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other than the revenue pledged to the payment thereof, and do not give rise to a pecuniary liability of the City nor, to the extent permitted by law, of any of its officers, agents or employees, and no holder of this Note shall ever have the right to compel any exercise of the taxing power of the City to pay this Note or the interest thereon, or to enforce payment theron, or to enforce payment thereof against any property of the City, and this Note does not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City and the agreement of the City to perform or cause the performance of the convenants and other provis- ions herein referred to shall be subject at all times to the availability of revenues or other funds furnished for such purpose in accordance with the Loan Agreement, sufficient to pay all costs of such performance or the enforcement thereof. 16. It is agreed that time is of the essence of this Note. In the event of failure by the City to pay any monthly installment of principal or interest or any premium or penalty due hereunder, or if an Event of Default shall occur, as defined in the Loan Agreement, then the holder of this Note shall have the right and option to declare, without notice, all of the remaining indebtedness of unpaid principal and accured interest, evidenced by this Note, immediately due and payable. Failure to exercise such option at any time shall not constitute a waiver of the right to exercise the same at any subsequent time. 17. The remedies of the holder, as provided herein and the Assignment, the Mortgage, Loan Agreement, Disbursing Agreement, the Company Security Agreement, the Sylvan Security Agreement, the Guaranty Agreement, the Assignment of Life Insurance and the Assignment of Rents shall be cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of the holder, and may be exercised as often as occasion therefor shall occur; and the failure to exercise any such remedy shall in no event be construed as a waiver or release thereof. 18. The holder shall not be deemed, by any act of omission or comission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the holder and, then only to the extent specifically set forth in the writing. A waiver with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. 19. The Note has been issued without registration under state or other securities laws, pursuant to an exemption 11