- The applicable interest rate will be 4.55% over LIBOR with an interest rate floor of 5.00%;
- The Company will pay monthly principal payments of $16,000 to the Lender;
- The Company has pledged to Lender cash collateral in the amount of $750,000 which will be held in an interest bearing account. The cash collateral may be applied by Lender as principal curtailment in the event certain debt service coverage ratio thresholds are not met on or before December 20, 2011.
MHI Hospitality Corporation Extends Mortgage On Crowne Plaza Hampton Marina
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