8.1. SR 04-18-2016 - Laserfiche WebLink

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EXHIBIT C Leasehold Mortgage Terms and Conditions The Leasehold Mortgage shall be expressly subordinate to Lessor's rights pursuant to this Lease Agreement. The original principal balance of the Leasehold Mortgage shall be no more than Four Hundred Forty- One Thousand Dollars ($441,000.00). The Leasehold Mortgage shall be solely for purposes of construction of the Improvements on the Leasehold Property by Lessee. The Leasehold Mortgage may convert to a permanent mortgage loan upon Substantial Completion of the Improvements, so long as the term of the construction mortgage loan and permanent mortgage loan, together, does not exceed fifteen (15) years and payments on the permanent mortgage loan are evenly amortized at a fixed rate of interest. There shall be no premium or penalty of any kind payable in connection with a full or partial prepayment of the Leasehold Mortgage. The mortgagee of the Leasehold Mortgage shall agree not to assign or transfer all or any portion of its rights and interests in and to the Leasehold Mortgage without Lessor's prior written consent. The loan-to-value ratio of the Leasehold Mortgage shall be no more than seventy percent (70%), based on a projected appraisal of the Improvements (excluding the value of the Leasehold Property) conducted by an appraiser approved by Lessor within sixty (60) days prior to the closing of the Leasehold Mortgage. The debt service ratio for all of Lessee's debts, including the Leasehold Mortgage, shall be 1.15/1.0 or better, based on pro-forma post-tax operating revenues and current financial statements of the Lessee certified to Lessor and the mortgagee of the Leasehold Mortgage by an independent certified public accountant within thirty (30) days prior to the closing of the Leasehold Mortgage. The Lessee shall be required to make monthly escrow payments for taxes and property and liability insurance. 13URNIS 566679.5 C-1