7.2. EDSR 05-17-2021 - Laserfiche WebLink

Home Browse Search

2 EL185\40\720876.v1 Amendment to Mortgage”), between the Borrower and the Lender, which amends the Mortgage and Assignment of Rents and Security Agreement and Fixture Financing Statement, dated May 23, 2016 (the “Original Mortgage, and together with the First Amendment to Mortgage, the “Mortgage”), between the Borrower and the Lender; (iii) the Amended and Restated Personal Guaranties, of even date herewith (the “Amended and Restated Personal Guaranties”), from Fred Trapp and Michael Tracey, which amend and restate the Personal Guaranties, dated May 23, 2016 (the “Original Personal Guaranties, and together with the Amended and Restated Personal Guaranties, the “Personal Guaranties”) from Fred Trapp and Michael Tracey; and (iv) the Amended and Restated Entity Guaranty, of even date herewith (the “Amended and Restated Entity Guaranty”), from Die Concepts, which amends and restates the Entity Guaranty, dated May 23, 2016 (the “Original Entity Guaranty, and together with the Amended and Restated Entity Guaranty, the “Entity Guaranty”), from Die Concepts to the Lender (collectively, the “Security Documents”). All of the terms and conditions contained in the Security Documents which are to be kept and performed by Borrower are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein; and Borrower covenants and agrees to keep and perform them, or cause them to be kept and performed, strictly in accordance with their terms. If the Lender, or any other holder of this Note, has not received the full amount of any Monthly Installment provided for in this Note, by the end of ten (10) calendar days after the date it is due, Borrower shall pay a late charge fee to the Lender, or any other holder of this Note. The amount of the late charge fee shall be eight percent (8.00%) of the overdue Monthly Installment. The Borrower shall pay this late charge fee on demand, however, collection of the late charge fee shall not be deemed a waiver of the Lender’s right to declare an Event of Default and exercise its rights and remedies as provided for in the Loan Agreement and the Security Documents. Each Monthly Installment and other payments made under this Note shall be applied as follows: (i) first, to be applied against and pay interest which has accrued and remains unpaid on the date the payment is received; then (ii) to be applied against and pay unpaid late charges and any other charges, including attorneys’ fees and protective advances; and then (iii) all remaining amounts, if any, shall be applied against and reduce the then outstanding principal balance of this Note. If an Event of Default shall occur hereunder or under the Loan Agreement or any Security Document and any cure period provided for in the Loan Agreement or such Security Document has expired, the Borrower agrees to pay a default rate of interest equal to ten percent (10.00%) per annum as the applicable interest rate of this Note, and the entire principal amount outstanding, accrued interest and any other charges due hereon shall at once become due and payable at the option of the Lender or the holder hereof. Any failure of the Lender to exercise its right to increase the interest rate by the default rate of interest set forth above or its option to accelerate this Note at any time shall not constitute a waiver of the right to exercise the same right to increase the interest rate or accelerate at any subsequent time. Notwithstanding anything contained herein to the contrary, the default rate of interest hereon shall never exceed the highest rate permitted by law. The Borrower may prepay the principal under this note at any time and from time to time,