EX-10.67.16
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 seven (7) 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 $49,800,000.00 (the
“Note”). Unless otherwise defined herein,
capitalized terms shall have the meaning assigned to them in the
Note.
B. Concurrently
herewith the outstanding principal balance of the Note has been
reduced to $42,151,382.00.
C. In
consideration for the partial prepayment of the Note and for
payment by Borrower to Lender concurrently with the execution of
this First Amendment of a modification and renewal fee in the
amount of $95,378, Borrower has requested that Lender modify
certain terms of the Note, and 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 percent (4.00%)
(“ Margin ”), which combined figure shall be
rounded upwards to the nearest one-eighth percent (.125%); provided
that in no event shall the Note Rate be less than six and one-half
percent (6.5%).”
2. Section 2.1 of the
Note, Note Payments and Payment Dates , is hereby amended by
adding the following at the end of Section 2.1:
“Commencing on the first (1
st ) day of February, 2009, and continuing on each
Payment Date thereafter through January 1, 2010, in addition to the
foregoing interest payments, Borrower shall also pay consecutive
monthly payments of principal in an amount of Two Hundred Fifty
Thousand and No/100 Dollars ($250,000.00). Commencing on
the first (1 st )
day of February, 2010, and continuing on each Payment
Date thereafter
through January 1, 2011, in addition to the foregoing interest
payments, Borrower shall also pay consecutive monthly payments of
principal in an amount of Five Hundred Thousand and No/100 Dollars
($500,000.00). Commencing on the first (1
st ) day of February, 2011, and continuing on each
Payment Date thereafter through the term of the Loan, in addition
to the foregoing interest payments, Borrower shall also pay
consecutive monthly payments of principal in an amount of Six
Hundred Sixty-Six Thousand Six Hundred Six
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