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Subject to the provisions of Sections 23 hereof, the occurrence of any of the following shall be deemed to be an event of default C "'Event of Default ") hcrcunder: (a) failure by Borrower to make any payments provided for herein, and if such default 19 riot: matte good within litleen (tS) Business Days after Developer's receipt of written notice that such payment was not received when due; (b) failure, by Borrower to perform any covenant or agreement in the Dccd of Trust, the Agra meat, or the Affordability Restrictions on Transfer of Property within thirty (30) days after written demand therefor by City (or, in the event that more than thirty (30) days is reasonably required to cure such default, should Borrower fail to promptly coinmtu re, Such cure, and diligently and coutinuously prosecute satric to completion), or (e) a default under the Senior Loan Dccxl of Trust that remains uncured after any applicable nodex tuts been provided and the expiratiou of any applicable cure period therefore„ if lily, provided therein. 15. Rymetiies. Upon the occurrence of an Event of Default; after any applicable notice: has been provided and the expiration of any applicable cure period therefore, City may declare all slims evidenced herby iiinnediately due and payable by delivery to the Trustee named in the Deed of Trust securing this Note, and to Borrower, written (10CIRrittibn of default and demand for sale, and written notice of default and of election to cause the Property to be sold, which notice Trustee shall cause to be duly filed for record and City may foreclose on the Deed of'rnrst. City shall also deposit with Trustee the Deed of'1 rust, this Mote and all documents cvideicing expenditures secured thereby and evidenced hereby. Upon the occurrence of an Event of Default {and so long as such Event of Default shall continue), the entire balance of p¢mclpal shall bear interest It the Bark of America reference rate on the due date of the delinquent Payment plies four pemeut(4%). No delay or omission on the part of the City in exercising any tight under this Foote or underany of the other Loan Docrunems shall operate as a waiver of such right. 16. Attorney Fees w If this City Promissory: Note is not paid when clue or if any Event of Default occurs, Borrower promises to pay all costs of enforcement and collectioti, inotudiag but not linail"I to, reasonable attoracy s.' fees, whedier or not any action or procccdmg is brought to enforce the provisions hereof. 17. Severability, Every provision of this Note is intended to be severable. In [lie; overt any term or provision hereof is declared by a court of competent jurlischction, to be illegal or invalid for any reason whatsoever, such illegality or invalidity shall riot affect the balance of the terms and provisions Hereof, which tertus. and provisions shall remain binding and enforceable. 18. Number arid Gender. In this Note the singular shall include the plural and the masculine shall include the ferninirte and neuter gender, and vico versa, if the context so requires; 19, Noti - recourse. The City Loan is a noarccourw obligation of the Borrower. Neither Borrower, heir its partners nar any other party shall have any personal liability for mpayruent of tits City :Loan or for any other amounts under arty of the documentation evidencing, securing or describing the City Loan. The sole recourse of 1 076,53' %.1389334.1 d 25B -73