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SENT BY: ICE MILLER • ;10-26-92 ; 5:58PM ; COPY CENTER-, - 2192842397;#16
<br /> REPLACEMENT NOTE
<br /> US $1,577,719 South Bend, Indiana
<br /> September 1, 1992
<br /> 1. FOR VALUE RECEIVED, the undersigned, Columbia Place Associates, an
<br /> Indiana partnership, (hereinafter called "Maker"), promises to pay to the order of the City of
<br /> South Bend, Indiana, or its assigns (hereinafter called "Holder"), at South Bend, Indiana, or at
<br /> such other place as Holder may designate in writing, the principal sum of One Million Five
<br /> Hundred Seventy-Seven Thousand Seven Hundred Nineteen and 00/100 Dollars (US
<br /> $1,577,719), together with interest on the unpaid principal balance from September 1, 1992 as
<br /> hereinafter specified.
<br /> From and after September 1, 1992, interest, computed on the basis of a 360-day year
<br /> composed of twelve 30-day months, shall be payable through August 31, 1993 at the rate of
<br /> 2.75% per annum. Interest due from September 1, 1993, through August 31, 1995, shall be
<br /> payable at the rate of 7.5% per annum. Interest due from September 1, 1995 through August
<br /> 31, 1998, shall be payable at the rate of 8.5% per annum. Interest due from September 1, 1998
<br /> until maturity shall be at a rate of 10.33%. Interest only shall be payable on October 1, 1992
<br /> and the first day of each subsequent month through and including September 1, 1993. Principal
<br /> and interest shall be payable October 1, 1993, and the first day of each subsequent month until
<br /> the principal sum is repaid, in the amount of Fifteen Thousand Three Hundred Thirty-Four and
<br /> 92/100 Dollars (US $15,334,92) per month. Such monthly payments shall continue until all
<br /> obligations of Maker hereunder have been paid in full; except that, in any event, all obligations
<br /> of Maker hereunder shall be fully paid, and all remaining principal and interest shall be due and
<br /> payable no later than July 1, 2013.
<br /> 2. As more fully provided in the Mortgage and Security Agreement hereinafter
<br /> referred to, Holder may also condition its consent to any sale, assignment, encumbrance or other
<br /> disposition of title to the mortgaged property, or to certain transfers of ownership interests in
<br /> Maker, upon an increase in the interest rate on this Note to the Index Rate (as hereinafter
<br /> defined). Upon and after any such change in interest rate, the amount of each monthly payment
<br /> hereunder shall be increased to an amount sufficient to amortize the then unpaid principal
<br /> balance of this Note at such increased interest rate in equal monthly payments over the
<br /> remainder of the Amortization Period. Index Rate shall mean one hundred twenty percent
<br /> (120%) of the average Bond Buyer 30-Year Revenue Bond Index of 25 Revenue Bonds (or, if
<br /> that index is discontinued, then one hundred fifteen percent (115%) of the Bond Buyer Index of
<br /> 20 Municipal Bonds) for the three (3) full calendar months prior to the date of the giving of
<br /> notice of such interest rate adjustment, or any successor index acceptable to Holder and
<br /> Company. During the four (4)-month period following such notice of any such increase in the
<br /> interest rate, Maker shall have the right, by giving at least sixty (60) days written notice to
<br /> Holder, to elect to prepay this Note in full without prepayment premium.
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