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the Agency. Interest shall accrue on the entire amount of the Deferred Developer Note from the date of such Note. Under each of the Deferred Developer Note and the Developer Construction Note, excepting the occurrence of one or more Events of Default under this Agreement, prior to the Fifth Anniversary, interest shall accrue at the rate of zero percent (0 %) per annum, and no payments of principal or interest shall be required. In the event of the occurrence of one or more Events of Default, interest shall be deemed to accrue from the date(s) of and based upon the amount(s) of each disbursement at a rate equal to the lesser of: (i) ten percent (10 %) per annum (simple interest) or (ii) the highest non - usurious rate that may be charged by a redevelopment agency. In the event no Event of Default has occurred by the Fifth Anniversary (or if one or more Events of Default has occurred, but Agency did not accelerate and Developer has cured, including without limitation the payment to Agency of interest payable hereunder in connection with such Event(s) of Default), then commencing as of the Fifth Anniversary and continuing until the Scheduled Maturity, interest shall accrue at the rate of six percent (6 %) per annum (simple interest). Developer shall make quarterly payments to the Agency on dates and in amount(s) determined by the Executive Director which will amortize the outstanding balance of the corresponding Note (the Deferred Developer Note and the Developer Construction Note, respectively) by approximately level payments (as determined by the Executive Director) over such ten -year period, with the first such payment to be made on the Fifth Anniversary. Notwithstanding the foregoing, each of the Developer Construction Note and the Developer Deferred Note shall be due and shall be accelerated upon sale, exchange, transfer, or encumbrance. It is contemplated that the Developer Deferred (Second) Deed of Trust shall constitute a second deed of trust as to the Property, subordinate only to a Conforming Senior Loan, and the Developer Construction (Third) Deed of Trust shall constitute a third deed of trust. The Agency shall not agree to otherwise subordinate either of the Developer Deferred (Second) Deed of Trust or the Developer Construction (Third) Deed of Trust. ARTICLE FOUR: CONSTRUCTION OF IMPROVEMENTS 4.01 Construction Pursuant to Plans. Unless modified by operation of Section 4.02 of this Part, all works of construction and development on the Property shall be done in accordance with the Construction Plans approved pursuant to Section 1.04 above. 4.02 Construction Plans Must Be Approved. Notwithstanding any other provision of this Agreement, the Developer shall not commence any construction of the Developer Improvements until it has first received the written approval by the Agency of the Construction Plans as provided in Section 1.04 and 4.02 of this Agreement. Any breach of this Section shall afford the Agency its rights under Section 4.05 of this Agreement. 4.03 Additional Landscaping. Developer agrees to work with the residential properties that border the creek opposite the project to plant trees to protect residential privacy. Developer's landscape architect will 19 D0050074604 I v4\24258.0002