8M Consent 2008 0902 - Laserfiche WebLink

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NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties to this Agreement agree as follows: ARTICLE 1 LOAN PROVISIONS 1.1 The Loan (a) Loan Terms. (1) Loan Amount. Agency agrees to lend to Borrower, and Borrower agrees to borrow from and repay to Agency, the Loan in an amount not to exceed Five Hundred Fifty-Nine Thousand Two Hundred Dollars ($559,200). The Loan shall be evidenced by the Promissory Note which shall be dated as of the Effective Date and executed by Borrower substantially in the form attached hereto as Exhibit B. (2) Loan Interest. Commencing on the date of initial disbursement of the proceeds of the Loan and continuing through the date that all indebtedness and other amounts payable under this Agreement and the Note are paid in full, interest on the Loan shall accrue at the rate of six percent (6°10) per annum on the outstanding and unpaid principal. (b) Maturity Date. The maturity date of the Loan is contingent upon Comcore's ability to obtain an extension of the Comcore Option. Based upon the foregoing, the Loan shall mature as follows: (1) In the event Comcore is able to obtain the five-year extension of the Comcore Option, the Loan will mature on November 30, 2013, provided that Borrower provides Agency with written notification of said Option Extension no later than September 30, 2010, (2) In the event Comcore is unable to obtain an extension of the Comcore Option, the Loan shall mature on November 30, 2010. (c) Repayment. Consistent with Section 1.1(b), repayment of the Loan shall be determined by the maturity date of the Loan. Accordingly, the Loan shall be repaid as follows: (1) November 30 2010 Maturity Date. Provided that Borrower is not in default under any of the Loan Documents, Borrower shall make interest only monthly installment payments in the amount of Two Thousand Seven Hundred Ninety-Six Dollars ($2,796.00) beginning November 1, 2008 through October 1, 2010. On or before November 30, 2010, all remaining accrued and outstanding and unpaid principal and interest shall be paid in full. (2) November 30, 2013 Maturity ..Date. Provided that Borrower is not in default under any of the Loan Documents, Borrower shall make interest only monthly installment payments in the amount of Two Thousand Seven Hundred Ninety-Six Dollars ($2,796.00) beginning November 1, 2008 through November 1, 2013. On or before November 30, 2013, all remaining accrued and outstanding and unpaid principal and interest shall be paid in full. 1113396.3 ~