BOARDWALK
MULTIFAMILY NOTE
US $9,870,000.00 Tampa Florida
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City
As of July 1, 1996
FOR VALUE RECEIVED, the undersigned promise to pay HOUSING FINANCE
AUTHORITY OF BROWARD COUNTY, FLORIDA or order, the principal sum of NINE MILLION
EIGHT HUNDRED SEVENTY THOUSAND AND NO/100 Dollars, with interest on the unpaid
principal balance from the date of this Note, until paid, at the rate of
6.90 percent per annum. The principal and interest shall be payable at
c/o GMAC COMMERCIAL MORTGAGE CORPORATION, 650 Dresher Road, Horsham, PA
19044 or such other place as the holder hereof may designate in writing, in
consecutive monthly installments of SEVENTY-FIVE THOUSAND NINE HUNDRED THIRTY
AND 68/100 Dollars (US $75,930.68) on the first day of the month beginning
August 1, 1996, (herein "amortization commencement date"), until the entire
indebtedness evidenced hereby is fully paid, except that any remaining
indebtedness, if not sooner paid, shall be due and payable on July 1, 2016.
If any installment under this Note is not paid when due, the entire
principal amount outstanding hereunder and accrued interest thereon shall at
once become due and payable, at the option of the holder hereof. The holder
hereof may exercise this option to accelerate during any default by the
undersigned regardless of any prior forbearance. In the event of any default in
the payment of this Note, and if the same is referred to an attorney at law for
collection or any action at law or in equity is brought with respect hereto, the
undersigned shall pay the holder hereof all expenses and costs, including, but
not limited to, attorney's fees.
If any installment under this Note is not received by the holder hereof
within four (4) calendar days after the installment is due, the undersigned
shall pay the holder hereof a late charge of five (5) percent of such
installment, such late charge to be immediately due and payable without
demand by the holder hereof. If any installment under this Note remains past
due for thirty (30) calendar days or more, the outstanding principal balance
of this Note shall bear interest during the period in which the undersigned
is in default at a rate of 10.90 percent per annum, or, if such increased
rate of interest may not be collected from the undersigned under applicable
law, then at the maximum increased rate of interest, if any, which may be
collected from the undersigned under applicable law.
From time to time, without affecting the obligation of the undersigned
or the successors or assigns of the undersigned to pay the outstanding
principal balance of this Note and observe the covenants of the undersigned
contained herein, without affecting the guaranty of any person, corporation,
partnership or other entity for payment of the outstanding principal balance
of this Note, without giving notice to or obtaining the consent of the
undersigned, the successors or assigns of the undersigned or guarantors, and
without liability on the part of the holder hereof, the holder hereof may, at
the option of the holder hereof, extend the time for payment of said
outstanding principal balance or any part thereof, reduce the payments
thereon, release anyone liable on any of said outstanding principal balance,
join in any extension or subordination agreement, release any security given
herefor, take or release other or additional security, and agree in writing
with the undersigned to modify the rate of interest or period of amortization
of this Note or change the amount of the monthly installments payable
hereunder.
Presentment, notice of dishonor, and protest are hereby waived by all
makers, sureties, guarantors and endorsers hereof. This Note shall be the joint
and several obligation of all makers, sureties, guarantors and endorsers, and
shall be binding upon them and their successors and assigns.
The indebtedness evidenced by this Note is secured by a Mortgage dated as
of even date herewith and reference is made thereto for rights as to
acceleration of the indebtedness evidenced by this Note. This Note shall be
governed by the law of the jurisdiction in which the Property subject to the
Mortgage is located.
THIS MULTIFAMILY NOTE HAS BEEN AMENDED AND SUPPLEMENTED IN CERTAIN RESPECTS
AS SET FORTH IN (i) THE ADDENDUM TO MULTIFAMILY NOTE AND (ii) THE SUPPLEMENTAL
ADDENDUM TO MULTIFAMILY NOTE (COLLECTIVELY, THE "ADDENDA"), ANNEXED HERETO AND
INCORPORATED HEREIN BY THIS REFERENCE. IN THE EVENT OF ANY INCONSISTENCY
BETWEEN THE PRINTED PORTIONS OF THIS MULTIFAMILY NOTE AND PROVISIONS OF THE
ADDENDA, THE PROVISION OF THE ADDENDA SHALL CONTROL.
BORROWER:
OTC APARTMENTS LIMITED PARTNERSHIP, a
Florida limited partnership
By: AIMCO/OTC QRS, Inc., a Delaware
corporation, its sole General
Partner
By: /s/ Harry Alcock (SEAL)
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Harry Alcock
Vice President
Pay to the order of GMAC COMMERCIAL MORTGAGE
CORPORATION, without recourse.
HOUSING FINANCE AUTHORITY OF BROWARD
COUNTY, FLORIDA
By: /s/ Albert Cohen
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Name: Albert Cohen
Title: Chairman
Pay to the order of FEDERAL NATIONAL MORTGAGE
ASSOCIATION, without recourse.
GMAC COMMERCIAL MORTGAGE CORPORATION
a California corporation
By: /s/ Karen M. Nee
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Karen M. Nee
Senior Vice President