6E(3) Blackthorn Golf Course Financing Agreement

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PROMISSORY NOTE (Secured By Purchase Money Security Interest) $31,032.00 South Bend, Indiana May 7, 2010 For value received, the undersigned promises to pay to the order of: The City of South Bend, Department of Redevelopment, Airport Economic Development Area TIF Fund, the sum of Thirty One Thousand Thirty Two Dollars ($31,032.00), in forty-eight (48) instalhuents of Six Hundred Forty Six and 50/100 Dollars ($646.50) each, convnencing on May 15, 2010, and continuing on the 15'x' of each month, during the months of May through October of each year, without interest during such period when there shall be no delinquency or default in the payment of any moneys to be paid on this obligation, but with interest at the rate of eight percent per annual computed monthly when there shall be any delinquency or default in the payment of any moneys to be paid on this obligation and to be computed to the next interest period following such delinquency or default, and such rate shall continue to be paid until all delinquencies and defaults are removed by the beginning of a succeeding interest period, all without relief ti•om Valuation or Appraisement Laws. and with attorney"s fees. Failure on the part of any holder to collect or charge the additional interest rate during any delinquency or default shall at no time constitute a waiver of his ri~~ht. or any holder's right. to demand and receive interest as provided herein. hlstalhnent payments hereinabove provided shall be applied to the payment of any unpaid interest, secondly to the unpaid balance of any other unpaid debt on account of this obligation, and thirdly the remainder to be applied on the unpaid principal of the debt until the same is paid in full. Upon default in the payment of any installment or other pa}nnent herein required when the same shall become due, the entire unpaid principal, interest and other indebtedness on account of this obligation and secw-ity interest securing the same shall, at the sole option of the holder thereof, become due and payable immediately without notice of non-payment or demand for payment, and the entire indebtedness may be collected by appropriate proceedings. No failure on the part of the holder of this obligation in exercising said option to declare the whole of said indebtedness due or to proceed to collect the same shall operate as a waiver of the right to do so or preclude the exercise of such option at any time during the continuance of such default or the occun-ence of a succeeding default. Advance payments may be made in any amount. The holder of this obligation may renew the same or extend time of payment of the indebtedness or any part thereof or reduce the payments thereon; any and such renewal, extension or reduction shall not release any maker, endorser or guarantor from any liability on said obligation.