Exhibit 10.14
Promissory Note
$20,000,000.00 November 25, 1997
FOR VALUE RECEIVED, the undersigned, MARRIOTT DSM LLC, a Delaware limited
liability company ("MAKER"), promises to pay to the order of GOLDMAN SACHS
MORTGAGE COMPANY, a limited partnership organized and existing under the laws
of the State of New York, its successors and assigns ("HOLDER"), on or before
the Specified Maturity Date at such place as Holder may from time to time
designate in writing, the principal sum of Twenty Million Dollars
($20,000,000.00) in lawful money of the United States of America, together with
interest thereon, to be computed and paid as specified in the Credit Agreement
(as such terms are defined below).
Except as otherwise defined or limited herein, capitalized terms used
herein shall have the meanings ascribed to them in that certain Credit Agreement
(the "CREDIT AGREEMENT"), dated as of the date hereof, by and among Maker, and
Holder, as Agent and as a Lender. This is the Note referred to in the Credit
Agreement and is entitled to the security therefor granted pursuant to the Loan
Documents, including, without limitation, the Pledge. The terms of this Note
are hereby supplemented in full by the terms of the Credit Agreement and the
other Loan Documents.
The entire Debt or any portion thereof, shall without notice, except such
notice as is required under the terms of any Loan Document, become immediately
due and payable at the option of Holder, unless otherwise specified under the
applicable Loan Document, if an Event of Default shall have occurred and be
continuing. In the event that Holder retains counsel to collect all or any part
of the Debt, or to protect, or foreclose the security provided in connection
herewith, Maker agrees to pay reasonable costs of collection incurred by Holder,
including reasonable attorneys' fees.
Maker does hereby agree that, if an Event of Default shall have occurred
and is continuing, Maker shall pay interest at the Default Rate on the
outstanding amount of the Loan due and but unpaid interest thereon, upon demand
from time to time, to the extent permitted by applicable law.
Maker represents that it has full power, authority and legal right to
execute and deliver this Note and to perform its obligations hereunder, and that
this Note constitutes the valid and binding obligation of Maker, enforceable
against Maker in accordance with its terms, except as enforceability may be
limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, or
similar laws affecting the enforcement of
creditors' rights generally and (ii) general principles of equity, regardless of
whether considered in proceedings at law or in equity.
All notices or other communications required or permitted to be given
pursuant hereto shall be given in the manner specified in the Credit Agreement
directed to the parties at their respective addresses as provided therein.
THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY MAKER AND
ACCEPTED BY HOLDER IN THE STATE OF NEW YORK, AND THE PROCEEDS DELIVERED PURSUANT
HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE
HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION
EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE. THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO NOTES MADE AND PERFORMED IN SUCH STATE AND ANY APPLICABLE LAW
OF THE UNITED STATES OF AMERICA. IT IS UNDERSTOOD THAT THE LAW OF THE STATE OF
NEW YORK SHALL GOVERN THE VALIDITY AND THE ENFORCEABILITY OF THIS NOTE AND ALL
OF THE INDEBTEDNESS OR OBLIGATIONS ARISING HEREUNDER OR UNDER ANY OTHER LOAN
DOCUMENT (EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANOTHER LOAN DOCUMENT). TO
THE FULLEST EXTENT PERMITTED BY LAW, MAKER HEREBY UNCONDITIONALLY AND
IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION
GOVERNS THIS NOTE, AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST MAKER OR HOLDER ARISING OUT OF
OR RELATING TO THIS NOTE SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN
NEW YORK, NEW YORK, AND MAKER WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND MAKER
HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT,
ACTION OR PROCEEDING, AND MAKER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION
OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. MAKER DOES HEREBY
DESIGNATE AND APPOINT CORPORATION SERVICE COMPANY, 80 STATE STREET, ALBANY, NEW
YORK 12207-2543, OR AT SUCH OTHER OFFICE IN NEW YORK, AS ITS AUTHORIZED AGENT TO
ACCEPT AND ACKNOWLEDGED ON ITS BEHALF
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SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR
PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT
SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID
SERVICE MAILED OR DELIVERED TO MAKER IN THE MANNER PROVIDED HEREIN SHALL BE
DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON MAKER, IN ANY SUCH
SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. MAKER (I) SHALL GIVE PROMPT
NOTICE TO HOLDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II)
MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT
WITH AN OFFICE IN NEW YORK (WHICH OFFICE SHALL BE DESIGNATED AS THE ADDRESS FOR
SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS
AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK OR IS DISSOLVED WITHOUT
LEAVING A SUCCESSOR.
