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<br />5. Default and Acceleration. <br /> <br />All covenants, conditions and agreements contained in the Deed of Trust are <br />hereby made a part of this Note. The Borrower agrees that the unpaid balance of the then <br />principal amount of this Note, together with all accrued interest thereon and charges <br />owing, shall, at the option of the Lender or, if so provided in this Note and Deed of Trust <br />executed by the Borrower, shall automatically, become immediately due and payable, and <br />thereafter until paid bear interest at the rate of 3 % per annum, upon the failure of the <br />Borrower to make any payment hereunder as and when due; upon the failure of the <br />Borrower to perform or observe any other term or provision of this Note, or on the <br />occurrence of any event (whether termed default, event of default or simi which <br />under the terms of the Deed of Trust, shall entitle the Lender to exerci <br />remedies thereunder. <br /> <br />This Pr <br />the Deed of T <br />copy of w <br />referen <br />Not <br /> <br /> <br />6. Security for Note. <br /> <br />This Promissory Note is secured by the Deed of Trust <br />executed by Borrower as Trustor in favor of Lender a nefici <br />Property described therein (Exhibit A to the Deed <br /> <br />7. Prepavment of Note Amount. <br /> <br />Borrower may prepay to Lender <br />due date of the Note Amount withou <br />Property, as set forth in the Dee <br />forty-five (45) years from date <br />repays the City the loan a <br /> <br />II Not ount, at any time prior to the <br />he affordability covenants related to the <br />ain in effect against the Property for <br />unless Borrower sells the Property and <br />eS , from said sale. <br /> <br />8. <br /> <br />made and delivered pursuant to and in implementation of <br />Borrower dated as of the same date as this document, a <br />public record with the Lender and is incorporated herein by <br />r acknowledges that but for the execution of this Promissory <br />d not make the loan contemplated therein. <br /> <br />Lender May Assign. <br /> <br />Lender may, at its option, assign its right to receive payment under this <br />Promissory Note without necessity of obtaining the consent of the Borrower. <br /> <br />10. Borrower Assignment Prohibited. <br /> <br />In no event shall Borrower assign or transfer any portion of this Agreement <br />without the prior express written consent of the Lender, which consent may be given or <br />withheld in the Lender's sole discretion. Likewise, no assumption of the Loan shall be <br /> <br />City .HO.PromNote.docx <br /> <br />3 <br /> <br />2/8/1 0 <br /> <br />......T--.--...- <br />