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" of the Property. For purposes of this Note, a ''Note Year" shall be any period of twelve (12) months beginning on the Commencement Date and any subsequent anniversary thereof. 3.) Prepayment. Prepayment of principal due hereunder shall be permitted at any time, without premium or penalty. No partial prepayment of this Note shall' affect Debtors obligation to pay succeeding installments until this Note is paid in full. 4.) Default: Occupancy by Debtor: Primary Residence: No Rentals: Not a Source of Income.. If the Debtors or any of them cease to occupy the property as a primary residence; or if the property or any of it is rented to tenants for any period of time or to any extent; or if the property is used as a source of income; any of these events shall be considered an Event of Default. 5.) Default: Debtor is on or before this date, also obtaining a first mortgage loan. To document and secure that loan, Debtor has executed and delivered a promissory note (the "First Mortgage Note") and first mortgage (the "First Mortgage"). If Debtor shall fail to pay any sums due under this Note, the Second Mortgage, the First Mortgage Note or First Mortgage as and when the same become due, or shall breach any provision or covenant contained in the First Mortgage Note or First Mortgage or any provision or covenant contained in this Note or in the Second Mortgage, then GMHC shall have, in addition to any and all other rights and remedies available to it, the right and option to declare the outstanding principal balance of this Note immediately due and payable without notice, demand, or presentment for payment to Debtor others, and the right to foreclose all liens and security interests securing the payment of this Note and to invoke all rights and remedies relating thereto. After a default by Debtor, the unpaid balance of all indebtedness due hereunder shall bear interest at the lesser of the maximum rate allowed by Minnesota law and or percent (8%) per annum from and after the date that GMHC declares tliis Note due and payable through and including the date of payment in full. The remedies of GMHC as provided herein shall be cumulative and concurrent, may be pursued singly, successively, or together, at the sole discretion of GMHC, and may be exercised as often . as occasion therefor shall arise. No act or omission by GMHC, including specifically any failure to exercise any right or. remedy, shall be deemed a waiver or release of the same; any such waiver or release shall be effective only as set forth in a written document executed by GMHC and then only to the extent specifically recited therein. A waiver or release with reference to one event shall not be construed as continuing as a bar to or as a waiver or release of any subsequent right or remedy as to any subsequent event. -2-