BUILDING LOAN MORTGAGE NOTEConstruction Loan Agreement |
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WELLSFORD REAL PROPERTIES INC | Claverack Housing Ventures, LLC | Wachovia Bank, National Association. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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BUILDING
LOAN MORTGAGE NOTE |
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$1,623,372.87 |
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December 15, 2005 |
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Claverack Housing Ventures,
LLC |
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DEFAULT RATE. In addition to all other rights contained in this
Note, if a Default (as defined herein) occurs and as long as a Default
continues, all outstanding Obligations, other than Obligations under any swap
agreements (as defined in 11 U.S.C. § 101, as in effect from time to
time) between Borrower and Bank or its affiliates, shall bear interest at the
Interest Rate plus 3% (“Default Rate”). The Default Rate shall
also apply from acceleration until the Obligations or any judgment
thereon is paid in full. |
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(i) |
Borrower on or before October 15, 2006 gives Bank written notice of its intention to extend the Maturity Date; |
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(ii) |
No Default exists; |
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(iii) |
Borrower has completed the construction lien free of one Home, and a temporary or permanent certificate of occupancy has been issues for such Home; and |
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(iv) |
Borrower has obtained approval from all required Governmental Authorities for the subdivision and development of the West Side Parcel (as defined in the Building Loan Agreement) into not less than 48 buildable lots in accordance with the proposed subdivision plan approved by the Bank. |
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APPLICATION OF PAYMENTS. Monies received by Bank from any source for
application toward payment of the Obligations shall be applied to accrued
interest and then to principal. If a Default occurs, monies may be applied to
the Obligations in any manner or order deemed appropriate by Bank. |






