Agmt01 City Attorney Agreements - Laserfiche WebLink

Browse Search

$24,259.94 as a lump sum amount of Interest Differential. Upon sale or transfer of the subject property, the principal balance of the loan and all accrued interest shall become due and payable. Upon sale or transfer of the subject property, the proceeds of said sale or transfer shall be applied in the following order of priority: 1. Costs of sale which are reasonable and usual and customary (e.g., sales commission, · escrow fees); 2. Payment to the Note Holder of any accrued but unpaid interest which was required to be monthly paid at the rate of 1.25% per annum; 3. Payment of loan principal to the Note Holder; 4. Payment of the Interest Differential to the Note Holder; 5. The balance, if any, to the undersigned. To the extent that the consideration owing to the undersigned by reason of said sale or transfer of the subject property, less the amount of the obligations specified in items 1 through 3 above, is less than the Interest Differential, the difference need not be paid to the Note Holder. Therefore, for example, if the sale's consideration owing to the undersigned, less said items 1 through 3 above, equaled $100, and the Interest Differential equaled $150, the undersigned would owe to the Note Holder $100. as and for the Interest Differential. As a further example, if the sale's consideration owing to the undersigned, less said items 1 through 3 above, equaled $100, and the Interest Differential equaled $100, the undersigned would owe to the Note Holder $100 as and for the Interest Differential. As a further example, if the sale's consideration owing to the undersigned, less said items 1 through 3 above, equaled $0, and the Interest Differential equaled $100, the undersigned would owe to the Note Holder $0 as and for the Interest Differential. C:~>ublic~edwood City - Promissovj lq'otc dean 7-24-01.wpd 3