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�- 91114491 <br />3. As a cash payment to the City. <br />Payments shall be due on the first day of each <br />month. As part of the monthly principal and <br />interest payment identified herein, Borrower shall <br />provide a rent subsidy pursuant to the "Agreement <br />for Use of the HOME'Funds," the "Subordinate Deed <br />of Trust," and the "Regulatory Agreement." For <br />purposes of this Note, subsidy shall mean the <br />subsidy for each unit which shall equal the fair <br />market rent (FMR) less the portion paid by the <br />tenant. FMR's for HOME units shall not exceed the <br />average rent of similar size units in the highest <br />rental quarter in the Fargo Gardens Complex. <br />d. If any monthly payment remains unpaid for a period <br />of fifteen (15 ) days from its due date, the BORROWER <br />hereby agrees to pay to the LENDER a late charge of <br />five percent (5%) of the unpaid amount of such <br />installment per month. <br />e. This Note shall be due and payable upon the sale, <br />conveyance, assignment, hypothecation, refinance <br />without prior written consent of the LENDER, or <br />transfer to any other party(ies) of any interest of <br />BORROWER in the property described in the Deed of <br />Trust executed this date by BORROWER and described <br />below. This Promissory Note may not be assigned <br />without the prior written consent of the Lender. <br />With the prior written consent of.the LENDER, this <br />-Note may be assumed. <br />f. Payment under this Note shall be made in lawful <br />money of the United States of America and shall be <br />paid to the City of San Leandro at the address <br />listed below, or at such other place as the LENDER <br />may from time to time designate in writing: <br />Finance Director <br />Finance Department, Civic Center <br />835 East 14th Street <br />San Leandro, CA 94577 <br />g. Any failure in the performance by the BORROWER of <br />any nonmonetary term, condition, provision or <br />covenant set forth in this Promissory Note, the <br />"Agreement for the Use of HOME funds," the "Deed of <br />Trust," or the "Regulatory Agreement" including, but <br />not limited to, the requirement to provide the <br />affordable units shall cause, at the option of the <br />LENDER, the entire unpaid balance, together with all <br />- 3 - <br />