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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 <br /> 2 <br /> 144\221\1488736.2 <br />