Common use of Payments of Interest and Principal Clause in Contracts

Payments of Interest and Principal. The Borrowers shall make payments of interest and principal on the Note as follows: (i) The Borrowers shall make a payment to Lender of interest only on the Closing Date for the first Interest Accrual Period; (ii) On each Payment Date commencing with the Payment Date in December 2002, and on each Payment Date thereafter through but not including the Payment Date in December 2003, the Borrowers shall make a payment of interest on the Loan for the Interest Accrual Period immediately preceding each such Payment Date, and in addition shall make a payment of principal on the Loan in an amount equal to the lesser of (x) the Scheduled Mortgage Principal Payment or (y) Mortgage Lender's Percentage of all Excess Cash Flow; provided that the amount of Mortgage Lender's Percentage of the amount of any Release Price Excess for any Property released during such period shall be deemed applied (without duplication) in reduction of each of the Scheduled Mortgage Principal Payments next becoming due and payable under this clause (ii) and under clause (iii) of this Section 2.4(A) through the Scheduled Maturity Date (but not beyond) in an amount equal to (x) Mortgage Lender's Percentage of such Release Price Excess divided by (y) the number of such Scheduled Mortgage Principal Payments remaining through the Scheduled Maturity Date; and (iii) On each Payment Date commencing with the Payment Date in December 2003, and on each Payment Date thereafter through the Maturity Date, the Borrowers shall make (iv) On each Payment Date prior to the Payment Date in December 2003, if Mortgage Lender's Percentage of Excess Cash Flow in any month exceeds the Scheduled Mortgage Principal Payment for such month, such excess amount shall be paid to Lender and applied to principal on the Loan until the amount of any Amortization Deficiency has been reduced to zero, and any remainder Excess Cash Flow thereafter shall be distributed in accordance with the terms of the Cash Management Agreement; and (v) At any time the then Aggregate Outstanding Principal Balance is less than $90,812,257.80, Mortgage Lender's Percentage of Excess Cash Flow shall be paid to Lender and applied on each Payment Date in reduction of the principal balance of the Loan (which payment shall be made without the imposition of any Prepayment Consideration).

Payments of Interest and Principal. The Borrowers (a) Time and Method of Payment. -------------------------- (i) If the Disbursement Date does not occur on the first day of a month, there shall be paid on the first day of the first month following the Disbursement Date, for the period commencing on the Disbursement Date and ending on and including the last day of the month in which the Disbursement Date occurs, interest only on the portion of the Principal Sum disbursed on the Disbursement Date at the Interest Rate. Thereafter, subject to Paragraph 3(a)(ii) below, Maker shall pay the Principal Sum to Lender, together with interest thereon calculated in arrears, in monthly installments commencing on the first day of the second month following the Disbursement Date and continuing on the first day of each month thereafter until the Maturity Date. Each installment shall be in an amount sufficient to amortize the Principal Sum in equal payments based upon a fifteen (15) year amortization schedule at the Interest Rate, which schedule shall be deemed to have commenced on the first day of the first month following the Disbursement Date regardless of the date of any subsequent disbursement of the Principal Sum by Lender under the Loan Agreement. Lender shall recalculate the amount of such monthly installments after each disbursement of the Principal Sum under the Loan Agreement. (ii) Notwithstanding the provisions of Paragraph 3(a)(i) above, until January 1, 1996 Maker shall be required to make payments monthly installments of interest and principal on the Note as follows: (i) The Borrowers shall make a payment due to Lender only from and to the extent of Net Operating Cash Flow realized by Maker for any month ending prior to January 1, 1996. Each such monthly installment (or portion thereof) of interest only on the Closing Date for the first Interest Accrual Period; (ii) On each Payment Date commencing and principal which is not paid by Maker when due in accordance with the Payment Date in December 2002, and on each Payment Date thereafter through but not including the Payment Date in December 2003, the Borrowers foregoing sentence shall make a payment of accrue interest on the Loan for at the Interest Accrual Period immediately preceding each such Payment Date, and in addition shall make a payment of principal on Rate from the Loan in an amount equal to date the lesser of (x) the Scheduled Mortgage Principal Payment or (y) Mortgage Lender's Percentage same was due. The total of all Excess Cash Flow; provided that the amount of Mortgage Lender's Percentage of the amount of any Release Price Excess