1980-070 CRA - Laserfiche WebLink

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. . . , Code of 1954, as amended, and regulations issued thereunder, as in effect from time to time (provided that in the event of disagreement regarding interpretation or construction of the above rules, Bank's interpretation or construction shall prevail and be binding). (c) Permitted Investments in an amount equal to each Qualified Take-Out Loan shall mature on or before the funding of such Qualified Take-Out Loan, A Permitted Investment shall not be sold or otherwise disposed of at a price or for consideration below its acquisition cost without Bank's written consent. (d) Any excess proceeds from the undersigned's sale of this note remaining after funding of each Qualified Take-Out Loan shall be paid immediately upon such funding to the holder hereof in reduction of the principal hereof and interest accrued hereon to the date of payment on the amount of principal so paid, To the extent that the Keiser Loan or the Greenberg Loan is in an amount less $150,000 or $650,000, respectively, the portion of such amount not advanced shall be deemed excess proceeds, In addition, to the extent, if any, that any Qualified Take-Out Loan is not funded on or before March 31 , 1981, amounts then invested in Permit- ted Investments shall be -excess proceedsft within the meaning of the preceding sentence and shall be immediately applied in reduction of the principal hereof and interest accrued hereon as in this paragraph provided, 2, ftBorrower- as used herein shall refer collec- tively to the recipient or recipients of a Qualified Take-Out Loan, ftBorrower Noteft as used herein shall refer to the promissory note of Borrower evidencing that Borrower's respec- -5- 70 5.E