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8. Accelerated Loan Pavment. <br />The full principal amount outstanding shall be due and payable on the earlier to occur of <br />the following: <br />a. Sale or Refinancing of the Property as provided further in Section 13 hereof; <br />unless: (i) in the case of a Sale in which the Sale Proceeds are insufficient to repay in fall the <br />City Loan, the City approves such sale and the purchaser assumes the balance of the City Loan in <br />accordance with the terms of this Note; or (ii) in the case of a Refinancing in which the <br />Refinancing Proceeds are insufficient to repay in full the City Loan, the City approves such <br />Refinancing and the Borrower remains obligated pursuant to the terms of this Note. <br />b. In event of default (subject to any applicable notice and cure provisions) pursuant <br />to any of the Loan Documents or the Senior Loan Documents. <br />c. Any default (subject to any applicable notice and cure provisions by Borrower as <br />to any other loan or loans by City to Borrower with respect to the Property; or <br />d. The date that is fifty five (55) years after the date of execution of this Note. On <br />that date, the City agrees to review the performance of the Property and consider in good faith <br />any reasonable request by Borrower to modify the terms or extend the Term of this City Note. <br />9. Prepayment <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 still <br />remain for the entire Affordability Period of fifty -five (55) years. <br />10. Lawful Money. <br />Principal is payable in lawful money of the United States of America. <br />11. Application of Payments; Late Charges. <br />a. Any payments received by the City pursuant to the terms hereof shall be <br />applied first to sums, other than principal, due the City pursuant to this Note, and the balance, if <br />any, to the payment of principal. <br />b. If any payment is not received by the City within fifteen (15) Business Days after <br />Developer's receipt of written notice that such payment was not received when due; <br />then in addition to the remedies conferred upon the City pursuant to this Note and the <br />other Loan Documents, (i) a late charge of four percent (4 %) of the amount due and <br />unpaid will be added to the delinquent amount to compensate the City for the expense <br />of handling the delinquency and (ii) the amount due and unpaid, excluding the late <br />r _ .I <br />