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Agreement and no uncured Event of Default exists thereunder, the City Loan shall be forgiven in its <br />entirety. In such event, the City shall execute and deliver for the benefit of Borrower any documents <br />necessary to effectuate such cancellation and release of the lien under this Note and the City Deed of <br />Trust. <br />Payments shall be due under this Note only under the following circumstances: <br />(a) In the event of an Event of Default, pursuant to the Option Agreement, or under this Note or <br />Deed of Trust, all amounts owing under this Note and Deed of Trust, including the initial <br />Principal Amount of this Note and any other amounts owed pursuant to this Note shall be due <br />and payable in full, at the Lender's option, as set forth herein and in the Option Agreement. <br />(b) In the event of a repurchase of the Home by Habitat, or a Transfer to an Eligible <br />Household permitted pursuant to the Option Agreement, the transferee shall assume the rights <br />and obligations of Borrower under this Note and shall execute any and all documents, including <br />a new Note and Deed of Trust necessary to effectuate the assumption of the rights and <br />obligations hereunder. <br />(c) Upon a permitted Transfer as set forth in Section 5.1 of the Option Agreement, the transferee <br />shall assume the rights and obligations of Borrower under this Note and shall execute any and <br />all documents, including a new Note and Deed of Trust necessary to effectuate the assumption <br />of the rights and obligations hereunder. <br />(d) Upon acquisition of the Home by the City pursuant to the purchase option provided in the <br />Option Agreement, then this Note and all amounts due and owing to the City hereunder, shall <br />be cancelled. In such event, the City shall execute and deliver for the benefit of Borrower any <br />documents necessary to effectuate such cancellation and release of the lien under this Note <br />and the City Deed of Trust. <br />(e) Upon any other sale or Transfer of the Home, as set forth in the Option Agreement, all <br />amounts owing under this Note and Deed of Trust, including the initial Principal Amount of this <br />Note and any other amounts owed pursuant to this Note, shall be due and payable in full, at the <br />Note Holders option, as set forth herein and in the Option Agreement. <br />Address for Payments. Itwe will make payments under this Note payable to "City of Novato" and <br />send any payments to: <br />The City of Redwood City <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />or to a different place or different name, if required by the Note Holder. <br />6. BORROWER'S RIGHT TO PREPAY <br />The Borrower(s) may make payments of principal at any time before they are due. An additional <br />payment of principal is a "prepayment." To make a prepayment, the Borrower(s) must tell the Note Holder <br />in writing at the time of the prepayment that the Borrower(s) are making a prepayment. <br />The Borrower(s) may make a full prepayment or partial prepayments without paying any <br />prepayment charge. The Note Holder will use all of the Borrower(s) prepayments to reduce the amount of <br />principal that is owed under this Note. If the Borrower(s) make a partial prepayment, there will be no <br />changes in the Maturity Date for the Loan. Prepayment in full of the Loan shall not relieve the Borrower of <br />E-2 <br />SF #4821-4436-6284 v2 <br />1619\01\3064651.1 <br />REV: 05-19-2021 SK <br />