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<br /> 7 <br /> <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 full the <br />Agency Loan, the Agency approves such sale and the purchaser assumes the balance of the <br />Agency Loan in accordance with the terms of this Promissory Note; or (ii) in the case of a <br />Refinancing in which the Refinancing Proceeds are insufficient to repay in full the Agency Loan, <br />the Agency approves such Refinancing and the Borrower remains obligated pursuant to the terms <br />of this Promissory Note. <br /> <br />b. An 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 /> <br /> c. Any default (subject to any applicable notice and cure provisions by Borrower) as <br />to any other loan or loans by Agency to Borrower with respect to the Property; or <br /> <br />d. The date that is fifty-five (55) years after the date of execution of this Promissory <br />Note. On that date, the Agency agrees to review the performance of the Property and consider in <br />good faith any reasonable request by Borrower to modify the terms or extend the Term of this <br />Agency Promissory Note. <br /> <br />9. Prepayment <br /> <br />Borrower may prepay the outstanding principal balance under this Promissory Note, in <br />whole 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 /> <br />10. Lawful Money. <br /> <br />Principal is payable in lawful money of the United States of America. <br /> <br />11. Application of Payments; Late Charges. <br /> <br />a. Any payments received by the Agency pursuant to the terms hereof shall be <br />applied first to sums, other than principal, due the Agency pursuant to this Promissory Note, and <br />the balance, if any, to the payment of principal. <br /> <br />b. If any payment is not received by the Agency within ten (10) Business Days after <br />Borrower's receipt of written notice that such payment was not received when due; then in <br />addition to the remedies conferred upon the Agency pursuant to this Promissory Note and the <br />other Loan Documents, (i) a late charge of four percent (4%) of the amount due and unpaid will <br />be added to the delinquent amount to compensate the Agency for the expense of handling the <br />delinquency and (ii) the amount due and unpaid, excluding the late charge, shall bear interest at <br />the highest annual rate which may lawfully be charged and collected under applicable law on the <br />obligation evidenced by this Promissory Note, computed from the date on which the amount was <br />due and payable until paid. Without prejudice to the rights of the Agency hereunder or under any <br />EXHIBIT 3 <br />3-94