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extent the outstanding balance of the Note has been fully paid. Such payment shall be due <br />on the date of such Sale, and shall be applied to reduce the principal balance of the Loan. <br />The City shall not be required to reconvey the lien of the Deed of Trust if Sale Proceeds <br />are insufficient to repay the Loan in full. <br />8. Accelerated Loan Payment. <br />The full principal amount outstanding shall be due and payable on the earlier to <br />occur of the following: <br />a. Sale or Refinancing of the Property as provided further in Section 13 <br />hereof, <br />unless: (i) in the case of a Sale in which the Sale Proceeds are insufficient to repay in full <br />the City Loan, the City approves such sale and the purchaser assumes the balance of the <br />City Loan in accordance with the terms of this Note; or (ii) in the case of a Refinancing in <br />which the Refinancing Proceeds are insufficient to repay in full the City Loan, the City <br />approves such Refinancing and the Borrower remains obligated pursuant to the terms of <br />this Note. <br />b. In event of default (subject to any applicable notice and cure provisions) <br />pursuant to any of the Loan Documents or the Senior Loan Documents. <br />C. Any default (subject to any applicable notice and cure provisions by <br />Borrower as to any other loan or loans by City to Borrower with respect to the Property; <br />or <br />d. The date that is fifty five (55) years after the date of execution of this <br />Note. On <br />that date, the City agrees to review the performance of the Property and consider in good <br />faith any reasonable request by Borrower to modify the terms or extend the Term of this <br />City Note. <br />9. Prepayment <br />Borrower may prepay the outstanding principal balance under this Note, in whole <br />or in part, at any time without penalty, however the Affordability Covenants and <br />Restrictions still 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 <br />balance, if any, to the payment of principal. <br />74 <br />80A-130