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<br />EXHIBIT 3 <br />Notwithstanding anything to the contrary contained in the Loan Documents, with <br />prior 30-days written notice to City, Borrower may refinance an existing senior loan with <br />a non-profit, commercial, governmental or institutional lender without the prior consent of <br />the City (“Refinanced Senior Indebtedness”), and the City hereby agrees to subordinate the <br />lien of its Deed of Trust (but not the Affordability Restrictions on Transfer of Property) to <br />the Refinanced Senior Indebtedness and the lien of any deed of trust or mortgage securing <br />the Refinanced Senior Indebtedness, provided that the principal balance of the Refinanced <br />Senior Indebtedness does not result in Net Refinancing Proceeds. <br />25. <br />26. <br />27. <br />RESERVED. <br />RESERVED. <br />FORCE MAJEURE. <br />Notwithstanding specific provisions of this Note, performance hereunder shall not <br />be deemed to be in default where delays or defaults are due to: war; insurrection; strikes; <br />lock-outs; riots; floods; earthquakes; fires; casualties; acts of God or other deities; acts of <br />the public enemy; epidemics; quarantine restrictions; freight embargoes; lack of <br />transportation; governmental restrictions or priority; litigation; unusually severe weather; <br />inability to secure necessary labor, materials or tools; delays of any contractor or supplier; <br />acts of the other party; acts or failure to act of the City or any other public or governmental <br />City or entity (except that any act or failure to act of City shall not excuse performance by <br />City); or any other causes beyond the reasonable control or without the fault of the party <br />claiming an extension of time to perform. An extension of time for any such cause shall be <br />for the period of the enforced delay and shall commence to run from the time the party <br />claiming such extension gives notice to the other party, provided notice by the party <br />claiming such extension is given within thirty (30) days after the commencement of the <br />cause. Times of performance under this Note may also be extended in writing by the City <br />and the Borrower. <br />28.ASSIGNMENTS. <br />The City, and the assignee of the City, shall have the right to assign this Note and <br />the City Deed of Trust securing this Note, without any further act of Borrower. The <br />assignee shall give notice to Borrower as soon as practicable after such assignment. <br />{signatures on following page} <br />13 <br />WISEPlace Permanent Supportive Housing <br />City HOME-ARP Loan Note