11-10-1982 Council Agenda - Laserfiche WebLink

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7. The Lender with the consent of the City and to the extent permitted by law, may extend the times of payment of 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. In no event, however, may the Final Maturity Date be extended beyond thirty (30) years from the date hereof. 8. This Note may be prepaid in whole, or in part, on any monthly payment date, but in case of any prepayment of any amount or amounts in any calendar year, the total of which exceeds 20% of the face amount of this Note, then there shall also be paid over and above the interest accrued under the terms of this Note, a premium, in an amount equal to the interest for 180 days at the interest rate charged on the Note at the time of such prepayment, on that portion of such total prepayment which is in excess of 20% of the face amount of this Note. Provided however there shall be no prepayment premium for any prepayment of this Note made pursuant to Section 3.7 of the Construction Loan Agreement. 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 the Mortgage. 10. In the event of prepayment of this Note, the 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 princi- pal amounts due under the Note. 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. 11. As provided in the Resolution and subject to certain limitations set forth therein, this Note is trans- ferable upon the books of the City at the office of the City Clerk, by the Lender in person or by his agent duly authorized in writing, at the Lender's expense, upon surrender hereof together with a written instrument of transfer satisfactory to the City Clerk, duly executed by the Lender or his duly authorized agent. Upon such transfer the City Clerk will note the date of registration and the name and address of the new registered Lender in the registration blank appearing below. v ��