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or more ot'thc general pi-was cof the 1::3orrewer) (the "City Right Of first Refusal ") to acquire the <br />Property il' Boaruwer to transfer the Property tai an entity which is not arf diaated with one <br />or move of Borrower's general partners. The City Night of first Iteftusa] shall be an form and <br />substa.tuce acceptaMe to the City and shall comply with all appbcabte Tax Credit requirement,,, <br />1.11. Accelerat:ecl Loan Paayrrrtira&. <br />'I fie ,trill principal aln oanl uu t „smnahng puts accrued but unpaid interest, thereon, sloall be <br />clue and payable on the earlier to occur of the fotlowin,g: <br />a. Sale or Refinancing of the Property as provided i urtlour in Section 15 herco'l, <br />unless: (a) , in the case rol' a Salle to which. the Sale Proceeals are insuffacuent to repay in farlt the <br />City Loau, the City approves such sate-and the purchn:,er assulnes the balance of the City Loan <br />in accoachance with the terms of this Notc; or (ii) in the case of a Refinancing; in which the <br />Refinancing Proceeds are insufli60111. to aeliaay it) full the City IMaan, the City approves, such <br />Refinancing and the Burrower obligated pursuant to the (enns of this [Mate. <br />b. In event of default putsna nt to any of the Laotan Documents or the Senior Loan <br />Documents. <br />c. Any default by Borrower as to any Bother loan car loans by € ity to Borrower <br />With rasped to t1ve Property; car <br />d. The date that is fifty f vu (55) yc &trs after the date of execution of that, Note. On <br />that dtttc, the City agrees to revionf tyre perlioaonnamcc of the Property and consider in good liaith <br />any reasonable request by Borrower I,o modify the terms, or extond the Term of this City Loan <br />Note. <br />11. Prelaayment <br />B orro wer may prepay the toadslaandamh pri- ncipal balance under this Note, in whole or ita <br />part, together with any accrued but unpaid interest,, ifaaaay, and ether s urns owed to the C"i y ranches° <br />thou Note, il'aoay, al any time without penalty. <br />12. Lawful Mona, <br />PoinOp,al and imtcaest are payable in larvfnl money ofthe United States eofAmerica. <br />1.1 Application of Paviinents. Late Clkarpes. <br />a, Any p:aynaca>'ts o-eca.ivcd by the City puasu.nrt. It) the ten-as hereof shat] be <br />applied first to winos, other than principal and intcrt:sl, elate the City pursuatvt to this Note, next to <br />the payment of all interest aaccroucd to the date of such payment. and the hadance if any, to the <br />payment aof'principal. <br />6 <br />25H -72 <br />