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the first day of January, April, July and October every year, commencing October 1, <br /> 2015, and continuing until July 1, 2025, at which time all remaining principal and <br /> accrued and unpaid interest shall be due and payable. <br /> (d) Term. The final principal and interest payment, and all other <br /> amounts that may be due under the 11th Amendment and this Note, is due and payable <br /> on July 1, 2025. <br /> (e) Prepayment. This Note or any portion of the outstanding principal <br /> balance due under the Note may be prepaid at any time and from time to time, without <br /> premium or penalty. Any prepayment of principal must be accompanied by interest <br /> accrued but unpaid to the date of receipt of prepayment. Prepayments shall be applied <br /> first to any unpaid late charges and other costs and fees then due, then to accrued but <br /> unpaid interest and then to principal. Any partial prepayment of principal shall reduce <br /> the installments due hereunder, in reverse order of maturity beginning with the last such <br /> installment. <br /> 3. Terms of Payment. <br /> (a) Place and Manner of Payment. Payment shall be made in lawful <br /> money of the United States at City's address for notices set forth in Section 11 of this <br /> Promissory Note. <br /> (b) Lawful Interest. Notwithstanding any other provisions of this <br /> Promissory Note, if, for any reason whatsoever, the payment of any sums by ACI <br /> pursuant to the terms of this Promissory Note would result in the payment of interest <br /> which would exceed the amount that City may legally charge under the laws of the State <br /> of California, then the amount by which payment exceeds the lawful interest rate shall <br /> automatically be deducted from the principal balance owing on this Promissory Note, so <br /> that in no event shall ACI be obligated under the terms of this Promissory Note to pay <br /> any interest which would exceed the lawful rate. <br /> 4. Default. <br /> (a) Events of Default. Each of the following events will constitute an <br /> event of default ("Event of Default") under this Promissory Note: <br /> (1) Franchise Agreement/Promissory Note Default. ACI's <br /> breach of any other promise or obligation in this Promissory Note, or the Franchise <br /> Agreement. <br /> (2) False Representations. Any material representation or <br /> disclosure made to City by ACI in this Promissory Note that proves to be false or <br /> misleading in any way. <br /> (3) Bankruptcy. The filing by or against ACI of a voluntary or <br /> involuntary petition in bankruptcy or the adjudication of ACI as bankrupt or insolvent, or <br /> the filing of any petition or answer seeking any reorganization, arrangement, <br /> composition, readjustment, liquidation, dissolution, or similar relief under present or any <br />