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RLH 10/19/81 <br />14. 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 days <br />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 Disbursing Agreement or the <br />Loan Agreement, then the Lender shall have the right and option <br />to declare, upon ten days written notice, the Principal Balance <br />and accrued interest thereon, immediately due and payable, but <br />solely from sums made available under the Loan Agreement and <br />Mortgage. Failure to exercise such option at any time shall <br />not constitute a waiver of the right to exercise the same at <br />any subsequent time. <br />15. The remedies of the Lender, as provided herein <br />and in the Mortgage, the Assignment of Leases and Rents, the <br />Loan Agreement and the Disbursing Agreement, are not exclusive <br />and shall be cumulative and concurrent and may be pursued <br />singly, successively or together, at the sole discretion of the <br />Lender, and may be exercised as often as occasion therefor <br />shall occur; and the failure to exercise any such right or <br />remedy shall in no event be construed as a waiver or release <br />thereof. <br />16. The Lender 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 Lender 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 />17. 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 />IT IS HEREBY CERTIFIED AND RECITED that all <br />conditions, acts and things required to exist, happen and be <br />performed precedent to or in the issuance of this Note do <br />exist, have happened and have been performed in regular and due <br />form as required by law. <br />. (3 <br />