Thousand Four <br />Hundred Sixty-Six Dollars ($5,466.00) eommencing on the 1st day <br />of the second month following the Co;npletion Uate of the <br />Project or the 1st day of Marcn, 1982, whichever occurs first, <br />and conti.nuiny on the 1st day of each and every month thereafter <br />for a period of two hundred ninety-nine (299) months. The final <br />-- - payment of principal and interest due no later than the 1st day <br />of February, 2007 will be of an amount sufficient to pay the <br />balance of principal and i_nterest tnen remaining unpaid. Each <br />such installment shall be applied first to the payment of Late <br />Charges, (as hereinafter defined) if any, and interest on the <br />7 ,