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Each payment shall be credited first on interest then due, and any payments in excess of <br />interest due may be applied to the outstanding principal. Should default be made in <br />payment of any installment when due, the whole sum of principal and interest shall <br />become immediately due and payable at the option of the holder of this note. Principal <br />and interest am payable in lawful money of the United States of America. In event of <br />default, Payor agrees to pay such sum as a Court of competent jurisdiction may fix as <br />costs and attorney's tees. <br /> <br />This note shall be due and payable in full upon the sale, transfer of the property or an), <br />interest therein and/or the sale or transfer of a majority interest in Payor on it assignee. <br />Upon maturity of this Note under its terms or due to acceleration of this Note upon sale <br />or default, the City shall be paid back its principal balance plus any accrued interest, in <br />any event, the entire principal balance plus any accrued interest, fees and/or penalties <br />are due and payable in its entirety Thirty (30) Years from the Effective Date. <br /> <br />Payor acknowledges that units within the Property will not be converted to <br />condominiums within the first ten years after rehabilitation of the Property by Payor. In <br />the event of a conversion of the Property, or any part thereof, to condominiums,, the <br />entire Note shall be due and payable. <br /> <br /> HOUSING FOR THE NEEDY AND DISPOSSESSED, INC. <br /> <br /> By: <br /> <br /> Its: <br /> Title <br /> <br />DO NOT DESTROY THIS NOTE. WHEN THIS NOTE IS FULLY PAID, IT MUST <br />BE SURRENDERED TO THE TRUSTEE ALONG WITH THE ORIGINAL DEED OF <br />TRUST FOR CANCELLATION AND ISSUANCE OF A RECONVEYANCE. <br /> <br /> -2- <br /> <br /> <br />