FOR VALUE RECEIVED, Lakeshore Terrace Mezz Borrower LLC ("Borrower") promises to pay to the order of Northwind Credit LLC ("Lender") the principal sum of One Million Dollars ($1,000,000.00)
2. Interest. The unpaid principal shall bear interest at 11.00% per annum, fixed; payments are interest only
3. Maturity. All unpaid principal and accrued interest are due on December 20, 2026
2(b) Interest is payable quarterly in arrears
3. Principal is payable in full on the Maturity Date
2(b) Interest payments are due on the first day of Mar, Jun, Sep and Dec of each year
3(b) Borrower may extend the Maturity Date once by six months on payment of an extension fee of one percent (1%)
3(b) ... an extension fee of one percent (1%) of the outstanding principal
4. Fees. An origination fee of 1% of the principal amount is due at closing
4. Fees. An exit fee of 0.50% of the principal repaid is due on repayment
5. Prepayment. No prepayment in the first twelve months; thereafter at par without premium
6. Default interest. Upon an Event of Default the rate shall increase to 16.00% per annum
7. Late charge. A payment more than ten (10) days late incurs a charge of five percent (5%) of the payment
8. Security. This Note is secured by a pledge of membership interests
9. Guaranty. Payment of this Note is unconditionally guaranteed by Marcus Feld, jointly and severally
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