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<br />--------- <br /> <br />.\ <br /> <br />ADDENDUM <br /> <br />$85,000 <br /> <br />October 30 ,2002 <br /> <br />SECOND MORTGAGE <br />PROMISSORY NOTE <br /> <br />FOR VALUE RECEIVED, Jian Liang and Li Liang <br /> <br />(the "Debtor" <br /> <br />whether one or more) jointly and severally PROMISE TO PAY to the order of THE GREATER <br /> <br />METROPOLITAN HOUSING CORPORATION OF THE TWIN CITIES, INC., (GMHC) a <br /> <br />Minnesota nonprofit corporation, its successors or assigns at Suite 710, 15 South Fifth Street, <br /> <br />Minneapolis, Minnesota 55402, or at such other place as may be designated from time to time by <br />. non-compound <br />GMHC, the principal sum of Eighty-five Thousand Dollars ($85,000.00) pluSlinterest~t the rate <br />tsimple interest) <br />of 3 % per annum on or before the fifteenth (15) anniversary of the Commencement Date (as <br /> <br />hereinafter defined) (the "Maturity Date"). This Note shall also bear interest after a default by <br /> <br />Debtor as provided in Section 5 below. For purposes of this Note, the term "Commencement <br /> <br />Date" shall mean the first day of the first calendar month after the date of this Note. This Note is <br /> <br />payable as follows: <br /> <br />1.) Delay of Principal and Interest Payments. No principal and interest payments <br />need be made by Debtors on this note until one ofthe following events occur: <br /> <br />a) The property is sold or transferred as set forth herein or in the Second <br />Mortgage. <br /> <br />b) An event of default has occurred as set forth herein or in the Second <br />Mortgage. <br /> <br />2.) Repayment Due on Sale or Transfer. The debt and other obligations evidenced by <br />this Note are secured by that certain Second Mortgage of even date herewith (the "Second <br />Mortgage") by Debtor for the benefit of GMHC. The principal balance of this Note and interest <br />thereon shall be due and payable upon the Sale or transfer (as hereinafter defined) by Debtor of <br />the property described in the Second Mortgage (the "Property"), or upon Default as described <br />below. All Sales must comply with the terms and conditions of this Note and the Second <br />Mortgage. For purposes of this Note, the term "Sale" (and all forms and derivatives thereof) <br />shall mean any sale, conveyance, mortgage, pledge, grant of a security interest or other transfer <br /> <br />-~------------- <br /> <br />--- <br />