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132758402v2 3 (a) five percent (5%) as of any date prior to the 1st anniversary of this note and the 1st anniversary of an Adjustment Date; (b) four percent (4%) as of any date after the 1st anniversary and prior to or on the 2nd anniversary of this Note and after the 1st anniversary and prior to the 2nd anniversary of an Adjustment Date; (c) three percent (3%) as of any date after the 2nd anniversary and prior to or on the 3rd anniversary of this Note and after the 2nd anniversary and prior to or on the 3rd anniversary of an Adjustment Date; (d) two percent (2%) as of any date after the 3rd anniversary and prior to or on the 4th anniversary of this Note and after the 3rd year anniversary and prior to or on the 4th anniversary of tan Adjustment Date; and (e) one percent (1%) as of any date after the 4th anniversary of this Note and prior to an Adjustment Date and after the 4th year anniversary of an Adjustment Date and prior to an Adjustment Date. In the event of any partial prepayment of this Note, the Lender shall apply any such prepayment first against amounts which are neither principal nor interest, including any collection costs, late fees or prepayment or termination fees, then against the accrued interest on the Principal Balance and then against the outstanding principal amount of this Note in the inverse order of maturities. The monthly payments due under Paragraph 3 hereof, shall continue to be due and payable in full until the entire Principal Balance and accrued interest due on this Note have been paid. However, the Note shall be reamortized by the Lender upon the request of the Borrower if the Borrower is in compliance with all terms of the Loan Agreement. 8. Upon a Determination of Taxability, as defined in the Loan Agreement, this Note shall convert to a taxable obligation and the interest rate for interest accruing from the Date of Taxability, as defined in the Loan Agreement, shall be adjusted to an interest rate per annum equal to the Index as adjusted on each Adjusted Date (the “Taxable Rate”), provided, however, in no event shall the Taxable Rate be less than 6.00% per annum. Any interest accruing from the Date of Taxability which is retroactively due as a result of the interest rate adjustment shall be payable on the 1st day of the following month along with regularly scheduled principal payment and interest accruing from the previous payment date at the Taxable Rate. 9. As provided in the Resolution and subject to certain limitations set forth therein, this Note is only transferable upon the books of the City at the office of the City Clerk, by the Lender in person or by its agent duly authorized in writing, at the Lender’s expense, upon surrender hereof together with a written instrument of transfer satisfactory to the City Clerk, duly executed by the Lender or its duly authorized agent. Upon such transfer the City Clerk will note the date of registration and the name and address of the new registered owner in the registration blank appearing below. The City may deem and treat the person in whose name the Note is last registered upon the books of the City with such registration noted on the Note, as the absolute owner hereof, whether or not overdue, for the purpose of receiving payment of or on the account of the Principal Balance, redemption price or interest and for all other purposes, and all such