EX-10.67.15
FIRST AMENDMENT TO PROMISSORY
NOTE
THIS FIRST AMENDMENT TO PROMISSORY
NOTE (this “First
Amendment”) is executed as of the 31 st day of December, 2008 (the “Effective
Date”), by and between the four (4) undersigned limited
liability companies and limited partnerships, having an address at
3131 Elliott Avenue, Suite 500, Seattle, Washington 98121
(collectively, the “Borrower”), and CAPMARK BANK
, a Utah industrial bank, having an address at 6955 Union Park
Center, Suite 330, Midvale, Utah 84047, together with its
successors and assigns (the “Lender”).
RECITALS
A. Borrower
executed to the order of Lender that certain Promissory Note dated
August 15, 2007, in the principal amount of $26,200,000.00 (the
“Note”). Unless otherwise defined herein,
capitalized terms shall have the meaning assigned to them in the
Note.
B. Borrower
has requested that Lender modify certain terms of the Note, and in
consideration of a modification and renewal fee in the amount of
$65,500, Lender has so agreed, on the terms and conditions
contained herein.
AGREEMENT
NOW, THEREFORE , in consideration of the above Recitals and
other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Borrower and Lender hereby amend
the Note as follows:
1. Section 1.4 of the
Note, Note Rate and Note Rate Adjustment Dates , is hereby
amended by deleting the first sentence thereof and replacing it, as
of the Effective Date, with the following:
“The “Note Rate” shall
mean an interest rate which is the average of London Interbank
Offered Rates ( “LIBOR” ), in U.S. dollar
deposits, for a term of one month determined solely by Lender on
each Note Rate Adjustment Date (defined below), but not less than
two and one-half percent (2.5%), plus four
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