No release of any security for the Debt or any Person liable for payment of
the Debt, no extension of time for payment of this Note or any installment
hereof, and no alteration, amendment or waiver of any provision of the Loan
Documents made by agreement between Holder and any other Person or party shall
release, modify, amend, waive, extend, change, discharge, terminate or affect
the liability of Maker or any other Person or party who might be or become
liable for the payment of all or any part of the Debt, under the Loan Documents,
except as otherwise expressly provided herein.
Maker and all others who may become liable for the payment of all or any
part of the Debt do hereby severally waive presentment and demand for payment,
notice of dishonor, protest, notice of protest, notice of non-payment, and
notice of intent to accelerate the maturity hereof and (except as may be
expressly provided for in the Loan Documents) of acceleration.
This Note may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of
Maker or Holder, but only by an agreement in writing signed by the party against
whom enforcement or any modification, amendment, waiver, extension, change,
discharge or termination is sought.
Subject to the qualifications below, neither Agent on behalf of the
Lenders nor the Lenders directly shall enforce the liability and obligation of
Maker to perform and observe the obligations contained in this Note, the Credit
Agreement or other Loan Documents by any action or proceeding wherein a money
judgment shall be sought against Maker (or any member, shareholder, partner or
other owner of Borrower, or any separate account contract holder, beneficial
owner, advisor, consultant, manager, fiduciary director, officer or employee of
any of the foregoing), unless, except as
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expressly reserved in clause (e) below, the judgment in any such action or
proceeding shall be enforceable against Maker only to the extent of Maker's
interest in the collateral given to Agent on behalf of the Lenders, and Agent on
behalf of the Lenders, by accepting this Note, the Credit Agreement and the
other Loan Documents, agrees that it shall not sue for, seek or demand any
deficiency judgment against Maker in any such action or proceeding under or by
reason of or under or in connection with this Note, the Credit Agreement or the
other Loan Documents except for any deficiency judgment that shall be enforced
solely against or collected solely from the collateral given to Agent on behalf
of the Lenders. The provisions of this Section shall not, however, (a)
constitute a waiver, release or impairment of any obligation evidenced or
secured by any of the Loan Documents; (b) impair the right of Agent on behalf of
the Lenders to name Maker as a party defendant in any action or suit for
foreclosure and sale under the Pledge; (c) affect the validity or enforceability
of or any guaranty or indemnity made in connection with the Loan or any of the
rights and remedies of Agent on behalf of the Lenders thereunder; (d) impair the
right of Agent on behalf of Agent on behalf of the Lenders to obtain the
appointment of a receiver; or (e) constitute a waiver of the right of Agent or
any of the Lenders to enforce the liability and obligation of Maker, by money
judgment or otherwise, to the extent of any loss, damage, cost, expense,
liability, claim or other obligation incurred by Agent or any of the Lenders
(including attorneys' fees and costs reasonably incurred) arising out of or in
connection with (but only to the extent of) the following:
(i) waste committed by or on behalf of Borrower with respect to the
Mortgaged Property or the Pledged Collateral;
(ii) fraud, misrepresentation or willful misconduct by Borrower in
connection with the Loan;
(iii) the removal or disposal by Borrower of any portion of the
Mortgaged Property after an Event of Default; and
(iv) the misappropriation by Borrower of any revenues or
distributions and/or dividends from the Property Owner.
