11-12-1980 Council Agenda - Laserfiche WebLink

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7. The Interim or the Permanent Lender may extend the times of payments of interest and /or principal of or any penalty or premium due on this Note, including the date of the Final Maturity Date, without notice to or consent of any party liable hereon and without releasing any such party. However, in no event may the Final Maturity Date be extended beyond thirty (30) years from the date hereof. 8. This Note may not be prepaid prior to the Purchase Date or during the first ten (10) Loan Years, as hereinafter defined. Beginning with 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 four percent (4 %) of the amount prepaid. The premium for prepayment shall decrease one percent (1 %) for each Loan Year thereafter and beginning with the fifteenth (15th) Loan Year this Note may be prepaid in whole or in part on any monthly payment date without premium. The Permanent 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 in inverse order of their maturity. The term "Loan Year" as used herein shall mean a twelve (12) month period commencing on the first day of the calendar month next succeeding the Purchase Date and on each anniversary thereof. 9. 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 5.02 of the Loan Agreement and Section 3 -1 of the Resolution. 10. On 180 days written notice to the City and the Borrower, the Permanent Lender may require prepayment of the Note in full without premium upon receipt of a notice of "Determination of Taxability" as that term is defined in Section 4.07 of the Loan Agreement. In addition, on 180 days written notice to the City and the Borrower, the Permanent Lender shall have the option to declare the Principal Balance and accrued interest due and payable in full at any time after the beginning of the 15th Loan Year. 11. 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. 00