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<br />2 <br />144\221\1488736.2 <br />14th Street, San Leandro, California 94577, Attention: Finance Department. The place of <br />payment may be changed from time to time as the City may from time to time designate in <br />writing. <br />Notwithstanding anything to the contrary in this Note, provided that Borrower is not in default <br />under this Note, Borrower may terminate this Note under the circumstances set forth below by <br />giving written notice of such termination to the City on or prior to Borrower's acquisition of the <br />Property: <br />(i) The Borrower is unable to acquire the Property, despite Borrower's good faith <br />efforts. <br />Provided that Borrower is not in default under this Note, if Borrower elects to terminate this <br />Note as set forth above, and upon Borrower’s delivery to City of all Assigned Documents (as <br />defined in the Assignment Agreement), the City shall forgive all amounts owed to City pursuant <br />to this Note. <br />4. Prepayment. Borrower shall have the right to prepay this Note in whole or in part <br />without penalty or premium. <br />5. Default. The occurrence of any of the following shall constitute an event of default under <br />this Note, subject to the cure periods set forth in Section 6 below: (i) Borrower fails to pay any <br />amount due hereunder within fifteen (15) days of its due date; (ii) any default by Borrower under <br />the Deed of Trust, the Regulatory Agreement or the Loan Agreement and remains uncured <br />beyond the expiration of the applicable cure period; and (iii) any sale, exchange, transfer, <br />assignment or other conveyance of the Project in violation of the Loan Agreement. <br /> Upon the occurrence of any event of default, or at any time thereafter, at the option of the <br />City, the entire unpaid principal owing on this Note shall become immediately due and payable. <br />This option may be exercised at any time following any such event, and the acceptance of one or <br />more installments thereafter shall not constitute a waiver of such option with respect to any <br />subsequent event. The City's failure in the exercise of any right or remedy hereunder or under <br />any agreement which secures the indebtedness or is related thereto shall not affect any other right <br />or remedy, and no single or partial exercise of any such right or remedy shall preclude any <br />further exercise thereof. <br />6. Notice of Default; Cure Periods. The City shall not exercise any right or remedy <br />provided herein because of any default of Borrower unless, in the event of a monetary default, <br />Borrower shall have failed to pay the outstanding sums within thirty (30) calendar days after <br />notice to Borrower and Borrower's limited partner that payment was due, or in the event of a <br />nonmonetary default, the City shall have first given written notice thereof to Borrower and <br />Borrower's limited Partner and Borrower shall have failed to cure the nonmonetary default <br />within a period of sixty (60) days after the giving of such notice of such default; provided that, if <br />the nonmonetary default cannot be cured within days and Borrower s proceeds diligently to cure <br />such default until it shall be fully cured within no more than one hundred twenty (120) days after <br />the giving of such notice, the City shall not exercise any right or remedy provided for herein until <br />such one hundred twenty (120) period shall expire; provided however, the City shall not be