Notwithstanding anything to the contrary in this Note or any of the Loan
Documents, neither Agent nor any of the Lenders shall be deemed to have waived
any right which Agent or any of the Lenders may have under Section 506(a),
506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a
claim for the full amount of the Debt or to require that all collateral shall
continue to secure all of the Debt owing to Agent and the Lenders in accordance
with the Loan Documents.
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Notwithstanding anything to the contrary in this Note and to the extent
permitted by applicable law, if the aggregate amount of interest payable in
respect of this Note and all other consideration which would constitute interest
for any Interest Period under applicable law results in an effective rate of
interest for any Interest Period on this Note in excess of the maximum rate
permitted by law applicable to this Note (after giving effect to any adjustment
permitted by law to the interest rate paid or payable in any Interest Periods
other than such Interest Period), the effective rate of interest for such
Interest Period for this Note shall be limited to a rate of interest which would
not cause the effective rate to exceed the maximum legal rate, and the effective
rate for all other Notes shall be increased in a manner such that (i) the
aggregate payment of additional interest due on all Notes after such adjustments
shall be equal to the aggregate interest payment due on all Notes had no
adjustments been necessary, and (ii) the amount of additional interest accrued
on all such other Notes is increased pro rata based upon the outstanding
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principal balances thereof, but shall not be increased to a rate in excess of
the maximum legal rate applicable to such other Notes.
Whenever used, the singular number shall include the plural the singular,
and the words "Holder" and "Maker" shall include their respective successors,
assigns, heirs, executors and administrators as permitted under the Loan
Documents.
IN WITNESS WHEREOF, Maker has caused its duly authorized officers to
execute this Note on its behalf, as of the day and year first above written.
MARRIOTT DSM LLC,
a Delaware limited liability company
By:
_________________________________
Name: Patricia K. Brady
Title: Vice President
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AMORTIZATION SCHEDULE: $20,000,000 MEZZANINE
Interpolated 12-yr UST 5.865%
Spread 4.500%
Coupon (Actual/360) 10.365%
Amortization 12.50
Anticipated Maturity 12.50
Constant 14.40%
CLOSING DATE: 11/26/97
MEZZ. PLACE
PAYMENT DATE MONTH BEGINNING BALANCE INTEREST PRINCIPAL PAYMENT END BALANCE
12/12/97 16 1 20,000,000.00 92,133.33 - 92,133.33 20,000,000.00
1/12/98 31 2 20,000,000.00 178,508.33 61,549.47 240,057.81 19,938,450.53
