CCRes_84-37 - Laserfiche WebLink

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Assignment of Leases and Rents, of even date herewith, from the • Borrower to the Lender (the "Assignment of Leases and Rents"). The proceeds of the Note shall be placed in the Construction Fund established pursuant to the Resolution and the Construction Loan Agreement (hereinafter referred to), and the disbursement of the proceeds of this Note from the Construction Fund is subject to the terms and conditions of a Construction Loan Agreement of even date herewith among the Lender, the City and the Borrower (the "Construction Loan Agreement"). 6. The City, for itself, its successors and assigns, hereby waives demand, presentment, protest and notice of dishonor; and to the extent permitted by law, the Lender may extend interest and/or principal of or any service charge or premium due on this Note, including the Final Maturity Date, or release any part or parts of the property and interest subject to the Mortgage or to any other security document from the same, all without notice to or consent of any party liable _ hereon or thereon and without releasing any such party from such liability and whether or not as a result thereof the interest on the Note is no longer exempt from the Federal income tax. In no event, however, may the Final Maturity Date be extended beyond thirty (30) years from the date hereof. 7. This Note may not be prepaid during the first five Loan Years, as hereinafter defined, except as otherwise provided in paragraph 8 herein. During the sixth (6th) Loan . Year, this Note may be prepaid in whole, or in part on any monthly payment date upon payment of a premium of three percent of the amount prepaid. During the eleventh (11th) Loan Year, this Note may be prepaid in whole, or in part on any monthly payment date upon payment of a premium of two percent of the amount prepaid. During the sixteenth (16th) Loan Year, this Note may be prepaid in whole, or in part on any monthly payment date upon payment of a premium of one percent of the amount prepaid. During the twenty-first (21st) Loan Year and thereafter, this Note may be prepaid in whole, or in part on any monthly payment date without payment of a premium. 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. This Note is also subject to prepayment to the extent that there are any surplus sums held in the Construction Fund as provided under Section 6.11 of the Construction Loan Agreement. 10 •