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The full principal amount outstanding plus accrued but unpaid interest thereon, shall be due and payable on the earlier to occur of the following: a. Sale or Refinancing of the Property as provided further in Section 15 hereof; unless: (i) in the case of a Sale in which the Sale Proceeds are insufficient to repay in full the Agency Loan, the Successor Agency approves such sale and the purchaser assumes the balance of the Agency Loan in accordance with the terms of this Note; or (ii) in the case of a Refinancing in which the Refinancing Proceeds are insufficient to repay in full the Agency Loan, the Successor Agency approves such Refinancing and the Borrower remains obligated pursuant to the terms of this Note; b. In event of default pursuant to any of the Loan Documents or the Senior Loan Documents; C. Any default by Borrower as to any other loan or loans by Successor Agency to Borrower with respect to the Property; or d. On the Maturity Date, the Successor Agency agrees to review the performance of the Property and consider in good faith any reasonable request by Borrower to modify the terms of this Note or extend the Term of this Note. 11. Prepayment. Borrower may prepay the outstanding principal balance under this Note, in whole or in part, together with any accrued but unpaid interest, if any, and other sums owed to the Successor Agency under this Note, if any, at any time without penalty. 12. Lawful Money. All payments hereunder shall be made in lawful money of the United States of America. 13. Application of Payments; Late Charees. a. Any payments received by the Successor Agency pursuant to the terms hereof shall be applied first to sums, other than principal and interest, due the Successor Agency pursuant to this Note, next to the payment of all interest accrued to the date of such payment, and the balance, if any, to the payment of principal. b. If any payment is not received by the Successor Agency within ten (10) days following the due date thereof, then in addition to the remedies conferred upon the Successor Agency pursuant to this Note and the other Loan Documents, (i) a late charge of four percent (4 %) of the amount due and unpaid will be added to the delinquent amount to compensate the Successor Agency for the expense of handling the delinquency and (ii) the amount due and unpaid, excluding the late charge, shall bear interest at the highest annual rate which may lawfully be charged and collected under applicable law on the obligation evidenced by this Note, computed from the date on which the amount was due and payable until paid. Without prejudice to the rights of the Successor Agency hereunder or under any of the other Loan Documents, Borrower shall indemnify the Successor Agency against, and shall pay the Successor Agency on demand, any expense or loss which it may sustain or incur as a result of the failure by Borrower to pay when due any installment of interest and /or principal, fees, or other amounts payable to the Successor Agency under this Note or any other Loan Document, to the extent that any such expense or loss is not recovered pursuant to such F -6 DOC SOC/ 1475221 v 10/200272 -0004