2/12/98 31 3 19,938,450.53 177,958.98 62,098.83 240,057.81 19,876,351.70
3/12/98 28 4 19,876,351.70 160,236.52 79,821.28 240,057.81 19,796,530.42
4/12/98 31 5 19,795,530.42 176,692.28 63,365.62 240,057.81 19,733,164.89
5/12/98 30 6 19,733,164.69 170,445.21 69,612.59 240,057.81 19,683,552.30
6/12/98 31 7 19,663,552.30 175,505.40 64,552.41 240,057.81 19,598,999.89
7/12/98 30 8 19,598,999.69 169,286.36 70,771.44 240,057.81 19,528,228.45
8/12/98 31 9 19,528,228.45 174,297.58 65,760.23 240,057.81 19,462,468.22
9/12/98 31 10 19,462,468.22 173,710.64 66,347.17 240,057.81 19,396,121.05
10/12/98 30 11 19,396,121.05 167,534.00 72,523.61 240,057.81 19,323,597.24
11/12/98 31 12 19,323,597.24 172,471.16 67,586.65 240,057.81 19,256,010.59
12/12/98 30 13 19,256,010.59 166,323.79 73,734.01 240,057.81 19,182,276.56
1/12/99 31 14 19,182,276.58 171,209.61 68,947.99 240,057.81 19,113,428.58
2/12/99 31 15 19,113,428,58 170,595.31 69,462.49 240,057.81 19,043,966.09
3/12/99 28 16 19,043,966.09 153,526.11 66,531.70 240,057.81 18,957,434.39
4/12/99 31 17 18,957,434.39 169,203.00 70,584.80 240,057.81 18,886,579.59
5/12/99 30 18 18,886,579.59 163,132.83 76,924.97 240,057.81 18,809,854.61
6/12/99 31 19 18,809,854.61 167,884.00 72,173.80 240,057.81 18,737,480.81
7/12/99 30 20 18,737,480.81 161,644.99 78,212.82 240,057.81 18,659,268.00
8/12/99 31 21 18,659,268.00 166,541.74 73,516.06 240,057.81 18,585,751.93
9/12/99 31 22 18,585,751.93 165,885.58 74,172.23 240,057.81 18,511,579.71
10/12/99 30 23 18,511,579.71 159,893.77 80,164.04 240,057.81 18,431,415.67
11/12/99 31 24 18,431,415.67 164,508.06 75,549.74 240,057.81 18,355,885.93
12/12/99 30 25 18,355,865.93 158,548.79 81,509.01 240,057.81 18,274,356.92
1/12/00 31 26 18,274,356.92 163,106.25 76,951.56 240,057.81 18,197,405.36
2/12/00 31 27 18,197,405.36 162,419.43 77,638,38 240,057.81 18,119,766.98
3/12/00 29 28 18,119,766.96 151,292.50 88,765.30 240,057.81 18,031,001.68
4/12/00 31 29 18,031,001.68 160,934.20 79,123.60 240,057.81 17,951,878.08
5/12/00 30 30 17,951,878.08 155,059.35 84,998.46 240,057.81 17,866,879.62
6/12/00 31 31 17,866,879.62 159,469.35 80,588.46 240,057.81 17,786,291.16
7/12/00 30 32 17,786,291.16 153,629.09 86,428.72 240,057.81 17,699,862.44
8/12/00 31 33 17,699,862.44 157,976.65 82,079.16 240,057.81 17,617,783.29
9/12/00 31 34 17,617,783.29 157,246.06 82,811.75 240,057.81 17,534,971.54
10/12/00 30 35 17,534,971.54 151,458.32 88,599.49 240,057.81 17,446,372.05
11/12/00 31 36 17,446,372.05 155,716.14 84,341.67 240,057.81 17,362,030.38
12/12/00 30 37 17,362,030.38 149,964.54 90,093.27 240,057.81 17,271,937.11
1/12/01 31 38 17,271,937.11 154,159.24 85,696.57 240,057.81 17,186,038.54
2/12/01 31 39 17,186,038.54 153,392.55 86,665.25 240,057.81 17,099,373.29
3/12/01 28 40 17,099,373.29 137,649.45 102,208.36 240,057.81 16,997,164.93
4/12/01 31 41 16,997,164.93 151,706.78 88,351.03 240,057.81 16,908,813.91
