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<br /> } <br /> the Promissory Nate, ar~d thereaer the ~ of ~~~,~OD shall hear interest at the <br /> rate of3.S~~°~~ per annn until paid. The S~,a~a plus additional interest if <br /> any} sha11 he due not later than helve ~ 12~ rr~onths aver sate of the last unit of the <br /> l~a~e Tov~ers Pray ect or six years from the date ~.tten above whichever , <br /> 3 <br /> comes first the "term"~, or payable upon the sale, refinancing, or transfer of the <br /> Property to athird-party as set forth hereinbeloi <br /> due an dale Transfer ehnancin Termination of ~ccu anc ar Pro am or _ <br /> default, ~a~ lri order to induce Agency to undertake the ahli anon evidenced <br /> hereby, Icon a s that in the event of an transfer of the Pro v~ithout the <br /> ~ Y per' <br /> p~.ar ~ritte~ consent of A. env , A env shall have the absolute ri tat its o tion <br /> ~ y y gh p ; <br /> without prior demand ar notice, to declare a~. sums secured hereby 1~1~1ediately due <br /> and payable, consent to one such transaction shall not be deemed to he a waiver of <br /> the right to require vaent to future or successive transactions, ~ env Ana ant or <br /> ~ Y Y~' <br /> deny such consent in its sole discretion and, if consent should he 'ven, an ~ such <br /> ~ ~ <br /> transfer shall be subject to this ecdan 4, and any such transferee shall assume all <br /> obligations hereunder and agree to be bound by all roviians contained here.. , <br /> p <br /> such assumption shall not, however, .release ~lsan from any lability thereunder <br /> without the prior ~tt~:nn consent of pity. <br /> } As used herein, ~'transfer'~ includes the sale, agreement to sell, transfer or <br /> 5 <br /> conveyance of the Prapert~r, or any interest therein, whether voluntary, ~n~oluntary, <br /> by operation of lair or atherise, the ecution of an installment laud sale contract <br /> y ; <br /> or similar insfruxnent affecting Ali of the Property, or the lease of all or shstantially <br /> b <br /> all ofthe Property. <br /> ~c~ As used herein, `transfer" shah not include the sale of a candominiu~n unit, or { <br /> the agreement to Deli, transfer or conveyance of the Property, or any interest therein <br /> to any company or corporation or partnership or entity owned and contrvl~ed by <br /> Olson. <br /> 4~ Non-Waiver. Failure to exercise any right any part hereto n~a have or be <br /> Y y <br /> entitled to, in the event of a default hereunder, shall not constitute a v~aiver of <br /> such right ar of any other right in the event of a subs cent default. <br /> 5, ~]efaults. Failure or delay by either part~r to perform y terra ar ravisivn of this - <br /> p <br /> ~greem.ent which is not cured within thirty ~ ~ da s after revel t of notice from <br /> ~ ~ y p <br /> the other party constitutes a default under this 1~green~ent; rovided, ho~rever if <br /> P <br /> such default is of a nature requiring more than. ~ days to cure, the defaultin <br /> g <br /> party shall avoid default by commencing to cure within such thi 3~ da <br /> y ~ ~ <br /> period and therea.~er diligently pursuing such cure to cony letion. The art mho <br /> p p y <br /> so fans or delays must immediately cure, correct; or reined with dill cave, The <br /> y g <br /> inured party shall give written notice of default to the art default eci ' <br /> p y ~ ~ <br /> the default complained ofby the znjured . Exc t as re aired to rated <br /> p~ p <br /> against further damages, the inured ma not institute roceed.in s a ainst <br /> PAY y g <br /> the party in default until thirty ~ days after giving such native. Failure or dela <br /> y <br /> Page ~ f <br /> <br />