21-3243 - Approving Purchase Agreement - 700 South Lost Lake Lane

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4. After -Default Interest. Notwithstanding the foregoing, from and after any Event of Default under this Note, interest on the outstanding principal balance shall accrue and be payable at the fixed annual rate of eighteen percent (18%) per annum, or the maximum rate allowable by law, whichever is less. 5. Interest Limitation. Nothing contained in this Note shall be construed or shall operate, either presently or prospectively, to require the Borrower to pay interest in excess of the maximum interest rate allowable under any statute or law applicable to this transaction when appropriate consideration is given to borrowers and lenders of like character classification or to make any payments or do any act contrary to law, nor shall the Borrower be obligated or required to pay interest on the outstanding principal balance at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the maximum rate which the Borrower is permitted by law to contract, agree to pay or pay. Any interest paid in excess of the maximum rate allowed by law shall, at Lender's option, be (i) refunded to the Borrower, (ii) applied to reduction of the principal balance under this Note, or (iii) credited to amounts then due and owing by the Borrower under this Note; provided, however, that if the excessive amount of interest paid by Borrower exceeds the sums outstanding hereunder, the portion exceeding the sums outstanding hereunder shall be refunded in cash to the Borrower. Any such crediting or refund shall not cure or waive any Event of Default by Borrower hereunder or under any of the other Loan Documents. Further, if the terms of this Note would otherwise require or obligate Borrower to pay interest on the principal balance hereunder at a rate in excess of the maximum rate allowed by law, then the rate of interest under this Note shall ipso facto be deemed to be reduced to such maximum lawful rate, and interest payable hereunder shall be computed at such maximum lawful rate and all payments theretofore or thereafter accruing hereunder shall be likewise computed on the basis of such maximum lawful rate. Borrower agrees, however, that in determining whether or not any interest payable hereunder exceeds the maximum rate allowed by law, any non -principal payment (except payments specifically stated herein to be "interest"), including without limitation late charges, shall be deemed, to the extent permitted by law, to be an expense, fee, premium or penalty rather than interest. 6. Prepayment. The Loan may be prepaid in full or in part, at any time and from time to time, without penalty or premium. No partial prepayment of principal shall have the effect of postponing, satisfying, reducing or otherwise affecting any scheduled installment of principal and/or interest until the principal of and interest on this Note, together with all other charges due under the other Loan Documents, are paid in full. 7. Late Charge. If any installment of principal and/or interest or of any escrow or other payment required to be made under this Note (except for the principal payment due on the Maturity Date) is not received by Lender within five (5) days after the date on which the installment or payment became due, then Borrower shall pay to Lender a late charge equal to five percent (5%) of such installment or payment amount. Nothing contained herein shall be construed as creating any grace period or additional grace period for the making of any such installment or payment. 8. Default. Borrower's failure to make any monetary payment required by this Note as and when due shall constitute an Event of Default under this Note. 9. Acceleration. Upon the occurrence of any Event of Default as hereinabove defined, the entire principal balance of this Note, together with all accrued interest and other sums due hereunder or under the Loan Documents, shall become immediately due and payable without notice, demand or legal process, at the option of Lender. 10. Additional Waivers and Agreements. With respect to any and all obligations under this Note and the Loan Documents, Borrower hereby: