- 9 - due and payable on June 30, 1993. ME's closing costs of the promissory note included a loan commitment fee in the amount of $15,000. With respect to the construction loan, ME and SouthTrust Bank executed an agreement, dated July 15, 1992, which provided that the loan proceeds would be advanced in two installments. Under the agreement, the first installment was to be advanced for the acquisition of the shopping center and the second installment was to be advanced upon the completion of the improvements and the subsequent delivery of tenant leases that showed a minimum rental income flow. ME's promissory note was secured under a mortgage and security agreement by the shopping center and ME's interest in the shopping center leases. Anthony personally guaranteed the promissory note. On June 3, 1993, ME received a commitment from SouthTrust Bank for permanent financing for the Miramar shopping center project. On July 20, 1993, ME and SouthTrust Bank executed a renewal promissory note that provided for ME to make monthly principal and interest payments through the maturity date of July, 20, 2003, with interest computed at a rate of 7.53 percent for the first 5 years and thereafter adjusted in accordance with the average yield on the 5-year Treasury note. The renewal promissory note also required ME to pay a prepayment premium for the amounts of any prepayments in the first 3 years of thePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011