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PART 2. LOAN TERMS AND REPAYMENT <br /> 2.1 Promissory Note. In consideration of the receipt of the ("Loan"), Borrower shall repay to <br /> the Lender the Loan pursuant to the terms of the Promissory Note of even date (the "Note"), the <br /> form of which is attached hereto as Exhibit A and which terms include the following: interest at a <br /> rate of 3.0 %per annum (the "Rate"); Principal and Interest payments of per month <br /> beginning , 2017 and continuing on the first day of each month thereafter, until , <br /> 2027, (the "Loan Maturity Date"). Borrower shall pay the principal of and interest rate then in <br /> effect over the term of the Note. Said payments to continue each month thereafter until the Loan <br /> Maturity Date on which date the entire remaining principal balance plus accrued interest shall be <br /> due and payable in full. <br /> 2.2 Interest From Date of Closing. Interest at the Initial Rate on the Note principal shall <br /> commence to accrue on the Date of Closing and all accrued interest from said date through <br /> , 2017 shall be paid in advance to Lender in full on the Date of Closing. Said <br /> amount is calculated to be$ <br /> PART 3. LOAN DISBURSEMENT OF LOAN PROCEEDS <br /> 3. Disbursement of Loan Proceeds. The Loan proceeds shall be disbursed to Borrower upon <br /> satisfaction of the following conditions: <br /> a. Borrower having executed and delivered to Lender, without expense to Lender: <br /> (1) executed copies of the following documents: <br /> i. this Loan Agreement; <br /> ii. the Note; <br /> iii. Combination Mortgage, Security Agreement and Fixture Financing <br /> Statement granting Lender a Third priority Mortgage on the Property <br /> subject only to Permitted Encumbrances as set forth on Exhibit B attached <br /> hereto; (the"Mortgage"); <br /> iv. Potential mention of the Mtg on Residential RE if they plan on doing that <br /> set forth on Exhibit C attached hereto; (the"Mortgage"); <br /> V. The Guarantee executed by the Guarantor. <br /> The Note,the Loan Agreement, the Mortgage and the Guarantee executed by the Guarantor <br /> are collectively herein after referred to as the"Loan Documents." <br /> b. The Borrower having acquired marketable title to the Property in accordance with the <br /> terms of this Agreement, and Borrower having provided evidence satisfactory to <br /> Lender that Borrower has incurred costs in at least the amount of the Loan so disbursed, <br /> which evidence shall include closing statements, paid invoices or comparable evidence <br /> of expenditures; <br /> C. Borrower having paid the Lender an origination fee of$ ; and <br /> 2 <br />