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4. Prepayment. Borrower shall have the right to prepay this Note in whole or in part without penalty or premium. 5. Default. The occurrence of any of the following shall constitute an event of default under this Note, subject to the cure periods set forth in Section 6 below: (i) Borrower fails to pay any amount due hereunder within fifteen(15)days of its due date; (ii)any default by Borrower under the Deed of Trust, the Regulatory Agreement or the Loan Agreement and remains uncured beyond the expiration of the applicable cure period; and (iii) any sale, exchange, transfer; assignment or other conveyance of the Project in violation of the Loan Agreement. Upon the occurrence of any event of default, or at any time thereafter, at the option of the City, the entire unpaid principal owing on this Note shall become immediately due and payable. This option may be exercised at any time following any such event, and the acceptance of one or more installments thereafter shall not constitute a waiver of such option with respect to any subsequent event. The City's failure in the exercise of any right or remedy hereunder or under any agreement which secures the indebtedness or is related thereto shall not affect any other right or remedy, and no single or partial exercise of any such right or remedy shall preclude any further exercise thereof. 6. Notice of Default: Cure Periods. The City shall not exercise any right or remedy provided herein because of any default of Borrower unless, in the event of a monetary default, Borrower shall have failed to pay the outstanding sums within thirty (30) calendar days after notice to Borrower that payment was due, or in the event of a nonmonetary default, the City shall have first given written notice thereof to Borrower and Borrower shall have failed to cure the nonmonetary default within a period of sixty(60)days after the giving of such notice of such default; provided that, if the nonmonetary default cannot be cured within sixty (60) days and Borrower proceeds diligently to cure such default until it shall be fully cured within no more than one hundred twenty (120) days after the giving of such notice, the City shall not exercise any right or remedy provided for herein until such one hundred twenty (120) period shall expire; provided however, the City shall not be required to give any such notice or allow any grace period if Borrower shall have filed a petition in bankruptcy or for reorganization, or a bill in equity or otherwise initiated proceedings for the appointment of a receiver of its assets,or if Borrower shall have made an assignment for the benefit of creditors, or if a receiver or trustee is appointed for Borrower and such appointment or such receivership is not terminated within sixty (60) days. Notwithstanding anything to the contrary contained herein, the Beneficiary hereby agrees that any cure of any default made or tendered by one or more of Trustor's limited partners shall be deemed to be a cure by Trustor and shall be accepted or rejected on the same basis as if made or tendered by Trustor. 7. Waiver. Borrower and any endorsers hereof and all others who may become liable for all or any part of this obligation,severally waive presentment for payment,demand and protest and notice of protest, and of dishonor and nonpayment of this Note, and expressly consent to any extension of the time of payment hereof or of any installment hereof, to the release of any party liable for this obligation, and any such extension or release may be made without notice to any of said parties and without in any way affecting or discharging this liability. 8. Attorneys' Fees. Borrower agrees to pay immediately upon demand all costs and expenses of the City including reasonable attorneys' fees if: (i) after a default hereunder or under the Deed of