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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 <br />in full the HOME Loan, the City approves such sale in the exercise of its <br />reasonable discretion and the purchaser assumes the balance of the HOME Loan <br />in accordance with the terms of this Note; or (ii) in the case of a Refinancing in <br />which the Refinancing Proceeds are insufficient to repay in full the HOME Loan, <br />the City approves such Refinancing in the exercise of its reasonable discretion and <br />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 and AHSC 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 expiration of the Term of this Note. On that date, the City agrees to review <br />the performance of the Property and consider in good faith any reasonable request <br />by Borrower to modify the terms or extend the Term of this HOME 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 applied <br />first to sums, other than principal, due the City pursuant to this Note, and the <br />balance, if 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 <br />due; then in addition to the remedies conferred upon the City pursuant to this Note <br />and the other Loan Documents, (i) a late charge of four percent (4%) of the <br />amount due and unpaid will be added to the delinquent amount to compensate the <br />City for the expense of handling the delinquency and (ii) the amount due and <br />unpaid, excluding the late charge, shall bear interest at the highest annual rate <br />LEQAL_US_W # 90423673.1 <br />