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Proceeds are insufficient to repay in full the City Loan, the City approves such sale and the <br />purchaser assumes the balance of the City Loan in accordance with the terms of this Note; <br />or (ii) in the case of a Refinancing in which the City's Percentage of the Refinancing <br />Proceeds are insufficient to repay in full the City Loan, the City approves such Refinancing <br />and the Borrower remains obligated pursuant to the terms of this Note; <br />(b) if an Event of Default occurs pursuant to Section 16 hereof which <br />remains uncured after the expiration of all applicable notice and cure periods; or <br />(c) The date that is fifty-five (55) years after the date of execution of the <br />Certificate of Completion. <br />11. PREPAYMENT. <br />Borrower may prepay the outstanding principal balance under this Note, in whole <br />or in part, together with any accrued but unpaid interest, if any, and other sums owed to the <br />City under this Note, if any, at any time without penalty. In the event of prepayment by <br />Borrower, the Loan Agreement (only with respect to any continuing obligations of <br />Borrower that survive repayment in full of the City Loan) and the Affordability Restrictions <br />on Transfer of Property shall remain intact, and shall be unaffected by the prepayment of <br />this Note by the Borrower. <br />12. LAWFUL MONEY. <br />Principal and interest are payable in lawful money of the United States of America. <br />13. APPLICATION OF PAYMENTS; LATE CHARGES. <br />(a) Any payments received by the City pursuant to the terms hereof <br />shall be applied first to sums, other than principal and interest, due the City pursuant to this <br />Note, next to the payment of all interest accrued to the date of such payment, and the <br />balance, if any, to the payment of principal. <br />(b) If any payment is not received by the City within thirty (30) days <br />following the due date thereof, then in addition to the remedies conferred upon the City <br />pursuant to this Note and the other Loan Documents: (i) a late charge of four percent (4%) <br />of the amount due and unpaid will be added to the delinquent amount to compensate the <br />City for the expense of handling the delinquency; and (ii) the amount due and unpaid, <br />excluding the late charge, shall bear interest at twelve percent (12%) per annum, or the <br />maximum amount allowed by law, whichever is less, computed from the date on which the <br />amount was due and payable until paid. Without prejudice to the rights of the City <br />hereunder or under any of the other Loan Documents, Borrower shall indemnify the City <br />against, and shall pay the City on demand, any expense or loss which it may sustain or <br />incur as a result of the failure by Borrower to pay when due any installment of interest <br />and/or principal, fees, or other amounts payable to the City under this Note or any other <br />Loan Document, to the extent that any such expense or loss is not recovered pursuant to <br />such foregoing provisions. A certificate of the City setting forth the basis for the <br />WISEPlace Pennanent Supportive Housing <br />City HOME -ARP Loan Note <br />