5/12/01 30 42 16,908,813.91 146,049.88 94,007.93 240,057.81 16,814,805.98
6/12/01 31 43 16,814,805.98 150,079.15 89,978.66 240,057.81 16,724,827.33
7/12/01 30 44 16,724,827.33 144,460.70 95,597,11 240,057.81 16,629,230.22
8/12/01 31 45 16,629,230.22 148,422.81 91,635.00 240,057.81 16,537,595.22
9/12/01 31 46 16,537,595.22 147,604.93 92,452.88 240,057.81 16,445,142.34
10/12/01 30 47 16,445,142.34 142,044.92 98,012.89 240,057.81 16,347,129.45
11/12/01 31 48 16,347,129.45 145,904.94 94,152.86 240,057.81 16,252,976.59
12/12/01 30 49 16,252,976.59 140,385.09 99,672.72 240,057.81 16,153,303.87
1/12/02 31 50 16,153,303.87 144,174.97 95,882.84 240,057.81 16,057,421.03
2/12/02 31 51 16,057,421.03 143,319.17 96,738.63 240,057.81 15,960,682.40
3/12/02 28 52 15,960,682.40 128,669.70 111,388.10 240,057.81 15,849,294.29
4/12/02 31 53 15,849,294.29 141,461.56 98,596.25 240,057.81 15,750,698.04
5/12/02 30 54 15,750,698.04 136,046.65 104,011.15 240,057.81 15,646,686.69
6/12/02 31 55 15,646,686.89 139,653.20 100,404.61 240,057.81 15,546,282.29
7/12/02 30 56 15,546,282.29 134,281.01 105,776.79 240,057.81 15,440,505.50
8/12/02 31 57 15,440,505.50 137,812.95 102,244.86 240,057.81 15,338,280.64
9/12/02 31 58 15,338,260.64 136,900.37 103,157.44 240,057.81 15,235,103.20
10/12/02 30 59 15,235,103.20 131,593.20 108,464.60 240,057.81 15,126,638.59
11/12/02 31 60 15,126,638.59 135,011.55 105,046.25 240,057.81 15,021,592.34
12/12/02 30 61 15,021,592.34 129,749.00 110,308.80 240,057.81 14,911,283.54
1/12/03 31 62 14,911,283.54 133,089.42 106,968.39 240,057.81 14,804,315.15
2/12/03 31 63 14,804,315.15 132,134.68 107,923.12 240,057.81 14,696,392.03
3/12/03 28 64 14,696,392.03 118,477.41 121,580.39 240,057.81 14,574,611.64
4/12/03 31 65 14,574,911.64 130,086.27 109,971.54 240,057.81 14,464,840.10
AMORTIZATION SCHEDULE: $20,000,000 MEZZANINE
Interpolated 12-yr UST 5.865%
Spread 4.500%
Coupon (Actual/360) 10.365%
Amortization 12.50
Anticipated Maturity 12.50
Constant 14.40%
CLOSING DATE: 11/26/97
MEZZ. PLACE
PAYMENT DATE MONTH BEGINNING BALANCE INTEREST PRINCIPAL PAYMENT END BALANCE
5/12/03 30 66 14,464,840.10 124,940.08 115,117.75 240,057.81 14,349,722.35
6/12/03 31 67 14,349,722.35 128,077.25 111,980,55 240,057.81 14,237,741.79
7/12/03 30 68 14,237,741.79 122,978.49 117,079.31 240,057.81 14,120,662.48
8/12/03 31 69 14,120,662.48 126,032.80 114,025.01 240,057.81 14,006,637.47
9/12/03 31 70 14,006,637.47 125,015.08 115,042.73 240,057.81 13,891,594.74
10/12/03 30 71 13,891,594.74 119,988.65 120,069.16 240,057.81 13,771,525.59
11/12/03 31 72 13,771,525.59 122,916.60 117,141.20 240,057.81 13,654,384.39
12/12/03 30 73 13,654,384.39 117,939.75 122,118.06 240,057.81 13,532,266.33
1/12/04 31 74 13,532,266.33 120,781.12 118,276.69 240,057.81 13,412,989.64
2/12/04 31 75 13,412,989.64 119,716.52 120,341.28 240,057.81 13,292,648.35
3/12/04 29 76 13,292,648.35 110,988.08 129,089.73 240,057.81 13,163,578.62
