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paid. Such payment shall be due on the date of such Sale, and shall be applied to reduce the <br />principal balance of the Loan in accordance with this Section 7. The City shall not be required to <br />reconvey the lien of the Deed of Trust if Sale Proceeds are insufficient to repay the Loan in full. <br />8. Accelerated Loan Payment. <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, unless: <br />(i) in the case of a Sale in which the Sale Proceeds are insufficient to repay in full the Inclusionary <br />Loan, the City approves such sale and the purchaser assumes the balance of the Inclusionary Loan <br />in 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 Inclusionary Loan, the City approves <br />such Refinancing and the Borrower remains obligated pursuant to the terms of this Note; <br />b. In the event of default (subject to any applicable notice and cure provisions) <br />pursuant 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. To <br />the extent the Loan is not repaid by that date, the City agrees to review the performance of the <br />Property and consider in good faith any reasonable request by Borrower to modify the terms or <br />extend the Term of this Inclusionary Note, if applicable. <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 will <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 Charles. <br />a. Any payments received by the City pursuant to the teens hereof shall be applied <br />first to sums, other than principal, due the City pursuant to this Note, and the balance, if any, to <br />the payment of principal. <br />b. If any payment is not received by the City within ten (10) Business Days after <br />Developer's receipt of written notice that such payment was not received when due; then in <br />