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<br />fee shall be $1,474,751, or the maximum amount allowed by the <br />California Tax Credit Allocation Committee, whichever is higher. <br /> <br />b. Notwithstanding the foregoing, the full amount <br />of the cumulative principal advanced under this Note, plus interest <br />thereupon, shall become immediately due and payable upon a breach <br />of the Agreement, this Note or the Deed of Trust, or the failure of <br />the Developer to strictly abide by the provisions of the <br />Affordability Covenants, and/or the Redevelopment Covenants (both <br />as defined in the Agreement) recorded against the Property and a <br />failure to cure such breach within the time set forth in the <br />Agreement. In such event, the Developer shall repay the full <br />amount of the principal advanced under this Note together with five <br />percent (5%) interest per annum on said principal from either the <br />date of its advance or the date of issuance of the Certificate of <br />Completion, at the sole option of the Agency, until the date of <br />repayment. <br /> <br />4. Term. The Term of this Note shall be the date which <br />is forty (40) years from the date that the Certificate of <br />Completion, as provided in the Agreement, is issued by the Agency, <br />unless earlier terminated due to default by the Developer. <br /> <br />5. Breach of Aqreements. A failure to (i) strictly <br />observe the Affordability Covenants and/or the Redevelopment <br />Covenants, (ii) pay any sum provided for in this Note when due, or <br />(iii) any other material default of this Note, the Deed of Trust <br />which secures this Note, or the Agreement, which failure has not <br />been timely cured within the period provided for herein or in the <br />Agreement, shall constitute a breach of the Agreement and this <br />Note, and any other agreements between the Agency and the <br />undersigned, and shall entitle the Agency to declare all sums due <br />hereunder immediately due and payable. <br /> <br />6. <br /> <br />Miscellaneous Provisions. <br /> <br />a. The Developer waives notice of non-payment and <br />protest, presentment and notice of dishonor. <br /> <br />b. In the event of any legal action with respect <br />to the terms or enforcement of this Note, the prevailing party <br />shall be entitled to an award of its attorney's fees and costs of <br />suit. <br /> <br />c. Notwi thstanding any language herein to the <br />contrary, this Note shall become immediately due and payable in the <br />amount of all unpaid principal, together with interest thereon as <br /> <br />C - 2 <br /> <br />REDW\0006\OOC\001-5 <br />1/27/05 7:00 /mve <br />