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<br />". <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />11.5%). The rate of interest will be adjusted on December <br />1,1986 in accordance with the Bank's Base Rate in effect on <br />December 1,1986. The amount of the monthly installments of <br />principal and interest payable from January 1,1982 to <br />December 1, 1986 shall be $3476.04. The amount of the <br />monthly installments due from and after January 1,1987 will <br />be adjusted as necessary to reflect any change made on <br />December 1,1986 in the rate of interest. <br /> <br />4. All obligations evidenced by the Participant Note <br />shall be guaranteed by Elizabeth Phillips, Louise Hutton, <br />and Audrey E. Phillips. <br /> <br />5. Prior to or concurrent with your acceptance of <br />this Commitment, you shall pay the following amounts to the <br />Agency, or execute and deliver to the Agency the enclosed <br />Promissory Note for the sum thereof: <br /> <br />Professional Services Cost: <br /> <br />Reimbursement per Sections l2(b) and 16 <br />of the Participation Agreement... $23,927.00 <br /> <br />2% Fee per Section 15 of the <br />Participation Agreement ......... $ 7,000.00 <br /> <br />$30,927.00 <br /> <br />If and when escrow closes on the Loan, you shall be required <br />to pay an additional 3 percent fee in the amount of <br />$10,500.00, in accordance with Section 15 of the <br />Participation Agreement. <br /> <br />6. <br /> <br />This Commitment shall expire on October 20,1982. <br /> <br />Reference is hereby made to Section 8 of the Project <br />Agreement and to the Standard Terms and Conditions (as <br />modified by said Section 8) set forth as Exhibit C to the <br />Participation Agreement for a statement of the terms and <br />conditions to which this Commitment is subject. Copies of <br />said Section 8 and said Standard Terms and Conditions are <br />attached hereto for your convenience. Please note the lease <br />and income coverage requirements of Section 8.2.2 of the <br />Project Agreement. Nothing herein changes or waives any <br />. conditions to this Commitment, as set forth in Section 8 and <br />the Standard Terms and Conditions. <br /> <br />-2- <br /> <br />Ltf.\ <br /> <br />z.¡ <br />