for any Property released during such period unpaid monthly installments (or portions thereof), together with all interest accruals thereon, shall be deemed applied (without duplication) in reduction of each of referred to herein as the Scheduled Mortgage Principal Payments next becoming due "Accrued Amount." The Accrued Amount, or any portion thereof remaining unpaid at any time and payable under this clause (ii) and under clause (iii) from time to time during the term of this Section 2.4(ANote (the "Accrual Balance") through shall bear interest at the Scheduled Maturity Date (but not beyond) in an amount equal Interest Rate until fully repaid by Maker to (x) Mortgage Lender's Percentage of such Release Price Excess divided by (y) the number of such Scheduled Mortgage Principal Payments remaining through the Scheduled Maturity Date; and (iii) On each Payment Date commencing with the Payment Date in December 2003, . At any time and on each Payment Date thereafter through from time to time up to the Maturity Date, Maker may pay the Borrowers shall make then outstanding Accrual Balance to Lender, in whole or in part. Notwithstanding the foregoing, Maker hereby agrees to apply all Net Operating Cash Flow realized by Maker for any month during the term of this Note (iv) On each Payment Date prior in excess of the amount required to be paid pursuant to the Payment first sentence of this Paragraph 3(a)(ii)) (A) to reduce the outstanding Accrual Balance until paid in full, and (B) after the outstanding Accrual Balance has been paid in full, to reduce the outstanding Principal Sum. In all events, the Principal Sum, including any Accrual Balance, remaining unpaid on the Maturity Date in December 2003, if Mortgage Lender's Percentage of Excess Cash Flow in any month exceeds the Scheduled Mortgage Principal Payment for such month, such excess amount shall be paid to Lender and applied to principal in full on the Loan until the amount of any Amortization Deficiency has been reduced to zero, and any remainder Excess Cash Flow thereafter shall be distributed in accordance with the terms of the Cash Management Agreement; and (v) At any time the then Aggregate Outstanding Principal Balance is less than $90,812,257.80, Mortgage Lender's Percentage of Excess Cash Flow shall be paid to Lender and applied on each Payment Date in reduction of the principal balance of the Loan (which payment shall be made without the imposition of any Prepayment Consideration)Maturity Date.

Payments of Interest and Principal. The Borrowers shall make payments of interest and principal on the Note as follows: (i) The Borrowers shall make a payment to Lender of interest only on the Closing Date for the first Interest Accrual Period; (ii) On each Payment Date commencing with the Payment Date in December 2002, and on each Payment Date thereafter through but not including the Payment Date in December 2003, the Borrowers shall make a payment of interest on the Loan for the Interest Accrual Period immediately preceding each such Payment Date, and in addition shall make a payment of principal on the Loan in an amount equal to the lesser of (x) the Scheduled Mortgage Mezzanine Principal Payment or (y) Mortgage Mezzanine Lender's Percentage of all Excess Cash Flow; , provided that the amount of Mortgage Mezzanine Lender's Percentage of the amount of any Release Price Excess for any Property released during such period shall be deemed applied (without duplication) in reduction of each of the Scheduled Mortgage Mezzanine Principal Payments next becoming due and payable under this clause (ii) and under clause (iii) of this Section 2.4(A) through the Scheduled Maturity Date (but not beyond) in an amount equal to (x) Mortgage the Mezzanine Lender's Percentage of such Release Price Excess divided by (y) the number of such Scheduled Mortgage Mezzanine Principal Payments remaining through the Scheduled Maturity Date; and (iii) On each Payment Date commencing with the Payment Date in December 2003, and on each Payment Date thereafter through the Maturity Date, the Borrowers shall make (iv) On each Payment Date prior to the Payment Date in December November 2003, if Mortgage the Mezzanine Lender's Percentage of Excess Cash Flow in any month exceeds the Scheduled Mortgage Mezzanine Principal Payment for such month, the Mezzanine Lender's Percentage of such excess amount shall be paid to Lender and applied to principal on the Loan until the amount of any Amortization Deficiency has been reduced to zero, and any remainder Excess Cash Flow thereafter shall be distributed in accordance with the terms of the Mortgage Loan Cash Management Agreement or the Cash Management Agreement; and (v) At any time the then Aggregate Outstanding Principal Balance is less than $90,812,257.8090,812,257,80, Mortgage the Mezzanine Lender's Percentage of Excess Cash Flow shall be paid to Lender and applied on each Payment Date in reduction of the principal balance of the Loan (which payment shall be made without the imposition of any Prepayment Consideration).

