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• <br /> • <br /> • <br /> 5. 02. Note Terms. The Note shall be designated <br /> the Commercial Development Revenue Note (John Plaisted <br /> Project) and shall : <br /> (a) be dated as of the date of delivery thereof <br /> to, and payment therefor , by the Lender ; <br /> (b) be in the total principal amount of $320, 000 ; <br /> (c) bear interest on the unpaid principal <br /> balance from date of issue until paid or discharged as <br /> herein provided at the rate of eight and seven-eighths <br /> percent (8-7/8%) or in the event that interest on the <br /> Note should become subject to federal or state income <br /> taxation bear interest at the rate set forth in the Note; <br /> (d) be payable in installments as follows : <br /> (1) From and after the date of the Note until <br /> the Completion Date (as defined in the Agreement) , the <br /> City shall pay interest only on the amount of principal <br /> Ill that shall from time to time be advanced. Interest shall <br /> accrue from and after the date of each and every advance <br /> so made and shall be payable on the first day of the month <br /> next succeeding the date on which the first advance is <br /> made, and on the first day of each and every month <br /> thereafter, with a final payment of accrued interest to be <br /> made on the Completion Date. <br /> (2) Commencing on the first day of the month <br /> following the Completion Date, the principal balance of <br /> the Note, together with interest thereon, shall be due and <br /> payable in 264 consecutive monthly installments each in <br /> the amount of Two Thousand Seven Hundred Sixty-one and <br /> 39/100 Dollars ($2 , 761. 39) , except that monthly install- <br /> ments shall not extend beyond November 1, 2001, on <br /> which date all principal and interest remaining unpaid <br /> shall be paid in full. <br /> 411 <br /> -13- <br />