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$3,540,000.00
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Effective November 6,
2008
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FOR VALUE RECEIVED, RHA ANADARKO, LLC ,
an Oklahoma limited liability company, d/b/a The Physicians
Hospital in Anadarko (hereinafter referred to as the
“Borrower”), unconditionally promises to pay to the
order of CANADIAN STATE BANK (“Lender”), at 2500
S. Cornwell Drive, Yukon, OK 73099, or at such other place as may
be designated in writing by the holder of this promissory note, the
principal sum not to exceed THREE MILLION FIVE HUNDRED FORTY
THOUSAND AND 00/100 Dollars ($3,540,000.00), together with interest
thereon at the rate hereinafter specified:
INTEREST RATE . Interest shall accrue on the outstanding
principal balance of this loan at the rate of Wall Street Journal
Prime Rate plus two percent (2.00%), adjusted at the end of each
calendar quarter. Interest on this Note shall be computed on the
basis of a 360 day year. In no event shall the interest rate
be less than seven percent (7.0%) per annum. The Wall Street
Journal Prime Rate (WSJP) means that annual rate of interest
published in the Wall Street Journal and is defined herein as the
base rate on corporate loans posted by at least 75% of the nations
thirty (30) largest banks or a similar substitute rate
determined by the Lender in its sole discretion as most nearly
approximating that rate in the case this prime rate is no longer
published. Each change in the WSJP shall become effective without
notice (which notice is hereby waived) on the date of
change.
PAYMENT TERMS . Beginning on November 30, 2008, and on
the last day of each month thereafter, Borrower shall pay Lender
monthly installment payments of principal and interest based upon a
twenty (20) year amortization. On the Maturity Date of
November 6, 2028, all accrued interest and unpaid principal
shall be due and payable in full. Lender may adjust the monthly
payments as needed to provide for payment in full within the stated
amortization period.
LATE CHARGES : Notwithstanding the grace period, Lender may
assess a late charge if a payment is more than 10 days
late. The charge will be $100.00 for each late payment.
This charge will be paid promptly but only once for each late
payment. In no event shall these charges, either before or after
maturity, be greater than permitted by law
DEFAULT INTEREST : Any sum not paid when due shall bear interest
at a rate of six percent (6%) per annum greater than the per annum
interest rate prevailing on this Note at the time the unpaid amount
came due, but in no event at a rate less than ten percent (10%) per
annum.
Of even date herewith the Borrower and Lender
have entered into that certain Loan Agreement
(“Agreement”). This Promissory Note is defined in the
Agreement as the Promissory Note. Unless otherwise defined herein,
all words and phrases with their initial letter capitalized shall
be afforded the meaning given in the Agreement.
The Lender’s records of advances and
repayments will be prima facie evidence of the amount owed by the
Borrower to the Lender with respect to this Note, in the absence of
manifest error.
All payments made upon this Note shall be
applied first to the outstanding accrued interest, if any, through
the date of payment and the balance, if any, to the principal
balance due and owing under this Note.
PREPAYMENT : On any installment payment date additional
payments may be made to be credited to principal. Borrower agrees
to a prepayment premium of five percent (5.0%) of any additional
principal amount paid in year one; four percent (4%) in year two
three percent (3.0%) in year three; two percent (2.0%) in year
four, and one percent (1.0%) in year five. After the fifth year
Borrower shall have the right to make any prepayment of principal
without a premium cost. Prepayments shall be credited to
installments of principal in the inverse order of their maturity.
Monthly payments shall not be reduced as a result of any
prepayments. To the extent permitted by law, the foregoing
prepayment premium shall be payable regardless of whether the loan
is prepaid voluntarily or involuntarily. Any prepaid amounts
specified in a notice of prepayment, as aforesaid, shall become due
and payable at the time provided in said notice.
Borrower agrees that if, and as often as, this
Note is placed in the hands of an attorney for collection or to
defend or enforce any o
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