Exhibit 10(q)
DEED OF TRUST NOTE
$3,230,000.00 Greensboro, North Carolina
November 22, 1995
FOR VALUE RECEIVED, the undersigned, BASS REAL ESTATE FUND-84,
A NORTH CAROLINA LIMITED PARTNERSHIP, a limited partnership
promises to pay to REILLY MORTGAGE GROUP, INC., a District of
Columbia corporation, or order, at its principal office at 2000
Corporate Ridge, Suite 925, McLean, Virginia 22102, or at such
other place as may be designated in writing by the holder of this
Note, the principal sum of THREE MILLION TWO HUNDRED THIRTY
THOUSAND AND NO/100ths DOLLARS ($3,320,000.00), with interest
thereon from the date hereof at the rate of Seven and Six Tenths
percentum (7.6%) per annum on the unpaid balance until paid. The
principal and interest shall be payable in monthly installments as
follows:
Interest alone shall be due and payable on the
first day of December, 1995. Thereafter,
commencing on January 1, 1996, monthly
installments of principal and interest at the
rate of Seven and Six Tenths percentum (7.6%)
per annum shall be due and payable in the sum
of Twenty-Two Thousand Nine and 13/100ths
Dollars ($22,009.13) each, such payments to
continue monthly thereafter on the first day
of each succeeding month until the entire
indebtedness has been paid in full. In any
event, the balance of principal (if any)
remaining unpaid, plus accrued interest, shall
be due and payable December 1, 2030. The
installments of principal and interest shall
be applied first to interest at the rate
aforesaid upon the principal sum or so much
thereof as shall from time to time remain
unpaid, and the balance thereof shall be
applied on account of principal.
Both principal and interest under this Note shall be payable
at the office of REILLY MORTGAGE GROUP, INC., at its principal
office at 2000 Corporate Ridge, Suite 925, McLean Virginia 22102,
or such other place as the holder may designate in writing.
This Note is secured by a Deed of Trust upon real estate in
Charlotte, Mecklenburg County, North Carolina, and is to be
construed according to the laws of the State of North Carolina.
If default be made in the payment of any installment under
this Note, and if such default is not made good prior to the due
date of the next such installment, the entire principal sum and
accrued interest shall at once become due and payable without
notice, at the option of the holder of this Note. Failure to
exercise this option shall not constitute a waiver of the right to
exercise the same in the event of any subsequent default. In the
event of default in the payment of this Note, and if the same is
collected by an attorney at law, the undersigned hereby agrees(s)
to pay all costs of collection, including a reasonable attorney's
fee.
In the event any installment or part of any installment due
hereunder becomes delinquent for more than fifteen (15) days, there
shall be due, at the option of the holder, in addition to other
sums due hereunder, a sum equal to two percent (2%) of the amount
of such installment (including principal, interest and mortgage
loan escrows) so delinquent. Whenever under the law of the
jurisdiction where the property is located, the amount of any such
late charge is considered to be additional interest, this provision
shall not be effective if the rate of interest specified in this
Note, together with the amount of the late charge, would aggregate
an amount in excess of the maximum rate of interest permitted and
would constitute usury.
Prepayment of this Note is subject to the terms and provisions
set forth in the Rider attached hereto and incorporated herein by
this reference.
All parties to this Note, whether principal, surety,
guarantor, or endorser hereby waive presentment for payment,
demand, protest, notice of protest, and notice of dishonor.
Notwithstanding any other provision contained in this Note, it
is agreed that the execution of this Note shall impose no personal
liability on the maker hereof for payment of the indebtedness
evidenced hereby and in the event of a default, the holder of this
Note shall look solely to the property described in the Deed of
Trust and to the rents, issues and profits thereof in satisfaction
of the indebtedness evidenced hereby and will not seek or obtain
any deficiency or personal judgment against the maker hereof except
such judgment or decree as may be necessary to foreclose and bar
its interest in the property and all other property mortgaged,
pledged, conveyed or assigned to secure payment of this Note except
as set out in the Deed of Trust of even date given to secure this
indebtedness.
Signed and sealed the day and year first above written.
BASS REAL ESTATE FUND-84, A NORTH [SEAL]
CAROLINA LIMITED PARTNERSHIP
[CORPORATE SEAL] By: Marion Bass Real Estate Group, Inc.
