ANR HOMES, INC. -2011 - Laserfiche WebLink

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EXHIBIT J Default and Acceleration. All covenants, conditions and agreements contained in the Deed of Trust are hereby made a part of this Note. The Borrower agrees that the unpaid balance of the then principal amount of this Note, together with all accrued interest thereon and charges owing, shall, at the option of the Lender or, if so provided in this Note and Deed of Trust executed by the Borrower, shall automatically, become immediately due and payable, and thereafter until paid bear interest at the rate of 3 % per annum, upon the failure of the Borrower to make any payment hereunder as and when due; upon the failure of the Borrower to perform or observe any other term or provision of this Note, or upon the occurrence of any event (whether termed default, event of default or similar term) which under the terms of the Deed of Trust, shall entitle the Lender to exercise rights or remedies thereunder. 6. Security for Note. This Promissory Note is secured by the Deed of Trust of even date herewith executed by Borrower as Trustor in favor of Lender as Beneficiary encumbering the Property described therein (Exhibit A to the Deed of Trust). 7. Prepayment of Note Amount. Borrower may prepay to Lender the full Note Amount, at any time prior to the due date of the Note Amount without penalty. The affordability covenants related to the Property, as set forth in the Deed of Trust shall remain in effect against the Property for forty-five (45) years from date of recordation, unless Borrower sells the Property and repays the City the loan amount, plus interest, from said sale. 8. Agreement. This Promissory Note is made and delivered pursuant to and in implementation of the Deed of Trust signed by the Borrower dated as of the same date as this document, a copy of which is on file as a public record with the Lender and is incorporated herein by reference. The Borrower acknowledges that but for the execution of this Promissory Note, the Lender would not make the loan contemplated therein. . 9. Lender May Assign. Lender may, at its option, assign its right to receive payment under this Promissory Note without necessity of obtaining the consent of the Borrower. 10. Borrower Assignment Prohibited. In no event shall Borrower assign or transfer any portion of this Agreement without the prior express written consent of the Lender, which consent may be given or withheld in the Lender's sole discretion. Likewise, no assumption of the Loan shall be