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(iii) Commencing on the date on which the Public Parking Parcel is made available to the public pursuant to the Parking Agreement, Maker shall make monthly principal and interest payments under this Note until the principal and accrued interest under this Note is repaid in full, The full atnount of principal and interest accrued under this Note shall be due and payable in full not later than 30 years from the date when Holder first issued Loan Funds to Maker (the "Maturity Date"). (b) If the Public Improvement Loan is funded by the City through a Private Loan, the Loan shall be repaid pursuant to the terms of that Private Loan, (c) Maker shall have the right to prepay without penalty all or any portion,of the principal amount evidenced hereunder. (d) All payments and prepayments received by Holder pursuant to the terms hereof shall be applied in the following manner: first, to the payment of all expenses, charges, costs and fees incurred by or payable to Holder by Maker pursuant to the terms hereof (in such order and manner as Holder, in its sole discretion, may elect); second, to the payment of all interest accrued to the date of such payment; and third, to the payment of principal; Notwithstanding anything to the contrary contained herein, after the occurrence and dining the continuation of an Event of Default (as hereinafter defined); all amounts received by Holder from any party shall be applied in such order as Holder, in its sole discretion, may elect. 3. Interest Rate. The principal outstanding under this Note shall accrue interest at the rate of either (a) if the City makes the Public Improvement Loan is funded from the City's General fund, the interest rate shall be Local Agency Investment Fund (LAIF) rate beginning on the date of this Note until the date the Loan is repaid in full, the interest rate shall readjust July lst of each year; or (b) if the Public Improvement Loan is funded by the City through a Private Loan, the interest shall be the rate charged pursuant to the terms of that Private Loan.... 4. Security. This Note is secured by a Deed of Trust executed by Maker, which creates a lion on that certain property owned by Caribou Industries, Inc. as described in the Deed of Trust and the Loan Agreement. 5. Events of Default. Any of the following events shall be deemed an "Event of Default" ` hereumder: due; (a) Failure to make any payment of interest or principal on this Note when (b) Maker shall fail to satisfy any obligation under this Note; (e) Maker shall become in default under the Loan Agreement, subject to any applicable cure periods set forth therein; (e) Maker shall file a.voluntary petition in bankruptcy court or such a petition shall be filed against Maker and is not dismissed within sixty (60) days after filing; or if Maker shall file any petition or answer seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or 55394.00049\40884170.6