4/12/04 31 77 13,163,578.62 117,490.42 122,587.38 240,057.81 13,041,011.24
5/12/04 30 78 13,041,011.24 112,641.73 127,416.07 240,057.81 12,913,595.17
6/12/04 31 79 12,913,595.17 115,259.22 124,798.59 240,057.81 12,788,798.58
7/12/04 30 80 12,788,796.58 110,483.23 129,594.58 240,057.81 12,659,202.01
8/12/04 31 81 12,659,202.01 112,988.65 127,069.15 240,057.81 12,532,132.85
9/12/04 31 82 12,532,132.85 111,954.51 128,203.30 240,057.81 12,403,929.55
10/12/04 30 83 12,403,929.55 107,136.94 132,918.86 240,057.81 12,271,010.69
11/12/04 31 84 12,271,010.69 109,523.89 130,533.92 240,057.81 12,140,478.77
12/12/04 30 85 12,140,476.77 104,863.37 135,194.44 240,057.81 12,005,282.33
1/12/05 31 86 12,005,282.33 107,152.15 132,905.66 240,057.81 11,872,376.67
2/12/05 31 87 11,872,376.67 105,965.91 134,091.90 240,057.81 11,738,284.77
3/12/05 28 88 11,738,284.77 94,630.14 145,427.67 240,057.81 11,592,857.11
4/12/05 31 89 11,592,857.11 103,471.08 136,586.73 240,057.81 11,456,270.38
5/12/05 30 90 11,456,270.38 98,953.54 141,104.27 240,057.81 11,315,166.11
6/12/05 31 91 11,315,166.11 100,992.57 139,065.23 240,057.81 11,176,100.88
7/12/05 30 92 11,176,100.88 96,533.57 143,524.23 240,057.81 11,032,576.64
8/12/05 31 93 11,032,576.64 98,470.34 141,587.46 240,057.81 10,890,989.18
9/12/05 31 94 10,890,989.18 97,206.62 142,851.19 240,057.81 10,748,137.99
10/12/05 30 95 10,748,137.99 92,837.04 147,220.76 240,057.81 10,600,917.23
11/12/05 31 96 10,600,917.23 94,617.60 145,440.20 240,057.81 10,455,477.03
12/12/05 30 97 10,455,477.03 90,309.18 149,748.62 240,057.81 10,305,726.40
1/12/06 31 98 10,305,728.40 91,982.92 148,074.89 240,057.81 10,157,653.52
2/12/06 31 99 10,157,653.52 90,661.29 149,396.52 240,057.81 10,008,257.00
3/12/06 28 100 10,008,257.00 80,683.23 159,374.57 240,057.81 9,849,882.43
4/12/06 31 101 9,849,882.43 87,905.38 152,152.43 240,057.81 9,696,730.00
5/12/06 30 102 9,696,730.00 83,755.51 156,302.30 240,057.81 9,540,427.70
6/12/06 31 103 9,540,427.70 85,152.29 154,905.51 240,057.81 9,385,522.19
7/12/06 30 104 9,385,522.19 81,067.45 159,990.36 240,057.81 9,228,531.83
8/12/06 31 105 9,228,531.83 82,350.54 157,707.16 240,057.81 9,068,824.67
9/12/06 31 106 9,068,824.67 80,943.04 159,114.77 240,057.81 8,909,709.90
10/12/06 30 107 8,909,709.90 76,957.62 163,100.19 240,057.81 8,746,609.72
11/12/06 31 108 8,746,609.72 78,067.14 161,990.67 240,057.81 8,584,619.05
12/12/06 30 109 8,584,619.05 74,149.65 165,908.16 240,057.81 8,418,710.89
1/12/07 31 110 8,418,710.89 75,140.50 164,917.30 240,057.81 8,253,793.58
2/12/07 31 111 8,253,793.58 73,668.55 166,389.26 240,057.81 8,087,404.33
3/12/07 28 112 8,087,404.33 65,197.96 174,859.85 240,057.81 7,912,544.48
4/12/07 31 113 7,912,544.48 70,622.76 169,435.05 240,057.81 7,743,109.43
5/12/07 30 114 7,743,109.43 66,881.11 173,176.70 240,057.81 7,569,932.73
6/12/07 31 115 7,569,932.73 67,564.80 172,493.00 240,057.81 7,397,439.73
