Res 2005-091 - Laserfiche WebLink

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"Loan Aereement") of even date herewith, between the undersigned and City and is subject to the terms of said Loan Agreement. This Note is secured by a Deed of Trust (And Security Agreement, Assignment of Rents and Financing Statement) (herein called the "Deed of Trust") of even date herewith in favor of Mark B. Taylor, as Trustee, evidencing a lien on the Mortgaged Property and evidencing a security interest in certain personal property described therein, to which Deed of Trust reference is here made for a description of the Mortgaged Property covered thereby and the nature and extent of the security and the rights and powers of the holder of this Note in respect of such security. This Note, the Loan Agreement, and the Deed of Trust, together with any other document or instrument evidencing or securing the repayment of this Note, as the foregoing may be amended, renewed, supplemented, modified, replaced and/or restated from time to time, are referred to collectively as the "Loan Documents". Maker shall have the right to prepay this Note, in whole or in part, without premium or penalty and upon the payment of all accrued interest on the amount prepaid (and any interest which has accrued at the Default Rate and other sums that may be payable hereunder) to the date so fixed. Commencing February 1, 2006 and continuing on the first (151) day of each successive calendar month thereafter, this Note, including principal and interest, shall be due and payable in consecutive equal monthly installments in the amount of Nine Thousand Two Hundred Eighty Eight and 52/1 00 Dollars ($9,288.52) each. On January 31,2026, this Note shall mature and all outstanding principal and accrued but unpaid interest shall be immediately due and payable in full. All payments hereunder shall be applied first to accrued but unpaid interest, then to discharge any expenses for which City may be entitled to receive reimbursement under the terms of this Note or any of the other Loan Documents, and lastly, to installments of principal due hereunder in the direct order of their maturity. Failure by Maker to make payments of principal and/or interest (as the case may be) in accordance with the terms hereof shall be an Event of Default under this Note and the Loan Documents. If Maker defaults in the payment or performance of any obligation under this Note or otherwise incurs an Event of Default (as defmed in the Loan Documents) under any of the other Loan Documents (the foregoing being referred to each as an "Event of Default"), the holder of this Note shall have the option of declaring the Principal Amount hereof and the interest accrued thereon to be immediately due and payable. Notwithstanding anything to the contrary contained in this Note, at the option of the holder ofthis Note and upon notice to the Maker at any time after the occurrence of an Event of Default hereunder or under the Loan Documents, the unpaid principal of this Note from time to time outstanding and all past due installments of interest shall, to the extent permitted by applicable law, bear interest at the Default Rate, provided that in no event shall such interest rate be more than the Maximum Rate. All interest accruing under this Note shall be calculated on the basis of a 365-day year applied to the actual number of days in each month. The undersigned shall make each payment which it owes hereunder no later than Noon, San Marcos, Texas time, on the date such payment becomes due and payable (or the date any voluntary prepayment is made), in immediately available funds. Any payment D-2 779097.9