Agmt25 SEC-Lenders Documents 2 - Loan Agreement

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5. Payment. Principal and interest under this Note are due and payable as set forth in Section 202.3 of the Loan Agreement. 6. Payment Location. Payment shall be made in lawful money of the United States to the City of Redwood City, 1017 Middlefield Road, Redwood City, CA 94063. The place of payment may be changed from time to time as the Payee may from time to time designate in writing. 7. Default. The occurrence of any of the following shall constitute an event of default under this Note: A. Maker fails to pay any amount due hereunder within thirty (30) days of its due date; or B. Any default by Maker under this Note, the Deed of Trust, the Loan Agreement or the Regulatory Agreements recorded against the Property after the expiration of all applicable cure periods; or C. Any default by Maker under any other obligation of Maker recorded against the Property after the expiration of all applicable cure periods; or Maker shall not be considered in default under this Note until the expiration of all notice and cure periods provided to Maker. Upon the occurrence of any uncured event of default, or at any time thereafter, at the option of the Payee hereof, the entire unpaid principal and interest owing on this Note shall become immediately due and payable. This option may be exercised at any time following any such event, and the acceptance of one or more installments thereafter shall not constitute a waiver of Payee's option. Payee's failure to exercise such option shall not constitute a waiver of such option with respect to any subsequent event. Payee's failure in the exercise of any other right or remedy hereunder or under any agreement which secures the indebtedness or is related thereto shall not affect any right or remedy and no single or partial exercise of any such right or remedy shall preclude any further exercise thereof. 8. Default Interest Rate. At all times when Maker is in default hereunder by reason of Maker's failure to pay any amounts due under this Note within applicable cure periods, the interest rate on the sums as to which Maker is in default (including principal, if Payee has elected to declare it immediately due and payable), shall be the highest rate then allowed by law as of the date of the default or 8% per annum, whichever is lower. 9. Waivers. Maker and any endorsers hereof and all others who may become liable for all or any part of this obligation, severally waive presentment for payment, demand and protest and notice of protest, and of dishonor and nonpayment of this Note, and expressly consent to any extension of the time of payment hereof or of any installment hereof, to the release of any party liable for this obligation, and any such extension or release may be made without notice to any of said parties and without any way affecting or discharging this liability. 10. Costs. Maker agrees to pay immediately upon demand all reasonable costs and expenses of Payee actually incurred including reasonable attorneys' fees: REV: 05-21-25 LF ATTY/AGR.2025.100/HEART-SV (417 Stambaugh St.) (Page 35 of 85)