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the covelants and other provisions herein referred to shall be <br />subject at all times to the availability of revenues or other <br />funds furnished for such purpose in accordance with the Loan <br />Agreement, sufficient to pay all costs of such performance or <br />the enforcement thereof. <br />15. It is agreed that time is of the essence of this <br />Note. In the event of failure by the City to pay when due any <br />monthly installment of principal or interest within ten (10) <br />days after the due date, or any premium due hereunder, or if an <br />Event of Default shall occur, as set forth in the Mortgage, the <br />Assignment of Leases and Rents, the Guaranty, the Construction <br />Loan Agreement or the Loan Agreement, then the Lender shall <br />have the right and option to declare the Principal Balance and <br />accrued interest thereon, immediately due and payable, but <br />solely from sums made available under the Loan Agreement, the <br />Mortgage, the Assignment of Leases and Rents and the Guaranty. <br />Failure to exercise such option at any time shall not <br />constitute a waiver of the right to exercise the same at any <br />, subsequent time. <br />16. The remedies of the Lender as provided herein <br />and in the Mortgage, the Guaranty, the Assignment of Leases and <br />Rents, the Loan Agreement, the Buy -Sell Agreement, and the <br />Construction Loan Agreement, are not exclusive and shall be <br />cumulative and concurrent and may be pursued singly, <br />successively or together, at the sole discretion of the holder, <br />and may be exercised as often as occasion therefor shall occur; <br />and the failure to exercise any such right or remedy shall in <br />no event be construed as a waiver or release thereof. <br />17. 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 />18. This Note has been issued without registration <br />under state or federal or other securities laws, pursuant to an <br />exemption for such issuance; and accordingly the Note may not <br />be assigned or transferred in whole or part, nor may a <br />participation interest in the Note be given pursuant to any <br />participation agreement, except in accordance with an <br />applicable exemption from such registration requirements. <br />67 <br />