Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
<br />Upon the occurrence of certain events of damage, <br />destruction or condemnation, the Holder may (after the <br />prepayment in whole of the Series A Note), as provided in the <br />Mortgage, apply the net proceeds of any insurance or condem- <br />nation award to the prepayment, in whole or in part, of the <br />Principal Balance, in which event a prepayment premium may be <br />payable in accordance with paragraph 8 hereof. <br /> <br />This Note may be called for redemption and prepayment <br />in whole, without premium, on the Call Date or at any time <br />within the six months' period following the Call Date, at the <br />option of the Holder, upon at least thirty (30) days' advance <br />written notice to the Borrower (or such lesser period of notice <br />as the Borrower may approve). <br /> <br />8. If at the time of any prepayment or acceleration <br />of this Note occurring prior to the Call Date, the yield on <br />U.S. Treasury securities (as published by the Federal Reserve <br />Bank of New York) having a maturity date closest to the Call <br />Date (the "Government Yield"), as determined by the Holder as <br />of the date of prepayment or acceleration, is less than a yield <br />equal to the Government Yield determined as of (~t7:~ /2, 1982 <br />plus two and one-half percent (2 1/2%), the Borr er shall pay <br />a premium calculated as follows: (a) The amount of principal <br />so prepaid shall be multiplied by (i) the amount by wh'chJa <br />yield equal to the Government Yield determined as of ,c.t;;<.. /2-, <br />1982 plus two and one-half percent (2 1/2%) exceeds e G ern- <br />ment Yield as of the date of prepayment or acceleration, times <br />(ii) a fraction, the numerator of which is the number of days <br />remaining to the Call Date and the denominator of which is 360. <br />(b) The resulting product shall then be divided by the number <br />of whole months then remaining to the Call Date, yielding a <br />quotient (the "Quotient"). (c) The amount of the prepayment <br />premium payable under this paragraph shall be the present value <br />on the date of prepayment or acceleration (using the Government <br />Yield as of the date of prepayment or acceleration as the <br />discount factor) of a stream of equal monthly payments in <br />number equal to the number of whole months remaining to the <br />Call Date, with the amount of each such hypothetical monthly <br />payment equal to the Quotient and with the first payment pay- <br />able on the date of prepayment or acceleration. <br />Notwithstanding the foregoing, no such prepayment premium shall <br />be payable with respect to a prepayment made at the option of <br />the Holder pursuant to Article Five of the Mortgage or Section <br />5.02 of the Loan Agreement unless an Event of Default shall <br />have occurred under the Mortgage or the Loan Agreement at or <br />prior to the time such prepayment is made. <br /> <br />23 <br />