Payments of Interest and Principal. The Borrowers shall make payments of interest and principal on the Note as follows: (i) The Borrowers shall make a payment to Lender of interest only on the Closing Date for the first Interest Accrual Period; (ii) On each Payment Date commencing with the Payment Date in December 2002, and on each Payment Date thereafter through but not including the Payment Date in December 2003, the Borrowers shall make a payment of interest on the Loan for the Interest Accrual Period immediately preceding each such Payment Date, and in addition shall make a payment of principal on the Loan in an amount equal to the lesser of (x) the Scheduled Mortgage Mezzanine Principal Payment or (y) Mortgage Mezzanine Lender's Percentage of all Excess Cash Flow; , provided that the amount of Mortgage Mezzanine Lender's Percentage of the amount of any Release Price Excess for any Property released during such period shall be deemed applied (without duplication) in reduction of each of the Scheduled Mortgage Mezzanine Principal Payments next becoming due and payable under this clause (ii) and under clause (iii) of this Section 2.4(A) through the Scheduled Maturity Date (but not beyond) in an amount equal to (x) Mortgage the Mezzanine Lender's Percentage of such Release Price Excess divided by (y) the number of such Scheduled Mortgage Mezzanine Principal Payments remaining through the Scheduled Maturity Date; and (iii) On each Payment Date commencing with the Payment Date in December 2003, and on each Payment Date thereafter through the Maturity Date, the Borrowers shall make (iv) On each Payment Date prior to the Payment Date in December November 2003, if Mortgage the Mezzanine Lender's Percentage of Excess Cash Flow in any month exceeds the Scheduled Mortgage Mezzanine Principal Payment for such month, the Mezzanine Lender's Percentage of such excess amount shall be paid to Lender and applied to principal on the Loan until the amount of any Amortization Deficiency has been reduced to zero, and any remainder Excess Cash Flow thereafter shall be distributed in accordance with the terms of the Mortgage Loan Cash Management Agreement or the Cash Management Agreement; and (v) At any time the then Aggregate Outstanding Principal Balance is less than $90,812,257.80, Mortgage the Mezzanine Lender's Percentage of Excess Cash Flow shall be paid to Lender and applied on each Payment Date in reduction of the principal balance of the Loan (which payment shall be made without the imposition of any Prepayment Consideration).

Payments of Interest and Principal. The Borrowers shall make payments of interest and principal on the Note as follows: (i) The Borrowers shall make a payment to Lender of interest only on the Closing Date for the first Interest Accrual Period; period from the Closing Date through December 5, 2004. Commencing on January 6, 2005 (iithe "First Payment Date") On and on the sixth day of each calendar month thereafter (each, with the First Payment Date, a "Payment Date"), Borrowers shall make monthly payments of interest accrued on the Principal Balance of the Loan through and including the date one calendar day prior to such Payment Date commencing with (each, a "Monthly Debt Service Payment"). After an Event of Default, Borrowers irrevocably waive the right to direct the application of any and all payments at any time hereafter received by Lender from or on behalf of Borrowers, and Borrowers irrevocably agree that Lender shall have the continuing exclusive right to apply any and all such payments against the then due and owing obligations of Borrowers in such order of priority as Lender may deem advisable. Notwithstanding anything contained herein to the contrary, Lender shall have the right, to be exercised not more than once during the term of the Loan, to change the Payment Date to a date other than the sixth (6th) day of each month, provided such date is later than the 6th day of each month (a "New Payment Date"), on twenty (20) days prior written notice to Borrowers, in December 2002which case (i) interest shall be paid on the date the New Payment Date first occurs for the period beginning on sixth (6th) day of the calendar month in which the New Payment Date first occurs to the New Payment Date, and on each New Payment Date thereafter through but not including for a monthly equivalent period from the last New Payment Date in December 2003, to the Borrowers shall make a payment of interest on current New Payment Date designated by Lender at the Loan for time the Interest Accrual Period immediately preceding each such New Payment DateDate is designated, and in addition shall make a payment of principal on the Loan in an amount equal to the lesser of (x) the Scheduled Mortgage Principal Payment or (y) Mortgage Lender's Percentage of all Excess Cash Flow; provided that the amount of Mortgage Lender's Percentage of the amount of any Release Price Excess for any Property released during such period shall be deemed applied (without duplication) in reduction of each of the Scheduled Mortgage Principal Payments next becoming due and payable under this clause (ii) and under clause (iii) Lender may designate, at the time the New Payment Date is designated, an extension of this Section 2.4(A) through the Scheduled Maturity Date (but not beyond) to the New Payment Date occurring in an amount equal to (x) Mortgage Lender's Percentage of such Release Price Excess divided by (y) the number of such Scheduled Mortgage Principal Payments