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EXHIBIT B <br /> P.A.I. PROPERTIES <br /> SERIES 1993 NOTE <br /> $450, 000 December , 1993 <br /> FOR VALUE RECEIVED, the undersigned, P.A.I. PROPERTIES, an <br /> Indiana partnership, hereby promises to pay, to the order of the <br /> City of South Bend, Indiana, as hereinafter provided, the principal <br /> sum of FOUR HUNDRED FIFTY THOUSAND DOLLARS ($450, 000. 00) , together <br /> with interest from the date hereof (computed on the basis of a 360- <br /> day year, twelve 30-day months) , at the fixed per annum rate of six <br /> and one-half percent (6-1/2%) . <br /> Payment shall be made in 180 equal successive monthly <br /> installments of principal, in the amount of Two Thousand Five <br /> Hundred Dollars ($2, 500. 00) per installment, plus interest on the <br /> unpaid principal balance at the fixed rate of six and one-half <br /> percent (6-1/2%) per annum, in arrears, due and payable monthly on <br /> the same days as principal, commencing on January 15, 1994, and <br /> continuing on the 15th day of each month thereafter to and <br /> including December 15, 2008, on which date all unpaid amounts <br /> hereunder shall be due and payable. <br /> Notwithstanding anything herein to the contrary, if an Event <br /> of Taxability occurs, then the Borrower shall furnish to Issuer for <br /> payment to the Bondholders the following amounts: <br /> (i) from the date of taxability (such date being <br /> the date as of which interest on the Series 1993 Bonds is <br /> determined to be taxable) , an amount equal to the difference <br /> between (A) the interest that would have been payable had such <br /> interest payments been calculated at the Taxable Rate and (B) the <br /> actual amount of such interest payments, plus <br /> (ii) the amount of penalties, additions to tax, <br /> exclusive of any taxes imposed under Section 11 (or any successor <br /> provision) of the Code, and interest assessed against the <br /> Bondholders due to the inclusion of such additional interest <br /> payments in the Bondholders' gross income for federal income tax <br /> purposes ("Additions to Tax") that are deductible by the <br /> Bondholders for federal income tax purposes, plus <br /> (iii) an amount, which after the deduction of all <br /> federal, state, or local taxes required to be paid by the <br /> Bondholders in respect of the receipt thereof (calculated at the <br /> maximum statutory rates applicable to the Bondholders) minus any <br /> tax benefit derived therefrom, shall be equal to the amount of any <br /> Additions to Tax that are not deductible by the Bondholders for <br /> Federal income tax purposes. <br /> -49- <br />