14-20 Cedar Glen Bond Ordinance Addendums

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LIBOR is to be determined as provided in the definition of "LIBOR" in this Note or (ii) any category of extensions of credit or other assets that includes loans accruing interest at a LIBOR- Based rate. Each determination by Issuer of a Reserve Requirement, in the absence of manifest error, shall be conclusive and binding. "Repairs" shall mean the non-critical repairs and critical repairs required to be completed pursuant to that certain Escrow Agreement for Deferred Repairs dated 20 , executed by and between Borrower and Merchants Capital. The meanings given to a term defined herein shall apply equally to the singular and plural forms thereof 2. Interest Rate. 2.1 Computation of Interest. The principal balance of this Note from time to time outstanding shall bear interest at the Construction Rate unless and except to the extent that the Default Rate is applicable in accordance with the terms and provisions of this Note. 2.2 Application of Default Rate of Interest. Notwithstanding anything expressed or implied herein to the contrary, the principal balance of this Note from time to time outstanding shall bear interest at the Default Rate during the following times: (i) during any period in which an Event of Default exists hereunder, and (ii) from and after the Maturity Date. 2.3 360 Day Year. Interest shall be calculated daily on the basis of a 360-day year applied to the actual number of days in each interest-payment period. 2.4 Limited to Maximum Rate. Notwithstanding anything expressed or implied herein to the contrary, if at any time the Applicable Rate exceeds the Maximum Rate, then the rate of interest on this Note shall be limited to the Maximum Rate, but any subsequent reduction in the Applicable Rate shall not reduce the rate of interest on this Note below the Maximum Rate until the total amount of interest accrued on this Note equals the amount of interest which would have accrued if the Applicable Rate had at all times been in effect. 2.5 Use of Prime Equivalent Rate. If, with respect to any LIBOR Interest Period, Issuer determines (which determination, in the absence of manifest error, shall be conclusive and binding) that: (a) for any reason, Issuer is unable, through its customary general practices, to obtain a quote offered by prime banks in the Interbank Eurodollar market in London, England, for deposits in U.S. dollars in the appropriate amounts for the appropriate period; or (b) for any reason, it is impracticable, unlawful or impossible for Issuer to utilize LIBOR for setting the interest rate from time to time in effect under this Note; 5