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V. an uncured default in performance or breach by Borrower of any provision of this Agreement, the Promissory Note, the City Deed of Trust or the Affordability Covenants. 4. Permitted Transfers. The City Loan is not assumable except under the following limited circumstances: (a) The transfer of the Property to the surviving joint tenant by devise, descent or operation of the law, on the death of a joint tenant. (b) A transfer of the Property where the spouse becomes an owner of the Property; (c) A transfer of the Property resulting from a decree of dissolution of marriage, legal separation or from an incidental property settlement agreement by which the spouse becomes an owner of the Property. (d) A transfer to an inter vivos trust in which the Borrower is and remains the beneficiary and occupant of the property. ' 5. Acceleration of Payment. The principal -amount of this loan shall become immediately due and payable at the option of the Lender and without demand or'notice, upon the occurrence of any of the following events: - (a) In the event of a default.under the terms of this Note or the Deed of Trust; (b) In the event that the Borrower shall cease to occupy the Property as Borrower's principal place of residence; or (c) In the event of any sale,,transfer, lease, or encumbrance of the Property without Lender's prior written consent id -violation of Paragraph 4 of this Note. y . 6. Effect of Due=on Sale Clause. Failure of the Lender to exercise the option to accelerate payment as provided in Paragraph 5 of this Note will not constitute waiver of the right to exercise this option in the event of subsequent cause for acceleration. Failure by Borrower to loccupy. the Property as Borrower's principal place of residence shall be considered an on- going event of default ander this Note. 7. Place and Manner of Payment. All amounts due and payable under this Note are payable at the principal office of the Lender set forth above, or at such other place or places as the Lender may designate to the Borrower in writing from time -to -time. S. "Application of Payments. All payments received on account of this Note shall be fust applied to the reduction of principal. 9. Attorney Fees. The Borrower hereby agrees to pay all costs and expenses, including reasonable attorney fees, which may be incurred by the Lender in the enforcement of this Note. 25d-19