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<br />herewith from the Borrower to the Lender (the "Security <br />Agreement"). The disbursement of the proceeds of this Note is <br />subject to the terms and conditions of a Construction Loan <br />Agreement of even date herewith among the Lender, the City and <br />the Borrower (the "Construction Loan Agreement"). <br /> <br />. <br /> <br />12. The City, for itself, its successors and assigns, <br />hereby waives demand, presentment, protest and notice of <br />dishonor: and to the extent permitted by law, the Lender may <br />extend interest and/or principal of or any service charge or <br />premium due on this Note, including the Final Maturity Date, or <br />release any part or parts of the property and interest subject <br />to the Mortgage or to any other security document from the <br />same, all without notice to or consent of any party liable <br />hereon or thereon and without releasing any such party from <br />such liability and whether or not as a result thereof the <br />interest on the Note is no longer exempt from the federal <br />income tax. In no event, however, may the Final Maturity Date <br />be extended beyond thirty (30) years from the date hereof. <br /> <br />13. This Note may be prepaid in whole or in part at <br />any time without premium. <br /> <br />14. This Note is further subject to prepayment by the <br />City, at any time, without a premium, in whole or in part, upon <br />the occurrence of certain events of damage, destruction or <br />condemnation of the property secured by the Mortgage, as <br />specified in Section 2.03 of the Mortgage. <br /> <br />15. In the event of prepayment of this Note, the <br />Lender shall apply any such prepayment against the applicable <br />prepayment premium, if any, then against the accrued interest <br />on the Principal Balance and finally against the final <br />principal amounts due under the Note. The monthly payments due <br />under paragraph 1 hereof, shall continue to be due and payable <br />in full until the entire Principal Balance and accrued interest <br />due on this Note have been paid regardless of any partial <br />prepayment made hereunder. <br /> <br />16. As provided in the Resolution and subject to <br />certain limitations set forth therein, this Note is only <br />transferable upon the books of the City at the office of the <br />City Clerk, by the Lender in person or by his agent duly <br />authorized in writing, at the Lender's expense, upon surrender <br />hereof together with a written instrument of transfer <br />satisfactory to the City Clerk, duly executed by the Lender or <br />his duly authorized agent. Upon such transfer the City Clerk <br />will note the date of registration and the name and address of <br /> <br />. <br /> <br />10 <br />