remaining through month in which the original Scheduled Maturity Date; and (iii) On each Payment Date commencing with the Payment Date in December 2003, and on each Payment Date thereafter through the Maturity Date, the Borrowers shall make (iv) On each Payment Date prior to the Payment Date in December 2003, if Mortgage Lender's Percentage of Excess Cash Flow in any month exceeds the Scheduled Mortgage Principal Payment for such month, such excess amount shall be paid to Lender and applied to principal on the Loan until the amount of any Amortization Deficiency has been reduced to zero, and any remainder Excess Cash Flow thereafter shall be distributed in accordance with the terms of the Cash Management Agreement; and (v) At any time the then Aggregate Outstanding Principal Balance is less than $90,812,257.80, Mortgage Lender's Percentage of Excess Cash Flow shall be paid to Lender and applied on each Payment Date in reduction of the principal balance of the Loan (which payment shall be made without the imposition of any Prepayment Consideration)occurs.

Payments of Interest and Principal. The Borrowers shall make payments of interest and principal on the Note as follows: (i) The Borrowers shall make a payment to Lender of interest only on the Closing Date for the first Interest Accrual Period; (ii) On each Payment Date commencing with the Payment Date in December 2002March 2004, and on each Payment Date thereafter through but not and including the Payment Date in December 2003Anticipated Repayment Date, the Borrowers shall make a payment of interest at the applicable Component Rate on the Loan each Component for the Interest Accrual Period immediately preceding each such Payment DateDate (together with any late charges, Servicing Fees and other expenses then due and owing under the Loan Documents), and in addition shall make a payment of principal on the Loan in an amount equal to the lesser of (x) the Scheduled Mortgage Principal Payment or (y) Mortgage Lender's Percentage of all Excess Cash Flow; provided that the amount of Mortgage Lender's Percentage of the amount of any Release Price Excess for any Property released during such period which shall be deemed applied first to pay late charges, the charges and expenses of Lender, and any Servicing Fees as provided hereunder, second to currently accruing interest at the applicable Component Rate on each Component, and third, to the Principal Amount of Component A until the Principal Amount of Component A has been reduced to zero, and then sequentially to each Component with an earlier alphabetical designation (without duplication) i.e., B through G, in reduction that order until the Principal Amount of each of the Scheduled Mortgage Principal Payments next becoming due and payable under this clause (ii) and under clause (iii) of this Section 2.4(A) through the Scheduled Maturity Date (but not beyond) Component is repaid in an amount equal to (x) Mortgage Lender's Percentage of such Release Price Excess divided by (y) the number of such Scheduled Mortgage Principal Payments remaining through the Scheduled Maturity Datefull; and (iiiii) On each Payment Date Date, commencing with the first Payment Date in December 2003following the Anticipated Repayment Date, and on each Payment Date thereafter through the Maturity Date, interest shall accrue on each Component at the Borrowers shall make (iv) On applicable ARD Component Rate. Commencing on the first Payment Date after the Anticipated Repayment Date, and on each Payment Date prior to thereafter through the Payment Date in December 2003Maturity Date, if Mortgage Lender's Percentage 100% of Excess Cash Flow for the calendar month preceding the calendar month in any month exceeds the Scheduled Mortgage Principal which such Payment for such month, such excess amount Date occurs shall be paid due and shall be applied, first to Lender pay late charges, the charges and applied expenses of Lender, and Servicing Fees as provided hereunder, second to principal currently accruing interest at the applicable Component Rate on each Component, third, to the Loan Principal Amount of Component A until the amount Principal Amount of any Amortization Deficiency Component A has been reduced to zero, and any remainder Excess Cash Flow thereafter then sequentially to each Component with an earlier alphabetical designation (i.e., B through G, in that order) until the Principal Amount of each Component is repaid in full, and fourth, to the Accrued Interest on Component A until the Accrued Interest with respect to Component A has been reduced to zero, and then sequentially to each Component with an earlier alphabetical designation (i.e., B through G, in that order until the Accrued Interest with respect to each such Component is paid in full. Until paid, the excess of (x) the applicable ARD Component Rate for each Component over (y) the applicable Component Rate for each Component, shall be distributed in accordance with the terms of the Cash Management Agreement; deferred and (v) At any time the then Aggregate Outstanding Principal Balance is less than $90,812,257.80, Mortgage Lender's Percentage of Excess Cash Flow shall be paid to Lender and applied on each Payment Date in reduction of the principal balance of the Loan (which payment Date, shall be made without added to any interest previously deferred pursuant to this sentence and remaining unpaid (the imposition of any Prepayment Consideration"ACCRUED INTEREST"). Accrued Interest shall not bear interest.

