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unless: (i) in the case of a Sale in which the Sale Proceeds are insufficient to repay in full the <br />City Loan, the City approves such sale and the purchaser assumes the balance of the City Loan in <br />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 City Loan, the City approves such <br />Refinancing and 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 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. 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 City Loan <br />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 <br />applied first to sums, other than principal, due the City pursuant to this Note, and the balance, if <br />any, to the payment of principal. <br />b. If any payment is not received by the City within ten (10) 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 the highest annual rate which may lawfully be charged and collected under <br />applicable law on the obligation evidenced by this Note, computed from the date on which the <br />amount was due and payable until paid. Without prejudice to the rights of the City hereunder or <br />under any of the other Loan Documents, Borrower shall indemnify the City against, and shall <br />pay the City on demand, any expense or loss which it may sustain or incur as a result of the <br />failure by Borrower to pay when due any installment of principal, fees, or other amounts payable <br />to the City under this Note or any other Loan Document, to the extent that any such expense or <br />7 <br />