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EXHIBIT J <br />No periodic payments are required hereunder. Borrower agrees to pay the unpaid <br />principal balance, unpaid accrued interest, and any other amounts due under this Note <br />upon the earlier of: <br />i. at the end of the forty-five (45) year term of affordability; <br />ii. when the Property is sold; <br />iii. when the Property is not properly being used as the Borrower's <br />principal residence; <br />iv. The City discovers that Borrower knowingly or willfully made a <br />misstatement or misrepresentation pertaining to Borrower's status <br />as an Eligible Person or Family; and <br />V. An uncured default in performance or breach by Borrower of any <br />provision of this Promissory Note, the City Deed of Trust <br />Including Affordable Housing Deed Restrictions. <br />3. Permitted Transfers. <br />The City Loan is not assumable except under the following limited circumstances: <br />i. The transfer of the Property to the surviving joint tenant by devise, <br />descent or operation of the law, on the death of a joint tenant; <br />ii. A transfer of the Property where the spouse becomes an owner of <br />the property; <br />iii. A transfer of the Property resulting from a decree of dissolution of <br />marriage, legal separation or from an incidental property <br />settlement agreement by which the spouse becomes an owner of <br />the Property; <br />iv. A transfer to an inter vivos trust in which the Borrower is and <br />remains the beneficiary and occupant of the property. <br />4. Acceleration of Payment. <br />The principal amount of this loan, together with any then outstanding accrued <br />interest thereon shall become immediately due and payable, at the option of the holder <br />and without demand or notice, upon the occurrence of any of the following events: <br />i. In the event of a default under the terms of this Note or the Deed of <br />Trust; <br />ii. In the event that the Borrower shall cease to occupy the Property as <br />Borrower's principal place of residence; or <br />iii. In the event of any sale, transfer, lease, or encumbrance of the <br />Property without Lender's prior written consent in violation of <br />Paragraph 3 of this Note. <br />EXHIBIT 1 <br />25D-87