14-20 Cedar Glen Bond Ordinance Addendums

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"Consequential Loss" shall mean, with respect to the termination or cancellation of the LIBOR-Based Rate in effect for the principal balance outstanding under this Note pursuant to the provisions of this Note earlier than the last applicable Eurodollar Business Day of the LIBOR Interest Period, any loss, expense, penalty or premium incurred by Issuer on account of such premature termination or cancellation of such LIBOR-Based Rate. "Construction Loan Agreement" shall mean that certain Bond Purchase and Loan Agreement dated of even date herewith, executed by and among Borrower, Issuer and Bondholder, and/or any direct or remote agreement amending or restating such Bond Purchase and Loan Agreement, as from time to time amended or modified. "Construction Rate" shall mean the LIBOR-Based Rate. "Default Rate" shall mean the rate of interest to take effect under this Note during any period in which an Event of Default exists hereunder, such rate of interest shall be equal to a rate or rates per annum which is Four percent (4%) above the interest rate or rates otherwise applicable under this Note, not to exceed, however,the Maximum Rate. "Event of Default" shall mean the occurrence of any event or condition under Section 11 of this Note and the expiration of any applicable cure period specified therein. "Eurodollar Business Day" shall mean a day on which transactions in U.S. dollars are conducted in the Interbank Eurodollar market in London, England at 11:00 o'clock a.m. London time and on which Issuer is open to conduct normal banking business in Carmel, Indiana. "Governmental Authority" shall mean any foreign governmental authority, the United States of America, any State of the United States and any political subdivision of any of the foregoing and any agency, department, commission, board or bureau or court which has jurisdiction over Issuer or Maker or their respective assets or property, including the loan evidenced hereby, or is charged with the interpretation or administration of any law, rule, regulation or treaty which affects the ability of Issuer to establish a loan. "HUD Loan" shall mean that certain loan in the amount of and 00/100 Dollars ($ ) from Merchants Capital to Borrower and insured by the Secretary of Housing and Urban Development under Section 223(f) of the National Housing Act of 1934, as amended. "HUD Mortgage" shall mean that certain Multifamily Mortgage, Assignment of Leases and Rents and Security Agreement dated as of and executed by Borrower in favor of Merchants Capital Corp. "Investor Limited Partner" shall mean . "LIBOR" shall mean for each LIBOR Interest Period, as of the applicable date and time for determination provided herein, a per annum rate of interest equal to the rate which Issuer determines, in its sole discretion, is generally the market rate offered by leading banks in the London interbank market as of 11:00 a.m., London time, two (2) Eurodollar Business Days prior to the first day of the applicable LIBOR Interest Period, for United States dollar deposits in the 2