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3. PREPAYMENT. Successor Agency may, without premium or penalty, at any <br />time and from time to time, prepay all or any portion of the outstanding principal balance <br />due under this Note. Prepayments shall be applied first to any unpaid late charges and <br />other costs and fees then due, then to accrued but unpaid interest, and then to principal. <br />4. MANNER OF PAYMENT. All payments on this Note shall be made to City at <br />835 East 14 th Street, San Leandro, CA 94577 or such other place as City shall <br />designate to Successor Agency in writing, or by wire transfer of immediately available <br />funds to an account designated by City in writing. <br />5. EVENTS OF DEFAULT. An event of default ( "Event of Default ") shall arise <br />hereunder if Successor Agency fails to pay when due the principal and interest payable <br />hereunder and such failure continues for ten (10) days after City notifies Successor <br />Agency thereof in writing. <br />6. REMEDIES. Upon the occurrence of an Event of Default hereunder, City may, at <br />its option (i) by written notice to Successor Agency, declare the entire unpaid principal <br />balance of this Note, together with all accrued interest thereon and all sums due <br />hereunder, immediately due and payable regardless of any prior forbearance, and (ii) <br />exercise any and all rights and remedies available to it under this Note or under <br />applicable law. Successor Agency shall pay all reasonable costs and expenses <br />incurred by or on behalf of City including, without limitation, reasonable attorneys' fees, <br />incurred in connection with City's enforcement of this Note and the exercise of any or all <br />of its rights and remedies hereunder. <br />7. DEFAULT RATE. Upon the occurrence of an Event of Default, interest shall <br />automatically be increased without notice to the rate of ten percent (10 %) per annum <br />(the "Default Rate "); provided however, if any payment due hereunder is not paid when <br />due, the Default Rate shall apply commencing upon the due date for such payment. <br />When Successor Agency is no longer in default, the Default Rate shall no longer apply, <br />and the interest rate shall once again be the rate specified in the first paragraph of this <br />Note. Notwithstanding the foregoing provisions, if the interest rate charged exceeds the <br />maximum legal rate of interest, the rate shall be the maximum rate permitted by law. <br />The imposition or acceptance of the Default Rate shall in no event constitute a waiver of <br />a default under this Note or prevent City from exercising any of its other rights or <br />remedies. z <br />111[ MYIRTiia w_ ► 1001IR <br />8.1 WAIVER. The rights and remedies of City under this Note shall be <br />cumulative and not alternative. No waiver by City of any right or remedy under this Note <br />shall be effective unless in writing signed by City. Neither the failure nor any delay in <br />exercising any right, power or privilege under this Note will operate as a waiver of such <br />right, power or privilege, and no single or partial exercise of any such right, power or <br />privilege by City will preclude any other or further exercise of such right, power or <br />privilege or the exercise of any other right, power or privilege. To the maximum extent <br />1873412.1 2 <br />