7/12/07 30 116 7,397,439.73 63,895.39 176,162.42 240,057.81 7,221.277.31
8/12/07 31 117 7,221.277.31 64,452.91 175,604.90 240,057.81 7,045,672.41
9/12/07 31 118 7,045,672.41 62,885.56 177,172.24 240,057.81 6,868,500.17
10/12/07 30 119 6,868,500.17 59,326.67 180,731.14 240,057.81 6,687,769.03
11/12/07 31 120 6,687,769.03 59,691.13 180,366.68 240,057.81 6,507,402.35
12/12/07 30 121 6,507,402.35 56,207.69 183,850.12 240,057.81 6,323,552.23
1/12/08 31 122 6,323,552.23 56,440.34 183,617.47 240,057.81 6,139,934.77
2/12/08 31 123 6,139,934.77 54,801.48 185,256.33 240,057.81 5,954,678.44
3/12/08 29 124 5,954,678.44 49,719.08 190,338.72 240,057.81 5,764,339.72
4/12/08 31 125 5,764,339.72 51,449.13 188,608.67 240,057.81 5,575.731.04
5/12/08 30 126 5,575.731.04 46,160.38 191,897.43 240,057.81 5,383,833.62
6/12/08 31 127 5,383,833.62 48,052.96 192,004.85 240,057.81 5,191,828.77
7/12/08 30 128 5,191,828.77 44,844.42 195,213.38 240,057.81 4,996,615.38
8/12/08 31 129 4,996,615.38 44,596.87 195,460.93 240,057.81 4,801,154.45
9/12/08 31 130 4,801,154.45 42,852.30 197,205.50 240,057.81 4,603,948.95
AMORTIZATION SCHEDULE: $20,000,000 MEZZANINE
Interpolated 12-yr UST 5.865%
Spread 4.500%
Coupon (Actual/360) 10.365%
Amortization 12.50
Anticipated Maturity 12.50
Constant 14.40%
CLOSING DATE: 11/26/97
MEZZ. PLACE
PAYMENT DATE MONTH BEGINNING BALANCE INTEREST PRINCIPAL PAYMENT END BALANCE
10/12/08 30 131 4,603,948.95 39,766.61 200,291.20 240,057.81 4,403,657.75
11/12/08 31 132 4,403,657.75 39,304.48 200,753.33 240,057.81 4,202,904.43
12/12/08 30 133 4,202,904.43 36,302.59 203,755.22 240,057.81 3,999,149.21
1/12/09 31 134 3,999,149.21 35,694.07 204,363.73 240,057.81 3,794,785.48
2/12/09 31 135 3,794,785.48 33,870.04 206,187.76 240,057.81 3,588,597.71
3/12/09 28 136 3,588,597.71 28,930.08 211,127.73 240,057.81 3,377,469.99
4/12/09 31 137 3,377,469.99 30,145.33 209,912.48 240,057.81 3,167,557.51
5/12/09 30 138 3,167,557.51 27,359.78 212,698.03 240,057.81 2,954,859.49
6/12/09 31 139 2,954,859.48 26,373.35 213,684.45 240,057.81 2,741,175.03
7/12/09 30 140 2,741,175.03 23,676.90 216,380.91 240,057.81 2,524,794.12
8/12/09 31 141 2,524,794.12 22,534.84 217,522.97 240,057.81 2,307,271.16
9/12/09 31 142 2,307,271.16 20,593.36 219,464.45 240,057.81 2,087,808.71
10/12/09 30 143 2,087,806.71 18,033.43 222,024.38 240,057.81 1,885,782.33
11/12/09 31 144 1,865,782.33 16,652.88 223,404.92 240,057.81 1,642,377.41
12/12/09 30 145 1,642,377.41 14,186.03 225,871.77 240,057.81 1,416,505.64
1/12/10 31 146 1,416,505.64 12,642.90 227,414,90 240,057.81 1,189,090.74
2/12/10 31 147 1,189,090.74 10,613.13 229,444.68 240,057.81 959,646.06
3/12/10 28 148 959,646.06 7,736.35 232,321.46 240,057.81 727,324.60
4/12/10 31 149 727,324.60 6,491.68 233,566.13 240,057.81 493,758.47
5/12/10 30 150 493,758.47 4,264.84 235,792.97 240,057.81 257,965.51
6/12/10 31 151 257,965.51 2,302.45 257,965.51 260,267.95 -