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