- 10 -
Year Amount8
1986 $ 570,167
1987 3,421,004
1988 3,421,004
1989 3,421,004
1990 3,421,004
1991 3,421,004
1992 3,421,004
The Limited Recourse Note contained the following deferral
provision:
5. Deferral, etc.
5.1 Deferral. Maker [the partnership] shall have the
right to defer payment of the Principal Amount and interest
as the same becomes due under this Note if and to the extent
any amount of rent or other sums due to Maker under an
agreement of even date (the "Lease"), between * * *
[Charterhouse], as lessee, and Maker, as lessor is not
received by Maker as the same becomes due (the "Past Due
Sum"). The amount of principal and interest so deferred
will become due and payable at such time as, and to the
extent that, Maker receives from Charterhouse the Past Due
Sum; provided, however, that no interest shall accrue on the
principal and interest payments so deferred; provided,
further, however, that the amount of interest and principal
so deferred shall become due and payable on Jan. 1, 1992;
whether or not Maker shall have received the Past Due Sum on
or before such date.
8 The figures for the payments listed on the Limited Recourse
Note submitted into evidence differ slightly from those figures
listed in the Stipulation of Facts signed by the parties.
However, since the exact amount of these figures will not be
pertinent to our determination of the issues in this case, the
Court hereby accepts the figures listed in the Stipulation of
Facts signed and submitted to the parties.
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