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7 <br />b. if an Event of Default occurs pursuant to Section 16 hereof. <br /> <br />or <br /> <br />c. The date that is fifty five (55) years after the date of completion of the Project. <br />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 Note. <br /> <br />11. Prepayment <br /> <br />Borrower may prepay the outstanding principal balance under this Note, in whole or in <br />part, together with any accrued but unpaid interest, if any, and other sums owed to the City under <br />this Note, if any, at any time without penalty. <br /> <br />12. Lawful Money. <br /> <br />Principal and interest are payable in lawful money of the United States of America. <br /> <br />13. Application of Payments; Late Charges. <br /> <br />a. Any payments received by the City pursuant to the terms hereof shall be applied <br />first to sums, other than principal and interest, due the City pursuant to this Note, next to the <br />payment of all interest accrued to the date of such payment, and the balance, if any, to the <br />payment of principal. <br /> <br />b. If any payment is not received by the City within fifteen (15) days following the <br />due date thereof, 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 amount due and <br />unpaid will be added to the delinquent amount to compensate the City for the expense of <br />handling the delinquency and (ii) the amount due and unpaid, excluding the late charge, shall <br />bear interest at ten percent (10%) per annum, computed from the date on which the amount was <br />due and payable until paid. Without prejudice to the rights of the City hereunder or under any of <br />the other Loan Documents, Borrower shall indemnify the City against, and shall pay the City on <br />demand, any expense or loss which it may sustain or incur as a result of the failure by Borrower <br />to pay when due any installment of interest and/or principal, fees, or other amounts payable to <br />the City under this Note or any other Loan Document, to the extent that any such expense or loss <br />is not recovered pursuant to such foregoing provisions. A certificate of the City setting forth the <br />basis for the determination of the amounts necessary to indemnify the City in respect of such <br />expenses or direct loss, submitted to Borrower by the City, shall be conclusive and binding for <br />all purposes except as immediately corrected by Borrower notice to City. <br /> <br />14. Security <br /> <br />This Note is secured by the City Deed of Trust. <br />EXHIBIT 3