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<br />11. It is agreed that time is of the essence of this <br />Note. If the City defaults in the payment when due of any <br />installment of principal or interest or any premium or penalty <br />due hereunder and if said default shall have continued for a <br />period of ten (10) days, or if an Event of Default shall occur <br />as set forth in the Mortgage, the Construction Loan Agreement <br />or the Loan Agreement, then the Holder shall have the right and <br />option to declare the Principal Balance, and accrued interest <br />thereon, together with the premium specified in paragraph 8 <br />hereof, immediately due and payable but solely from the sources <br />specified in paragraph 10 hereof. Failure to exercise such <br />option at any time shall not constitute a waiver of the right <br />to exercise the same at any subsequent time. <br /> <br />12. The remedies of the Holder, as provided herein <br />and in the Mortgage, the Assignment of Rents and Leases, the <br />Guaranty, the Loan Agreement and the Construction Loan <br />Agreement, are not exclusive and shall be cumulative and <br />concurrent and may be pursued singly, successively or together, <br />at the sole discretion of the Holder, and may be exercised as <br />often as occasion therefor shall occur; and the failure to <br />exercise any such right or remedy shall in no event be <br />construed as a waiver or release thereof. <br /> <br />13. The Holder shall not be deemed, by any act of <br />omission or commission, to have waived any of its rights or <br />remedies hereunder unless such waiver is in writing and signed <br />by the Holder, and then only to the extent specifically set <br />forth in the writing. A waiver with reference to one event <br />shall not be construed as continuing or as a bar to or waiver <br />of any right or remedy as to a subsequent event. <br /> <br />IT IS HEREBY CERTIFIED AND RECITED that all condi- <br />tions, acts and things required to exist, happen and be perform- <br />ed precedent to or in the issuance of this Note do exist, have <br />happened and have been performed in regular and due form as <br />required by law. <br /> <br />15 <br />