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<br />Borrower may prepay the outstanding principal balance under this Note, in whole or in <br />part, at any time without penalty. However, the Affordability Covenants and Restrictions will <br />remain for the entire Affordability Period of fifty-five (55) years. <br /> <br />9. Lawful Money. <br /> <br />Principal is payable in lawful money of the United States of America. <br /> <br />10. Application of Payments; Late Charges. <br /> <br />a. Any payments received by the Agency pursuant to the terms hereof shall be applied <br />first to sums, other than principal, due the Agency pursuant to this Note, and the balance, if any, <br />to the payment of principal. <br /> <br />b. If any payment is not received by the Agency within ten (10) Business Days after <br />Borrower's receipt of written notice that such payment was not received when due; then in addition <br />to the remedies conferred upon the Agency pursuant to this Note and the other Loan Documents: <br />(i) a late charge of four percent (4%) of the amount due and unpaid will be added to the delinquent <br />amount to compensate the Agency for the expense of handling the delinquency; and, (ii) the <br />amount due and unpaid, excluding the late charge, shall bear interest at the highest annual rate <br />which may lawfully be charged and collected under applicable law on the obligation, evidenced <br />by this Note, computed from the date on which the amount was due and payable until paid. Without <br />prejudice to the rights of the Agency hereunder, or under any of the other Loan Documents, <br />Borrower shall indemnify the Agency against, and shall pay the Agency on demand, any expense <br />or loss which it may sustain or incur as a result of the failure by Borrower to pay when due any <br />installment of principal, fees, or other amounts payable to the Agency under this Note or any other <br />Loan Document that exceeds the amount of the late charge described above, to the extent that any <br />such expense or loss is not recovered pursuant to such foregoing provisions. A certificate of the <br />Agency setting forth the basis for the determination of the amounts necessary to indemnify the <br />Agency in respect of such expenses or direct loss, submitted to Borrower by the Agency, shall be <br />conclusive and binding for all purposes except as immediately corrected by Borrower notice to <br />Agency. <br /> <br />11. Security <br /> <br />This Note is secured by the recorded Deed of Trust. <br /> <br />12. Event of Default. <br /> <br />Subject to the provisions of Section 19, the occurrence of any of the following shall be <br />deemed to be an event of default which is not cured within the applicable time period described <br />therein ("Event of Default'') hereunder: (a) failure by Borrower to make any payments provided <br />for herein, and if such default is not made good within ten (10) Business Days after Borrower's <br />receipt of written notice that such payment was not received when due; (b) failure by Borrower to <br />EXHIBIT 4