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in part, on any monthly payment date upon payment of a premium of five percent (5.00%) of the amount prepaid. The premium for prepayment shall decrease one percent (1%) for each Loan Year thereafter. Beginning with the eleventh (llth) Loan Year, this Note may be prepaid in whole or in part on any monthly payment date without premium. The term "Loan Year" as used herein shall mean a twelve (12) month period commencing on the date of this Note and on each anniversary thereof. 8. This Note is further subject to prepayment by the City, at any time, without a premium, in whole or in part, upon the occurrence of certain events of damage, destruction or condemnation of the property secured by the Mortgage, as specified in Section 2.04 of the Mortgage. 9. In the event of prepayment of this Note, the Lender shall apply any such prepayment against the applicable prepayment premium, if any, then against the accrued interest on the Principal Balance and finally against the final principal amounts due under the Note. The monthly payments due under paragraph 1 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 regardless of any partial prepayment made hereunder. lO. 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 Manager, by the Lender ~n person or by his agent duly authorized in writing, at the Lender's expense, upon surrender hereof together with a written instrument of transfer satisfactory to the Manager, duly executed by the Lender or his duly authorized agent. Upon such transfer the Manager will rtote the date of registration and the name and address of the new registered Lender 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 payments so made to the Lender or upon his order shall be valid and effective to satisfy and discharge the liability upon the Note to the. extent of the sum or sums so paid, and the City shall not be affected by any notice to the contrary. 11. All of the agreements, conditions, covenants, provisions and stipulations contained in the Resolution, the Mortgage, the Assignment of Rents and Leases, the Loan 11