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2 4. Disbursements. The City Loan shall be used only for the purposes of seller financing of a portion of the purchase price of the Single Family Element Property pursuant to the Single Family PSA. The City shall not be obligated to make any cash disbursements of the City Loan. 5. Prepayment. Developer may prepay the City Loan in full or in part at any time without penalty or fee. 6. Assumption. This Note shall not be assumable by the successors and assigns of Developer without the prior written consent of City, which City may approve or disapprove in its sole discretion. 7. Security. This Note shall be secured by the City Loan Deed of Trust to be recorded on the Property, wherein Developer is the trustor and City is the beneficiary. The terms of the City Loan Deed of Trust are hereby incorporated into this Note and made a part hereof. 8. Terms of Payment. (a) All payments due under this Note shall be paid in currency of the United States of America, which at the time of payment is lawful for the payment of public and private debts. (b) All payments on this Note shall be paid to City at the address set forth in the first paragraph of this Note, or to such other place as City may from time to time designate. (c) All payments on this Note shall be without expense to City, and Developer agrees to pay all costs and expenses, including re-conveyance fees and reasonable attorney's fees of City, incurred in connection with the payment of this Note and the release of any security hereof. (d) Notwithstanding any other provision of this Note, or any instrument securing the obligations of Developer under this Note, if, for any reason whatsoever, the payment of any sums by Developer pursuant to the terms of this Note would result in the payment of interest which would exceed the amount that City may legally charge under the laws of the State of California, then the amount by which payments exceed the lawful interest rate shall automatically be deducted from the principal balance owing on this Note, so that in no event shall Developer be obligated under the terms of this Note to pay any interest which would exceed the lawful rate. 9. Default. (a) Any of the following shall constitute an event of default under this Note: