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(a) Maker sells or otherwise transfers title to the Property <br />encumbered by the Deed of Trust; or <br />(b) Maker fails to occupy the Property or to perform any <br />obligation under theDeed of Trust; or <br />(c) A default occurs under the Deed of Trust. <br />4. Security for Note. <br />This Promissory Note is secured by a Deed of Trust of even date herewith (the <br />"Deed of Trust"), executed by Maker as Trustor in favor of Holder as Beneficiary <br />encumbering the property described therein (the "Property"). <br />5. Prepayment of Note Amount. <br />Maker may prepay to Holder the full Note Amount, at any time prior to the due <br />date of the Note Amount. The affordability covenants related to the Property, as set forth <br />in the Deed of Trust shall remain in effect against the Property for forty-five (45) years <br />from date of recordation, unless Maker sells the Property and repays the City the loan <br />amount, plus interest, from said sale. <br />6. Agreement. <br />This Promissory Note is made and delivered pursuant to and in implementation of <br />the Deed of Trust signed by the Maker dated as of the same date as this document, a copy <br />of which is on file as a public record with the Holder and is incorporated herein by <br />reference. The Maker acknowledges that but for the execution of this Promissory Note, <br />the Holder would not make the loan contemplated therein. Unless definition of terms <br />have been expressly set out at length herein, each term shall have the same definition as <br />set forth in the Agreement. <br />7. Holder Ma.~Assign. <br />Holder may, at its option, assign its right to receive payment under this <br />Promissory Note without necessity of obtaining the consent of the Maker. <br />8. Maker Assignment Prohibited. <br />In no event shall Maker assign or transfer any portion of this Agreement without <br />the prior express written consent of the Holder, which consent may be given or withheld <br />in the Holder's sole discretion. Likewise, no assumption of the Loan shall be permitted at <br />any time. This Section shall not prohibit the Holder's right to assign all or any portion of <br />its rights to the loan proceeds hereunder. <br />2 <br />