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Exhibit 10.20
NOTE
$25,000,000.00
June 24, 1996
FOR VALUE RECEIVED, the undersigned RAMCO-GERSHENSON PROPERTIES, L.P.,
a Delaware limited partnership, hereby promises to pay to The First National
Bank of Boston or order, in accordance with the terms of that certain Amended
and Restated Master Revolving Credit Agreement dated as of June 24, 1996 (the
"Credit Agreement"), as from time to time in effect, among the undersigned, The
First National Bank of Boston, for itself and as Agent, NBD Bank and such other
Banks as may be from time to time named therein, to the extent not sooner paid,
on or before the Maturity Date, the principal sum of Twenty-Five Million
Dollars ($25,000,000.00), or such amount as may be advanced by the payee hereof
under the Credit Agreement with daily interest from the date hereof, computed
as provided in the Credit Agreement, on the principal amount hereof from time
to time unpaid, at a rate per annum on each portion of the principal amount
which shall at all times be equal to the rate of interest applicable to such
portion in accordance with the Credit Agreement, and with interest on overdue
principal and, to the extent permitted by applicable law, on overdue
installments of interest and late charges at the rates provided in the Credit
Agreement. Interest shall be payable on the dates specified in the Credit
Agreement, except that all accrued interest shall be paid at the stated or
accelerated maturity hereof or upon the prepayment in full hereof. Capitalized
terms used herein and not otherwise defined herein shall have the meanings set
forth in the Credit Agreement.
Payments hereunder shall be made to The First National Bank of Boston,
as Agent for the payee hereof, 100 Federal Street, Boston, Massachusetts 02110.
This Note is one of one or more Notes evidencing borrowings under and
is entitled to the benefits and subject to the provisions of the Credit
Agreement. The principal of this Note may be due and payable in whole or in
part prior to the maturity date stated above and is subject to mandatory
prepayment in the amounts and under the circumstances set forth in the Credit
Agreement, and may be prepaid in whole or from time to time in part, all as set
forth in the Credit Agreement. The Note is issued in substitution of and in
renewal and extension of, but not in payment of, the Note dated May 6, 1996, in
the principal amount of Twenty-Five Million Dollars ($25,000,000.00) issued to
The First National Bank of Boston pursuant to the Master Revolving Credit
Agreement dated as of May 6, 1996 prior to its amendment and restatement on the
date hereof.
Notwithstanding anything in this Note to the contrary, all agreements
between the undersigned Borrower and the Banks and the Agent, whether now
existing or hereafter arising and whether written or oral, are hereby limited
so that in no contingency, whether by reason of acceleration of the maturity of
any of the Obligations or otherwise, shall the interest contracted for, charged
or received by the Banks exceed the maximum amount permissible under applicable
law. If, from any circumstance whatsoever, interest would otherwise be payable
to the Banks in excess of the maximum lawful amount, the interest payable to
the Banks shall be reduced to the maximum amount permitted under applicable
law; and if from any circumstance the Banks shall ever receive anything of
value deemed interest by applicable law in excess of the maximum lawful amount,
an amount equal to any excessive interest shall be applied to the reduction of
the principal balance of the Obligations of the undersigned Borrower and to the
payment of interest
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or, if such excessive interest exceeds the unpaid balance of principal of the
Obligations of the undersigned Borrower, such excess shall be refunded to the
undersigned Borrower. All interest paid or agreed to be paid to the Banks
shall, to the extent permitted by applicable law, be amortized, prorated,
allocated and spread throughout the full period until payment in full of the
principal of the Obligations of the undersigned Borrower (including the period
of any renewal or extension thereof) so that the interest thereon for such full
period shall not exceed the maximum amount permitted by applicable law. This
paragraph shall control all agreements between the undersigned Borrower and the
Banks and the Agent.
In case an Event of Default shall occur, the entire principal amount
of this Note may become or be declared due and payable in the manner and with
the effect provided in said Credit Agreement. In addition to and not in
limitation of the foregoing and the provisions of the Credit Agreement
hereinabove defined, the undersigned further agrees, subject only to any
limitation imposed by applicable law, to pay all expenses, including reasonable
attorneys' fees and legal expenses, incurred by the holder of this Note in
endeavoring to collect any amounts payable hereunder which are not paid when
due, whether by acceleration or otherwise.
This Note shall be governed by and construed in accordance with the
laws of the State of Michigan (without giving effect to the conflict of laws
rules of any jurisdiction).
The undersigned maker and all guarantors and endorsers, hereby waive
presentment, demand, notice, protest, notice of intention to accelerate the
indebtedness evidenced hereby, notice of acceleration of the indebtedness
evidenced hereby and all other demands and notices in connection with the
delivery, acceptance, performance and enforcement of this Note, except as
specifically otherwise provided in the Credit Agreement, and assent to
extensions of time of payment or forbearance or other indulgence without
notice.
IN WITNESS WHEREOF the undersigned has by its duly authorized
officers, executed this Note under seal as of the day and year first above
written.
RAMCO-GERSHENSON PROPERTIES, L.P.
By: Ramco-Gershenson Properties Trust,
its General Partner
By: /s/ Dennis Gershenson
Title: President