ADDENDUM TO MULTIFAMILY NOTE
THIS ADDENDUM TO MULTIFAMILY NOTE (the "Addendum") is made as of the 1st
day of July, 1996 and is incorporated into and shall be deemed to amend and
supplement the Multifamily Note (the "Multifamily Note") made by the undersigned
(the "Borrower") to HOUSING FINANCING AUTHORITY OF BROWARD COUNTY, FLORIDA and
its successors, assigns and transferees (the "Lender"), dated as of the same
date as this Addendum (the Multifamily Note as amended and supplemented by this
Addendum, any other addendum to the Multifamily Note, and any future amendments
to the Multifamily Note is referred to as the "Note"). The debt evidenced by
the Note is secured by a Multifamily Mortgage as the same date (the "Multifamily
Instrument"), covering the property described in the Multifamily Instrument and
defined therein as the "Property," located at:
8650 N.W. 61st Street, Tamarac, Broward County, Florida
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(Property Address)
This Property is located entirely within the State of Florida
[INSERT NAME OF STATE IN WHICH THE PROPERTY IS LOCATED] (the "Property
Jurisdiction"). The Multifamily Instrument is amended and supplemented by
the Rider to Multifamily Instrument (the "Rider") and any other rider to
Multifamily Instrument given by Borrower to Lender and dated the same date as
the Multifamily Instrument. (The Multifamily Instrument as amended and
supplemented by the Rider and any other rider to the Multifamily Instrument
and any future amendments to the Instrument is referred to as the
"Instrument".)
The term "Loan Documents" when used in this Addendum shall mean,
collectively, the following documents: (i) the Instrument, (ii) the Note,
and (iii) all other documents or agreements, including any Collateral
Agreements (as defined in the Rider) or O&M Agreement (as defined in the
Rider), arising under, related to, or made in connection with, the loan
evidenced by the Note, as such Loan Documents may be amended.
The covenants and agreements of this Addendum, and the covenants and
agreements of any other addendum to the Multifamily Note, shall be
incorporated into and shall amend and supplement the covenants and agreements
of the Multifamily Note as if this Addendum and the other addenda were a part
of the Multifamily Note, and all references to the Note in the Loan Documents
shall mean the Note as so amended and supplemented. Any conflict between the
provisions of the Multifamily Note and this Addendum shall be resolved in
favor of this Addendum.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in
the Multifamily Note Borrower and Lender further covenant and agree as follows:
A. PREPAYMENTS
SEE SUPPLEMENTAL ADDENDUM TO MULTIFAMILY NOTE ATTACHED HERETO AND MADE A PART
HEREOF.
SEE SUPPLEMENTAL ADDENDUM TO MULTIFAMILY NOTE ATTACHED HERETO AND MADE A PART
HEREOF.
3. PARTIAL PREPAYMENTS
ADDENDUM TO MULTIFAMILY NOTE WITH SEPARATE EXCEPTIONS TO
NON-RECOURSE GUARANTY FORM 4156 6/93 PAGE 1 OF 4
Fannie Mae Pool No.
SEE SUPPLEMENTAL ADDENDUM TO MULTIFAMILY NOTE ATTACHED HERETO AND MADE A PART
HEREOF.
4. PREMIUM DUE WHETHER VOLUNTARY OR INVOLUNTARY PREPAYMENT; INSURANCE AND
CONDEMNATION PROCEEDS.
Borrower shall pay the prepayment premium due under paragraph B of the
Supplemental Addendum to whether the prepayment is voluntary or involuntary
(in connection with Lender's acceleration of the unpaid principal balance of
the Note) or the Instrument is satisfied or released by foreclosure (whether
by power of sale or judicial proceeding), deed in lieu of foreclosure or by
any other means. Notwithstanding any other provision herein to the contrary,
Borrower shall not be required to pay any prepayment premium in connection
with any prepayment occurring as a result of the application of insurance
proceeds or condemnation awards under the Instrument.
5. NOTICE; BUSINESS DAY
Any notice to Lender provided for in this Addendum shall be given in the
manner provided in the Instrument. The term "Business Day" shall have the
meaning ascribed thereto in the Supplemental Addendum to Multifamily Note
attached hereto and made a part hereof.
B. BORROWER'S EXCULPATION
* The Multifamily Note attached hereto and made a part hereof.
** The liability of Borrower and any general partner of Borrower (if
Borrower is a partnership) shall be limited to the same extent as provided in
Section 3.11 of that certain Master Reimbursement Agreement between Borrower
and the Federal National Mortgage Association as of even date herewith.
Form 4156 6/93 Page 2 of 4
D. BUSINESS, COMMERCIAL OR INVESTMENT PURPOSE
Borrower represents that the Loan evidenced by the Note is being made
solely for business, commercial or investment purposes.
E. GOVERNING LAW
SEE SUPPLEMENTAL ADDENDUM
F. SUCCESSORS AND ASSIGNS
The provisions of the Note, the Instrument, and all other Loan Documents
shall be binding on the successor and assigns, including, but not limited to,
any receiver, trustee, representative or other person appointed under foreign
or domestic bankruptcy, receivership, or similar proceedings of Borrower and
any person having an interest in Borrower.
Form 4156 6/93 Page 3 of 4
G. NO THIRD PARTY BENEFICIARY
Borrower acknowledges and agrees that (i) any loss sharing arrangement
or arrangement for interim advancement of funds that originally is made by
the Lender named in the Note to Federal National Mortgage Association is made
pursuant to a contractual obligation of such Lender to Federal National
Mortgage Association that is independent of, and separate and distinct from,
the obligation of Borrower for the full and prompt payment of the
indebtedness evidenced by the Note, (ii) Borrower shall not be deemed to be a
third party beneficiary of such loss sharing arrangement or arrangement for
interim advancement of funds, and (iii) no such loss sharing or interim
advancement arrangement shall constitute any person or entity making such
payment as a guarantor or surety of the Borrower's obligations,
notwithstanding the fact that the obligations under any such loss sharing or
interim advancement arrangement may be calculated with reference to amounts
payable under the Note or other Loan Documents. [For purposed of this paragraph
G, all references to "Lender" shall mean and refer to GMAC COMMERCIAL MORTGAGE
CORPORATION, a California corporation.]
BY SIGNING BELOW, Borrower accepts and agrees to the covenants and
agreements contained in this Addendum.
BORROWER:
OTC APARTMENTS LIMITED PARTNERSHIP,
a Florida limited partnership
By: AIMCO/OTC ORS, INC., a Delaware
corporation, its sole General Partner
By: /s/ Harry Alcock (SEAL)
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Name: Harry Alcock
Title: Vice President
Form 4156 6/93 Page 4 of 4