EX-10.22
from 10KSB
2 pages
1) Presidential Will Lend the Partnership Up to an Additional $500,000 for the Purposes Set Forth in the Existing Letter Agreement, So That the Total Amount of the Loan (As Defined in the Existing Letter Agreement) Will Be a Maximum of $2,500,000. 2) the Interest Rate on the Last $500,000 to Be Lent by the General Partner Will Be 13% Per Annum and Otherwise Payable Under the Same Terms and Conditions as Set Forth in the Existing Letter Agreement. 3) if the Net Proceeds of a Refinancing of the Existing First Mortgage on the Property (Expected to Be Accomplished on or Before May 1, 2008) Are Not Sufficient to Repay the Loan in Full (Including the Additional $500,000 Advance), Then Any Unpaid Principal Balance of the Loan Shall Thereafter Accrue Interest at the Rate of 13% Per Annum and Be Otherwise Payable in Accordance With the Terms of the Existing Letter Agreement
12/34/56
