CHFA LOAN CLOSING - Laserfiche WebLink

its interest therein, without the prior written consent of the Lenders. In the event the Agency receives a request for transfer approval, the Agency shall so notify MBIA. 4. Amount of Payment. The Borrower agrees to pay the indebtedness hereunder as follows: (a) From and after the advance of funds to the Borrower by the Agency and until the date the principal amount shall be paid on this Note, interest shall accrue on the outstanding principal balance at an annual percentage rate equal to nine and fifty -five hundredths percent (9.55 %). (b) Interest only payable monthly on the first day of March , 19SQ, (the second full month following the month in which the Loan closes) and on the first day of each and every month hereafter until and including June 1, 1990. (c) Commencing on July 1, 1990, and continuing on the first day of each and every month thereafter until payment in full of the principal amount together with interest thereon, the Borrower shall make payments to the order of the Active Lender of principal and interest at an annual percentage rate equal to nine and fifty -five hundredths percent (9.55 %) on a level amortization basis. The amount of the monthly payment shall be designated in a notice to the Borrower by the Lenders and shall be computed by the Lenders such that the payments will repay in full on a date not later than 29 years and 11 months after the date of the commencement of payments. (d) The Agency in its sole discretion may adjust the amount of interest charged hereunder by reducing such amount so as to preserve the tax - exempt status of interest on any debt obligations of the Agency. 5. Late Charge. The Borrower agrees that it would be impracticable or extremely difficult to fix the actual damage to the Lenders in the event the Borrower shall be late in the making of any payment due hereunder. Therefore, in the event the Borrower shall fail to make any such payment within ten (10) days after the due date thereof, the Lenders, at their option and in addition to any other remedy hereunder, may impose upon the Borrower, and the Borrower shall pay, a "late charge" of two percent (2 %) of the amount of such delinquent payment.{— - BORROWER'S ACKNOWLEDGEMENT OF LATE CHARGE PROVISION tN 6. Amounts Due to MBIA. (a) The Borrower agrees to pay to MBIA amounts equal to the aggregate of each and every payment made by MBIA under the CHFA 51P.MBIA.PN RIDGE VIEW(02 /05/90) Q02400 -2-