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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 Charees. <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 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 />addition to the remedies conferred upon the City pursuant to this Note and the other Loan <br />Documents: (i) a late charge of four percent (4%) of the amount due and unpaid will be added to <br />the delinquent amount to compensate the City for the expense of handling the delinquency; and, <br />(ii) the amount due and unpaid, excluding the late charge, shall bear interest at the highest annual <br />rate which may lawfully be charged and collected under applicable law on the obligation, <br />evidenced by this Note, computed from the date on which the amount was due and payable until <br />paid. Without prejudice to the rights of the City hereunder, or under any of the other Loan <br />Documents, Borrower shall indemnify the City against, and shall pay the City on demand, any <br />expense or loss which it may sustain or incur as a result of the failure by Borrower to pay when <br />due any installment of principal, fees, or other amounts payable to the City under this Note or any <br />other Loan Document that exceeds the amount of the late charge described above, to the extent <br />that any such expense or loss is not recovered pursuant to such foregoing provisions. A certificate <br />of the City setting forth the basis for the determination of the amounts necessary to indemnify the <br />City in respect of such expenses or direct loss, submitted to Borrower by the City, shall be <br />conclusive and binding for all purposes except as immediately corrected by Borrower notice to <br />City. <br />12. Security <br />This Note is secured by the recorded Deed of Trust. <br />13. Acceleration by Reason of Transfer or Financing. <br />a. In order to induce City to make the loan evidenced hereby, Borrower agrees that <br />in the event of any transfer of the Property without the prior written consent of City (other than a <br />transfer resulting from a foreclosure, or conveyance by deed in lieu of foreclosure, by the holder <br />of the Senior Loan Deed of Trust), City shall have the absolute right at its option, without prior <br />8 <br />55A-100 <br />