Payments of Interest and Principal. The Borrowers Interest on all Obligations not subject to LIBOR fixed term contracts shall make be due and payable, in arrears, on the first day of each month during the term hereof. Interest due under LIBOR fixed term contracts shall be payable at the end of each such fixed term. In addition to the payments of interest and above described, payments of principal under Term Promissory Note-1 shall be made on the Note as follows: (i) The Borrowers shall make a payment to Lender first day of interest only each month, commencing February 1, 2000 and continuing on the Closing Date first day of each month thereafter, in amounts of $25,000 each with any remaining outstanding principal balance due and payable in full on January 1, 2002. In addition to the monthly principal payments due under Term Promissory Note-1, Borrower shall on the earlier of March 15, 2000 and continuing on each June 15, September 15 and December 15 thereafter or if earlier, the date of Borrower's filing of its Form 10(QSB) or its Form 10(KSB) with the Securities and Exchange Commission for the first Interest Accrual Period; (ii) On each Payment Date fiscal quarter commencing with the Payment Date in December 2002fiscal quarter ending on January 31, 2000 and continuing with the fiscal quarters ending on each Payment Date April 30, July 31 and October 31 and thereafter through but not including prepay the Payment Date in December 2003, the Borrowers shall make a payment of interest on the Loan for the Interest Accrual Period immediately preceding each such Payment Date, and in addition shall make a payment of principal on the Loan in amount outstanding under Term Promissory Note-1 by an amount equal to the lesser of (xi) the Scheduled Mortgage Principal Payment $25,000 or (y) Mortgage Lender's Percentage of all Excess Cash Flow; provided that the amount of Mortgage Lender's Percentage of the amount of any Release Price Excess for any Property released during such period shall be deemed applied (without duplication) in reduction of each of the Scheduled Mortgage Principal Payments next becoming due and payable under this clause (ii) such amount which exceeds 2.0 times Borrower's Debt Service Ratio. If not sooner paid, one lump sum payment of all outstanding principal under Term Promissory Note-2 shall be due on January 1, 2002. 3 Borrower hereby authorizes People's, at its option, without prior notice to Borrower, to charge such interest, all People's Expenses (as and under clause (iii) of this Section 2.4(A) through the Scheduled Maturity Date (but not beyond) in an amount equal to (x) Mortgage Lender's Percentage of such Release Price Excess divided by (y) the number of such Scheduled Mortgage Principal Payments remaining through the Scheduled Maturity Date; and (iii) On each Payment Date commencing with the Payment Date in December 2003when incurred), and on each Payment Date all installments or other payments due under any note or other Loan Document to Borrower's loan account, which unpaid amounts thereafter through shall accrue interest at the Maturity Date, the Borrowers shall make (iv) On each Payment Date prior to the Payment Date in December 2003, if Mortgage Lender's Percentage of Excess Cash Flow in any month exceeds the Scheduled Mortgage Principal Payment for such month, such excess amount rate then applicable hereunder. Any interest not paid when due shall be paid to Lender and applied to principal on compounded by becoming a part of the Loan until the amount of any Amortization Deficiency has been reduced to zeroObligations, and any remainder Excess Cash Flow such interest shall thereafter shall be distributed in accordance with accrue interest at the terms of the Cash Management Agreement; and (v) At any time the rate then Aggregate Outstanding Principal Balance is less than $90,812,257.80, Mortgage Lender's Percentage of Excess Cash Flow shall be paid to Lender and applied on each Payment Date in reduction of the principal balance of the Loan (which payment shall be made without the imposition of any Prepayment Consideration)applicable hereunder.