Common use of Balloon Payments Clause in Contracts

Balloon Payments. Any Indebtedness of the Company (which shall, in any event, be subject to the limitations contained in Section 6.6(viii) of this agreement) which is not fully amortized in equal payments over a period of not more than 30 years, shall have a maturity date (due date) which is not earlier than ten years after the date of the original purchase of the underlying property. The Company may not incur indebtedness of any kind, including all-inclusive and wrap-around loans and interest-only loans, in connection with the purchase of a Property. The provisions of this Section 6.11 shall not apply (but the provisions of section 6.6(viii) shall apply) to indebtedness representing, in the aggregate, 10% or less of the total purchase price of all Properties acquired, or to interim financing, including construction financing, with a full take- out commitment.