83-152 Ordinance - Laserfiche WebLink

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?.,.? value, as determined by the Holder. In each case, the daily interest cost shall be computed (i) from the date hereof to March 14, 1984, inclusive, on the basis of the actual number of days based upon a 360- day year, and (ii) from and after March 15, 1984, on the basis of a 30- day month and a 360-day year. The Issuer shall also pay, as additional interest (the "Additional Interest"), an amount equal to one percent (1X) of the principal sum hereof. The Additional Interest is an addi- tional charge made by the Holder for the use of the proceeds of this Note and is not a charge for any service rendered by the Holder or any other person in connection with the issuance of this Note. Notwith- standing the foregoing, in the event the maximum marginal federal corpo- rate income tax rate as established in Subtitle A, Chapter lA, Part II, Section 11 of the Internal Revenue Code, as amended ("Tax Rate"), is either increased or decreased from the present 46% rate, the rate of interest on the Project Note shall be increased or decreased as follows: The new rate of interest shall be the Tax Equivalent Yield multiplied by the difference between 1 and the new tax rate. As used herein, Tax Equivalent Yield means the then applicable interest rate hereunder multipled by 1.852. Sub3ect to the provisions hereinafter mentioned with respect to the unpaid balance being declared due and payable prior to the final due date, principal and interest shall be paid as follows: Interest only shall be payable on the fifteenth day of each month (the "Payment Date(s)") commencing February 15, 1984 and continuing until March 15, 1984, inclusive. Commencing April 15, 1984 and continu- ing until March 15, 1989, inclusive, equal inetallments of principal and interest in the amount of Twenty-Two Thousand Ninety-Two and 76/100 Dollars ($22,092.76), shall be payable on each Payment Date. There- after, the amount of such monthly installments shall be ad,justed on the first Payment Date of each subsequent Interest Period so that the amount of such monthly installments will be sufficient to amortize the princi- pal amount of this Note then outstanding at the then applicable interest rate over the remaining term of this Note. The Additional Interest shall be paid in two equal installments of $12,500 each due and payable on February 15, 1984 and March 15, 1984. The Project Note shall mature on March 15, 2004. Principal and interest on this Note are payable in lawful money of the United States of America at the principal office of the Mortgagee as defined in the Agreement described hereinafter (the "Mortgagee"), pre- sently Society National Bank. This Note represents a duly authorized issue of an Industrial Development Revenue Note (the "Project Note") in the principal amount of TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000) and is issued for the purpose of making a loan to finance the costs of acquiring, improv- ing, and equipping a commercial facility to be used as a medical office building within the boundaries of the Issuer (the "Project") in order to 36