Managing General Partner
ATTEST: By: ___________________________________
Marion F. Bass
_________________ President
Asst. Secretary
ACKNOWLEDGEMENT
THIS IS TO CERTIFY that this is the Note described in and
secured by a Deed of Trust of even date herewith and in the same
principal amount as herein stated and secured by real estate
situated in Charlotte, Mecklenburg County, North Carolina.
Dated this 29th day of November, 1995.
[SEAL] ____________________________
Notary Public
Shirley S. Long
Notary Public
Guilford County, NC
Comm. Expires: 11/7/99
My Commission Expires: Nov. 7, 1999
STATE OF NORTH CAROLINA
LOAN NO. 053-11099-REF/CON
____________________________
DEED OF TRUST NOTE
____________________________
BASS REAL ESTATE FUND-84, A NORTH
CAROLINA LIMITED PARTNERSHIP
TO
REILLY MORTGAGE GROUP, INC.
No. 053-11099-REF-CON
Insured under 207* of the National Housing
Act and Regulations thereunder of the Federal Housing
Commissioner *pursuant to Section 22__(f)
In effect on November 9, 1995
To the extent of advances approved by the Com-
missioner
FEDERAL HOUSING COMMISSIONER
By:___________________________________
(Authorized Agent)
DATE:____________________
A total sum of $3,230,000.00 has been approved
for insurance hereunder by the Commissioner
FEDERAL HOUSING COMMISSIONER
By:___________________________________
(Authorized Agent)
DATE: November 29, 1995
_____________________________________
Reference is made to the Act and to the Regulations
thereunder covering assignments of the insurance pro-
tection on this note.
_____________________________________
RIDER
TO
DEED OF TRUST NOTE OF
BASS REAL ESTATE FUND-84, A NORTH CAROLINA
LIMITED PARTNERSHIP
TO
REILLY MORTGAGE GROUP, INC.
DATED: November 22, 1995
__________________________________________________________________
1. Except as provided in Paragraph 2 and 3 below, Maker may
not prepay any sums due under the Deed of Trust Note prior to
November 1, 2000. Commencing on November 1, 2000, Maker may
prepay, in whole or in part, any sum due under the Deed of Trustee
Note on the last day of any month, upon thirty (30) days advance
written notice to holder.
2. Notwithstanding any prepayment prohibition imposed and/or
premium required by this Rider with respect to voluntary
prepayments made prior to November 1, 2000, the indebtedness may be
prepaid in whole or in part without the consent of the holder and
without prepayment premium if the Commissioner determines that
prepayment will avoid a mortgage insurance claim and is therefore
in the best interest of the Federal Government.
3. The provisions of Paragraph 1 of this Rider shall not
apply and no prepayment premium shall be collected by the holder
with respect to any prepayment which is made by or on behalf of
Maker from insurance proceeds as a result of damage to the property
or condemnation awards which may, at the option of the holder, be
applied to reduce the indebtedness evidenced by the Deed of Trust
Note pursuant to the terms of the Deed of Trust given of even date
to secure the indebtedness evidenced by the Deed of Trust Note to
which this Rider is attached.
4. Further, and in addition to the limitations and
requirements set forth in Paragraph 1 hereof, the debt evidenced by
the Deed of Trust Note may not be prepaid either in whole or in
part for a period of five (5) years from the date of endorsement
hereof except in cases where the prior written approval of the
Federal Housing Commissioner is obtained and such written approval
is expressly based upon the existence of one of the following:
(a) The mortgagor has entered into an agreement with the
Commissioner to maintain the property as rental housing
for the remainder of the specified five (5) year period;
(b) The Commissioner has determined that the conversion of
the property to cooperative or condominium ownership is
sponsored by a bona fide tenants' organization
representing a majority of the households in the project;
(c) The Commissioner has determined that continuation of the
property as rental housing is unnecessary to assure
adequate rental housing opportunity for low and moderate
income people in the community, or;
(d) The Commissioner has determined that continuation of the
property as rental housing would have an undesirable and
deleterious effect on the surrounding neighborhood.
BASS REAL ESTATE FUND-84/THE CHASE [SEAL]
LIMITED PARTNERSHIP
a North Carolina limited partnership
[CORPORATE SEAL] By: Marion Bass Real Estate Group, Inc.
Managing General Partner
ATTEST: By:________________________________
_____________________ Marion F. Bass
Asst. Secretary President