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o ebuye r Assistance Loan .mount; Interest Deferred Until Acceler t *o11, <br />The Llomebuycr Assistance Loan Amount shall accrue zero percent 0% interest unless and <br />until an event of acceleration occurs as set forth In Section 6, in which event a Contingent Equity <br />Participation A mount as described in Section 7 shall become due and payable by the Maker. <br />oinebuyei• Assistance Loan Amount; Time of Payment and Forgiveness. <br />No repayment ent of the Homebuyer Assistance Loan Amount shall be required unless and until the <br />Note Amount becomes due and payable, as provided in subparagraph f below. In the event that <br />the Homebuyer Assistance Loan Amount does not become due and payable prior to the <br />forty -fifth (45th) Anniversary of the date of this Promissory Note, the full alriount of the <br />Promissory Note shall be forgiven, and there shall be no further obligations hereunder. <br />6. Acceleration. The whole of the Note Amount and all other payinents due <br />hereunder and tinder the Agreement shall become due and be immediately payable to the Holder <br />by the Maker upon the occurrence, of any one of the following events of acceleration: <br />(a) the sale or transfer of the Property or any part thereof by any means, <br />including, without limitation, the lease, exchange or other disposition of the Property or any <br />interest therein, whether voluntary or involuntary, except A. a sale of the Property to a qualified <br />Moderate Income Household at an Affordable Housing Cost with the Agency's prior written <br />approval accomplished in strict conformity with Section 4 of the Agreement, or the transfer <br />of the Property solely as a result of the marriage, divorce, incompetence or death of one or more <br />individuals constituting the I omebuycr, so long as the transferees give written notice <br />supported by reasonable evidence of such event to the Agency within thirty days of its <br />occurrence and the transferee(s) assin e s the I- omebuyer's obligations under the Agreement, <br />by execution of an assignment and assumption agreement to be provided by the Agency, or (C) a <br />sale or transfer which tinder federal law would not, by itself, permit the Agency to exercise a due <br />oil sale or due on encumbrance clause; <br />(b) the Maker refinances any purchase money lien or encumbrance to hick <br />the Agency Deed of Trust is subordinate (each such lien, a `First Lien" for a loan an ount in <br />excess of the then current loan balance secured by such lien or encumbrarice and loan closing <br />costs; and/or <br />(c) the Haber (and all co- signors and co- mortgagors, if any) fails to own and <br />occupy the Property as their principal residence pursuant to Section 7 of the Agreement or is fill <br />Ownership Default as defined in Section 18 of the Agreement. <br />At the request of the Maker, and for a specific occasion, the Holder may, in its <br />sole and absolute discretion, in Writing waive the requirements of these subparagraphs and defer <br />repayment and/or extend the terra of this Note. Any waiver or deferment shall be on a ease by <br />case bans, and no future rights for waiver or deferment shall arise or be implied. <br />Notwithstanding the foregoing, the Maker nay, upon prior written approval by the Molder, <br />refinance any First Lien for a loan amount equal to or less than the then current loan balance <br />secured by such First Lien. <br />EXHIBIT -2 TO ATTACHMENT N. l l <br />Promissory Note <br />1 400673v 31200272 -000 <br />